NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect

Internal Assignment Applicable for December 2020 Examination

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

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