Maharaja Agrasen Institute of Management Studies

Affiliated to GGS IP University; Recognized u/s 2(f) of UGC

Recognized by Bar Council of India; ISO 9001: 2015 Certified Institution
Sector 22, Rohini, Delhi -110086, India; www.maims.ac.in

Department of Business Administration

Academic Year: 2023-24
Semester: 4th
Assignment No.2

Course/ Subject Code: BBA 208 Course/ Subject Title: Income Tax Law & Practice
Issue Date: 30/04/2024 Last Date of Submission: 10/05/2024

Note:
1. The student should attach proper cover page for each assignment clearly mentioning Student’s complete
Name, University Enrolment No., Program, Semester, Class, Section, Assignment Number, and Subject
Title. Format of Cover page is attached herewith.
2. Each assignment should be prepared by the student individually in his/her own handwriting.
3. A4 size ruled sheets should be used for writing the assignment.
4. Black or Blue pens should be used for writing the assignment.
5. Assignment pages should be serially numbered at the bottom of page.
6. The student should use examples and illustrations in support of the answers.
7. Do not use plastic folder for submission of assignment. Just staple properly all pages of an assignment.
During online education mode, upload scanned copy of the complete assignment including cover page
latest by due date.
8. The assignment has to be uploaded with name of document as Students Name and Enrolment Number. For
Example: bhartichaudhary_04514701719
9. The scanned copy of the assignment has to be uploaded on google classroom
 Maharaja Agrasen Institute of Management Studies
Affiliated to GGS IP University; Recognized u/s 2(f) of UGC
Recognized by Bar Council of India; ISO 9001: 2015 Certified Institution
Sector 22, Rohini, Delhi -110086, India; www.maims.ac.in

Question Question CO No.

No.
Write Short Notes on: CO 2
CO 4
a. Cash Vs Mercantile System of Accounting CO 5
Q.1
b. E-filing of Return
c. Short term Vs Long Term Capital Gains
d. Rebates and Reliefs
e. Income from Other Sources
OR
Write a detailed note on Set off and carry forward of Losses.

Mr. X purchased land 04-01-1978 50,000 and by incurring 2% expenses on CO 2

Q.2 transfer. The land was sold on 01-05-2022 18,00,000. The market value of land
as on 1.04.2001 was 5,11,200. Compute the capital gain for AY 23-24.
(Use CII for 22-23-331)
OR
Compute the Business income in the hands of an Mr X for the A.Y. 2023-24:
Profit & Loss A/c for year ended 31st March 2022
Particulars Amount Particulars Amount
Interest 1,800 Gross Profit b/d 1,22,700
Repairs & 2,200 Interest on 10,000
Renewals Debentures
Insurance 4,200 Rent from House 36,000
Property
Compensation 10,200
Law Charges 5,100
Labour Welfare 3,800
Expenses
Subscriptions 5,800
Net Profit 1,30,000
1,68,700 1,68,700

Depreciation includes Rs.1,200 on house property let out.

The expenses on repairs and renewals include 40% expenses on house
property.
 Maharaja Agrasen Institute of Management Studies
Affiliated to GGS IP University; Recognized u/s 2(f) of UGC
Recognized by Bar Council of India; ISO 9001: 2015 Certified Institution
Sector 22, Rohini, Delhi -110086, India; www.maims.ac.in

Explain the taxation provisions regarding Aggregation of Income.

Q.3
CO 3
OR CO 4

R, a salaried employee has earned gross salary of Rs 8,93,000 which includes HRA
of Rs.40,000. He paid Rs10,000 pm as for his residential accommodation. He also
earned interest of Rs.7,000 from saving bank deposit during the PY 2021-22. He has
deposited PPF amounting to Rs.60,000 during the year. Compute total income and
tax payable by R, if R:
A) Does not opt to be taxed under section 115 BAC
B) Opts to be taxed under section 115 BAC