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P1 (Page 16.10) : Discuss the rate at which tax is deductible in the following cases.
1. X Ltd. pays Rs. 40,000 to Doordarshan.
2. RIL pays Rs. 2,00,000 to the Times of India on account of publication of its advertisement.
3. A publication company sponsors a seminar and pays Rs. 2,00,000 to a Firm.
4. An advertising company pays Rs. 30,000 to a photographer.
5. A garment manufacturing company pays Rs. 1,20,000 to an advertising company. It includes Rs. 65,000, being bill of media.
6. X, an individual (having only rental income), pays Rs. 40,000 to a contractor for carrying out routine repair work for business.
7. X Ltd. pays Rs. 30,001 to a contractor (individual) for carrying out routine repair work.
8. X Ltd. pays printing bill of Rs. 10,20,000 to an individual.
9. A department of the Government purchases goods and pays Rs. 70,000 to X Ltd.
10. A Government department pays Rs. 1.3 crore to a company for transporting certain documents to Calcutta.

Ans: (1) Nil (2) S 194C 2% (3) S 194C 2% (4) S 194J 10% but no TDS since amount is upto Rs. 30,000 (5) S 194C 2% of 80,000 (6) S 194C nil, since ind / HUF is not required to deduct tax at source (7) S 194C 1% of 30,001 (8) S 194C 1% of 10,20,000 (9) Nil, contract of sale (10) S 194C 2% of 1.3 crore.

P2 (Page 16.10) : Compute the amount of tax to be deducted at source in the following cases –
1. X Ltd. takes a building on rent and sub-lets it to Y, the sub-tenant, pays rent of Rs. 2,00,000.
2. X Ltd. takes a building on rent and sub-lets it to Y Ltd. Y Ltd. pays Rs. 2,00,000 as rent.
3. Z Ltd. takes a building on rent of Rs. 24,000 per month in the month of November. He pays current rent of Rs. 1,20,000 and advance rent of 1 month Rs. 24,000 = 1,44,000 during the current year.
4. B Ltd. takes a commercial building on rent of Rs. 5,00,000. Rent is payable to three co-owners as follows-
C (50% share): Rs. 2,50,000.
D Ltd. (40% share): Rs. 2,00,000.
E Ltd. (10% share): Rs. 50,000.
5. Assume in above question the building is taken on rent by B, an individual. B is a businessman but his books of account are not audited.
6. Interest of Rs. 2,300 paid by A Ltd. to Mr. X and Rs. 6,000 to his HUF and Rs. 1,000 to K Ltd by way of account payee cheque on account of debentures of the company held by them separately.
7. Payment of royalty to foreign company. Rate of TDS 10%. Payment Rs. 2 Crore. What is effective rate of TDS?
8. Payment of royalty to Indian company. Payment Rs. 2 Crore. What is effective rate of TDS?

Ans: (1) S 194I Nil, since ind is not required to deduct tax at source. (2) S 194I 10% of 2,00,000 = Rs. 20,000
(3) S 194I No TDS since amount of rent do not exceeds Rs. 1,80,000 (4) S 194I 10% of 4,50,000 = s. 45,000.
No TDS on payment made to E Ltd, since rent amount do not exceed Rs. 1,80,000. (5) No TDS since individual not required to get his accounts audited. (6) Payment to Mr. X No TDS since amount do not exceeds Rs. 5,000.
Payment to HUF TDS @ 10% on Rs. 6,000 = 600. Payment to K Ltd TDS @ 10% on Rs. 1,000 = 100. (7) 10.506% u/s 195. (8) 10% u/s 194J.

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FAQs on Assignment - Taxation - Income Tax for assessment (Inter Level)

1. What is taxation?

Ans. Taxation refers to the process of levying and collecting taxes by the government from individuals and businesses. It is a means through which the government generates revenue to fund public services and fulfill its responsibilities.

2. How is income tax calculated?

Ans. Income tax is calculated based on the individual's taxable income, which is derived by subtracting allowable deductions and exemptions from the total income earned during a specific period. The tax rates vary depending on the income brackets and are applied progressively, meaning higher incomes are subject to higher tax rates.

3. What are the different types of taxes?

Ans. There are various types of taxes, including income tax, sales tax, property tax, corporate tax, excise tax, and social security tax. Each type of tax is imposed on different sources of income or transactions and serves different purposes.

4. What are tax deductions and exemptions?

Ans. Tax deductions and exemptions are provisions in the tax law that allow individuals and businesses to reduce their taxable income. Deductions are expenses that can be subtracted from the total income, while exemptions are specific amounts that can be excluded from the taxable income.

5. How does the tax system contribute to the economy?

Ans. The tax system plays a crucial role in the economy by providing the government with the necessary funds to invest in public infrastructure, education, healthcare, and other essential services. It also helps in wealth redistribution and promoting economic stability by regulating the flow of money in the economy.

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