IGNOU| ELEMENTS OF INCOME TAX (ECO - 11)| QUESTION PAPER – (DEC - 2022)| BDP| ENGLISH MEDIUM
BACHELOR'S DEGREE PROGRAMME
(BDP)
Term-End Examination
December - 2022
(Elective Course: Commerce)
ECO-11
ELEMENTS OF INCOME TAX
Time: 2 Hours
Maximum Marks: 50
Note: Question No. 1 is compulsory. Attempt any three questions from the remaining questions.
1. Compute the total income of Mr. Amit Chaudhary from
the following particulars of his income for A. Y. 2021-22: 14
(i) Salary per
month - 15,000
(ii) Dividend received
from Indian company - 10,000
(iii) Share of
profits from partnership firm - 12,000
(iv) Dividend
from a co-operative society - 6,000
(v) Rental income
from house property - 10,000
(vi) Interest on
Savings Account - 8,000
He makes the
following payments/investments during the previous year:
(a) Purchase of
National Savings Certificate (VIII Issue) - 40,000
(b) Deposit in
Public Provident Fund - 20,000
(c) Donation to
Prime Minister National Relief Fund - 10,000
2. (a) Mr. Ashutosh retired from an Indian Company after
serving 34 years 4 months on 31st December, 2019. The company paid him 8,00,000
as gratuity under the Payment of Gratuity Act, 1972. His monthly salary and D.
A. at the time of retirement was 58,000 and 5,800 respectively. Compute the exempted
gratuity U/S 10 (10) (11) of Income Tax Act. 8
(b) Name any
four allowances which are partially exempt from tax. 4
3. (a) Determine the annual value of house of Mr. Varun
for the A. Y. 2021-22: 8
Municipal value
- 2,00,000
Fair rent -
1,80,000
Actual rent (per
month) - 25,000
House remained
vacant for two months during the previous year. Unrealised rent 40,000.
Municipal tax paid by the landlord 20,000.
(b) Discuss the
residential status of a company. 4
4. What do you mean by 'Provident Fund'? Discuss the
different types of provident funds of which a salaried employee may be a member
including taxations thereof. 4+8
5. Explain any twelve items which can be included under the
head 'Income from other sources'. 12
6. Write short notes on any two of the following: 6+6
(a) Deduction
under Section 80C
(b) Indexed cost
of acquisition and improvement
(c) Partly
Agricultural Income
(d) Exemption
regarding children education and hostel allowances
***
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