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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. Write short notes on any two of the following: Agricultural income, Perquisites, Depreciation, Exempted incomes, Deduction in respect of donations.

[2]

  1. Discuss the treatment under Income Tax Act, 1961 of Tax-Free Government Securities and Tax-Free Non-Government Securities.
  2. Give examples of incomes which do not form part of total income under Income Tax Act, 1961.
  3. Advise on the self-occupation concession based on given data for two houses.

[3]

  1. Who is an 'Assessee' as per Income Tax Act, 1961?
  2. How is the annual value of house property determined? What are the deductions allowed from the annual value while calculating taxable income from house property?
  3. What do you mean by set off and carry forward of losses? Explain the provisions of Income Tax Act, 1961 relating to set off and carry forward of losses.

[4]

  1. Explain the term Person as per the Income Tax Act.
  2. What are some types of income that do not form part of total income?
  3. Explain the residential status of an Individual and a Company.

[5]

  1. What are House Rent Allowances?
  2. Explain the residential status of HUF and Individual.
  3. Describe the provisions specified under Sections 30, 31, and 32.

[6]

  1. When was income tax law not amended?
  2. What is the basis of income tax?
  3. On what is wealth tax levied?

[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. Define 'Salary'. State with examples incomes which are included in salary.
  3. What are 'Capital Gains'? Discuss in detail.

[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 do you mean by capital gains? What are the essentials of capital gains?

[10]

  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. Describe the procedure of appeal to appellate tribunal. Under what circumstances may the tribunal be required to refer an appeal to the High Court?

[11]

  1. Enumerate expenses which are allowed in computing taxable profits of a businessman also state expenses or losses which are not admissible.
  2. Compute taxable income from other sources of Mrs. Renu for the assessment year 2015-16 based on provided particulars.
  3. Mrs. Rosy sold gold jewellery. Compute Capital Gain for the A.Y. 2016-17 based on provided details.

[12]

  1. Write short note on Deemed Assessee.
  2. What is the difference between Business and Profession?
  3. What do you mean by income? Also write the different heads of income.

[13]

  1. Distinguish between exemptions and deductions under Income Tax Act.
  2. Define Agricultural Income. State with example how tax is computed on agricultural income.
  3. Define Transfer. What are the transactions which are not regarded as transfer for computation of capital gains?

[14]

  1. Discuss the provisions of Income Tax Act regarding exemption of Rent Free House and Entertainment Allowance.
  2. Define transfer. What are the transactions which are not regarded as transfer for computation of capital gains?
  3. Compute taxable income from salary for the assessment year 2019-20 based on the particulars of Mr. Suresh.

[15]

  1. Explain Standard Deduction versus Section 24(a).
  2. Explain the meaning of Tax-free Non-Government Securities.
  3. How is the cost of acquisition determined for a Capital Asset?

[16]

  1. Write short note on 'Previous Year'.
  2. Discuss the deduction under Section 80G of Income Tax Act 1961.
  3. Discuss the expenditure on scientific research under Section 35.

[17]

  1. Write short note on 'Casual Income'.
  2. Write short note on Clubbing provisions in case of 'Minor'.
  3. 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.

[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. How is the residential status of an individual, company, and HUF determined for the assessment year 2023-24?

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