ECO-11 Element of Income Tax (English Medium) SOLVED ASSIGNMENT (FOR JULY 2018 AND JANUARY 2019 SESSIONS)

Course Code : ECO-11
Course Title : Element of Income Tax
Assignment Code : ECO-11/TMA/2018-19
SOLVED ASSIGNMENT FOR JULY 2018 AND JANUARY 2019 SESSIONS
( ECO-11 IN ENGLISH MEDIUM )

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Description

ECO-11 Solved Assignment 2018-19

Course Code : ECO-11
Course Title : Elements of costing
Assignment Code : ECO-11/TMA/2018-19
Coverage : All Blocks

Title Name ECO-11 Company Law Solved Assignment 2018-19
University IGNOU
Service Type Solved Assignment (Soft copy/PDF)
Course BCOM
Language ENGLISH
Semester 2018-2019 Course: BCOM
Session 2018-19
Short Name ECO-11 (ENGLISH)
Assignment Code ECO-11/TMA/2018-19
Product Assignment of BCOM 2018-2019 (IGNOU)
Submission Date before March 31th, 2019 for the session July, 2018 and
before September 30th, 2019 for the session January 2019
Price RS. 100 60

Attempt all the questions.
1. What is meant by Perquisite? What are the provisions related to Perquisites? (5+15)
2. Mr. Ved is working in a company. He received following facilities, receipts in the previous Year:
Net Salary (After deducting contribution and Income tax) 4,00,000
Contribution of Mr. Yashveer in provident fund 70,000
Employer’s contribution in provident fund 75,000
Income tax deducted 30,000
Commission on sale @ 1%(Sale Rs 40. Lakh)
Entertainment Allowance 1,000 Per month
Salary Advance 50,000
House Rent Allowance 6,000
He lives in his house. Fair rent `7,000 per month. Amount paid by employer on life insurance
`40,000. Cloth of company’s own mill worth ` 20,000 which was sold at a discount of 25%.
`1,50,000 were the travelling and staying expenses of Mr. Ved and his father on their foreign tour.
Mr. Yashveer’s employer reimbursed these expenses.
Professional Tax paid in previous year `2,000.
Compute Mr. Yashveer’s taxable income salary for the assessment year 2017-18. (20)
3. Describe how is annual value of a house let out and coming under the Rent Control Act calculate.
(20)
4. Mr. Sudesh sold his house on 1st may 2010 for `12,00,000. This house was purchased by his father
in 1960 for `50,000. Mr. Sudesh got this house in inheritance on the death oh his father in 1977-78.
On 01.04.1981 fair market value of this house was `1,50,000. On 1st December 2010 he purchased
another house for `2,50,000. For his assessment year 2017-18 calculate his capital gain. (20)
5. Write short notes on the following:
(a) Incomes included in Agricultural Income
(b) Fully Exempt Allowance
(c) Exempt capital gains
(d) Casual Income (4X5)
ECO-11, ECO-11, ECO 11, ECO 11, ECO11, ECO

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