Scribd Logo
Upload

Welcome to Scribd!

  • 83 views

    Aa 498 Assignment

    Uploaded by

    Meena Singh
    1) Z owns a house in Delhi with a municipal value of Rs. 500,000 and standard rent of Rs. 435,000. Z paid municipal tax of Rs. 75,000 and interest of Rs. 170,000 on a loan to acquire the house. The house was occupied by Z for personal residence for 2 months in the assessment year 2017-2018. 2) Mr. Prakash Kumar, an Indian citizen and government employee, had various sources of income in the previous year 2017-2018 including salary from foreign service, agricultural income from Pakistan, dividend from an Indian company, capital gains from property in India, and interest from a bank in England. His taxable income is to be computed for A

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Aa 498 Assignment

    Uploaded by

    Meena Singh
    83 views2 pages
    1) Z owns a house in Delhi with a municipal value of Rs. 500,000 and standard rent of Rs. 435,000. Z paid municipal tax of Rs. 75,000 and interest of Rs. 170,000 on a loan to acquire the house. The house was occupied by Z for personal residence for 2 months in the assessment year 2017-2018. 2) Mr. Prakash Kumar, an Indian citizen and government employee, had various sources of income in the previous year 2017-2018 including salary from foreign service, agricultural income from Pakistan, dividend from an Indian company, capital gains from property in India, and interest from a bank in England. His taxable income is to be computed for A

    Original Description:

    questions on tax

    Original Title

    aa498Assignment (2)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1) Z owns a house in Delhi with a municipal value of Rs. 500,000 and standard rent of Rs. 435,000. Z paid municipal tax of Rs. 75,000 and interest of Rs. 170,000 on a loan to acquire the house. The house was occupied by Z for personal residence for 2 months in the assessment year 2017-2018. 2) Mr. Prakash Kumar, an Indian citizen and government employee, had various sources of income in the previous year 2017-2018 including salary from foreign service, agricultural income from Pakistan, dividend from an Indian company, capital gains from property in India, and interest from a bank in England. His taxable income is to be computed for A

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    83 views2 pages

    Aa 498 Assignment

    Uploaded by

    Meena Singh
    1) Z owns a house in Delhi with a municipal value of Rs. 500,000 and standard rent of Rs. 435,000. Z paid municipal tax of Rs. 75,000 and interest of Rs. 170,000 on a loan to acquire the house. The house was occupied by Z for personal residence for 2 months in the assessment year 2017-2018. 2) Mr. Prakash Kumar, an Indian citizen and government employee, had various sources of income in the previous year 2017-2018 including salary from foreign service, agricultural income from Pakistan, dividend from an Indian company, capital gains from property in India, and interest from a bank in England. His taxable income is to be computed for A

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1) Z has a house property in Delhi whose particulars are as under:

    Municipal value- 500000

    Standard Rent - 435000

    Municipal Tax paid- 75000

    Interest paid on money

    Borrowed for acquiring the house property

    for the assessment Year 2017-2018 170000

    Period of Occupation for own Residence 2 Months

    Compute the income form house property for the same assessment year 2017-18

    2) An Indian citizen Mr. Prakash Kumar. A government employee has the following Taxable income
    During Previous year 2017-2018

    1)-Salary receive in a foreign country for service rendered in that country Rs 70000.

    2)-Agricultural income from agricultural land in Pakistan Rs 40000.

    3)-Dividend by an Indian Company payable outside India Rs.25000.

    4)-Income from transfer of Long term capital asset situated in India Rs 35000.

    5)-Interest earned & received in England from Bank deposit there Rs 75000.

    Compute taxable Income of Mr. Prakash Kumar for the assessment year 2018-19 if he is-

    (a) resident Indian (b) Non Ordinary resident.

    3)

    Following information is furnished by Mr. Sushil Kumar, an Indian citizen and resident for the year
    ending 31 March, 2018 for determination of the total income:

    1. Salary (per month) 12,000

    2. Dearness Allowance (per month) 1,000

    3. House Rent Allowance (per month) 1,200

    4. House Rent paid (per month) 1,000


    5. Interest on P.F. @ 9% per annum 9,000

    6. House property is let-out a monthly rent of Rs. 3,000. The annual value of the house property is Rs.
    45,000. Municipal tax paid annually Rs. 3,000 and Rs. 6,000 paid for interest on capital borrowed
    for the construction of the house.

    7. Repayment of House building loan: 5,000

    to Friends 4,000

    to Life Insurance Corporation 4,000

    8. Bank interest 8,800

    9. Income from units of Mutual Funds 4,000

    10. Life Insurance Premium paid 6,000

    11. Interest on NSC (VIII issue) 2,000

    12. Health Insurance Premium 5,000

    Calculate Total Income of Mr. Sushil Kumar for the assessment year 2018-19.

    4) A is entitled to a basic salary including DA of 400000/- Per annum &. He is also entitled to
    get HRA of 120000/- Per annum. He is actually paying rent of 180000/- per annum in Lucknow.
    Compute Taxable HRA.

    5) Throw light on the avenues of income generation after retirement of an individual.

    6) Discuss any three deductions in detail available Under Section 80C to 80U for an individual
    under the Income Tax Act 1961.

    7) Highlight on the importance of Tax Planning.

    Submission Date: 29/03/2019

    You might also like