Bachelor of Commerce
B.Com
CHOICE BASED CREDIT SYSTEM
BCOC – 136: INCOME TAX LAW & PRACTICE
ASSIGNMENT
2022-23
Valid from 1st July 2022 to 30th June 2023
Third Semester
School of Management Studies
Indira Gandhi National Open University
Maidan Garhi, New Delhi -110068
BACHELOR OF COMMERCE
CHOICE BASED CREDIT SYSTEM
BCOC – 136: INCOME TAX LAW & PRACTICE
ASSIGNMENT: 2022-23
Valid from 1st July 2022 to 30th June 2023
Dear Students,
As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this
Course. The assignment has been divided into three sections. Section A Consists of long answer
questions for 10 marks each, Section B consists of medium answer questions for 6 marks each
and Section C consists of short answer questions for 5 marks each.
Assignment is given 30% weightage in the final assessment. To be eligible to appear in the
Term-end examination, it is compulsory for you to submit the assignment as per the schedule.
Before attempting the assignments, you should carefully read the instructions given in the
Programme Guide.
1. Those students who are appearing in December 2022 Term End Examination they have
to submit latest by in October 2022.
2. Those students who are appearing in June 2023 exams. They have to submit the same
latest by 15 March 2023.
You have to submit the assignment of all the courses to the Coordinator of your Study Centre.
TUTOR MARKED ASSIGNMENT
Course Code : BCOC – 136
Course Title : Income Tax Law and Practice
Assignment Code : BCOC – 136 /TMA/2022-23
Coverage : All Blocks
Maximum Marks: 100
Attempt all the questions.
Section-A
(This section contains five questions of 10 marks each)
Q1 What do you understand by casual income? How are they treated under the Income Tax
Act? (10)
Q2 From the following particulars, calculate gross taxable salary of Mr. Ashish for the A.Y.
2022-23. (10)
Basic Pay 10,000
D.A. (Under the terms of employment) Bonus 5,000
Taxable part of Gratuity received 3,00,000
Completed year of service 35 years
Leave consumed during service 28 months
Actual amount of leave encashment 1,50,000
Q3 Define annual value and state the deductions that are allowed from the annual value in
computing the income from house property. (10)
Q4 Prof. R.K. Mittal has a GTI of Rs. 30, 00,000 including LTCG of Rs. 5 lakh during P.Y.
2021-22. He made the following donations:
i) Rs. 1,00,000 to National Defence Fund
ii) Rs. 70,000 to PMNRF
iii) Rs. 1,60,000 for repair of Temple (Notified)
iv) Rs. 90,000 to a Political Party
v) Books worth Rs. 70,000 to poor children
vi) Rs. 1,00,000 to a Public Charitable Institution
vii) Rs. 1,00,000 for promotion of family planning programme of UP Government.
Calculate the amount of deduction u/s 80 G (10)
Q5 From the information given below, compute the total income of the firm and tax payable
by it for the Assessment Year 2022-23. (10)
Particulars Rs.
Profit from small scale industrial undertaking 6,50,000
Profit from the animal breeding business 2,20,000
Short term capital loss 2,50,000
Long term capital gain 4,50,000
Interest from bank (Gross) 80,000
Donation to charitable institution (approved) by cheque 1,30,000
Section-B
(This section contains five short questions of 6 marks each)
Q6 What are the provisions for calculating House rent allowance? (6)
Q7 What are the provisions regarding unrecognized provident fund in Income Tax Act,
1961. (6)
Q8 Discuss the various kinds of Securities? Explain the rule regarding grossing up of interest
on Tax-Free Commercial Securities. (6)
Q9 Explain with example the term Book Profit in relation to the assessment of firms. (6)
Q 10 What is ITR? List the various documents required for filing ITR. (6)
Section-C
(This section contains four short questions of 5 marks each)
Q 11 The income of the previous year is taxed in the current year”. Explain. (5)
Q 12 State the conditions which a Hindu Undivided Family has to fulfill in order to be called
as resident in India. (5)
Q 13 List any five incomes that shall be chargeable under head ‘Profit and gains of Business or
profession’. (5)
Q 14 What does the term ‘Capital Gains’ signify under the Income Tax Act? (5)
