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?
10
(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.
10
2. (a)
What is not included in ‘Salary’ for calculating the value of rent-free
accommodation for a public employee?
10
(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.
10
3. Mr.
Tarun, a resident individual submits the following particulars of his income
for the year ended 31st March, 2022.
10
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.
10
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.
10
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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