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DRIVE
summer 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
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
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
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