BBA 504 & - TAXATION MANAGEMENT

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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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