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ASSIGNMENT DRIVE SUMMER 2016
MBA SEMESTER – III
SUBJECT CODE & NAME – MB0012 – Taxation Management
Q1. Explain the objectives of tax planning. Discuss the factors to be considered in tax planning.
Q2. Explain the categories in Capital assets. Mr. C acquired a plot of land on 15th June, 1993 for 10, 00,000 and sold it on 5th January, 2010 for 41, 00,000. The expenses of transfer were 1, 00,000.Mr. C made the following investments on 4th February, 2010 from the proceeds of the plot.
A) Bonds of Rural Electrification Corporation redeemable after a period of three years, 12, 00,000.
B) Deposits under Capital Gain Scheme for purchase of a residential house 8, 00,000 (he does not own any house).Compute the capital gain chargeable to tax for the AY 2010-11.
Q3. Explain major considerations in capital structure planning. Write about the dividend policy and factors affecting dividend decisions.
Q4. X Ltd. has Unit C which is not functioning satisfactorily. The following are the details of its fixed assets:
Asset Date of acquisition Book value (Rs. lakh)
Land
Goodwill (raised in books on 31st March, 2005)
Machinery
Plant 10th February, 2003
5th April, 1999
12th April, 2004 30
10
40
20
The written down value (WDV) is Rs. 25 lakh for the machinery, and Rs.15 lakh for the plant. The liabilities on this Unit on 31st March, 2011 are Rs.35 lakh.
The following are two options as on 31st March, 2011:
Option 1: Slump sale to Y Ltd for a consideration of 85 lakh.
Option 2: Individual sale of assets as follows: Land Rs.48 lakh, goodwill Rs.20 lakh, machinery Rs.32 lakh, and Plant Rs.17 lakh. The other units derive taxable income and there is no carry forward of loss or depreciation for the company as a whole. Unit C was started on 1st January, 2005. Which option would you choose, and why?
Q5. Explain the Service Tax Law in India and concept of negative list. Write about the exemptions and rebates in Service Tax Law.
Q6. What do you understand by customs duty? Explain the taxable events for imported, warehoused and exported goods. List down the types of duties in customs. An importer imports goods for subsequent sale in India at $10,000 on assessable value basis. Relevant exchange rate and rate of duty are as follows:
Particulars Date Exchange Rate Declared by CBE&C Rate of Basic Customs Duty
Date of submission of bill of entry 25th February, 2010 Rs.45/$ 8%
Date of entry inwards granted to the vessel 5th March, 2010 Rs.49/$ 10%
Calculate assessable value and customs duty.
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