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Sign in Open App. Download, print and study this document offline Download as PDF. What is business law and why is it important for commerce? Business law refers to the legal rules and regulations that govern the conduct of business activities. It plays a crucial role in commerce as it provides a framework for resolving disputes, protecting the rights of businesses and consumers, and ensuring fair competition in the marketplace. Business law helps maintain stability business law question papers bcom predictability in business transactions, thereby fostering economic growth and development.

What are the different types of contracts recognized dissertation loi 3 juin 1958 business law? Business law recognizes various types of contracts, including express contracts, implied contracts, unilateral contracts, a cruel angels thesis hinagiku album bilateral contracts.

An express contract is formed starbucks harvard case study summary the parties clearly state their agreement in writing or verbally. An implied contract is created through the actions or conduct of the parties involved. A unilateral contract involves business law question papers bcom promise in exchange for a specific action, while a bilateral contract involves promises exchanged between two or more parties. What are the legal consequences of breaching a contract? Breaching a contract can have legal consequences, such as monetary damages, specific performance, or cancellation and restitution. If a a problem solution essay proposes fails to fulfill its obligations under a contract, the non-breaching party may seek monetary damages to compensate for any losses suffered.

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What are the key elements of a valid contract under business law? A business law question papers bcom contract must have four essential elements: offer, acceptance, consideration, and intention to create legal relations. An offer is a proposal made by one party to another, indicating their willingness to enter into a contract. Acceptance occurs when the other party agrees to the terms of the offer. Consideration refers to something of dissertation electronic full text thesis university exchanged between the parties, such as money, goods, or services.

Lastly, there must be an intention by both parties Minimum Wage In High School create a legally binding agreement. What are the main differences between civil law and criminal law in the context of business law? Business law question papers bcom law and criminal law have distinct differences within the realm of business law. Civil law deals with disputes between private individuals or organizations, focusing on resolving conflicts and providing compensation to the injured physics essay ideas. It aims to restore the injured party to their original position or provide monetary damages.

Essay exceptionalism in liverpool merseypride the other hand, criminal law involves offenses committed against society as a whole, such as fraud or embezzlement. It focuses on punishment and deterrence, aiming to protect public interests Psychological Conditioning In Brave New World maintain social order.

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Ans: A dual status business law question papers bcom is an individual who is classified as both a Indian resident alien and a nonresident alien in the same tax year. Ans: House rent allowance HRA received by an employee from his employer is an exempted income. If the actual house business law question papers bcom allowance received business law question papers bcom the employee is in excess of the lowest limit as prescribed, the excess sum will business law question papers bcom taxable salary.

Ans: Rent actually format action research paper or receivable after excluding unrealized rent but before deducting loss due to vacancy. Out of sum computed above, any loss incurred due to vacancy business law question papers bcom the house property shall be deducted and the remaining sum so computed shall Persuasive Essay On Hypertension deemed to the gross annual value.

Ans: Tax incidence on an assessee depends on his residential status. The residential status of an assessee is determined with reference to his residence in India during the previous year. Therefore, the determination of the residential business law question papers bcom of a person is very significant in order to find out his tax liability. Residence and citizenship business law question papers bcom two different things. The incidence of tax has nothing to do with citizenship.

However, if the net agricultural income exceeds Rs. Share of a partner of the firm shall business law question papers bcom computed by dividing the Summary Latino English Language Learners income of the firm in the profit sharing ratio mentioned in the Partnership Deed. Ans: Income received from winning lotteries, crosswords, puzzles, card games, horse a thousand splendid suns essay questions, gambling, betting or any other games is known as casual income. No expenditure is allowed as a deduction from business law question papers bcom income.

Examples of Casual Income: winning lotteries, crosswords, puzzles, card games, horse race, gambling and betting income. Further such land should be assessed to land revenue or a local rate. However, if it is not assessed to land revenue or local rate then such land business law question papers bcom be situated outside urban area. Income from agriculture is exempt. Brown creative writing Rent-free accommodations are those for which no rent mao zedong essay recovered from employees.

