Taxation Direct & Indirect Nmims PGDFM

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Course : Taxation Direct & Indirect
Question 1 Miss Nihali recently joined Accenture as Head IT. Her CTC amounts to 24 lacs. There is
formal procedure which every company s accounts department follows while processing the salaries
payment to the employees for any financial year. You being the accounts manager of the company,
discuss on the points to be taken care of while charging tax under the head income from salary for
the employees.
Question 2 Mr. Abhishek recently passed the MBBS exams and started practicing as a doctor. On
the occasion of his birthday, he received a cash gift worth 51000 from one of his father s friend.
Further, one of his patients also gifted him a plot of land, as an appreciation for his personal qualities
and dedication towards his work. Discuss with suitable reasons, whether the receipts are taxable or
not and if yes, then the head of income under which the receipts are taxable.
Question 3 Mr. Arman has a gross total income of Rs 1350000 for the Assessment year 2018-19. He
made following payments during the year
PPF amount paid (Sum insured on account of LIC is Rs150000.) 75000 LIC premium paid 30000
Medical insurance premium for self and wife 10000 Repayment of housing loan to Bank Of Baroda
125000 Medical premium paid for his mother (aged 85 years) 25000
a. Compute the eligible amount of deduction under Chapter VI-A for the Assessment Year 2018-19
b. What if, in addition to this he also contributed in certain work of literacy and earned a royalty
income amounting Rs15 lacs, as a lump sum consideration by authoring certain books. Compute the
additional eligible amount of deduction explaining the relevant provision.
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