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ASSIGNMENT DRIVE WINTER
2014
PROGRAM BBA
SEMESTER V
SUBJECT CODE & NAME
BBA504 & TAXATION MANAGEMENT
BK ID B1852 CREDITS 2 MARKS
30
Q.No 1 Explain the basic
concepts of Taxation:
a) Tax Management
b) Assessment Year
c) Previous Year
d) Assessee
Write about the capital
receipts Vs Revenue receipts. Write the two basic conditions to determine the
residential status of an individual.
ü Explanation
of basic concepts of taxation
ü Capital
receipts vs revenue receipts
ü Basic
conditions to determine the residential status of an individual 4+4+2=10
Answer:
Basic concepts of
Taxation:-
a) Tax Management
Tax Management is an integral
part of business management. It involves not only due compliance of law in a
timely and regular manner, it also refers to arranging the affairs in such a
manner that it reduces the tax liability
2 Explain Tax Planning,
Avoidance and Evasion. Write about penalties and prosecutions.
ü Explanation
of tax planning , avoidance and evasion
ü Explanation
of penalties and prosecutions 3+7=10
Answer:
Tax Planning
Tax planning involves planning in
order to avail all exemptions, deductions and rebates provided in the Income
Tax Act. The income tax law itself provides for various methods for tax
planning. Generally, it is provided under exemptions u/s 10, deductions u/s 80C
to 80U and rebates and reliefs. Some of the provisions are enumerated
3 Explain about
depreciation and depreciable assets.
Solve the below given
problem
From the following details
in respect of Mr Siddharth, calculate the income chargeable under the head
income from salaries. Basic salary Rs.3,40,000 Dearness allowance Rs.1,60,000
House rent allowance Rs.1,48,000 City compensatory allowance (per month)
Rs.34,000 Profession tax deducted from salary Rs.6,000 The following additional
information is provided: (a) Mr Siddharth was provided various taxable
perquisites which were valued at Rs.24,000. (b) Mr Siddharth was provided a car
exclusively for travel between his residence and office. He lives in a house
owned by him.
ü Explanation
of depreciation and depreciable asset
ü Computation
of problem 5+5=10
Answer:
Depreciation
Depreciation is a non-cash
expense that reduces the value of an asset as a result of wear and tear, age,
or obsolescence. Most assets lose their value over time and must be replaced once
the end of their useful life is
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