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 Taxation- Direct and Indirect

1. GST is a tax that subsumed a number of state and central indirect taxes. Discuss the statement and also share your view on, why GST is called as an Indirect tax. Further, list down any ten taxes being subsumed under GST (10 Marks)

2. Depreciation is the reduction in the usable value of fixed assets due to normal wear and tear of time. Depreciation is an indirect non – cash expenditure which is provided on SLM or WDV basis.

Rahul is new junior accountant with Hardwork Mills Private Limited he wants to understand normal depreciation differs from additional depreciation. As a tax adviser, guide him on the two concepts and discus the cases where additional depreciation is not allowed. (10 Marks)

3. Miss Seema, is a resident individual, shares following information in relation to previous year

Particulars

Amount in Rs

Salary Income (Net)

200000

Business Income(Net)

350000

Long term capital gain on sale of land

16000

Loss from Gambling in a game

30000

There are certain other types of losses-

Unabsorbed Depreciation

Short term capital Loss

15000

10500

a. Define and Compute Gross Total income (5 Marks)

b. Discuss the concept of carry forward of losses with reference to above context also, discuss the amount of Loss that can be carried forward in the said case. In case it's any number 15000/10500/Nil give reason for the same (5 Marks)

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