IGNOU ECO 11 Solved Assignment 2022-23 , ECO 11 ELEMENTS OF INCOME TAX Solved Assignment 2022-23 Download Free : ECO 11 Solved Assignment 2022-2023 , IGNOU ECO 11 Assignment 2022-23, ECO 11 Assignment 2022-23 , ECO 11 Assignment , ECO 11 ELEMENTS OF INCOME TAX Solved Assignment 2022-23 Download Free IGNOU Assignments 2022-23- B.COM 2022-23 Gandhi National Open University had recently uploaded the assignments of the present session for B.COM Programme for the year 2022-23. IGNOU B.COM stands for Bachelor’s in Commerce. IGNOU B.COM courses give students the freedom to choose any subject according to their preference. Students are recommended to download their Assignments from this webpage itself. Study of Political Science is very important for every person because it is interrelated with the society and the molar values in today culture and society. IGNOU solved assignment 2022-23 ignou dece solved assignment 2022-23, ignou ma sociology assignment 2022-23 meg 10 solved assignment 2022-23 ts 6 solved assignment 2022-23 , meg solved assignment 2022-23 .
Contents
- 1 IGNOU ECO 11 Solved Assignment 2022-23
- 2 1.(a) What are the different categories into which the assesses is divided on the basis of residence?
- 3 (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.
- 4 2. (a) What is not included in ‘Salary’ for calculating the value of rent-free accommodation for a public employee?
- 5 (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.
- 6 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:
- 7 a) Paid collection charges Rs. 100 for collecting dividends.
- 8 b) Rs. 3,000 spent for earning and collecting royalty income. Compute Mr. Tarun’s income from other sources for the assessment year 2022-23.
- 9 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.
- 10 (b) Discuss the provisions of Income Tax Act dealing with the exemption of income of political parties.
- 11 IGNOU ECO 11 Solved Assignment 2022-23
- 12 GET IGNOU Handwritten Hardcopy , WhatsApp – 8130208920
- 13 5 Write short notes on the following: (a) Assessment Year (b) Cost of Improvement (c) Perquisites (d) Income of Minor Child
- 14 Get IGNOU ECO 11 Solved Assignment 2022-23 Download Free Now here from this website.
- 15
- 16 GUIDELINES FOR IGNOU Assignments 2022-23
- 17 IGNOU Assignment Front Page
- 18 ECO 11 Handwritten Assignment 2022-23
IGNOU ECO 11 Solved Assignment 2022-23
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. ECO 11 ELEMENTS OF INCOME TAX Solved Assignment 2022-23 Download Free We are genuinely work in this field for so many time. You can get your assignment done – 8130208920
Important Note – IGNOU ECO 11 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).
All questions are compulsory.
1.(a) What are the different categories into which the assesses is divided on the basis of residence?
Direct tax imposed on the Income of assesses, is very significant source of revenue to the government. Government needs money to run various welfare and developmental programmes and to maintain law and order in the nation. Therefore, any person whose taxable income for the previous year exceeds the exemption limit is liable to pay Income Tax to Central Government during the current financial year at the rates applicable in force by the annual finance Act during the current year.
According to Section 5 “the scope of total income of an assessee is determined with reference to his residence in India in the previous year.” This means that the total income of each person is based upon his residential status. This article focuses on types of residential status of a person and how it is determined. Before the article deal in much detail the author would like to mention few terms and definition used in the Act which are relevant for the purpose of our understanding.
Assessee: In simple terms – Person who is liable to pay tax is an assessee. Here the person includes both, natural and artificial juridical person.
Assessment Year: As per Section 2 (9) Assessment year means the period of 12 months commencing from April 01 every year and ending on March 31 of the next year. An assessee is liable to pay income tax for previous year in the following assessment year. For example, during the assessment year 2020-21, tax shall be paid for the previous year 2019-20. Previous Year: As per Section 3 – previous year means the financial year immediately preceding the assessment year.
Residence of Assessees
The residential status of an assessee is determined with reference to his residence in previous year. Residential status during the assessment year is immaterial. It is pertinent to note that residence and citizenship are two different concepts hence should not be mixed for the purpose of taxation. For the purpose for Taxation citizenship of a person does not matter. An India may be non-resident and a foreigner may be resident for the purpose of tax.
The residence of a person may change from year to year but the citizenship remains constant or atleast does not change every year. Types of Residents On the basis of residence Section 6 divides the assesses into three categories:
i. “Persons who are ordinary resident in India
ii. Persons who are not ordinary resident in India;
iii. Persons who are non-resident.”
Assessees are of different kinds they can be individuals, Hindu Undivided Family, firms, an association of persons, companies, local authorities, and artificial juridical person. Residence of a person may vary from year to year. He can be ordinary resident in one year, non-ordinary resident in the other and yet non-resident in the third year. It is pertinent to note that a person may be resident in more than one country at the same time. He can be resident in India as well as other nation for the same previous year.
(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. Compute Mr. Tarun’s income from other sources for the assessment year 2022-23.
(b) Discuss the provisions of Income Tax Act dealing with the exemption of income of
political parties.
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IGNOU ECO 11 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. ECO 11 ELEMENTS OF INCOME TAX 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 ECO 11 Solved Assignment 2022-23
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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 Instructions for the ECO 11 ELEMENTS OF INCOME TAX Solved Assignment 2022-23
IGNOU ECO 11 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.
GUIDELINES FOR IGNOU Assignments 2022-23
IGNOU ECO 11 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
- Planning: Read the questions carefully. IGNOU ECO 11 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
- Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU ECO 11 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
- Presentation: IGNOU ECO 11 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.
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ECO 11 Handwritten Assignment 2022-23
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