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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. Explain the computation of taxable income from salary based on various types of Provident Funds.
  2. What do you mean by income from other sources? Explain the items included under the head 'income from other sources'.
  3. Advise on the self-occupation concession based on given data for two houses.

[3]

  1. Distinguish between gross total income and total income.
  2. Explain the provisions of Income Tax Act, 1961 relating to provident funds for salaried employees.
  3. 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?

[4]

  1. What are Partial Taxable Allowances?
  2. What is the concept of Gross Annual Value? Provide examples.
  3. Explain the concept of Interest on Pre-construction Period.

[5]

  1. What are House Rent Allowances?
  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 is negative 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. Classify assesses according to status and residence.
  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 is agricultural income? What are its kinds? What are the limits of such income from Income Tax?
  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. Write short notes on Central Board of Direct Taxes.
  3. What do you understand by Best Judgment assessment?

[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. What are perquisites? What perquisites are included in the salary income of an employee? Enumerate tax free perquisites.

[11]

  1. Write four such donations for which 50% deductions are allowed U/S 80 G.
  2. Compute taxable income under the head 'Salary' of Mr. Tiptop for the assessment year 2016-17 based on provided details.
  3. Compute taxable income from other sources of Mrs. Renu for the assessment year 2015-16 based on provided particulars.

[12]

  1. What do you mean by Capital Gain? Differentiate between Long-term Capital Gain and Short-term Capital Gain.
  2. What do you mean by income? Also write the different heads of income.
  3. What do you understand by set-off of losses? Discuss the provisions of carry forward and set-off of losses.

[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. Discuss the provisions of Income Tax Act regarding exemption of Gratuity and House Rent Allowance.

[14]

  1. Distinguish between Gross Total Income and Total Income.
  2. Tax Liability depends upon the residential status of an assessee. Explain in detail.
  3. Discuss the provisions of set-off and carry forward for losses from business, short-term capital loss, and lottery.

[15]

  1. Explain the meaning of Less-Tax Government Securities.
  2. How is the residence of an assessee determined for income-tax purposes? Explain the incidence of residence on tax liability.
  3. Enumerate expenses allowed in computing taxable profits of a business. State the expenses or losses that are not admissible.

[16]

  1. Write short note on 'Section 80D' of Income Tax Act 1961.
  2. 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.
  3. Explain the computation of Net Annual Value in case of Income from house property.

[17]

  1. 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.
  2. 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.
  3. Explain provisions of the following under 'Profit and Gains of Business of Profession': Section 44AD, Section 44ADA, Section 44AE.

[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 the following deductions: Section 80 GG, Section 80 TTB, Section 80 CCD.

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