Search for Important Questions

Important Questions for "income tax law":

[1]

  1. How is residence of an assessee determined for income tax purposes? Explain the incidence of residence on tax liability.
  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. Who is called assessee as per Income Tax Act, 1961?
  2. When is a company said to be non-resident?
  3. What is meant by annual value of house property? How is annual value determined for let-out and self-occupied buildings?

[3]

  1. Distinguish between tax planning and tax evasion.
  2. Explain the provisions of Income Tax Act, 1961 relating to provident funds for salaried employees.
  3. What do you mean by short-term capital gains and long-term capital gains? What are exempted capital gains?

[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. Describe the provisions specified under Sections 80C, 80D, and 80U.
  2. Explain the provision related to set-off and carry forward of losses of house property, PGBP, and capital gain.
  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. In India, income tax was introduced for the first time in 1860.
  3. Which article was amended in 1956, 1982, and 2000?

[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 are the tests to determine the residential status of an individual?
  3. Explain the transactions which are excluded from the meaning of 'transfer' for the purposes of capital gains.

[8]

  1. State briefly the history of Income Tax Law in India.
  2. Explain in brief the relevant provisions of Income Tax Act, 1961 governing the assumptions of capital gains from tax.
  3. Define Salary. State with examples incomes which are included in Salary.

[9]

  1. Discuss the provisions for settlement of grievances under Income Tax Law.
  2. Explain the procedures for filing the return of wealth under the Wealth-Tax Act, 1957.
  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. What do you mean by 'Pay as you earn'?
  3. What is the nature of proceedings before the Income-Tax authorities - Judicial, quasi-judicial or administrative? Explain with reasons and illustrations.

[11]

  1. Distinguish between tax avoidance and tax evasion.
  2. Write a short note on Permanent Account Number.
  3. What is meant by Annual value? What deductions are allowed in computing income from house property?

[12]

  1. What is the difference between Business and Profession?
  2. What do you mean by Capital Gain? Differentiate between Long-term Capital Gain and Short-term Capital Gain.
  3. Write short notes on Residential status, Income from other sources, and Annual value.

[13]

  1. Distinguish between 'Tax Planning and Tax Evasion'.
  2. Define Agricultural Income. State with example how tax is computed on agricultural income.
  3. Discuss the provisions of set-off and carry forward of losses from business, short-term capital loss, and lottery.

[14]

  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 for deductions under Section 80C, Section 80G, and Section 80TTA.
  3. Discuss the provisions of set-off and carry forward for losses from business, short-term capital loss, and lottery.

[15]

  1. Name five incomes that are completely exempted from Income Tax.
  2. How is the residence of an assessee determined for income-tax purposes? Explain the incidence of residence on tax liability.
  3. Discuss the types of depreciation. Explain additional depreciation and the provisions of the Income Tax Act, 1961, with regard to additional depreciation.

[16]

  1. Explain provision of 'House Rent Allowance' under Income Tax Act 1961.
  2. Define Agriculture Income. Explain the integration method of calculation of tax on Agriculture income with the help of an example.
  3. Explain the clubbing provision in case of Spouse.

[17]

  1. Distinguish between 'Exemptions' and 'Deductions' under Income Tax Act 1961.
  2. Write short note on 'Casual Income'.
  3. 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.

[18]

  1. Define Capital Asset. Also differentiate between long-term capital loss and short-term capital loss along with computation as per Income Tax Act 1961.
  2. Explain computation of 'NAV' as per Income Tax Act 1961 in case of let-out house property, self-occupied house property, and deemed to be let-out house property.
  3. Explain computation of income from salary in case of rent-free accommodation, free use of car, and commuted pension if section 115BAC is not opted.

GKPAD.COM by SK Yadav | Disclaimer

free counter