IGNOU BCOC-136 December 2024 Previous Year Question Paper

Q1.(a) Distinguish between agricultural income and partly agricultural income with examples. 8

(b) Explain the provisions of Income Tax Act for an individual, if he is : 12

(6) Resident

(ii) Not Ordinarily Resident

(ii) Non-Resident

Q2.(a) Explain the provisions of encashment of earned leave on retirement. 12

(b) Explain the provisions of conpensation on retrenchment as per Income Tax Act.

Q3.(a) Mr. Sanjay is employed in Reserve Bank of India as Manager. He gives the following details for the previous year 2022-23. Compute gross and taxable salary income for the assessment year 2023-24 : 12 @) Basic Pay = 48,000 p. m. Gi) Dearness allowance % 18,000 p.m. (20% is used for benefits of retirements).

(iii) Received House Rent Allowance (HRA) % 15,000 p.m. He pays 18,000 p.m. as rent for his accommodation in Chennai.

(b) What are the provisions for calculating House Rent Allowance ?

Q4.(a) Agricultural land situated at Pune is purchased in 2004-05 for = 32,200 and sold for = 4,00,000 on 2-09-2022. The assessee purchased another piece of agricultural land on 21-10-2022 for % 60,000 and deposited % 40,000 on 15-02-2023 in Capital Gain Account Scheme, 1988. Calculate the amount of capital gain taxable for assessment year 2023-24. The cost inflation index in 2004-05 was 113 and in 2022-23 it was 331. 12

(b) Explain Capital Gain Account Scheme,

Q5.8

Q6.What do you mean by clubbing of income ?

Q7.What are the circumstances when the income of one person treated as income of another ? Explain.

Q8.The following particulars of income are submitted by Smt. Suman Garg for assessment year 2023-24. She lives in Delhi: 20 @) Basic Pay = 10,000 p.m.

(ii) Dearness allowance @ 10% of salary.

(ii) HRA 30% of basic salary.

(iv) Medical allowance = 200 p.m. (amount actually spent on her own treatment is % 2,000).

(v) Wardenship allowance = 400 p.m.

(vi) Rent from house property = 3,000 p.m.

(vii) Contribution to RPF 10% of basic salary.

(viii) House rent paid % 6,000 p.m. (ix) Donation to approved charitable institution = 20,000 Compute her total income for assessment year 2023-24.

Q9.Explain the five major steps of e-Filing of ITR in India. What are the various benefits of filing income tax return ?

Q10.Write short notes on any four of the following : 4x5=20

(a) Annual value of house property

(b) Allowances

(c) Capital Gain Exempt from Tax

(d) Dividend

(e) Provision of Section 184 regarding assessment of firm

(f) Features of a partnership firm [

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