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SEM 3 FINANCE SUMMER
2014
MF0012 & TAXATION MANAGEMENT
Q1. Explain the concept
of tax planning and the factors to be considered in tax planning. Give the
difference between tax planning and tax evasion. (Concept of tax planning,
Factors in tax planning, Differences between tax planning and tax evasion) 2,
3, 5
Answer:
Concept of 'Tax Planning'
Logical analysis of a financial
situation or plan from a tax perspective, to align financial goals with tax
efficiency planning. The purpose of tax planning is to discover how to
accomplish all of the other elements
Q2. Explain the process of tax payment. (Explanation
of whole process of tax payment through:
Individuals, Partnerships, Companies) 4, 2, 4
Individuals, Partnerships, Companies) 4, 2, 4
Answer:
Introduction
to tax - Tax constitutes a major form of revenue
for most of the Governments across the world. Taxes are levied and spent by the
government for the development of the country like infrastructure, healthcare,
defense etc. Taxes can be categorized into two broad categories namely direct
tax and indirect
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Q3. Write short notes on:
(Capital gain, Cost of acquisition, Cost of
improvement, Expenditure on transfer, Transfer) 2 each
Answer:
Answer:
Capital gain
When
we buy any kind of property for a lower price and then subsequently sell it at
a higher price, we make a gain. The gain on sale of a capital asset is called
capital gain. This gain is not a regular income like
Q4. Explain the computations of Tax in two aspects
given below:
Tax provision for Computation of Total income of firms
Computation of partnership firms’ book profit.
(Steps to be explained for the computation of total income
of firms, Steps for computation of partnership firms) 5, 5
Answer:
Tax
Provisions for Computation of Total Income of the Firm
Total
income of the partnership firm will be determined as a separate entity and it
will be computed under various heads of income. However, while computing
taxable profits under the head „profits and gains of business or profession‟, a deduction is
allowable to the firm on account of interest and remuneration
Q5. Explain the service tax law in India. Give the
concept of negative list. (Introduction of service tax law in India, Concept of
negative list) 5, 5
Answer:
Service
Tax
We have with us
extensive experience in handling the demands of Service Tax Consultancy
services that comprise areas like –
Q6. Identify and explain the major considerations in
capital structure planning. Explain two approaches in dividend policy and
factors affecting dividend decisions. (Major considerations in capital
structure planning, Two approaches in dividend policy, Factors affecting
dividend decisions) 6, 2, 2
Answer:
Major
considerations in capital structure planning
However,
the finance manager should take into consideration following factors while
planning the capital structure:
1.
Risk is of two kinds, i.e. financial risk and business risk: In
the context of capital structure planning, financial risk is relevant.
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