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Fundamentals of Taxation

1. GST is called as consumption based tax. Discuss and verify this statement with the help of a relevant example. Also, elaborate on the different categories of GST (10 Marks)

2. Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021

Basic salary 250000
Dearness Allowance 10000
Commission 2500
Entertainment allowance 2000
Medical expenses reimbursed 25000
Professional taxes paid 2000(Rs1000 paid by employer)
Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident Fund She has no other income.
Compute the income from salary for A.Y 2022-23, and give reasons and explanations wherever required, If Ms. Sangeeta is a Government employee.(10 Marks)

3. From the following information, furnished by Ms. Anucampa pertaining to the financial year ended as on 31st march 2022,

Short term capital gains on sale of
shares in an Indian company received in
Japan 10000
Dividend from a Chinese company
received in China 3000
Agricultural income from land in
Madhya Pradesh 5000
Dividend from PJV Ltd an Indian
Company 4745
Gross Rent from a residential property
located at Singapore, later on remitted
to the saving account in Bank of
Maharashtra, Mumbai using the
approved channels 600000

Compute the total income and give reason for considering/ not considering these specific items for the relevant assessment year 2022-23, if she is

a. Resident and ordinary resident (5 Marks)

b. Non resident (5 Marks)

For Nmims answersheets contact
[email protected]
+91 95030-94040