Description
Bachelor of Commerce (General)
TUTOR MARKED ASSIGNMENT
COURSE CODE: BCOC-136
ASSIGNMENT TITLE: INCOME TAX LAW AND PRACTICE
ASSIGNMENT CODE: BCOC-136/TMA/2025-26
Valid from 1st July 2025 to 30th June 2026
Note: Attempt all the questions
. 1. a) “The income of the previous year is taxed in the current year”. Explain.
- b) Explain the provisions of Income Tax Act for an individual, if he is a
- a) Resident
- b) Not Ordinarily Residen
t c) Non-Resident.
- a) Define annual value and state the deductions that are allowed from the annual value in computing the income from house property
. b) Explain the procedure for E-filing of ITR in India
3.Write short note on following:
- a) Partial Integration of Agricultural and Non-Agricultural Income
. b) Deduction u/s 80G.
- c) Provisions for calculating House rent allowance
- d) Encashment of Earned Leave on Retirement
4.Mr. Nagraj, who is not covered under Payment of Gratuity Act, retires on 25 December, 2023 from ABC Ltd. After the service of 36 years 9 months. He received gratuity amount of Rs 5,00,000. His salary is Rs. 6,000 per month up to June 30, 2023 and 7,000 per month from July 2023. He also gets D.A. of Rs. 1,000 per month (70% of which is considered for service benefit). Find the taxable amount of Gratuity for the A.Y. 2024-25.
- Compute the total income and tax liability of Mr. X aged 60 years, a professor at a college affiliated to Delhi University, for the assessment year 2024-25 on the basis of the following particulars (calculate as per old tax regime):
- Explain the following: (5×4) a) Bond washing Transaction b) ITR-1 (SAHAJ) c) Provisions of the Income Tax Act regarding exemption of capital gains u/s54F d) Rent Free Accommodation
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