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E.C.O – 11
ELEMENTS
OF INCOME TAX ECO 11 Solved Assignment 2022-23
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Attempt all the questions:
1. (a) What are the different categories
into which the assesses is divided on the basis of residence?
(b) Mr. Sanjeev is working in a concern.
His basic pay is Rs. 6,000 p.m. and dearness pay at 10% of basic pay.
Commission based on fixed percentage of turnover Rs. 25,000 for the whole year.
House rent allowance is Rs. 1,200 p.m. and actual rent paid by him Rs. 1,000
p.m. House is situated in Lucknow. Compute taxable House rent allowance.
2. (a) What is not included in ‘Salary’
for calculating the value of rent-free accommodation for a public employee?
(b) How would you determine the annual
value of house property, which is selfoccupied for a part of the year only and
let out for the remaining part.
3. Mr. Tarun, a resident individual
submits the following particulars of his income for the year ended 31st March,
2022.
i) Royalty from coal in Rs. 20,000.
ii) Agricultural income in Pakistan Rs.
15,000.
iii) Salary for a part-time job with a
firm Rs. 21,000.
iv) Salary as Member of Parliament Rs.
36,000.
v) Daily Allowance as M.P. Rs. 15,000.
vi) His residential house has been taken
on a rent of Rs. 1,000 p.m., half of which he has sub-let at Rs. 1,200 p.m.
vii) Dividend received from a Cooperative
society Rs. 5,000.
viii) He has incurred the following
expenses:
a) Paid collection charges Rs. 100 for
collecting dividends.
b) Rs. 3,000 spent for earning and
collecting royalty income.
4. (a) From the following information,
compute the total income and the tax payable by an individual for the
assessment year 2022-23.
i) Salary @ Rs. 40,000 p.m.
ii) Dearness allowance Rs. 12,000 p.m.
iii) He contributes 20% of his salary and
D.A. to a Recognized Provident Fund.
iv) Employer’s contribution to provident
fund is 14% of salary and Dearness Allowances.
v) Rent from house property Rs. 12,000
p.m.
vi) Interest from an Indian company, Rs.
37,200 (Gross)
vii) Life Insurance premium paid Rs.
4,000.
(b) Discuss the provisions of Income Tax
Act dealing with the exemption of income of political parties.
5. Write short notes on the following:
(a) Assessment Year
(b) Cost of Improvement
(c) Perquisites
(d) Income of Minor Child
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IGNOU ECO 11 Solved Assignment English Medium 2022-23 The Indira Gandhi National Open University has updated the IGNOU Assignment Status 2022-23 December Session so that students can know if their submission is completed or not. Now if you have also submitted your Assignment/Practical/Project till 15 December 2022 then you must be worried about the Assignment Status and Grade Card. So we decided to come up with https://ignouadmission.samarth.edu.in/ Assignment 2022-23.