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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. What are the deductions allowed while calculating taxable income from salaries?
  2. Compute the duration of the preconstruction period and the amount of interest for a house construction loan given the specified data.
  3. What do you mean by income from other sources? Explain the items included under the head 'income from other sources'.

[3]

  1. Distinguish between gross total income and total income.
  2. What are exempted perquisites in case of a salaried employee?
  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. Explain the term Person as per the Income Tax Act.
  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 residential status of HUF and Individual.
  2. Discuss the provision related to rent-free furnished accommodation.
  3. Draw the format of capital gain and explain the concept of holding period with a suitable example.

[6]

  1. When was income tax law not amended?
  2. Which article was amended in 1956, 1982, and 2000?
  3. Which article deals with borrowing?

[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. What do you understand by Self Assessment?

[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. 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. What is the difference between tax and fees?
  3. Explain the term 'unabsorbed depreciation'.

[11]

  1. What do you understand by casual income?
  2. Discuss the provisions of Income Tax Act for valuing the following perquisites: Rent free furnished house, Encashment of earned leave, Facility of Motor Car.
  3. Compute taxable income from other sources of Mrs. Renu for the assessment year 2015-16 based on provided particulars.

[12]

  1. Write short note on Deemed Assessee.
  2. What is the difference between Business and Profession?
  3. What do you mean by Capital Gain? Differentiate between Long-term Capital Gain and Short-term Capital Gain.

[13]

  1. Distinguish between 'Tax Planning and Tax Evasion'.
  2. Tax liability depends upon the residential status of an assessee. Explain in detail.
  3. Discuss the provisions of set-off and carry forward of losses from business, short-term capital loss, and lottery.

[14]

  1. Distinguish between 'Tax Planning and Tax Avoidance'.
  2. Explain the provisions of the Income-Tax Act for deductions under Section 80C, Section 80G, and Section 80TTA.
  3. Compute taxable income from salary for the assessment year 2019-20 based on the particulars of Mr. Suresh.

[15]

  1. Explain the meaning of Tax-free Non-Government Securities.
  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. 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.
  2. Explain the clubbing provision in case of Spouse.
  3. Explain the concept of Presumptive Income in case of taxpayers engaged in Business of Plying, Leasing or Hiring Trucks under Section 44AE.

[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 provisions of the following under 'Profit and Gains of Business of Profession': Section 44AD, Section 44ADA, Section 44AE.
  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. Explain 'Integration of Agriculture Income' for computation of Tax as per Income Tax Act 1961.
  2. 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.
  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.

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