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1. ASSIGNMENT
DRIVE SPRING 2016
PROGRAM BBA
SEMESTER V
SUBJECT CODE & NAME BBA 504 &TAXATION MANAGEMENT
BK ID B1852
CREDIT 2
MARKS 30
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 :
a) Assessee in default
Answer:Whenanysumis 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.
WhereasSection143 (1) is itself deemedasnotice of demand & demand notice U/s 156 need not to
be attached with notice U/s 143 (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:
c) Rules for determining residential status of an HUF
Answer:

2. 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
determinedasper 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.SuchGains 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 Months