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BBA 504 –
INTERNAL ASSIGNMENT
Question 1 – Write about capital
receipts vs revenue receipts and capital expenses vs revenue expenses.
Sol:
Capital Receipts vs. Revenue Receipts
It
is a normal practice with a government to divide its receipts into ‘revenue’
and ‘capital’ categories. Broadly, revenue receipts include ‘routine’ and
‘earned’ ones. For this reason, they do not include borrowings and recovery of
loans from other parties, but they do include tax receipts, donations, grants,
fees, etc. Capital
Question 2 – (a) Write about the
basis of charge and chargeability of salary
Sol:
Salary is chargeable
to tax in the following circumstances:
§ When due from the former employer
or the present employer in the previous year, whether paid or not.
§ When paid or allowed in the
previous year, by or on behalf of a former employer or present employer, though
not due or before it becomes due
§ When arrears of salary are paid in
the previous year by or on behalf of a former employer or present employer, if
not charged to tax in the period
(b). From the following details in respect of Mr. Rahul,
calculate the income chargeable under the head income from salaries.
Basic salary 3,40,000
Dearness allowance 1,60,000
House rent allowance 1,48,000
City compensatory allowance (per month) 34,000
Profession tax deducted from salary 6,000
The following additional information is provided:
(a) Mr Rahul was provided various taxable perquisites which were valued at
24,000.
(b) Mr Rahul was provided a car exclusively for travel between his
residence and office. He lives in a house owned by him.
Sol:
(a)
Basic salary `3,40,000
(b)
Dearness allowance
`1,60,000
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Question
3 – Give an overview of service tax. Explain the need and significance of
service tax.
Sol:
Ø Overview
of Service tax:
Service
tax is a type of indirect tax. It is imposed on specified services, which are
named as ‘taxable services’ as per ‘Section 66 of Finance Act, 1994. It cannot be levied on any service,
which is not included in the list of taxable services. In developed
countries, service tax constitutes a major portion of the gross domestic
product (GDP). Service tax is levied to reduce the degree of intensity of
taxation on manufacturing and trade without forcing the government to
compromise on
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Get fully solved assignment, plz drop a mail with your sub code
computeroperator4@gmail.com
Charges for mba rs 125/subject and rs 700/semester only.
For other rs 125/subject only
if urgent then call us
on 08791490301, 08273413412
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