Tuesday 25 October 2016

bba504 smu bba fall 2016 (jan/feb 2017 exam) Vth sem assignment

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DRIVE
fall 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


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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