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Mf0012 Taxation Management

Mf0012 Taxation Management

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(May 2012)Master of Business Administration - Semester 3
MF 0012: “TAXATION MANAGEMENT”
 (4 credits)(Book ID: B1210)ASSIGNMENT- Set 1Marks 60Note: Each Question carries 10 marks. Answer all the questions.1. Write a note on the following:a. Tax holidaysAnswer :
A tax holiday is a temporary reduction or elimination of a tax. Programs may bereferred to as tax abatements, tax subsidies, tax holidays, or tax reduction programs.Governments usually create tax holidays as incentives for business investment. Tax holidayshave been granted by governments at national, sub-national, and local levels, and haveincluded income, property, sales, VAT, and other taxes. Some tax holidays are extrastatutory concessions, where governing bodies grant reduction in tax not necessarilyauthorized within the law. In developing countries, governments sometimes reduce oreliminate corporate taxes for the purpose of attracting Foreign Direct Investment orstimulating growth in selected industries.Tax holiday stimulate community revitalization, retain City residents, attract homeowners tothe City, and to reduce development costs for homeownership and rental projects. Theprogram provides a benefit for residents who improve their homes and encourages homeshoppers to buy in the City. The tax abatement benefits stay with the property the entirelength of the abatement and will transfer to any new property owner within that period.A tax holiday may be given in respect of particular activities,[1] in particular areas with aview to develop that area of business,[2] or to particular taxpayers.[3]Sales tax holidays in the United StatesIn New York, a state-wide sales tax holiday was first enacted by the New York Legislature in1996 and enabled the first tax-free week in January 1997. Local governments in New Yorkwere given the option of whether or not to participate.[4] Since then, the initiative has beenadopted by thirteen states. It commonly takes place as a form of tax-free weekend lastingFriday through Sunday, usually during a major shopping period for necessities, such as justbefore school starts. During that period, sales tax is not collected on selected items, such asclothing and school supplies. The items subject to the sales tax exemption may also berestricted by price (for example, clothing up to $100), but consumers are free to buyunlimited quantity of items.As with other sales taxes, visiting residents of non-participating states who purchase tax-free goods (holiday or not) may still have to pay "use tax" on their goods that they takehome.
 
 b. SEZ
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Q2. Comment on incomes which are exempted from the tax.Q3. Enumerate the differences between tax planning and tax evasion.Q4. What are the key steps to calculate the tax liability of an individual.Q5. Explain the basic rules of deductions.Q6. Explain the capital gains exempt from tax.(May 2012)
 
Master of Business Administration - Semester 3
MF 0012: “TAXATION MANAGEMENT”
 (4 credits)(Book ID: B1210)ASSIGNMENT- Set 2Marks 60Note: Each Question carries 10 marks1. Write a note on the following:a. Wealth TaxAnswer :
Wealth TaxWealth tax is a direct tax, which is charged on the net wealth of the assessed. It is a tax onthe benefits derived from ownership of property. The tax is to be paid year after year on thesame property on its market value, whether or not such property yields any income. Wealthtax, in India, is levied under Wealth-tax Act, 1957. The Income tax department under theDepartment of Revenue in the Ministry of Finance administers the Wealth Tax Act, 1957 aswell as the Wealth Tax Rules framed there under.Under the Act, the tax is charged in respect of the wealth held during the assessment yearby the following persons :-IndividualHindu Undivided Family(HUF)CompanyChargeability to tax also depends upon the residential status of the assessed same as theresidential status for the purpose of the Income Tax Act.Wealth tax is not levied on productive assets, hence investments in shares, debentures, UTI,mutual funds, etc are exempt from it. The assets chargeable to wealth tax are :-
 
Guest house, residential house, commercial building
 
Motor car
 
Jewellery, bullion, utensils of gold, silver etc
 
Yachts, boats and aircrafts
 
Urban land
 
Cash in hand(in excess of 50,000), only for Individual & HUF
 
The following will not be included in Assets :-
 
Any of the above if held as Stock in trade.

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