Description

SESSION FEBRUARY – MARCH 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION
(MBA)
SEMESTER III
COURSE CODE & NAME DFIN303 -TAXATION MANAGEMENT

Assignment Set – 1

1. Explain the concept of residential status applicable to various assessees under the Income
Tax Act. Explain the concept of a place of effective management in the case of companies.
Ans 1.
Residential Status Under the Income Tax Act
The notion of residence status is the most important factor in determining the tax liabilities of
individuals and others under the Income Tax Act in India. The residence status of an assessee
determines the amount of the income taxable. It is a requirement of the Income Tax Act
classifies individuals into three categories three categories: Resident and Ordinarily Resident
(ROR) Resident But Not Ordinarily Resident (RNOR), as well as Non-Resident (NR).
A person is considered to be a resident of India when they satisfy one or both of the following
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2. What is a double taxation avoidance agreement (DTAA)? Explain the article on fees for
technical services and royalties under the India – USA DTAA
Ans 2.
Double Taxation Avoidance Agreement (DTAA)
The Double Taxation Avoidance Agreement (DTAA) is a treaty that has been signed by two or
more nations to stop the double taxation of income by both entities and individuals in the
respective countries. The main goal for DTAA is to encourage and encourage investment and
trade between the countries that sign it by reducing taxes imposed by double taxation. Double
taxation is when a similar income is taxed twice – once in the country in which it is earned, and
3. What is a capital asset? Explain at least 8 transactions which are exempt from capital
gains? 2+8
Ans 3.
Capital Asset
Capital assets, as defined by the Income Tax Act, refers to any property that is owned by an
assessee regardless of whether it is related to their profession or business. It encompasses a
variety of property, including real estate and investments in stocks, bonds, mutual funds art,
jewelry, and various financial instruments. It does not include certain items like stock-in-trade,
store-of-facts, consumables and raw materials kept for commercial purposes and personal
possessions (except archaeological collections, jewelry drawings, paintings, sculptures, or other
Assignment Set – 2
4. Explain the concept of GST. Also, briefly explain the meaning of taxable supply and
exempted supply, along with examples. 5+5
Ans 4.
Concept of GST
GST Goods and Services Tax (GST) is a broad, multi-stage, destination-based tax that is
imposed on all value-added transactions in India. It was implemented on July 1 2017 GST
substituted a variety of indirect taxes such as the value Added Tax (VAT), excise duty, service
tax and many others, resulting in an unifying tax structure. GST was designed to simplify the
taxation process, stop the effect of taxes that cascade and create a single market throughout
5. Explain the concept of transfer pricing and its importance. What are the different
methods used for calculating the arm’s length price? Which is the most popularly used
method and why?
Ans 5.
Concept of Transfer Pricing
Transfer pricing is the procedures and rules for pricing transactions between companies that are
under common ownership or control. These transactions could include the transfer of services,
goods, as well as intellectual property. The main concern with pricing for transfer is to ensure
that prices charged to the parties involved are in line with the prices that would be paid by
unrelated parties in an open market, referred to as the arm’s length cost.
Transfer pricing is important as it influences the distribution of expenses and income among
6. What are the procedures to be followed by a startup to claim the deduction under
income tax Act? Further, explain the provisions under Chapter VIA which provides
deduction for a startup Company in India? 5+5
Ans 6.
Procedures for Claiming Deduction for Startups under the Tax Act on Income Tax Act
1. Recognized by DPIIT Startups has to be acknowledged by the Department for
Promotion of Industry and Internal Trade (DPIIT). Recognition can be obtained through
the Startup India portal and fulfilling the requirements for eligibility for incorporation,
which includes being registered as a private limited corporation or a partnership
company, or as a limited liability partnership (LLP) within India and with a turnover less