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DRIVE
fall 2016
PROGRAM
BBA
SEMESTER
V
SUBJECT CODE & NAME
BBA 504 &
TAXATION MANAGEMENT

1 Write notes on :
a) Assessee in default
b) Total Income and Gross Total Income
c) Rules for determining residential status of an HUF

Answer: a) Assessee-in-default
Any individual who fails to carry out his or her legal duties is termed assessee-in- default. For example,
when an employer pays salary to his employee or when one pays interest, it is mandatory to subtract the
amount of tax and submit it to the government. In case the person fails to submit the tax to the
government, he

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: Calculation of Income from house property
Particulars Amount (Rs.)
Step I:- Compute gross annual value
The Gross Annual Value shall be higher of the following two:
a) Rs. 1,20,000 or Rs. 1,60,000 whichever is higher but
subject

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,

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