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 | December, 2016 | |
| City, State | new delhi, |
Question Paper
1. Mr. Ankit is employed in a private company in Hyderabad on a monthly salary of RS 25,000 per month and a fixed commission at the rate of on turnover. The sales effected by him during the previous year amounted to RS 40 lakh. He was paid D.A. at the rate of RS 6,000 per month which is part of basic salary. He was also allowed House Rent Allowance of RS 5,000 per month. He stay in his own house. The employer has contributed 15% of his salary to a recognised P.F. and similar amount was contributed by Ankit. Interest credited on the balance of his P.F. at the rate of 9.5% which amounted to RS 38,000 during the previous year. Compute his total income for the assessment year 2015-16.
Discuss the provisions of the Income Tax Act 1961 regarding determination of residential status of an individual.
Mr. A was in India till December 31, 2015 and leaves India for US.A. on 1 January, 2016. What will be his assessment year for the income earned in India during the financial year 2015-16.
Mr. Satish is the owner of two houses which he has occupied for his own residence. Following are the details of two houses:
<img src='./qimages/9579-3a.jpg'>
Compute income from house property of Mr. Satish for the assessment year 2015-16.
Define the term capital asset. State the items which are not included therein for capital gains purposes.
Distinguish between previous year and assessment year. How would you determine the previous year of newly established business.
Discuss due date of filing of Income Tax return.
Give examples of six income which are taxable under the head income from other sources.
Explain the rules for set off and carry forward of capital loss.
What is agricultural income? What are the rules for integration of agricultural income with non-agricultural incomes.
Distinguish between exempted incomes and deductions from gross total income with examples.
What is perquisite Discuss the rules for valuation of rent free accommodation provided by the employer.
Explain the provisions of Section 80 C of Income Tax Act regarding deduction from GTI.
Discuss the provisions of the Income Tax Act 1961 regarding determination of residential status of an individual.
Mr. A was in India till December 31, 2015 and leaves India for US.A. on 1 January, 2016. What will be his assessment year for the income earned in India during the financial year 2015-16.
Mr. Satish is the owner of two houses which he has occupied for his own residence. Following are the details of two houses:
<img src='./qimages/9579-3a.jpg'>
Compute income from house property of Mr. Satish for the assessment year 2015-16.
Define the term capital asset. State the items which are not included therein for capital gains purposes.
Distinguish between previous year and assessment year. How would you determine the previous year of newly established business.
Discuss due date of filing of Income Tax return.
Give examples of six income which are taxable under the head income from other sources.
Explain the rules for set off and carry forward of capital loss.
What is agricultural income? What are the rules for integration of agricultural income with non-agricultural incomes.
Distinguish between exempted incomes and deductions from gross total income with examples.
What is perquisite Discuss the rules for valuation of rent free accommodation provided by the employer.
Explain the provisions of Section 80 C of Income Tax Act regarding deduction from GTI.
Other Question Papers
Departments
- Centre for Corporate Education, Training & Consultancy (CCETC)
- Centre for Corporate Education, Training & Consultancy (CCETC)
- National Centre for Disability Studies (NCDS)
- School of Agriculture (SOA)
- School of Computer and Information Sciences (SOCIS)
- School of Continuing Education (SOCE)
- School of Education (SOE)
- School of Engineering & Technology (SOET)
- School of Extension and Development Studies (SOEDS)
- School of Foreign Languages (SOFL)
- School of Gender Development Studies(SOGDS)
- School of Health Science (SOHS)
- School of Humanities (SOH)
- School of Interdisciplinary and Trans-Disciplinary Studies (SOITDS)
- School of Journalism and New Media Studies (SOJNMS)
- School of Law (SOL)
- School of Management Studies (SOMS)
- School of Performing Arts and Visual Arts (SOPVA)
- School of Performing Arts and Visual Arts(SOPVA)
- School of Sciences (SOS)
- School of Social Sciences (SOSS)
- School of Social Work (SOSW)
- School of Tourism & Hospitality Service Sectoral SOMS (SOTHSM)
- School of Tourism &Hospitality Service Sectoral SOMS (SOTHSSM)
- School of Translation Studies and Training (SOTST)
- School of Vocational Education and Training (SOVET)
- Staff Training & Research in Distance Education (STRIDE)
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