P-7-Set-2.pdf - DIRECT TAX Paper-7 Syllabus-2016 Set-2 Answer of Postal test Paper Set-2 www.globalcma.in [email protected] Sol 1(a MCQ I D II D III D

P-7-Set-2.pdf - DIRECT TAX Paper-7 Syllabus-2016 Set-2...

This preview shows page 1 - 10 out of 11 pages.

DIRECT TAX Paper-7 [email protected] Answer of Postal test Paper Set-2 Syllabus-2016 Set-2
Image of page 1

Subscribe to view the full document.

DIRECT TAX Sol. 1 (a) MCQ I. D II. D III. D IV. B V. B VI. B VII. A VIII. B IX. C X. D Sol. 1 (b) True/False (i) True (ii) False (iii) True (iv) True (v) True Sol. 1 (c) Fill up (i) 100 (ii) 3 (iii) Exchange (iv) 15,000 (v) Nil Sol. 1 (d) Match the following Column A Column B (i) Section 234B For non-payment of advance tax (ii) Securities ICDS VIII (iii) Section 234C For deferment of Advance tax Payment (iv) Construction Costs ICDS III (v) Section 44AD Presumptive Income of Eligible Business Sol. 2 (a)
Image of page 2
DIRECT TAX Sol. 2 (b) Sol. 2 (c) An assessee is a person by whom any tax or any other sum of money is payable under the Income-tax Act. The term assessee also includes the following: (a) every person in respect of whom any proceeding under the Income-tax Act has been initiated for the assessment of his income or assessment of fringe benefits or loss or any amount of refund due to him or for the assessment of income, loss or refund of any other person in respect of which he is assessable. (b) every person who is deemed to be an assessee under any provision of the Income-tax Act; (c) every person who is deemed to be an assessee in default under any provision of the Income tax Act. From the above definition, the following points emerge: An assessee is a person who is liable to pay tax on his own income. Even if the said person has no income during the year, he may be called an assessee in respect of any loss that he has incurred or in respect of any amount of refund due from the income-tax authorities. The said person can be an assessee in respect of income or loss of another person. Examples of this type of assessees are the following: (i) An agent of a non-resident person. (ii) The guardian of a person suffering from incapacity to contract, e.g., a minor, a lunatic or an idiot. (iii) A person responsible for deduction of tax at source. (iv) A trustee.
Image of page 3

Subscribe to view the full document.

DIRECT TAX Sol. 3 (a) Sol. 3 (b)
Image of page 4
DIRECT TAX Sol. 4 (a)
Image of page 5

Subscribe to view the full document.

DIRECT TAX Sol. 4 (b) Sol. 5 (a)
Image of page 6
DIRECT TAX Sol. 5 (b) Sol. 6 (a)
Image of page 7

Subscribe to view the full document.

DIRECT TAX Sol. 6 (b) Sol. 7 (a)
Image of page 8
DIRECT TAX Sol. 7 (b) To identify the direct tax issues in relation to e-commerce transactions and suggest an approach to deal with these issues, a Committee on Taxation of e-commerce was constituted by the Central Board of Direct Taxes to examine the business models for e-commerce. The Report of the Committee was received by the Government and taken into consideration in the preparation of Finance Bill, 2016. This Report provides the view of the Committee on issues related to taxation of e-commerce and recent international developments in this area.
Image of page 9

Subscribe to view the full document.

Image of page 10
  • Winter '17

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes