Description
TUTOR MARKED ASSIGNMENT
COURSE CODE : BCOC-136
COURSE TITLE: INCOME TAX LAW AND PRACTICE
ASSIGNMENT CODE: BCOC-136/TMA/2026-27
Note: Attempt all the questions.
1.a) What do you understand by casual income? How are they treated under the Income Tax Act?
b) Explain the scope of total income for the i) Resident ii) Not Ordinarily Resident iii) Non-Resident category of assessee.
2.a) Define annual value of house property. How would you determine the annual value of house property, which is self-occupied for a part of the year only and let out for the remaining part?
b) What steps are involved in calculation of total taxable income of an individual?
3.Write short note on following:
a) Income deemed to be received in India
b) Deduction u/s 80C.
c) Exemption of tax on capital gain under Section 54 F
d) Provisions relating to the Clubbing of Income of Minor Child
4.Mr Vishesh, who is not covered by the Payment of Gratuity Act, 1972, receives a gratuity of Rs 5, 76,000, when he retires on 23rd June, 2024 after a service of 34 years 9 months and 23 days. His last drawn emoluments are as follows: Basic salary Rs 30,000, Dearness allowance Rs 7,200 p.m. (Fixed) Annual increment in basic salary Rs 1,200 p.m. falls due on 1st January every year. What amount of gratuity is exempt from tax in the assessment year 2025 26?
5.The following particulars of income are submitted by Smt. Suman Garg for the A.Y. 2025-26. She lives at Delhi.
i. Basic pay 10,000 p.m.
ii.Dearness Allowance @ 10% of salary (DA is part of the salary)
iii. HRA 30% of basic salary.
iv.Medical allowance Rs 200 p.m. (amount actually spent on her own treatment is Rs. 2,000).
v. Wardenship allowance 400 p.m.
vi.Rent from house Property Rs. 3,000 p.m.
vii. Contribution to RPF 10% of salary.
viii. House rent paid Rs. 6,000 p.m.
ix.Donation to approved charitable institution Rs. 20,000
Compute her total income for assessment year 2025-26 assuming she is paying tax as per old tax regime.
6. Explain the following:
a) Procedure for E-filing of ITR in India
b) Profits’ in Lieu of Salary
c) Computation of Income in Case of Business of Plying, Hiring or Leasing Goods Carriages (Section 44AE)
d) Partly Agriculture Income
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