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FALL 2017







Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400words. Each question is followed by evaluation scheme.


Q1.Explain the objectives of tax planning. Discuss the factors to be considered in tax planning.

(Objectives of tax planning, Factors in tax planning) 5,5


Objectives of Tax Planning

The prime objectives of tax planning are:



Q2.Explain the categories in Capital assets.

Mr. C acquired a plot of land on 15th June, 1993 for 10,00,000 and sold it on 5th

January, 2016 for 41,00,000. The expenses of transfer were 1,00,000.

Mr. C made the following investments on 4th February, 2016 from the proceeds of the plot.

  1. a) Bonds of Rural Electrification Corporation redeemable after a period of three years,12,00,000
  2. b) Deposits under Capital Gain Scheme for purchase of a residential house 8,00,000 (he does not own any house)

Compute the capital gain chargeable to tax for the AY2016-17.

(Explanation of categories of capital assets, Calculation of indexed cost of acquisition, Calculation of long term capital gain, Calculation of taxable long term capital gain) 4,2,2,2


Categories of capital assets

For taxation purposes, the capital assets have been, divided into (a) short term capital assets and (b) long-term capital assets.

  • Short-term capital assets: According to Section 2(42A), a short-term capital asset means a capital asset held by an assessed for



Q3.Explain major considerations in capital structure planning. Write about the dividend policy and factors affecting dividend decisions.

(Explanation of factors of capital structure planning, Explanation of dividend policy, Factors affecting dividend decisions) 6, 2, 2



Major considerations in capital structure planning

Broadly, the following factors would be worth considering, while planning the capital structure.

  1. Risk of two





Q1.X Ltd. has Unit C which is not functioning satisfactorily. The following are the details of its fixed assets:

The written down value (WDV) is ` 25 lakh for the machinery, and15 lakh for the plant. The liabilities on this Unit on 31st March, 2016 are35 lakh.

The following are two options as on 31st March, 2016:

Option 1: Slump sale to Y Ltd for a consideration of 85 lakh.

Option 2: Individual sale of assets as follows: Land ` 48 lakh, goodwill ` 20 lakh, machinery 32 lakh, Plant 17 lakh.

The other units derive taxable income and there is no carry forward of loss or depreciation for the company as a whole. Unit C was started on 1st January, 2005.Which option would you choose, and why?

(Computation of capital gain for both the options, Computation of tax liability for both the options, Conclusion) 4,4,2



Option 1: Slump sale


Computation of net worth of Unit C

(in lakhs)



Q2.Explain the Service Tax Law in India and concept of negative list. Write about theexemptions and rebates in Service Tax Law.

(Explanation of Service Tax Law in India, Explanation of concept of negative list, Explanation of exemptions and rebates in Service Tax Law) 5, 2 , 3


Service Tax Law in India

Service tax was introduced in India in 1994 by Chapter V of the Finance Act,1994. It was imposed on an initial set of three services


Q3.What do you understand by customs duty? Explain the taxable events for imported, warehoused and exported goods. List down the types of duties in customs

An importer imports goods for subsequent sale in India at $10,000 on assessable value basis. Relevant exchange rate and rate of duty are as follows:

Particulars Date Exchange

Rate Declared by CBE&C

Rate of

Basic Customs


Date of submission

of bill of entry

25th February, 2015 45/$ 8%
Date of entry

inwards granted to

the vessel

5th March, 2015 ` 49/$ 10%


Calculate assessable value and customs duty.

(Meaning and explanation of customs duty, Explanation of taxable events for imported, warehoused and exported goods, Listing of duties in customs, Calculation of assessable value and customs duty) 2, 3, 2, 3


Meaning and explanation of customs duty


Customs duty is the duty imposed on goods imported into the country. In the years before globalization it was difficult to import goods on account of stiff duty rates and procedures, especially for less developed and developing nations like Indi




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