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Bba504
Spring 2016
1 Write notes
on :
a) Assessee
in default
b) Total
Income and Gross Total Income
c) Rules for
determining residential status of an HUF
Answer:
a) Assessee-in-default
Any individual who fails to carry out his or her
legal duties is termed assessee-in- default. For example, when an employer pays
salary to his employee or when one pays interest, it is mandatory to subtract
2 Ms.
Trista, a resident individual, owns a house property situated in Bangalore. The
particulars of the house are as under:
Rs.
Municipal
Value 1,20,000
Fair Rent 1,60,000
Standard
Rent 1,40,000
Actual Rent
(per month) 12,000
Period of
Vacancy NIL
Municipal
Taxes for the year 20 % of
Municipal Value
Municipal
tax paid during the year 24,000
Compute the
income of Ms. Trista under the head : Income from house property.
Discuss the
advantages of VAT over Sales tax.
Answer:
Calculation of Income from house property
Particulars Amount
(Rs.)
Step I:-
Compute gross annual value
The Gross
Annual Value shall be higher of the following two:
a)
Rs
3 “Section
48 of the Income-tax Act, 1961 discusses the methods of computation of short
term and long term capital gains”. Enumerate with examples.
A Discuss the methods of computation of Short
term and Long term Capital Gains under Section 48 of the Income-tax Act, 1961
with examples.
Answer: Charging Tax for Short-Term/Long-Term Capital Gains
|
Gross Total Income [excluding
income given in columns (2) and (3)]
|
Long-Term Capital Gains taxable
under section 112
|
Short-Term Capital Gain taxable
under section 111A
|
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