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Important Questions for "Income Tax Law":

[1]

  1. Distinguish between tax planning and tax evasion. What are the objectives and advantages of tax planning?
  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. Compute the duration of the preconstruction period and the amount of interest for a house construction loan given the specified data.
  2. 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. Compute capital gains for given transactions involving sale of residential properties with cost inflation indices. Discuss eligibility for exemption under Section 54.

[3]

  1. Distinguish between tax planning and tax evasion.
  2. Distinguish between gross total income and total income.
  3. Explain the provisions of Income Tax Act, 1961 relating to provident funds for salaried employees.

[4]

  1. What are Partial Taxable Allowances?
  2. What are Long-term Capital Gains and Short-term Capital Gains?
  3. What are the provisions related to Specified Business under Section 35AD?

[5]

  1. Discuss the provision related to rent-free furnished accommodation.
  2. Explain the provision of Interest on Pre-construction period with a suitable example.
  3. Explain briefly any five incomes which do not form the part of total income.

[6]

  1. When was income tax law not amended?
  2. Which article in the constitution is associated with surcharge?
  3. Which article was amended in 1956, 1982, and 2000?

[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. Tax evasion is violation of law while the tax avoidance is not. Discuss. What are the provisions in Income-Tax Act, 1961 to cope with tax avoidance?
  3. Explain the meaning of 'annual value' of the house property. How is the annual value determined?

[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. What is a Belated Return?
  3. Explain the procedures for filing the return of wealth under the Wealth-Tax Act, 1957.

[10]

  1. State briefly the history of Income Tax Law in India.
  2. Explain the term 'unabsorbed depreciation'.
  3. Discuss the provision of Wealth-Tax Act with regard to the valuation of immovable assets.

[11]

  1. What are perquisites? Explain its types.
  2. Enumerate expenses which are allowed in computing taxable profits of a businessman also state expenses or losses which are not admissible.
  3. Mrs. Rosy sold gold jewellery. Compute Capital Gain for the A.Y. 2016-17 based on provided details.

[12]

  1. Discuss the provisions of deduction under Section 80D.
  2. Write short notes on Residential status, Income from other sources, and Annual value.
  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. Discuss the provisions of set-off and carry forward of losses from business, short-term capital loss, and lottery.

[14]

  1. Define agricultural income. Give examples of non-agricultural income.
  2. Discuss the provisions of Income Tax Act regarding exemption of Rent Free House and Entertainment Allowance.
  3. Define transfer. What are the transactions which are not regarded as transfer for computation of capital gains?

[15]

  1. Name five incomes that are completely exempted from Income Tax.
  2. Ascertain taxable salaries of Shri Anil Kumar for the assessment year 2020-21 based on his provided financial details.
  3. Compute the total income of Dr. Atar Singh for the assessment year 2020-21 based on his house ownership and employment details.

[16]

  1. Find out net income of 'J' for Assessment Year 2021-22 under different residential statuses.
  2. Compute the total income and tax liability for Mr. Y for the Assessment Year 2021-22 based on the given particulars.
  3. Explain the concept of Presumptive Income in case of taxpayers engaged in Business of Plying, Leasing or Hiring Trucks under Section 44AE.

[17]

  1. Write short note on 'Assessment Year'.
  2. Explain provisions of the following under 'Profit and Gains of Business of Profession': Section 44AD, Section 44ADA, Section 44AE.
  3. X owns a building consisting of 3 identical units, the construction of which was completed on 1st April 2019. Compute the taxable income of X for A.Y. 2021-22 based on the given details.

[18]

  1. Explain various deductions and exemptions available under old tax regime, where section 115BAC is not opted.
  2. 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.
  3. Explain computation of income from salary in case of rent-free accommodation, free use of car, and commuted pension if section 115BAC is not opted.

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