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DRIVE
SPRING 2017
PROGRAM
BBA
SEMESTER
V
SUBJECT CODE
& NAME
BBA 504
&
TAXATION
MANAGEMENT
1 Write
notes on:
a) Tax
Treatment of Income.
b) Capital
Expenses vs. Revenue Expenses.
c) Fringe
Benefit Tax.
Answer:
a) Treatment of income for tax purposes can be divided into three categories.
They are:
(i) Taxable income: These incomes form a
part of the total income and are fully taxable. These are treated u/s 14 to 69
of the Act. These are salaries, rent, business profits, professional gain,
capital gain, interest, dividend, winning from lotteries, races, etc.
(ii) Exempt
2 Raj was
born in Karachi on January 2, 1947. He has been staying in USA since 1986. He
comes to India on a visit of 200 days on October 10,2014. Determine the
residential status of Mr Raj for the assessment year 2015-16.
Determine the residential status of Mr Raj
Discuss the advantages of VAT over Sales tax.
Answer:
Rules for determining residential
status of individuals
There are
two conditions to determine the residential status of an individual viz.
(i) Basic conditions
There are
two basic conditions. They are:
(a)
An
(b)
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
|
|
(1)
|
(2)
|
(3)
|
\
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