Income Tax Management

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Presentation transcript:

Income Tax Management

Income Tax Management AN ISO 9001 : 2000 CERTIFIED INTERNATIONAL B-SCHOOL CASE STUDY : 2 Following are the incomes of Mr Shinde for the previous year. Calculate his taxable income on the assumption that he is. Question : 1) a) Ordinary Resident b) Not Ordinary Resident c) Non Resident i) Profit from business carried from Hyderabad Rs 50,000. ii) Income accured in India but received in Hongkong Rs 75,000. iii) Past untaxed income brought into India during this previous year Rs 42,000.

iv) Income from house property situated in Srilanka Rs 48,000. v) Income from agriculture in USA Rs 1,00,000. 2) Explain the provisions for finding the residence of an individual. 3) Explain “Every Resident person is not necessarily an ordinarily Resident”. 4) When are the following deemed to accrue or in India. a) Income from business connections b) Salary c) Interest d) Dividend e) Royalty