Taxation Direct and Indirect Solution for NMIMS Assignment June19

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Taxation Direct and Indirect Solution for NMIMS Assignment June19

Q1. Government imposes direct taxes on the income earned and generated by businesses. Are these taxes burden on the public or these taxes are an instrument of social and economic policy in the hands on government. Express your opinion with suitable examples. (10 Marks)

Q2. “One nation one tax.” Goods and service tax is a comprehensive, multistage and value added tax which is collected by both, the Central as well as State Government. GST replaced several taxes levied and collected in the nation over a period of time. Prepare a presentation mentioning briefly explaining, pattern of tax before GST, the types of taxes replaced by GST and salient features of GST. (10 Marks)

Q3. Mr. Amolak, aged 52 years furnishes the following information relation to premium on mediclaim policy paid by cheque for the year ending 31.3.2019
For self- Rs10000
For spouse, aged 48 years Rs 9500
For dependent mother aged 72 years- Rs7500
For dependent mother in law, aged 64 years- Rs 5000
Cash paid for preventive health checkup of self and spouse ¡V Rs 8000
Medical expenditure for dependent father aged 83 years- Rs30000
a. Compute the deduction under section 80D of the Act. (5 Marks)
b. What if, the above premium was paid in cash, would your answer be different? Also, discuss the provisions mentioned under Section 80 D of the Act (5 Marks)

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