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Assignment 1

The document contains 10 questions related to income tax assessment in India. It asks about exempted income sources, definitions of agriculture income and deductions available for salary income. It also asks about the treatment of unrealized rent, the difference between tax evasion and planning, and exempted situations with one residential status condition. Finally, it asks to determine the scope of total income for various income sources based on residential status and to calculate gross annual values for house properties in different cases.

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Sumit Varughese
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59 views2 pages

Assignment 1

The document contains 10 questions related to income tax assessment in India. It asks about exempted income sources, definitions of agriculture income and deductions available for salary income. It also asks about the treatment of unrealized rent, the difference between tax evasion and planning, and exempted situations with one residential status condition. Finally, it asks to determine the scope of total income for various income sources based on residential status and to calculate gross annual values for house properties in different cases.

Uploaded by

Sumit Varughese
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Assignment Questions 1. 2. 3. 4. 5. 6. 7. Name any 10 items of income exempted from tax u/s 10. Define Agriculture income.

What are the deductions available to Employees against Salary Income? Explain the treatment of un-realized rent under the head Income from House Property Distinguish between tax evasion and tax planning. Distinguish between application of income and diversion of income. What are the exempted situations where only one of the conditions mentioned under section 6(1) is applicable to ascertain the residential status? 8. Discuss the scope of total income of the following incomes if the assessee is (i) Resident and ordinarily Resident, (ii) Resident but not Ordinarily Resident, (iii) Non-Resident. a. Technical fees received from A Ltd. (an Indian company) in Germany for advice given by him in respect of a project situated in Iran Rs. 1,17,000 b. Income from business situated in Sri Lanka. (Goods are sold in Sri Lanka; sale consideration is received in Sri Lanka. But the business is controlled and managed partly from Sri Lank and Partly from India.) Rs. 2,17,000. c. Interest on German Development Bonds (2/5th is received in India) Rs. 60,000. d. Income from Agriculture in Nepal received there, but later on Rs. 50,000 is remitted to India ( Agriculture is controlled from Bangladesh) Rs. 1,81,000 e. Past untaxed profit of the 2000-01 brought to India in 2010-11 Rs. 10,43,000. f. Gift in foreign currency from a friend received in India on January 20, 2011. Rs. 80,000. g. Income from salary for services rendered in USA, paid by the Government of India. Rs. 1,95,000 h. Interest received from a non-resident. Rs. 65,000. ( The borrower has used the borrowed amount for purpose other than business or profession) i. Interest received from a resident. Rs. 80,000. (The borrower has used the borrowed amount for the purpose of carrying on a business in Australia.) j. Royalty received outside India from the Government of India. Rs. 17,000. 9. Calculate the gross annual value in the following cases for the assessment year 2011-12. (Amount in Rupees) X Y Z House Property Municipal Value 95,000 60,000 60,000 Fair Rent 96,000 54,000 55,000 Standard Rent 94,000 78,000 79,000 Actual Rent 93,000 1,06,000 78,000 The entire rent is realized. Properties are let out throughout the previous year.

10. Calculate the gross annual value in the following cases for the assessment year 2011-12. (Rupees in thousands) A B C D House Property Municipal Value 60 112 140 60 Fair Rent 68 117 150 65 Standard Rent 62 115 120 59 Actual Rent 66 120 96 72 Unrealized Rent (as per Rule 4) 2 50 Loss due to vacancy 80 6 No. of months the property remained 10 months 1 month vacant

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