Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

problem 1: How is residence of assesses determined? Describe tax liability on the basis of residence.

problem 2: Shri A.K Rana is an employee in a company in Mumbai. He received in prior year:

1610_salary table.jpg

He retired on 1st January, 2011 after 20 years of service. He was paid Rs. 6000 gratuity and Rs. 50,000 of unrecognized provident fund. He was given pension of Rs. 800 per months.

He was not covered under Payment of Gratuity Act. Employer and employee’s contribution is equivalent.

Salary and pension become payable on the last day of each month. For the assessment year 2011-12, find out Mr. A.K. Rana’s taxable salary.

problem 3: What do you understand by annual value? Describe the deductions allowed from annual value?

problem 4: find out Income from other sources of Dr. Ashish Agrawal for the assessment year 2011-12 from the given particulars of previous year 2010-11.

a) Found Rs. 10,000 lying on road
b) Income From card games Rs. 2000
c) Income from Royalty Rs. 6000
d) Remuneration received Rs. 4000 for being an examiner.
e) Remuneration received Rs. 1000 for articles written for magazines.
f) Income from agricultural law in Kathmandu (Nepal) Rs. 11000
g) Income from fisheries Rs. 3000
h) Amount rent of law received Rs. 4000
i) Interest received on bank deposit Rs. 15004
j) Dividend received Rs. 3000 on shares of Indian company
k) Winnings from lottery Rs. 2000
l) Winnings from horse race Rs. 1500 (20)

problem 5: prepare short notes on the terms below:

a) Exempted Incomes.
b) Perquisites.
c) Exempted Capital Games.
d) Deduction of interest on loan taken for higher education (80E)

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M92273

Have any Question? 


Related Questions in Taxation

Calculating taxmicrotech software corporation msc was

Calculating Tax Microtech Software Corporation (MSC) was founded in 2001. The founder, Chan Li, studied at MIT and worked for a large software corporation before returning to his hometown, Centervale, to set up his own c ...

Taxplease fully answer the following1 what does it mean

Tax Please fully answer the following: 1. What does it mean when we say that there is a unified gift and estate tax in the US? 2. What is the difference between the estate and gift tax and the income taxation of estates ...

Assignmenttax form problem devon bishop age 40 is single he

Assignment Tax Form Problem Devon Bishop, age 40, is single. He lives at 1507 Rose Lane Devon Bishop, age 40, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1111. Devon ...

Tax assignmenta1what code section discusses partnership

TAX Assignment A.) 1. What Code Section discusses partnership formation under the Internal Revenue Code? 2. How does this Section differ from a corporate formation under Section 351? 3. What does it mean when we say that ...

Tax questionsa1 you are the tax director for a fortune 500

TAX QUESTIONS A 1 You are the tax director for a FORTUNE 500 company and the new CFO comes to you and asks you what ASC 740 is? He also asks you to tell him what a deferred tax asset is and when it can be reflected on th ...

Preferred stock bailouts and personal holding company

"Preferred Stock Bailouts and Personal Holding Company" Please respond to the following: From your analysis of Section 306 in the e-Activity, differentiate between the tax treatment of earnings and profit on the distribu ...

State income tax projectthis project will give you some

State income tax project This project will give you some exposure to the differences in income taxes on the state level in the United States as you compare the income tax rates among three states. The starting point is t ...

Consolidated tax return with intercompany

Consolidated Tax Return with Intercompany Transactions ParentCo and SubCo are calendar year corporations that keep their respective books on the accrual basis. The companies have taxable income of $200,000 and $250,000, ...

Financial cost tax accounting assignmentlength 400-500

Financial, Cost, Tax Accounting Assignment Length: 400-500 words including a chart Description Knowing that the company's former CFO and CEO not only got in trouble for fiduciary responsibility violations but IRS issues ...

Overviewthe final project for this course is broken into

Overview The final project for this course is broken into two parts. The first part is the creation of a memorandum, which is outlined below. The second part is a PowerPoint presentation, which is outlined in Final Proje ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen