BBA 504 &TAXATION MANAGEMENT

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ASSIGNMENT

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Question. 1. Write notes on :

1. a) Assessee in default

Answer:When any sum is payable as a result of any order passed under the Act, then the Assessing Officer shall serve upon the assessee a notice of demand U/s 156 specifying the sum so payable.

Whereas Section 143 (1) is itself deemed as notice of demand & demand notice U/s 156 need not to be attached with notice U/s 143 (1).

1. b) Total Income and Gross Total Income

Answer: What is Total Income (TI) and Gross Total Income (GTI) ?

Income Tax is payable on the total income at the rates of income tax prescribed. The term GTI has been defined in sub-section

We can summarise the step by step process of arriving at “total income” as under:

1. c) Rules for determining residential status of an HUF

Answer:

Question. 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:

House I: As the house property is let out through out the previous year the annual value shall be determined as per clauses (a) and (b) of Sec. 23(1). Particulars Amount (Rs.) Step I:- Compute gross annual value The Gross Annual Value shall be

Question. 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

Answer:At the time of Sale of any Asset, Tax is liable to be paid on the Gains earned on the sale of Asset. Such Gains could either be Short Term Capital Gains or Long Term Capital Gains. The basis of such Classification in the Income Tax Return has been given below:-

Short Term Capital Gain (STCG): If the Asset is held for less than 36 MontDear students get fully solved assignments

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