Exam Details
| Subject | Elements of Income Tax | |
| Paper | ||
| Exam / Course | Bachelor Degree in Commerce | |
| Department | School of Management Studies (SOMS) | |
| Organization | indira gandhi national open university | |
| Position | ||
| Exam Date | June, 2016 | |
| City, State | new delhi, |
Question Paper
1. Mr. Ramesh is employed in AB Ltd.in Delhi. From the following particulars, compute his taxable income for the assessment year 2015-16.
Basic salary Rs 32,000 per month.
Advance salary received for 2 months.
Bonus Rs 40,000.
Transport allowance Rs 800 per month.
He has been provided throughout the year a rent free furnished accommodation. Rent paid by employer being Rs 80,000 p.a. and the cost of furniture Rs 1,00,000.
Free lunch provided in the office costing Rs 40 per meal for 300 days during the year.
Dividend Received from foreign company RS 60,000.
Contribution to Recognised P.F. by employer and employee 10% of Basic Salary.
Discuss provisions of Income Tax Act regarding Agricultural Income.
Explain the cases where income of the previous year is assessed in the same year.
Mr. Ranjit is the owner of a house property in Gurgaon. It has been let out at Rs 10,000 per month. The house remained vacant for 2 months during previous year 2014-15. The municipal value of the house is Rs 80,000 and tax paid by the owner to municipality is 10% of the municipal value. Calculate taxable income from house property for the assessment year 2015-16.
Discuss the residential status of companies.
What is the meaning of PAN? Give six cases where PAN is compulsory.
What do you mean by exempted income? Give six example of exempted incomes.
5. Write short notes on any three of the following:
Carry forward of business losses
Assessee
Revised Return of Income
Deduction under section 80 D
Gross Total Income
Distinguish between long term and short term capital gains.
What is income from other sources? Give six examples of income taxable under this head.
Mr. Anthony came to India for the first time in 2005-06 and came regularly since then and staying 100 days every year. Determine his residential status for the previous year 2014-15.
Discuss the concept of 'Income' as per the Income Tax Act 1961.
Basic salary Rs 32,000 per month.
Advance salary received for 2 months.
Bonus Rs 40,000.
Transport allowance Rs 800 per month.
He has been provided throughout the year a rent free furnished accommodation. Rent paid by employer being Rs 80,000 p.a. and the cost of furniture Rs 1,00,000.
Free lunch provided in the office costing Rs 40 per meal for 300 days during the year.
Dividend Received from foreign company RS 60,000.
Contribution to Recognised P.F. by employer and employee 10% of Basic Salary.
Discuss provisions of Income Tax Act regarding Agricultural Income.
Explain the cases where income of the previous year is assessed in the same year.
Mr. Ranjit is the owner of a house property in Gurgaon. It has been let out at Rs 10,000 per month. The house remained vacant for 2 months during previous year 2014-15. The municipal value of the house is Rs 80,000 and tax paid by the owner to municipality is 10% of the municipal value. Calculate taxable income from house property for the assessment year 2015-16.
Discuss the residential status of companies.
What is the meaning of PAN? Give six cases where PAN is compulsory.
What do you mean by exempted income? Give six example of exempted incomes.
5. Write short notes on any three of the following:
Carry forward of business losses
Assessee
Revised Return of Income
Deduction under section 80 D
Gross Total Income
Distinguish between long term and short term capital gains.
What is income from other sources? Give six examples of income taxable under this head.
Mr. Anthony came to India for the first time in 2005-06 and came regularly since then and staying 100 days every year. Determine his residential status for the previous year 2014-15.
Discuss the concept of 'Income' as per the Income Tax Act 1961.
Other Question Papers
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Subjects
- Accountancy-I
- Accountancy-II
- Business Environment
- Business Organisation
- Company Law
- Economic Theory
- Elements of Auditing
- Elements of Costing
- Elements of Income Tax
- Elements of Statistics
- Management Theory
- Mercantile Law
- Money, Banking & Financial Institutions