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 … Read more

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 … Read more

VALUATION OF RENT FREE HOUSE

Question 5. Write brief notes on the following: i) Valuation of Rent Free House Solution: In some cases, the Accommodation is Rent Free to the Employee i.e. No Rent is liable to be paid by the Employee. It is a benefit given to the employee in kind and therefore form a part of perquisites and … Read more

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 … Read more

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 … Read more

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 … Read more

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 … Read more

Extension of last date for submission of Assignments – TEE June 2018

Hello guys, are you worried about completion of your IGNOU assignments 2017-18 upto 15th of march, 2018 for TEE June 2018 assignments. You need not to worry anymore. Last date for submission of IGNOU Assignments has been extended up to 30th april, 2018. Yes you are hearing me correctly. Now you can enjoy the celebration … Read more

MCO-03: RESEARCH METHODOLOGY AND STATISTICAL ANALYSIS

Master of Commerce – M.COM Second Year Solved Assignments for July 2017 and January 2018 Admission Cycles M.Com Second Year Tutor Marked Solved Assignment < p style=”text-align: center;”>Course Code : MCO – 03 Course Title : Research Methodology and Statistical Analysis Assignment Code : MCO-03/TMA/2017-18 Coverage : All Blocks MCO – 03 Research Methodology and … Read more