BBA504 &TAXATION MANAGEMENT

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ASSIGNMENT

DRIVE	Fall 2015
PROGRAM	BBA
SEMESTER	V
SUBJECT CODE & NAME	BBA504 &TAXATION MANAGEMENT
BK ID	B1852
CREDIT	2
MARKS	30

Note –Please provide keywords, short answer, specific terms, specific examples and marksbreak - up (wherever necessary)

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

Question.1. Explain the basic concepts of Taxation :

a) Tax Management

b) Assessment Year

c) Previous Year

d) Assesse

Write about the capital receipts Vs Revenue receipts. Write the two basic conditions todetermine the residential status of an individual.

Answer:An assesses may get income from different sources, eg:- salaries-house property income-profits and gains of business or profession - capital gains income from other sources like interest on securities , lottery winnings, races etc.

Income from each of these sources

Question.2. Explain Tax Planning, Avoidance and Evasion. Write about penalties andprosecutions.

Answer:Explanation of tax planning , avoidance and evasion

Tax Evasion:Tax Evasion term is usually used to mean 'illegal arrangements where liability to tax is hidden or ignored i.e. the tax payer pays less than he is legally obligated o pay hy hiding income or information from tax authority. Thus, here the tax liability is reduced by "illegal and fraudulent" means.

Question.3. Explain about depreciation and depreciable assets.

Solve the below given problem

From the following details in respect of Mr Siddharth, calculate the incomechargeable under the head income from salaries. Basic salary Rs.3,40,000 Dearnessallowance Rs.1,60,000 House rent allowance Rs.1,48,000 City compensatoryallowance (per month) Rs.34,000 Profession tax deducted from salary Rs.6,000 Thefollowing additional information is provided: (a) Mr Siddharth was provided varioustaxable perquisites which were valued at Rs.24,000. (b) Mr Siddharth was provided acar exclusively for travel between his residence and office. He lives in a house ownedby him.

Answer:In accountancy, depreciation refers to two aspects of the same concept:

·         The decrease in value of assets (fair value depreciation)

·         The allocation of the cost of assets to periods in which the assets are used (depreciation with the matching principle)

In determining the profits (net income) from an activity, the receipts from the activity must be reduced by appropriate costs. One such cost is the cost of assets used but not immediately consumed in the activity. Such cost so allocated in a given period is equal to the reduction in the value placed on the asset, which is initially

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