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.

AnswerRules 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.

AnswerCharging 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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