IGNOU BCOC-136 June 2023 Previous Year Question Paper

Q1.(a) Distinguish between agricultural income and partly agr icultural income with example. 10

(b) Mr. Ashutosh retired from an Indian company after serving for 34 years 4 months on 31st December, 2021. The company paid him ` 8,00,000 as gratuity under the P ayment of Gratuity Act, 1972. His monthly salary and D. A. at the time of retirement was ` 58,000 and ` 5,800 respectively. C ompute the exempted gratuity U/S 10

(10) (i i) of Income Tax Act.

Q2.(a) Discuss the provision regarding encashment of leave at the time of retirement/death. 10

(b) State the conditions which a Hindu Undivided Family and Indian company have to fulfil in order to be called as resident in India.

Q3.(a) Mr. Sanjay is employ ed in ABC Ltd. Company. He gives the following details for the previous year 2021 -22. C ompute gross and taxable salary for assessment year 2022-23 : 10

(i) Basic pay ` 48,000 p.m.

(ii) Dearness allowance ` 18,000 p.m. (20% is used for benefits of retirement)

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

(b) Explain any five deductions deduct ible under the head ‘profits or gains from business and profession’.

Q4.(a) What is Capital Gain ? Discuss the concept of Capital Gain and a lso differentiate between short -term gain and long -term gain. 2+4+4

(b) What are the various benefits of filing income tax return ? Explain the procedure for E-filing of ITR in India.

Q5.What do you mean by clubbing of income ? In what circumstance is the income of one person treated as income of another ? Also write the provision relating to the clubbing of income of a minor child. (7+7+6)

Q6.What are the provisions regardin g set -off the following losses ? 5×4=20

(a) Short-term capital losses

(b) Long-term capital losses

(c) Losses of lottery and card game

(d) Speculative business losses [ 4 ]

Q7.(a) What is Gross Total Income ? How is it different from Total Income ? 6

(b) Gross total income of Mrs. Neha is ` 6,75,000. She deposited in RPF ` 50,000. She paid donation to a political party ` 10,000 by cheque and Prime Minister National Relief Fund ` 15,000 by cheque. She paid medical insurance permia on the health of her spouse ` 27,000 by cheque . Compute her total taxable income for assessment year 2022-23.

Q8.(a) What ar e the consequences of delay in filing return ? 10

(b) Explain the following in the context of the Income Tax Act : 5+5

(i) Capital Assets

(ii) Residential status of a company. 2023 -136 ] 2021 ] 1972 ` 8,00,000 ` 5,800 10

(10) ` 48,000 ` 18,000 (20%

(iii) ` 15,000 ` 18,000 2+4+4 7+7+6 5×4=20 5+5 BCO–136 13,7

(80)