Assignment- Corporate Tax Planning

Last Date: 6th March 2017

Q1. X furnishes the following particulars of his income during the previous year relevant to the
assessment year 2016-2017.
Interest on German Development Bonds (one third is received in India) Rs. 25,000
Income from agriculture in Bangladesh, received there but later on remitted
to India Rs. 41,000
Income from property in Canada received outside India Rs. 12,000
Income earned from business in Kampla (Uganda ) which is controlled from Delhi
(Rs. 15,000 received in India) Rs. 20,000
Dividend pay by an Indian company but received outside India Rs. 25,000
Past Untaxed profit brought to India Rs.18,000
Profit on sale of a building in India received in Sri Lanka Rs. 30,000
Pension from a former employer in India, received in Rangoon Rs. 20,000
Find out the gross total income of X, if he is
(i) Resident and ordinarily resident in India,
(ii) Resident but not ordinarily resident in India,
(iii) Non-resident in India for the assessment year 2015-2016

Q2. Discuss at least ten incomes which are exempted from tax.

Q3.Explain the provisions on the following:

a) Gratuity under Payment of gratuity act 1972

b) Set off and carry of Business losses

Q4. Discuss in detail the provision of taxability of Agriculture Income.

Q5. Explain the transactions not regarded as transfer u/s (47).