File Details:

Questions:

1. Write short note on 'Assessment Year'.
2. Distinguish between 'Exemptions' and 'Deductions' under Income Tax Act 1961.
3. Define 'Agriculture Income' as per Income Tax Act 1961.
4. Write short note on 'Casual Income'.
5. Write short note on Clubbing provisions in case of 'Minor'.
6. 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.
7. Define Capital Asset. Also differentiate between Sec 54 and Sec 54F of Income Tax Act 1961.
8. 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.
9. Explain provisions of the following under 'Profit and Gains of Business of Profession': Section 44AD, Section 44ADA, Section 44AE.
10. X owns a building consisting of 3 identical units, the construction of which was completed on 1st April 2019. Compute the taxable income of X for A.Y. 2021-22 based on the given details.
11. 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.
12. Explain the following Deductions: (a) Section 80 G, (b) Section 80 TTA, (c) Section 80 C.
13. 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.