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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. When is a company said to be non-resident?
  2. Calculate the amount of taxable House Rent Allowance and exempted House Rent Allowance given the specified data.
  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. What are exempted incomes? Provide examples of any five fully exempted incomes.
  3. How is residence of an assessee determined under Income Tax Act, 1961 for an individual, Hindu undivided family, and company?

[4]

  1. Explain the term Person as per the Income Tax Act.
  2. What are Partial Taxable Allowances?
  3. Explain the concept of Interest on Pre-construction Period.

[5]

  1. Discuss the provision related to rent-free furnished accommodation.
  2. Describe the provisions specified under Sections 80C, 80D, and 80U.
  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 deals with grants in lieu of export duty?
  3. On what may carbon tax be imposed?

[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. 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 agricultural income? What are its kinds? What are the limits of such income from Income Tax?

[9]

  1. Discuss the provisions for settlement of grievances under Income Tax Law.
  2. Write short notes on Central Board of Direct Taxes.
  3. What is meant by short term and long term capital gains? State when the capital gains are exempted.

[10]

  1. State briefly the history of Income Tax Law in India.
  2. Discuss the provision of Wealth-Tax Act with regard to the valuation of immovable assets.
  3. What are perquisites? What perquisites are included in the salary income of an employee? Enumerate tax free perquisites.

[11]

  1. Compute taxable income under the head 'Salary' of Mr. Tiptop for the assessment year 2016-17 based on provided details.
  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. What is the difference between Business and Profession?
  2. What do you mean by income? Also write the different heads of income.
  3. Differentiate between Tax Planning and Tax Avoidance, Tax Avoidance and Tax Evasion, Tax Planning and Tax Management.

[13]

  1. Define Transfer. What are the transactions which are not regarded as transfer for computation of capital gains?
  2. Explain the provisions of the Income Tax Act regarding deductions under sections 80D, 80TTA, and 80U.
  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. Distinguish between 'Tax Planning and Tax Avoidance'.
  2. Define agricultural income. Give examples of non-agricultural income.
  3. Define transfer. What are the transactions which are not regarded as transfer for computation of capital gains?

[15]

  1. How is the cost of acquisition determined for a Capital Asset?
  2. How is the residence of an assessee determined for income-tax purposes? Explain the incidence of residence on tax liability.
  3. Ascertain taxable salaries of Shri Anil Kumar for the assessment year 2020-21 based on his provided financial details.

[16]

  1. What is the difference between Tax Avoidance and Tax Planning?
  2. Write any six income exempted from tax.
  3. Explain the provisions of Depreciation Allowance under Section 32.

[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. Explain the following Deductions: (a) Section 80 G, (b) Section 80 TTA, (c) Section 80 C.

[18]

  1. Write short note on 'Exceptions to the Assessment Year'.
  2. Write short note on 'Rebate U/S 87A of Income Tax Act 1961'.
  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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