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SEM 3 FINANCE SUMMER 2015
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 of a financial plan in the
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.
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 salary, or house rent. It
is a one-time gain; in other words the capital gain is not recurring, i.e., not
occur again and again
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 payable to the
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 –
- Service
Tax Registration
- Consultancy
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.
2.
Cost of capital: Cost is an important consideration in capital
structure decisions. It is obvious that a business should be at
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