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Bba504
Winter 2015
1. a) Explain Income u/s 2(24) of
the Income-tax Act, 1961
b) Explain Person u/s 2(31) of
the Income-tax Act, 1961
Answer: a) Income: Section
2(24)
The definition
given u/s 2 (24) is inclusive and not exhaustive. The dictionary explains the
term income as periodical monetary return coming from definite sources like
one’s business, land, work and investments. It is nowhere
2. Narrate the penalties and
provisions in the event of various defaults committed by the assesses.
Penalties and prosecutions for defaults
committed by assessees
Answer: Types of penalties
in the event of default
The Income Tax
Act, 1961 prescribes various types of penalties in the event of defaults under
the Act. Some of them are:
Sec. 221(1):
Penalty for failure to pay tax
When an assessee
defaults in making a payment of tax, he shall be liable to pay penalty as the
Assessing Officer may direct, and in the
3. Ms. A joins a market research
organization BRISIL Ltd. at Jamshedpur after her MBA. Following are the
particulars of her income received from BRISIL Ltd. for the year ending 31. 03.
2015.
|
Particulars
|
Rs.
|
|
Salary
(after deduction of TDS and own contribution to Recognized Provident Fund)
|
2,48,900
|
|
Tax
deducted at Source (TDS)
|
9,500
|
|
Employer’s
contribution to provident fund
|
45,500
|
|
Interest
credited to the provident fund on 10th May 2014 @ 16.5 % p.a.
|
30,000
|
|
Allowance
for holiday trip
|
11,800
|
|
Academic
research allowance for training of Ms. A (expenditure incurred Rs. 40,000)
|
80,000
|
|
House Rent
Allowance (rent paid for a house in Jamshedpur by Ms. X Rs. 56,200)
|
47,000
|
Additional information:
Ms. A pays life insurance premium
of Rs. 9,000 on her own life policy (sum assured being Rs. 5,00,000). On 7th
March 2015 she receives a wrist watch from her employer (cost Rs. 8,610) as gift.
On 14th March 2015 she receives a transfer order from Jamshedpur to Ranchi.
While her family remains at Jamshedpur She joins her duties at Ranchi on 18th
March 2015. An accommodation is provided by her employer at Royal Star Hotel,
Ranchi from 18th March 2015 till 31st March 2015 (tariff being Rs. 1,200 per
day paid by her employer).
Determine the taxable income of
Ms. X for the A.Y. 2015-16
Based on the above particulars compute the
taxable income of Ms. X for the A.Y. 2015-16
Answer: Calculation of taxable income
Salary (after deduction of TDS and own
contribution to RPF) 248900
Add: Tax deducted at Source (TDS) 9500
Add: Employee’s contribution to provident fund 45500
Salary (before
deduction of TDS and own contribution to RPF) 303900
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