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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. Calculate the amount of taxable House Rent Allowance and exempted House Rent Allowance given the specified data.
  2. Compute the duration of the preconstruction period and the amount of interest for a house construction loan given the specified data.
  3. Discuss the scope of total income on the basis of residence. When is an individual said to be resident and not-ordinarily resident?

[3]

  1. Distinguish between gross total income and total income.
  2. What are exempted perquisites in case of a salaried employee?
  3. What do you mean by short-term capital gains and long-term capital gains? What are exempted capital gains?

[4]

  1. What is the concept of Gross Annual Value? Provide examples.
  2. Explain the concept of Interest on Pre-construction Period.
  3. What are the provisions related to Specified Business under Section 35AD?

[5]

  1. Discuss the provision related to rent-free furnished accommodation.
  2. Describe the provisions specified under Sections 80C, 80D, and 80U.
  3. Describe the provisions specified under Sections 30, 31, and 32.

[6]

  1. When was income tax law not amended?
  2. What tax arises upon the death of an individual?
  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. What do you understand by Self Assessment?
  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. What is 'Annual Value'? How is it determined in different circumstances?

[9]

  1. Discuss the provisions for settlement of grievances under Income Tax Law.
  2. What is a Belated Return?
  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. Explain the provisions of sale in the course of inter-state trade and commerce.

[11]

  1. Distinguish between tax avoidance and tax evasion.
  2. What are perquisites? Explain its types.
  3. Write four such donations for which 50% deductions are allowed U/S 80 G.

[12]

  1. Write short note on Deemed Assessee.
  2. What are the depreciation rates applicable on building?
  3. What do you understand by Agricultural Income? Also explain the various kinds of agricultural income in detail.

[13]

  1. Define Transfer. What are the transactions which are not regarded as transfer for computation of capital gains?
  2. Compute taxable income from salary for the assessment year 2019-20 based on the particulars of Mr. Manoj's income.
  3. Discuss the provisions of set-off and carry forward of losses from business, short-term capital loss, and lottery.

[14]

  1. Distinguish between Gross Total Income and Total Income.
  2. Define agricultural income. Give examples of non-agricultural income.
  3. Explain the provisions of the Income-Tax Act for deductions under Section 80C, Section 80G, and Section 80TTA.

[15]

  1. Distinguish between Tax Planning and Tax Avoidance.
  2. Enumerate expenses allowed in computing taxable profits of a business. State the expenses or losses that are not admissible.
  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. Compute the total income and tax liability for Mr. Y for the Assessment Year 2021-22 based on the given particulars.
  2. Explain the clubbing provision in case of Spouse.
  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. Define 'Agriculture Income' as per Income Tax Act 1961.
  2. Mahesh is an employee of X Ltd. at Delhi. The company provided remuneration and perquisites for the year ended 31/3/2021. Compute the salary income of Mahesh for the A.Y. 2021-22.
  3. Define Capital Asset. Also differentiate between Sec 54 and Sec 54F of Income Tax Act 1961.

[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. 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.

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