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IGNOU BCOC 136 Solved Assignment 2022-23
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Important Note – IGNOU BCOC 136 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
Answer all the questions
(This section contains five questions of 10 marks each)
Q 1 What do you understand by casual income? How are they treated under the Income Tax
Any income, profits or gains includible in the total income of an assessee, which cannot be included under any of the preceding heads of income, is chargeable under the head ‘Income from other Sources’. Thus, this head is the residuary head of income and brings within its scope all the taxable income, profits or gains of an assessee which fall outside the scope of any other head. Therefore, when any income, profit or gain does not fall precisely under any of the other specific heads but is chargeable under the provisions of the Act, it would be charged under this head.
Casual income means income in the nature of winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort, gambling, betting etc. Such winnings are chargeable to tax at a flat rate of 30% under section 115BB.
a. No expenditure or allowance can be allowed from such income.
b. Deduction under Chapter VI-A is not allowable from such income.
c. Adjustment of unexhausted basic exemption limit is also not permitted against such income.
Any sum of money or value of property received without consideration or for inadequate consideration to be subject to tax in the hands of the recipient [Section 56(2)(x)]
In order to prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.
Sum of Money: If any sum of money is received without consideration, and the aggregate value of which exceeds ₹ 50,000, the whole of the aggregate value of such sum is chargeable to tax.
I. If an immovable property is received
A. Without consideration, the stamp duty value of such property would be taxed as the income of the recipient if it exceeds ₹ 50,000.
B. For a consideration, which is less than the stamp duty value of the property by an amount exceeding ₹ 50,000, the difference between the stamp duty value and the consideration shall be chargeable to tax in the hands of the assessee as “Income from other sources”.
II. Value of property to be considered where the date of agreement is different from date of registration: Taking into consideration the possible time gap between the date of agreement and the date of registration, the stamp duty value may be taken as on the date of agreement instead of the date of registration, if the date of the agreement fixing the amount of consideration for the transfer of the immovable property and the date of registration are not the same, provided whole or part of the consideration has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system (ECS) through a bank account on or before the date of agreement.
III. If the stamp duty value of immovable property is disputed by the assessee, the Assessing Officer may refer the valuation of such property to a Valuation Officer. In such a case, the provisions of section 50C and section 155(15) shall, as far as may be, apply for determining the value of such property.
As per section 50C, if such value is less than the stamp duty value, the same would be taken for determining the value of such property, for computation of income under this head in the hands of the buyer.
If the movable property is received
1. Without consideration, the aggregate fair market value of such property on the date of receipt would be taxed as the income of the recipient, if it exceeds ₹ 50,000.
2. For a consideration which is less than the fair market value of the property by an amount exceeding ₹ 50,000, and the difference between the aggregate fair market value and such consideration exceeds ₹ 50,000, such difference would be taxed as the income of the recipient.
Applicability of section 56(2)(x):
The provisions of section 56(2)(x) would apply only to property which is the nature of a capital asset of the recipient and not stock-in-trade, raw material or consumable stores of any business of the recipient.
Non-applicability of section 56(2)(x):
However, any sum of money or value of property received in the following circumstances would be outside the ambit of section 56(2)(x) –
I. From any relative; or
II. On the occasion of marriage; or
III. Under a will or by way of inheritance; or
IV. In contemplation of death of the payer or donor, as the case may be; or
V. From any local authority as defined in the Explanation to section 10(20); or
VI. From any fund or foundation or university or other educational institution or hospital, etc. referred to in section 10(23C); or
VII. From any trust or institution registered under section 12AA; or
VIII. By any fund or trust or institution or any university or other educational institution or any hospital, etc. referred to in Section 10(23C)(iv)/(v)/(vi)/(via).
IX. By way of the transaction not regarded as a transfer under section 47.
X. From an individual by a trust created or established solely for the benefit of a relative of the individual.
Q 2 From the following particulars, calculate gross taxable salary of Mr. Ashish for the A.Y. 2022-23.
Basic Pay 10,000
D.A. (Under the terms of employment) Bonus 5,000
Taxable part of Gratuity received 3,00,000
Completed year of service 35 years
Leave consumed during service 28 months
Actual amount of leave encashment 1,50,000
Q 3 Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.
Q 4 Prof. R.K. Mittal has a GTI of Rs. 30, 00,000 including LTCG of Rs. 5 lakh during P.Y. 2021-22. He made the following donations:
i) Rs. 1,00,000 to National Defence Fund
ii) Rs. 70,000 to PMNRF
iii) Rs. 1,60,000 for repair of Temple (Notified)
iv) Rs. 90,000 to a Political Party
v) Books worth Rs. 70,000 to poor children
vi) Rs. 1,00,000 to a Public Charitable Institution
vii) Rs. 1,00,000 for promotion of family planning programme of UP Government.
Calculate the amount of deduction u/s 80 G
Q 5 From the information given below, compute the total income of the firm and tax payable
by it for the Assessment Year 2022-23.
Profit from small scale industrial undertaking 6,50,000
Profit from the animal breeding business 2,20,000
Short term capital loss 2,50,000
Long term capital gain 4,50,000
Interest from bank (Gross) 80,000
Donation to charitable institution (approved) by cheque 1,30,000
(This section contains five short questions of 6 marks each)
Q 6 What are the provisions for calculating House rent allowance?
Q 7 What are the provisions regarding unrecognized provident fund in Income Tax Act, 1961.
Q 8 Discuss the various kinds of Securities? Explain the rule regarding grossing up of interest
on Tax-Free Commercial Securities.
Q 9 Explain with example the term Book Profit in relation to the assessment of firms.
Q 10 What is ITR? List the various documents required for filing ITR.
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IGNOU BCOC 136 Solved Assignment 2022-2023 We provide handwritten PDF and Hardcopy to our IGNOU and other university students. There are several types of handwritten assignment we provide all Over India. BCOC 136 Income Tax Law and Practice Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
IGNOU BCOC 136 Solved Assignment 2022-23
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(This section contains four short questions of 5 marks each)
Q 11 The income of the previous year is taxed in the current year”. Explain.
Q 12 State the conditions which a Hindu Undivided Family has to fulfill in order to be called
as resident in India.
Q 13 List any five incomes that shall be chargeable under head ‘Profit and gains of Business or
Q 14 What does the term ‘Capital Gains’ signify under the Income Tax Act?
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IGNOU BCOC 136 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
- Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
- Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
- Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
- Use only foolscap size paperfor your response and tag all the pages carefully
- Write the relevant question number with each answer.
- You should write in your own handwriting.
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IGNOU BCOC 136 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
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