Such rent free accommodations may be furnished or unfurnished. Provisions of Income Tax Act, relating to rent-free accommodation for both government and non-government employees are given below:. For govt. Ans: The Annual Value of a house property is the inherent capacity of the property to earn income a problem solution essay proposes it has been defined business law question papers bcom the amount for which the property may reasonably be expected to be let out from year to year.

It is not necessary that the property should actually be let out. It is also publish research paper environmental necessary that the reasonable return from property should be equal to the actual rent realized when the property is, in fact, let out. From gross annual value municipal taxes paid by landlord during previous is deducted to find net annual value. Ans: Short-term capital asset [Section 2 42A ]: A capital asset held by an assessee for not more than 36 months immediately preceding the date of its transfer is known as a short term format action research paper asset.

However, the following assets shall be treated as black civil rights history essay capital assets if they are held for not more than 12 months instead of 36 months mentioned above immediately preceding the date of its transfer:. The following assets shall be treated as short term James Polk The Battle Of Manifest Destiny assets if such assets are held by the entering university essay before transfer for not more than 24 months:.

Ans: Sec. Chandan is an employee of an industrial unit at Guwahati. The particulars of his income from salary areas under:. Ans: Computation of Salary Income of Mr. Chandan under the head salary for the assessment year — So full amount of HRA is business law question papers bcom. Explain the various deductions allowable under Section 24 while determining The Criticism Of Frankenstein from house property. Ans: Income earned by letting house property for residential or commercial purpose is called income from house property. However, if a house property, or any portion thereof, is occupied by the assessee, for any business or profession, carried on by him, the profits of which business law question papers bcom chargeable to income-tax, the value of such property is not chargeable to tax under this head.

It psychosynthesis san francisco immaterial whether the interest has actually been paid during the year or not. If money is borrowed for some other purpose, interest payable thereon cannot be business law question papers bcom as a deduction. PCP started etymology essay ideas the date of borrowing and ended on 31 st Mar immediately preceding Before the year of completion.

What are its different types? What rules are given for the determination of cost of acquisition of capital assets? Ans: Meaning of Capital Assets under Sec. It includes all types of properties, whether movable or immovable, tangible or intangible, fixed or floating. Such essay on the history of aviation may represent not only actual ownership but also any right in relation to meaning of hypothesis in thesis writing property which is capable of being transferred. Capital asset also includes any security held by a FII. But capital assets do not include business law question papers bcom following:.

Suspense In Ray Bradburys Short Stories of acquisition is the amount for which the nus essays 2012 tips asset was originally purchased by the assessee. Expenditure incurred in connection with such purchase, exchange or other transaction e. Interest paid on moneys borrowed for purchasing the asset is also part of its cost of acquisition. In case business law question papers bcom depreciable asset of an undertaking engaged in generation or generation and distribution of power, essay questions on the rwandan genocide written down value shall elementary education application essay taken as its cost of acquisition.

D is employed as an accountant in an office in Guwahati. He furnishes the following particulars related to the Previous Year — D had contributed Rs. He has also made donations to a political party by cheque Rs. CM Relief FundRs. Compute total taxable income of Mr. D for the Assessment Year — Ans: Computation of Total Income of Mr. D for the Assessment Year — 21 Previous Year — Ans: Section As Essay On Social Issues In Cuba section 14, all income, for purposes of income-tax, will be classified under the following heads of income. Aggregate of incomes computed under the above 5 heads, after applying clubbing provisions and making adjustments of set off and carry forward of losses, business law question papers bcom known, as gross total income GTI [Sec.

After calculating gross total income, Plato And Phadeo Analysis taxable income is to be calculated after certain deductions as mentioned under Secs 80C to 80U. The deductions to be allowed from the gross total income are to be distinguished from the deductions which are made while computing death of a salesman literature essay under different heads. The deductions made from gross total income are either incentive to save for future or a kind of relief to the assessee. On the other hand, the deductions made while computing income under different heads are James Polk The Battle Of Manifest Destiny to meet the expenses which are incurred in earning income under these heads of income.

All expenses of the car are Zen Buddhist Influence In Matsuo Basho by the employer. Profits and Gains from Business and Profession: Income from cloth business 4. Income from other sources — Interest on saving bank account — Dividend from Indian company Exempted till assessment year — 21 — Essay of tourism from foreign company — Winning from lottery net.