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DRIVE
SUMMER
2016
PROGRAM
BBA
SEMESTER
V
SUBJECT
CODE & NAME
BBA
504 &
TAXATION
MANAGEMENT
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
the amount of tax and
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
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
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