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Q1. Suppose you have been hired as a tax consultant by an individual who is an Indian citizen but has been living outside India for the past few years. The individual wants to know how their residential status will affect their tax liability in India. Prepare a report that outlines the criteria for determining the residential status of an individual under Indian tax laws and explain how the tax liability is calculated based on the residential status.(10 Marks)
Q2. Explain the concept of Input Tax Credit (ITC) under the Goods and Services Tax (GST) regime in India. Discuss the conditions for claiming ITC, and the various scenarios where ITC can or cannot be claimed. Provide examples to support your explanation. (10 Marks)
Q3. A) Compute the taxable income from salaries for Mr. Rohit, a resident individual in India, for the assessment year 2022-23. Provide a detailed computation of his gross salary, exemptions, deductions, and tax liability. (5 Marks)
Given details:
– Basic salary: Rs. 5, 00,000 per annum
– Dearness Allowance: Rs. 1, 00,000 per annum
– House Rent Allowance (HRA): Rs. 2, 00,000 per annum (out of which Rs. 1, 00,000 is exempt)
– Leave Travel Allowance (LTA): Rs. 50,000 per annum (fully exempt)
– Medical Reimbursement: Rs. 20,000 per annum (fully exempt)
– Professional Tax: Rs. 2,400 per annum
– Provident Fund Contribution: Rs. 60,000 per annum
– Standard Deduction: Rs. 50,000 per annum
Q3. B) Compute the taxable income from other sources for Mr. Aryan, a resident individual in India, for the assessment year 2022-23. Provide a detailed computation of his income from other sources, exemptions, deductions, and tax liability. (5 Marks)
Given details:
– Interest earned on savings bank account: Rs. 15,000 per annum’
Interest earned on fixed deposit: Rs. 30,000 per annum
– Dividend received from stocks: Rs. 12,000 per annum
– Gift received from a relative: Rs. 75,000
– Interest received on loan given to a friend: Rs. 20,000 per annum
– Professional Tax paid: Rs. 2,400 per annum
– Standard Deduction: Rs. 50,000 per annum
