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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 employer pays
salary to his employee or when one pays interest, it is mandatory to subtract
the amount of tax and submit it to the government. In case the person fails to
submit the tax to the government, he
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. 1,20,000 or Rs. 1,60,000 whichever is higher but
subject
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,
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