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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. What do you mean by set off and carry forward of losses? Explain the provisions regarding set off and carry forward of losses under the Income Tax Act, 1961.
  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. What are the deductions allowed while calculating taxable income from salaries?
  3. Discuss the treatment under Income Tax Act, 1961 of Tax-Free Government Securities and Tax-Free Non-Government Securities.

[3]

  1. Distinguish between tax planning and tax evasion.
  2. Who is an 'Assessee' as per Income Tax Act, 1961?
  3. What are the deductions allowed under Section 16 of Income Tax Act, 1961 while calculating taxable income from salary?

[4]

  1. Explain the residential status of an Individual and a Company.
  2. How is the income and tax liability of an individual computed?
  3. Describe deductions specified under Sections 80C to 80U.

[5]

  1. What is income from other sources?
  2. Explain the provision of Interest on Pre-construction 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 discusses net proceeds?
  3. What penalties exist for income tax defaults?

[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. What do you understand by Provident Fund? Explain different types of Provident Funds.
  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. What is meant by short term and long term capital gains? State when the capital gains are exempted.
  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. Explain the term 'unabsorbed depreciation'.
  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. Write a short note on Permanent Account Number.
  2. What are perquisites? Explain its types.
  3. Write four such donations for which 50% deductions are allowed U/S 80 G.

[12]

  1. What are the depreciation rates applicable on building?
  2. Discuss the provisions of deductions under Section 80C and Section 80G.
  3. What are Perquisites? State the various perquisites which can be provided to an employee. Also differentiate Perquisites with Allowance.

[13]

  1. Distinguish between 'Tax Planning and Tax Evasion'.
  2. Distinguish between exemptions and deductions under Income Tax Act.
  3. Discuss the provisions of set-off and carry forward of losses from business, short-term capital loss, and lottery.

[14]

  1. Define agricultural income. Give examples of non-agricultural 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. 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. 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 'Previous Year'.
  2. Find out net income of 'J' for Assessment Year 2021-22 under different residential statuses.
  3. Explain the clubbing provision in case of Spouse.

[17]

  1. Explain provisions of the following under 'Profit and Gains of Business of Profession': Section 44AD, Section 44ADA, Section 44AE.
  2. R acquired a residential house on 1/9/1998 for Rs. 1,00,000. Compute the capital gain for the A.Y. 2021-22 based on the given details.
  3. The following are particulars of income for P.Y. 2020-21. Compute his income for the A.Y. 2021-22 if he is: (a) Resident and ordinarily resident in India, (b) Not ordinarily resident in India, (c) Non-resident in India.

[18]

  1. Write short note on 'Rebate U/S 87A of 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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