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11th July 2015, 03:56 PM
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Join Date: Apr 2013
Re: IGNOU ECO 11 Question Paper

Here I am providing the list of few questions of Indira Gandhi National Open University ECO-11 Elements Of Income Tax exam Question Paper which you are looking for .

Ques 1. Particulars relating to Mrs. Shashi Tejwani for the previous year 2010-11 as follows: she is working in Sonepat (population 12 Lakh).
` Salary 15,000 per month
Dearness Allowance 2,000 per month
Employer’s contribution to Recognised Provident Fund 14% of salary. Rent Free unfurnished house
(Appropriate Rent `1,00,000 per annum) provided to her.
Employer spent `5,000 on upkeep of garden.
Interest on Provident Fund @ 13% - `5,200.
She paid professional tax `1,000.
She received fixed medical allowance `500 per month.
Compute her taxable salary for the assessment year 2011-12.

Ques 2.(a) Explain the terms ‘previous year’ and ‘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.

Ques 3 . Mr. Bari purchased 500 shares on 1st December, 1989 of Alpha Ltd. @ `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, 2010. On 1st November, 2010 he sold all the shares @ 1,600 per share and paid 1% brokerage. Compute his capital gains for the assessment year 2011-12.
Cost Inflation Index for:
1989 - 90 = 172
1990 - 91 = 182
2010 - 11 = 711

Ques 4. (a) State the items of income from house property which are not liable to tax.
(b) Distinguish between ‘less the securities’ and ‘tax free securities’.

Ques 5. Mr. Suleman furnished the following information related to his investment in securities and dividend to his income for the the previous year 2010-11:
` (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 a Unit Trust of 750
India for the units held (g) Interest collection charges 400
Compute his income from other sources for the assessment year 2011-12

Ques 6. Write short notes on any two of the following:
(a) Due dates for filing income tax returns
(b) Permanent Account Number
(c) Self assessment
(d) Annual Value of House property.

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