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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. How is residence of an assessee determined for income tax purposes? Explain the incidence of residence on tax liability.
  3. Write short notes on any two of the following: Agricultural income, Perquisites, Depreciation, Exempted incomes, Deduction in respect of donations.

[2]

  1. Who is called assessee as per Income Tax Act, 1961?
  2. How is Unrecognized Provident Fund different from Recognized Provident Fund?
  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. How is residence of an assessee determined under Income Tax Act, 1961 for an individual, Hindu undivided family, and company?
  2. What do you mean by short-term capital gains and long-term capital gains? What are exempted capital gains?
  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. What are Partial Taxable Allowances?
  2. How is the income and tax liability of an individual computed?
  3. What are the provisions related to Specified Business under Section 35AD?

[5]

  1. Explain the provision related to set-off and carry forward of losses of house property, PGBP, and capital gain.
  2. Draw the format of capital gain and explain the concept of holding period with a suitable example.
  3. Describe the provisions specified under Sections 30, 31, and 32.

[6]

  1. When was income tax law not amended?
  2. Which article deals with the finance commission?
  3. Which courts have jurisdiction to hear tax disputes?

[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. What are 'Capital Gains'? Discuss in detail.

[8]

  1. State briefly the history of Income Tax Law in India.
  2. What do you understand by Provident Fund? Explain different types of Provident Funds.
  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. 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. 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. What is meant by Annual value? What deductions are allowed in computing income from house property?
  2. Compute taxable income under the head 'Salary' of Mr. Tiptop for the assessment year 2016-17 based on provided details.
  3. Mrs. Rosy sold gold jewellery. Compute Capital Gain for the A.Y. 2016-17 based on provided details.

[12]

  1. What are Perquisites? State the various perquisites which can be provided to an employee. Also differentiate Perquisites with Allowance.
  2. Differentiate between Tax Planning and Tax Avoidance, Tax Avoidance and Tax Evasion, Tax Planning and Tax Management.
  3. What do you understand by Agricultural Income? Also explain the various kinds of agricultural income in detail.

[13]

  1. Distinguish between 'Tax Planning and Tax Evasion'.
  2. Compute taxable income from salary for the assessment year 2019-20 based on the particulars of Mr. Manoj's income.
  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. Define transfer. What are the transactions which are not regarded as transfer for computation of capital gains?
  3. Compute taxable capital gains for the assessment year 2019-20 based on the details of Mr. D'souza's asset sales.

[15]

  1. Distinguish between Tax Planning and Tax Avoidance.
  2. Name five incomes that are completely exempted from Income Tax.
  3. How is the cost of acquisition determined for a Capital Asset?

[16]

  1. Write any six income exempted from tax.
  2. Compute the total income and tax liability for Mr. Y for the Assessment Year 2021-22 based on the given particulars.
  3. Define Capital Asset. How is Capital Gain computed in case of Transfer of Long-Term and Short-Term capital Asset? Differentiate between Section 54 and Section 54F of Income Tax Act 1961.

[17]

  1. Write short note on Clubbing provisions in case of 'Minor'.
  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. 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. Distinguish between Tax Avoidance and Tax Planning.
  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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