Scribd
Upload
141 views4 pages

Bachelor's Degree Programme (BDP) : Assignment 2020-2021

This document provides instructions for the Tutor Marked Assignment for the Elective Course in Commerce ECO-11: Elements of Income Tax for IGNOU's Bachelor's Degree Programme for the July 2020 and January 2021 admission cycles. It outlines the details of the assignment such as weightage, submission deadlines, and questions. The questions assess various topics covered in the course including categories of tax residence, computation of capital gains, calculation of taxable income from house property, and taxable income from salaries including allowances and deductions. Short notes are also required on topics like agriculture income, pension, bond washing transactions, and the Capital Gain Account Scheme 1988.

Uploaded by

Tulasiram Patra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
141 views4 pages

Bachelor's Degree Programme (BDP) : Assignment 2020-2021

This document provides instructions for the Tutor Marked Assignment for the Elective Course in Commerce ECO-11: Elements of Income Tax for IGNOU's Bachelor's Degree Programme for the July 2020 and January 2021 admission cycles. It outlines the details of the assignment such as weightage, submission deadlines, and questions. The questions assess various topics covered in the course including categories of tax residence, computation of capital gains, calculation of taxable income from house property, and taxable income from salaries including allowances and deductions. Short notes are also required on topics like agriculture income, pension, bond washing transactions, and the Capital Gain Account Scheme 1988.

Uploaded by

Tulasiram Patra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 4

ECO - 11

Bachelor’s Degree Programme


(BDP)

ASSIGNMENT
2020-2021

Elective Course in Commerce


ECO – 11: Elements of Income Tax

For July 2020 and January 2021 admission cycle

School of Management Studies


Indira Gandhi National Open University
Maidan Garhi, New Delhi -110068
School of Management Studies
Indira Gandhi National Open University

Elective Course in Commerce


ECO – 11: Elements of Income Tax
ASSIGNMENT- 2020-21

Dear Students,
As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this
Course.
Assignment is given 30% weightage in the final assessment. To be eligible to appear in the
Term-end examination, it is compulsory for you to submit the assignment as per the schedule.
Before attempting the assignments, you should carefully read the instructions given in the
Programme Guide.
This assignment is valid for two admission cycles (July 2020 and January 2021). The validity
is given below:
1. Those who are enrolled in July 2020, it is valid up to June 2021.
2. Those who are enrolled in January 2021, it is valid up to December 2021.
You have to submit the assignment of all the courses to The Coordinator of your Study Centre.
For appearing in June Term-End Examination, you must submit assignment to the Coordinator of
your study centre latest by 15th March. Similarly for appearing in December Term-End
Examination, you must submit assignments to the Coordinator of your study centre latest by 15th
September.
TUTOR MARKED ASSIGNMENT

Course Code : ECO- 11


Course Title : ELEMENTS OF INCOME TAX
Assignment Code : ECO-11/TMA/2020-21
Coverage : ALL BLOCKS
Maximum Marks: 100
Attempt all the questions:
1. What are the different categories into which the assesses are divided with regard to residence ? (20)
Give brief account of each of them?

2. What do you understand by the term ’Capital Gains’ under Income Tax Act? How is Long term (20)
Capital gain and Short term Capital gain computed ?

3. From the following information of Mr. Sunil, computed the taxable income of house propetry : (20)

I. Municiple Valuation 3,30,000

II. Fair Rent 3,60,000

III. Standard Rent under Rent Control Act 3,36,000

IV. Unrealised Rent of previous year 2013-14 (Conditions of 30,000


Rule 4 Satisfied)

V. Rent realised in year 2019-20 from unrealised Rent of 24,000


previous year 2013-14

VI. House was let at Rs. 30,000 p.m.

VII. Rent Unrealised of the year 2019-20 30,000

4. From the following particulars of income of Mr. Anup, a Government Employee compute taxable (20)
income from salaries for the assessment year 2020-21:

I. Basic Salary 78,000

II. High Cost of Living Allowance 13,000

III. Entertainment Allowance 11,200

IV. Conveyence Allowance 6,000

V. Family Allowance 6,000

VI. Bonus 20,000

VII. Rent – free unfurnished house of which rental value is Rs. 6,000
p.m.

VIII. Anup has his own moter-cycle which is used by him both for private
and official proposes. Employer paid Rs. 10,000 for its expenses

Mr. Anup spends 40% of entertainment allowance on the entertainment of Government officials.
He contributes 12% of his salary in statutory provident fund. 80% of convenyance allowance was
spent in performing duties. He got entertainment allowance Rs. 250 per month prior to 1-4-1980.
As per Government rules, the licensing fee of house shall be equal to 10% of basic salary.

5. Write short notes on the following: (4X5)

a) Agriculture Income
b) Pension
c) Bond washing Transactions
d) Capital Gain Account Scheme 1988

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy