Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2009 B.B.A BB0019 – Business Taxation - Assignments for fall session - Question Paper

BBA – IV semester
BB0019 – Business Taxation – four Credits
(B0881)
Assignment Set one – (60 Marks)
Note: ans all the ques.. every ques. carries 10 marks.
1.List out the items that are to be treated as income under Sec 2(24). discuss the conditions of residential status.
2.Following are the taxable income of Sri. Akash for the previous year 2008-09
1.
Income from salary accrued in India and received in India
75,000
2.
Dividend income declared in United States but received in India
50,000
3.
Income from long term capital gains in India
30,000
4
Interest on debentures of a company at Paris, received in India
10,000
5.
Royalty received in Paris for tech. fee given for a business carried on in London.
15,000
6
Interest received from Vivek, a non-resident on the loan given to him for the business carried on in India.
6,000
7.
Profit from cloth business in Malaysia
85,000

calculate Sri. Akash’s total income for the assessment year 2009-10 if he is (i) Resident, (ii) Not Ordinarily Resident (iii) Non Resident.


3.Explain the eligible investment, contributions and payments under part 80C
4.What is Perquisites under part 17(2)?
5.Compute income from house property from the subsequent particulars for the assessment year 2009-10

I
II
III
IV
Municipal Value
40,000
45,000
50,000
52,500
Fair Rental Value
35,000
46,000
54,000
65,000
Rent received
32,000
37,000
45,000
55,000
Standard Rent
36,000
40,000
48,000
57,000
Vacancy Period
3 months
-
-
-
Repairs
15,000
14,000
17,000
19,000
Municipal Tax:




Paid
6,000
3,500
-
-
Due


1,800
2,400
The assessee had borrowed on 1.10.2002 Rs.3,50,000 at 14% for the construction of the 2nd house which was completed on 31-12-2005. As on 1-4-2008 Rs.3, 00,000 was outstanding. In respect of the 4th house 1 month rent was unrealized. The claim was genuine and satisfied the conditions: and the latest received was for 10 months.
6.Explain the calculation of exempted and taxable gratuity.


BBA – IV semester
BB0019 – Business Taxation – four Credits
Book ID - (B0881)
Assignment Set two – (60 Marks)
Note: ans all the ques..
1.Distinguish ranging from short term capital gain and long term capital gain (10 marks)
2.Mr. Radha Krishna, an individual submits the subsequent info relevant for the assessment year 2009-10 (20 marks)

Profit
Loss
Salary Income (computed)
54.000

Income from House Property


House 1
17,000

House 2

23,000
Profit & Gains of business or Profession


Business X
7,000

Business Y

14,000
Business Z (speculative)
15,000

Business A (speculative)

19,000
Capital Gains


Short term capital gains
8,000

Short term capital loss

12,000
Long term capital gains on sale of land
24,000

Income from other sources:


Income from card games
6,000

Loss on card games

9,000
Loss on maintenance of race horses

4,500
Interest on securities
3,000

Determine the net income of Mr. Radha Krishna for the assessment year 2009-10



3.Mr. Rajesh retired on 30th September of Previous year and received Rs.95,640 as earned leave encashment. He had to his credit nine months approved earned leave. His last drawn basic was Rs.6,500 and DA (fixed) Rs.1,500. Annual increment of Rs.300 falls due on first July every year. DA was treated as part of salary for retirement benefits. calculate taxable portion of his earned leave. (10 marks)
4.What is Capital Gains? What is chargeable under the head ‘capital gains’? (10 marks)
5.What are the allowable deductions under the head “income from other sources”? . (10marks)

Earning:   Approval pending.