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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. Who is called assessee as per Income Tax Act, 1961?
  2. What do you mean by income from other sources? Explain the items included under the head 'income from other sources'.
  3. Explain the provisions regarding computation of taxable profits and gains of a business.

[3]

  1. Who is an 'Assessee' as per Income Tax Act, 1961?
  2. What are exempted perquisites in case of a salaried employee?
  3. What are exempted incomes? Provide examples of any five fully exempted incomes.

[4]

  1. What are some types of income that do not form part of total income?
  2. What is the concept of Gross Annual Value? Provide examples.
  3. What are the provisions related to Specified Business under Section 35AD?

[5]

  1. Explain the residential status of HUF and Individual.
  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. Which article deals with the finance commission?
  3. Which article was omitted by the Constitution (One Hundred and First Amendment) Act, 2016?

[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. Explain the transactions which are excluded from the meaning of 'transfer' for the purposes of capital gains.
  3. What are 'Capital Gains'? Discuss in detail.

[8]

  1. State briefly the history of Income Tax Law in India.
  2. What are perquisites? What perquisites are included in the salary income of an employee?
  3. What do you understand by Provident Fund? Explain different types of Provident Funds.

[9]

  1. Discuss the provisions for settlement of grievances under Income Tax Law.
  2. Explain the procedures for filing the return of wealth under the Wealth-Tax Act, 1957.
  3. Define 'annual value' and state the deductions allowed from annual value in computing the income from house property.

[10]

  1. State briefly the history of Income Tax Law in India.
  2. Explain the term 'unabsorbed depreciation'.
  3. What are perquisites? What perquisites are included in the salary income of an employee? Enumerate tax free perquisites.

[11]

  1. Write a short note on Permanent Account Number.
  2. Discuss the provisions of Income Tax Act for valuing the following perquisites: Rent free furnished house, Encashment of earned leave, Facility of Motor Car.
  3. Mrs. Rosy sold gold jewellery. Compute Capital Gain for the A.Y. 2016-17 based on provided details.

[12]

  1. What do you mean by Capital Gain? Differentiate between Long-term Capital Gain and Short-term Capital Gain.
  2. Discuss the provisions of deductions under Section 80C and Section 80G.
  3. What are Perquisites? State the various perquisites which can be provided to an employee. Also differentiate Perquisites with Allowance.

[13]

  1. Define Agricultural Income. State with example how tax is computed on agricultural income.
  2. Discuss the provisions of Income Tax Act regarding exemption of Gratuity and House Rent Allowance.
  3. Explain the provisions of the Income Tax Act regarding deductions under sections 80D, 80TTA, and 80U.

[14]

  1. Define agricultural income. Give examples of non-agricultural income.
  2. Compute taxable income from salary for the assessment year 2019-20 based on the particulars of Mr. Suresh.
  3. Compute taxable capital gains for the assessment year 2019-20 based on the details of Mr. D'souza's asset sales.

[15]

  1. How is the cost of acquisition determined for a Capital Asset?
  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 'Section 80D' of Income Tax Act 1961.
  2. Explain the concept of 'Person and Assessee'.
  3. Explain the provisions of Depreciation Allowance under Section 32.

[17]

  1. Explain set-off and carry forward of losses in case of (a) Capital Loss, (b) Loss from House Property, (c) Loss from activity of owning and maintaining Race Horses.
  2. Explain provisions of the following under 'Profit and Gains of Business of Profession': Section 44AD, Section 44ADA, Section 44AE.
  3. Explain the following Deductions: (a) Section 80 G, (b) Section 80 TTA, (c) Section 80 C.

[18]

  1. Explain 'Integration of Agriculture Income' for computation of Tax as per Income Tax Act 1961.
  2. Explain various deductions and exemptions available under old tax regime, where section 115BAC is not opted.
  3. How is the residential status of an individual, company, and HUF determined for the assessment year 2023-24?

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