ECO-11 Solved Assignment 2018-19
Course Code : ECO – 11
Course Title : Elements of Income Tax
Assignment Code : ECO – 11/TMA/2018-19
Coverage : All Blocks
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.
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