ECO 11 Solved Assignment 2022-23

 

ECO 11 Solved Assignment 2022-23

ELEMENTS OF INCOME TAX

ECO 11 Solved Assignment 2022-23 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

Course Code : ECO 11

Course Title : ELEMENTS OF INCOME TAX

Assignment Code : ECO-11/TMA/2022-23

Maximum Marks: 100

Attempt all the questions:

1. (a) What are the different categories into which the assesses is divided on the basis of residence?

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(b) Mr. Sanjeev is working in a concern. His basic pay is Rs. 6,000 p.m. and dearness pay at 10% of basic pay. Commission based on fixed percentage of turnover Rs. 25,000 for the whole year. House rent allowance is Rs. 1,200 p.m. and actual rent paid by him Rs. 1,000 p.m. House is situated in Lucknow. Compute taxable House rent allowance.

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2. (a) What is not included in ‘Salary’ for calculating the value of rent-free accommodation for a public employee?

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(b) How would you determine the annual value of house property, which is selfoccupied for a part of the year only and let out for the remaining part.

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3. Mr. Tarun, a resident individual submits the following particulars of his income for the year ended 31st March, 2022.

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i) Royalty from coal in Rs. 20,000.

ii) Agricultural income in Pakistan Rs. 15,000.

iii) Salary for a part-time job with a firm Rs. 21,000.

iv) Salary as Member of Parliament Rs. 36,000.

v) Daily Allowance as M.P. Rs. 15,000.

vi) His residential house has been taken on a rent of Rs. 1,000 p.m., half of which he has sub-let at Rs. 1,200 p.m.

vii) Dividend received from a Cooperative society Rs. 5,000.

viii) He has incurred the following expenses:

a) Paid collection charges Rs. 100 for collecting dividends.

b) Rs. 3,000 spent for earning and collecting royalty income.

4. (a) From the following information, compute the total income and the tax payable by an individual for the assessment year 2022-23.

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i) Salary @ Rs. 40,000 p.m.

ii) Dearness allowance Rs. 12,000 p.m.

iii) He contributes 20% of his salary and D.A. to a Recognized Provident Fund.

iv) Employer’s contribution to provident fund is 14% of salary and Dearness Allowances.

v) Rent from house property Rs. 12,000 p.m.

vi) Interest from an Indian company, Rs. 37,200 (Gross)

vii) Life Insurance premium paid Rs. 4,000.

(b) Discuss the provisions of Income Tax Act dealing with the exemption of income of political parties.

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5. Write short notes on the following:

4×5

(a) Assessment Year

(b) Cost of Improvement

(c) Perquisites

(d) Income of Minor Child

ECO 11 Solved Assignment 2022-23 : All assignments are in PDF format which would be send on email/WhatsApp (9958676204) just after payment.

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ECO 11 Solved Assignment 2022-23 :- Those students who had successfully submitted their Assignments to their allocated study centers can now check their Assignment Status. Alongside --assignment status, they will also checkout their assignment marks & result. All this is often available in a web mode. After submitting the assignment, you'll check you ECO 11 Solved Assignment 2022-23 only after 3-4 weeks. ECO 11 Solved Assignment 2022-23 it'd take 40 days to declare ECO 11 Solved Assignment 2022-23

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