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Sunday, April 29, 2018

DIBRUGARH UNIVERSITY - B.COM 6TH SEMESTER: INCOME TAX IMPORTANT QUESTIONS AND MULTIPLE CHOICE QUESTIONS AND ANSWERS


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INCOME TAX Important Questions for Upcoming Exams (May’ 2019)

Unit 1: Income tax law an introduction
Q. Write a brief note on history of income tax in India.
Q. Define the term “Previous year”. And “Assessment year? “Income tax is charged on the income of the previous year.” Do you fully agree with this statement? If not, what are the exceptions?                               2017
Q. “The incidence of tax depends upon the residential status of an assessee.” Discuss. How Residential Status of the following is Determined:                             2017
Ø  Individual             2018
Ø  HUF
Ø  Company
Ø  Firm                       2018
Ø  AOP and BOI
Also state the scope of income depending on residential status.
Q. Define the term “assessee” and “person” under the income tax act. What is regarded as income under the income tax act?
Q. Write short notes on: (a) Assessment year (b) Previous Year (c) Charge of income tax (d) Capital asset  (e) Agricultural income (f) Person (g) Assessee (h) Revenue Vs Capital expenditure (i) Gross Total Income (j) Capital receipts (k) Revenue Receipts Vs Capital Receipts (l) Tax Return (m) Method of accounting (n) Tax evasion vs. Tax avoidance (o) NRI, Ordinarily resident and Not-ordinarily resident (p) Income tax authorities (q) Income tax rate for the Assessment year 2019 – 2020 (r) CBDT
Income Tax Selected Questions for May’ 2019 Exam
Unit 2: Exempted Incomes
Q. Explain in brief various incomes which are exempted u/s 10 of the Indian income Tax Act.                    2015, 2018
Q. What are the tax benefits for industrial unit established in:
Ø  SEZ                        2014, 2015, 2016, s2018
Ø  EOU  (Export Oriented Undertakings) 2015
Ø  FTZ (Free Trade Zone)
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Unit – 3: Computation of Income from Salary
Q. What Constitutes Salary Under sec. 17 of Income tax act, 1961? Explain the basis of charge of salary.
Q. What is allowance? Explain its various types including Dearness allowance (2018) and HRA (2015).
Q. Define ‘perquisite’ as per income tax act. Explain how perquisites are taxable in the hand of employee. 2017SN,
Q. Explain the various types of Provident fund with their respective treatment as per Income Tax Act, 1961.     2014, 2017
Q. What are the essential characteristics of Salary?
Q. Explain the provisions of the income – tax Act, 1961 with regard to the following:
Ø  Gratuity
Ø  Value of rent free house
Ø  Commuted and Uncommuted Pension             2014
Ø  Voluntary Retirement Compensation
Ø  Approved Super Annuation fund
Ø  Deduction u/s 80C
Ø  Recognised provident fund
Ø  Encashment of earned leave                  2018
Ø  Relief u/s 89(1) of the Income tax Act.              2014
Ø  Profit in lieu of salary                 2018
Q. Practical Problems: Every Year
Unit – 4: Income under the Head House Property
Q. Explain the Basis of Charge of Income under the head Income from House Property.
Q. Define annul value. How does it differ from annual rental value? How would you determine the annual value of the house used by assessee as let-out and self occupied residence in computing taxable income from house property? 2015, 2016, 2017, 2018
Q. What deductions are allowed from the annual value in computing taxable income from house property?
Q. Write Short Notes on:
Ø  Exempted House Property Income        2015
Ø  MRV, FRV, SRV and ERV             2018
Ø  Deemed Ownership
Ø  Annual value
Ø  Income From Co-owned Property
Ø  Unrealised rent and its Treatment
Ø  Different categories of house property (Self, Let-out and used for own business)
Q. Practical Problems: Every Year

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