BACHELOR'S DEGREE PROGRAMME Term-End Examination June, 2012 ELECTIVE COURSE : COMMERCE ECO-11 : ELEMENTS OF INCOME TAX

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1 No. of Printed Pages : 8 ECO-11 T I ct C.0 O BACHELOR'S DEGREE PROGRAMME Term-End Examination June, 2012 ELECTIVE COURSE : COMMERCE ECO-11 : ELEMENTS OF INCOME TAX Time : 2 hours Maximum Marks :50 Note : Question no. 1 is compulsory and Attempt any three questions from the remaining questions. 1. Particulars relating to Mrs. Shashi Tejwani for the 14 previous year are as follows : she is working in Sonepat (population 12 Lakh). Salary Dearness Allowance Rs. 15,000 per month 2,000 per month Employer's contribution to Recognised Provident Fund 14% of salary. Rent Free unfurnished house (Appropriate Rent Rs. 1,00,000 per annum) provided to her. Employer spent Rs. 5,000 on upkeep of garden. Interest on Provident 13% - Rs. 5,200. She paid professional tax Rs. 1,000. ECO-11 1 P.T.O.

2 She received fixed medical allowance Rs. 500 per month. Compute her taxable salary for the assessment year (a) Explain the terms 'previous year' and 4, 8 'assessment year'. (b) "Income tax in an assessment year is charged on the income of the previous year." Do you fully agree with this statement? If not, state the exceptions. 3. Mr. Bari purchased 500 shares on 12 1St December, 1989 of Alpha Rs. 200 per share and paid 1% brokerage. On 1st August, 1990 he received 200 bonus shares. He further received 400 bonus shares on 5th June, On 1st November, 2010 he sold all the 1,600 per share and paid 1% brokerage. Compute his capital gains for the assessment year Cost Inflation Index for : = = = (a) State the items of income from house 8, 4 property which are not liable to tax. (b) Distinguish between 'less tax securities' and 'tax free securities'. ECO-11 2

3 5. Mr. Suleman furnished the following information 12 related to his investment in securities and dividend to his income for the previous year Rs. (a) 5% Government securities 20,000 (b) 5% U.P. State Electricity Bonds 15,000 (c) 6% Central Govt. securities 50,000 (d) 6% Tax free non-govt. 25,000 Debentures (listed) (e) Dividend from a coop. society 1,000 (f) Dividend from Unit Trust of 750 India for the units held (g) Interest collection charges 400 Compute his income from other sources for the assessment year Write short notes on any two of the following : 6, 6 (a) Due dates for filing income tax returns (b) Permanent Account Number (c) Self assessment (d) Annual Value of House property 7. (a) Explain Bond washing transactions. 6, 6 How are they considered device of avoiding Tax? (b) When is a person treated as deemed owner of a house? ECO-11 3 P.T.O.

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6 4. (a) itcf9' 8, 4 Ai ITT tzt iicit I (b) 'TT 4144 (less tax) mrctiftir "dett `W{11-*1 (tax free) Yrordzir at- T 4aTTR 5. 1:1-19* Traqti k mrolat 3vT-4 f9t4t 12 -ant rsr,q.s atcrt 3Tr4 r-t,--iror(gcr -arlu Nc1-1 f*-7{t : (a) (b) (c) (d) T h1 15,000 0b1 50,000 25,000 (e) (f) (g) fiqfm cri t -51-rtu fjci.ss) 1, aip:{ 6. rii-irortld X1.4 /%-.0'4h7 ulli fffrwr : 6, 6 (a) WI -WT fa-ciw-t-4 rcifitzti (b) T-Tt chq1c11 i.its41 (PAN) (c) 141:1 fffnittil (Self assessment) (d) A1FE4-11-e:i ECO-11 7 P.T.O.

7 7. (a) Rotas -1-i (Bond washing transactions) 6, 6 '4. oluesm "If A71 *4 a-iftwt czill; tl TI. WO TITT Aicift I (b) f-*711* ciichl h 4-icbil Titft.--T `1419T 1174T lzfil:ft' (deemed owner) cbci cf)1 \Tin t? ECO-11 8