Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

PROVISIONS REGARDING SET-OFF OF LOSSES

Question 5. Write brief notes on the following: iv) Provisions Regarding set–off of Losses Solution: Concept of set-off of losses In simple words, “Set-off” means adjustment of losses against the profits from another source/head of income in the same assessment year. If losses cannot be set-off in the same year due to inadequacy of eligible […]

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Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

INTEREST ON SECURITIES – INCOME TAX SHORT NOTE

Question 5. Write brief notes on the following: iii) Interest on Securities Solution: Interest on Securities if charged under the head ‘income from other sources’ means the following : Interest on any security of the Central or State Government; Interest on debentures or other securities for money issued by or on behalf of a local […]

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Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

PROVIDENT FUND – SHORT NOTE

Question 5. Write brief notes on the following: ii) Provident Fund. Solution: Provident fund scheme is a scheme intended to give substantial benefits to an employee at the time of his retirement. Under this scheme, a specified sum is deducted from the salary of the employee as his contribution towards the fund. The employer also […]

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Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

COMPUTATION OF TAXABLE INCOME OF HOUSE PROPERTY

Question 4. From the following information of Mr. Sunil, compute the taxable income of house property: Particular Amount (i) Municipal Valuation 3,30,000 (ii) Fair Rent 3,60,000 (iii) Standard Rent under Rent Control Act 3,36,000 (iv) Unrealised rent of previous year 2011-12 (Conditions of Rule 4 satisfied) previous year 2011-12 30,000 (v) Rent realized in year […]

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Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

COMPUTATION OF TAXABALE SALARIES INCOME OF MR. RAMAN PRAKASH

Question 3. Mr. Raman Prakash is reader in a college, run by a society, on a monthly salary of Rs. 44, 000. Besides salary he also gets 43% of salary as dearness allowance, Rs 800 p.m. entertainment allowance and Rs. 500 p.m. as proctor’s allowance. During the year he gets Rs. 450 p.m. as additional […]

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Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

TAXABILITY OF GRATUITY AND ENCASHMENT OF EARNED LEAVES

Question 2. Explain the provisions of Income tax Act in connection with taxability of gratuity And Encashment of earned leave by an employee retiring form an organization. Solution: Gratuity Gratuity means “a gift or present, often in return for favours or services.” Gratuity is paid over and above the normal salary. It is paid in […]

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Categories B.COMECO-11: ELEMENTS OF INCOME TAXIGNOUIGNOU ASSIGNMENTS

RESIDENTIAL STATUS AND TAX INCIDENCE – HOW RESIDENCE AFFECTS INCOME TAX LIABILITY

Question 1. Assesses have been divided into three categories on the basis of residence. How these categories affect the income tax liability of an assesses? Explain defining these categories Solution:   Click here to DOWNLOAD answer: For Other subjects click Here If you have any query comment below. If you really enjoyed this post, don’t […]

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