DFIN303 TAXATION MANAGEMENT

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SESSION JULY -AUGUST 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER 3
COURSE CODE & NAME DFIN303 TAXATION MANAGEMENT
   
   

 

 

Assignment Set – 1

 

 

  1. What is the meaning of business connection as explained in section 9 of the Income tax Act? Provide a few suitable examples for the same?

Ans 1.

Meaning of Business Connection as per Section 9 of the Income Tax Act

The concept of “business connection” as explained in Section 9 of the Indian Income Tax Act serves as a critical foundation in determining the tax liability of a non-resident in India. It signifies a relationship or connection that establishes the presence of a business activity of a non-resident in India. This provision ensures that income arising from such a connection is taxable in India, even if the income originates outside the country.

Definition and Scope of Business Connection

According to Section 9(1)(i), a business connection refers to any relationship or arrangement between a non-resident and an Indian entity that contributes to the earning of income in India. This includes activities carried out through agents,

 

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  1. What is double taxation avoidance agreement (DTAA) ? Explain the importance of DTAA with suitable examples. Further, explain the taxability of fee for technical services (FTS) and royalty as compared to the provisions in Income tax Act with comparative table.

Ans 2.

Double Taxation Avoidance Agreement (DTAA)

Double Taxation Avoidance Agreement (DTAA) is an important mechanism designed to mitigate the impact of double taxation on the same income earned in two countries. This is achieved through bilateral treaties between countries, ensuring equitable taxation without creating a financial burden on taxpayers.

Concept and Importance of DTAA

DTAA prevents a taxpayer from being taxed twice for the same income: once in the source country where the income originates, and again in the country of residence. India has entered into DTAA agreements with over 90

 

 

  1. What is a slump sale? Explain the various provisions relating to slump sale with an example? Further, explain the difference between slump sale and a demerger?

Ans 3.

Slump Sale – Meaning and Provisions

A slump sale is a transaction where a business undertaking is transferred as a going concern for a lump sum consideration without assigning individual values to the assets and liabilities. This concept is covered under Section 2(42C) of the Indian Income Tax Act. It plays a critical role in restructuring businesses, mergers, and acquisitions by simplifying the transfer of undertakings.

Meaning and Key Features

A slump sale involves the transfer of an entire business undertaking, including assets, liabilities, rights, and obligations, without

 

 

Assignment Set – 2

 

 

  1. Explain the concept of input tax credit in GST Act in detail with examples

Ans 1.

Input Tax Credit (ITC) in GST Act

The Input Tax Credit (ITC) is a cornerstone of the Goods and Services Tax (GST) framework, allowing taxpayers to offset the taxes paid on inputs against their output tax liabilities. ITC reduces the cascading effect of taxes and enhances transparency and efficiency in the tax system.

Concept of ITC

Under the GST regime, a registered taxpayer can

 

 

  1. 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 popularly used method and why?

Ans 2.

Transfer Pricing and Its Importance

Transfer pricing refers to the pricing of goods, services, and intangibles transferred between associated enterprises, both domestically and internationally. The concept is governed by specific regulations to ensure that such transactions reflect fair market values and do not result in tax evasion.

Concept of Transfer Pricing

Transfer pricing is significant in transactions involving multinational enterprises (MNEs), as they often engage in inter-company transactions across borders. For instance, a parent company in one country may sell goods to its subsidiary in another country at a predetermined price. To ensure that such

 

  1. 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?

Ans 3.

Tax Deduction Procedures for Startups under Income Tax Act

Startups play a vital role in driving innovation and economic growth. Recognizing their importance, the Indian government provides various tax deductions and benefits under the Income Tax Act to support their growth. These provisions encourage entrepreneurship while addressing the unique challenges