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Important Questions for "Income Tax Law":

[1]

  1. How is residence of an assessee determined for income tax purposes? Explain the incidence of residence on tax liability.
  2. Define annual value and state the deductions allowed from the annual value in computing income from house property.
  3. What do you mean by set off and carry forward of losses? Explain the provisions regarding set off and carry forward of losses under the Income Tax Act, 1961.

[2]

  1. How is Unrecognized Provident Fund different from Recognized Provident Fund?
  2. Compute the duration of the preconstruction period and the amount of interest for a house construction loan given the specified data.
  3. Elucidate the statement: 'Tax planning is an Act within the four corners of the Act to achieve certain social and economic objectives.' Discuss its limitations.

[3]

  1. What are exempted perquisites in case of a salaried employee?
  2. What are exempted incomes? Provide examples of any five fully exempted incomes.
  3. What do you mean by short-term capital gains and long-term capital gains? What are exempted capital gains?

[4]

  1. Explain the residential status of an Individual and a Company.
  2. Explain the concept of Interest on Pre-construction Period.
  3. Describe deductions specified under Sections 80C to 80U.

[5]

  1. What are House Rent Allowances?
  2. Discuss the provision related to rent-free furnished accommodation.
  3. Explain the provision of Interest on Pre-construction period with a suitable example.

[6]

  1. When was income tax law not amended?
  2. What is Kautilya's concept of taxation based on?
  3. What does 'capital asset' mean?

[7]

  1. Amendments in Income Tax Law have been so frequent that it is beyond common man's approach. Comment on the relevance of this statement.
  2. Classify assesses according to status and residence.
  3. What do you understand by Self Assessment?

[8]

  1. State briefly the history of Income Tax Law in India.
  2. What do you mean by Capital gains? How are capital gains calculated?
  3. Explain in brief the relevant provisions of Income Tax Act, 1961 governing the assumptions of capital gains from tax.

[9]

  1. Discuss the provisions for settlement of grievances under Income Tax Law.
  2. When does an individual become a Resident?
  3. What are the objectives of tax planning?

[10]

  1. State briefly the history of Income Tax Law in India.
  2. What do you mean by 'Pay as you earn'?
  3. What is the difference between tax and fees?

[11]

  1. Discuss the provisions of Income Tax Act for valuing the following perquisites: Rent free furnished house, Encashment of earned leave, Facility of Motor Car.
  2. What do you mean by 'Capital Gain'? What are its types?
  3. Compute taxable income from other sources of Mrs. Renu for the assessment year 2015-16 based on provided particulars.

[12]

  1. What do you mean by Capital Gain? Differentiate between Long-term Capital Gain and Short-term Capital Gain.
  2. What are Perquisites? State the various perquisites which can be provided to an employee. Also differentiate Perquisites with Allowance.
  3. What do you understand by Agricultural Income? Also explain the various kinds of agricultural income in detail.

[13]

  1. Distinguish between exemptions and deductions under Income Tax Act.
  2. Explain the provisions of the Income Tax Act regarding deductions under sections 80D, 80TTA, and 80U.
  3. Calculate capital gains for the assessment year 2019-20 based on the details of Mr. A's house purchase, renovation, and sale.

[14]

  1. Define agricultural income. Give examples of non-agricultural income.
  2. Tax Liability depends upon the residential status of an assessee. Explain in detail.
  3. Compute taxable capital gains for the assessment year 2019-20 based on the details of Mr. D'souza's asset sales.

[15]

  1. Explain the meaning of Less-Tax Government Securities.
  2. Ascertain taxable salaries of Shri Anil Kumar for the assessment year 2020-21 based on his provided financial details.
  3. Discuss the types of depreciation. Explain additional depreciation and the provisions of the Income Tax Act, 1961, with regard to additional depreciation.

[16]

  1. Write short note on 'Previous Year'.
  2. Define Agriculture Income. Explain the integration method of calculation of tax on Agriculture income with the help of an example.
  3. Explain the concept of 'Person and Assessee'.

[17]

  1. Write short note on 'Assessment Year'.
  2. Define 'Agriculture Income' as per Income Tax Act 1961.
  3. Write short note on 'Casual Income'.

[18]

  1. Explain 'Integration of Agriculture Income' for computation of Tax as per Income Tax Act 1961.
  2. Explain set-off and carry forward of losses in case of speculative business loss, loss from house property, and loss from activity of owning and maintaining race horses.
  3. Explain computation of 'NAV' as per Income Tax Act 1961 in case of let-out house property, self-occupied house property, and deemed to be let-out house property.

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