Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

Attempt all the problems

problem1) How is residence of an assessees determined? Describe tax liability on the basis of residence.

problem2) Shri A.K Rana is the employee in a company in Mumbai. He received in previous year.

Basic Salary:  Rs. 5000 per month
Dearness Allowance (under termed of employment): Rs. 500 per month
House Rent Allowance (Rent Paid Rs. 1500 Per month) :Rs 1000 per month

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

problem3) What do you mean by annual value? Describe deductions allowed from annual value?

problem4) find out 'Income from other sources’ of Dr. Ashish Agrawal for assessment year 2011-12 from the following particulars of previous year 2010-11.

(i) Found Rs. 10,000 lying on road

(ii) Income From card games Rs. 2000

(iii) Income From Royalty Rs. 6000

(iv) Remuneration received Rs. 4000 for being the examiner.

(v) Remuneration received Rs. 1000 for articles written for magazines.

(vi) Income from agricultural law in Kathmandu (Nepal) Rs. 11000

(vii) Income from fisheries Rs. 3000

(viii) Amount rent of law received Rs. 4000

(ix) Interest received on bank deposit Rs. 1500

(x) Dividend received Rs. 3000 on shares of Indian company

(xi) Winnings from lottery Rs. 2000

(xii) Winnings from horse race Rs. 1500

problem5) prepare brief notes on the following:

(a) Exempted Incomes

(b) Pequisites

(c) Exempted Capital Games

(d) Deduction of interest on loan taken for higher education (80E)

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M92925

Have any Question? 


Related Questions in Business Economics

The purpose of this assessment is to help you recap the

The purpose of this assessment is to help you recap the concepts covered in this course and discuss the challenges you have faced in previous assessments. Review the concepts covered in the previous modules and discuss t ...

Applying the principle of caesar cipher where k takes on a

Applying the principle of Caesar cipher, where k takes on a value in the range 1 to 25.The decryption algorithm is p = D(k, C) = (C - k) mod 26. Decrypt the following ciphertext. PHHW PH DIWHU WKH WRJD SDUWB.

John has a factory that produces paper and as a side

John has a factory that produces paper and as a side product some chemicals are thrown into the water: one unit of the pollutant per unit of paper. The marginal benefit to John of producing paper is given by MB = 10 – Q. ...

Bond valuation assume the following information for an

Bond Valuation Assume the following information for an existing bond that provides annual couponpayments: Par value =$1,000 Coupon rate = 11% Maturity =4 years Required rate of return by investors = 11% a. What is the pr ...

1 what are the potential advantages and disadvantages of

1. What are the potential advantages and disadvantages of the government setting prices for goods or services in a market? 2. What are potential advantages and disadvantages of government utilization of special taxes or ...

The typical way that authors get paid for writing a book is

The typical way that authors get paid for writing a book is via a royalty arrangement. For every book sold, the author gets a certain percentage, something like 15% of the list price on hardcover sales and 10% for paperb ...

The maintenance costs associated with a machine are 52000

The maintenance costs associated with a machine are 52,000 per year for the first ten years, and $1,000 per year thereafter. The machine has an infinite life. If interest is 10%, what is the present worth of the annual d ...

Sometimes price cuts can have an unintended result of

Sometimes price cuts can have an unintended result of consumers waiting for deeper discounts. What does this waiting suggest about supply and demand? Price cuts have changed buyers' expectations, and the change in expect ...

Children and povertypart 1 - service learning project

Children and Poverty: Part 1 - Service Learning Project Investigation, Preparation, and Action: Look for a way to actively participate in the fight against hunger. The Feeding America website has many ideas including lau ...

Explain the importance of the backup table statement and

Explain the importance of the BACKUP TABLE statement and the RESTORE TABLE statement. When are they used?

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate