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Wednesday, May 09, 2018

DIBRUGARH UNIVERSITY B.COM 6TH SEMESTER: DIRECT TAX LAW II IMPORTANT QUESTIONS


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Unit 1: Profits and Gains from Business and Profession
Q. What do you mean by the term “Depreciation”? What are the rules regarding grant of deduction for depreciation?            2015, 2017, 2018

Q. Define “business and profession” as used U\S 28 of the Income “Tax Act, 1961 (2017SN). Discuss in detail the general principles governing determination of business income.  2016
Q. What are income chargeable to tax under the head profit and gain of business or profession? What are the deductions allowable from this income (Sec.30 to Sec.36)?          2014, 2015SN
Q. Write Short notes on:
Ø  Block of assets    2018
Ø  Chargeability of PGBP    2018
Ø  Admissible and Inadmissible deduction us 40                       2015
Ø  Payment excluded us 40A
Ø  Books of accounts
Q. One Practical Problems:
1.     Calculation of Depreciation                   2018
2.     Computation of Business Income        2014, 2016
3.     Computation of Professional income  2015, 2017
(Illustrations given in Jain and Narang’s Book are commonly asked.)

Unit 2: Income under the head “Capital Gains”
Q. What is Capital Assets (2016SN)? What are its various types (2017SN)? Describe the procedure of ascertaining Short Term capital Gains and long term capital Gains.                 2014, 2015, 2016
Q. What do you mean by capital gains? Explain in detail capital gain exempted from tax.  2017, 2018
Q. How would you determine cost of acquisition and cost of improvement u/s 49?
Q. Explain the concept of Transfer under the head capital gains. Mention the transactions which are not regarded as transfer.           2015SN, 2016
Q. Write short notes on:
Ø  LTCG and STCG    2017
Ø  Deemed income             2015
Q. One Practical Problems expected:  Computation of capital gains   2014, 2015, 2016, 2017, 2018
(Illustrations given in Jain and Narang’s Book are commonly asked.)
Optional Questions for Unit 2: Income from other sources
Q. What are the incomes and deemed incomes chargeable under the head “Income from other sources”?
Q. What do you mean by Income from other sources? Explain the allowed (2016) and disallowed deductions (2017SN) under the head income from other sources.

Unit 3: Set off and carry forward of losses
Q. Explain the provisions of the income tax Act, 1961 regarding carry forward and setoff of losses.                    2014, 2015, 2016, 2017, 2018
Q. Explain the process of setting off and carry forward of losses in computing gross total income with exception.                 2016
Q. What is unabsorbed depreciation? How it is set off?                        2016SN, 2017SN
Q. Write short notes on: Set off and carry forward of losses                2016, 2017
Q. One Practical Problems expected: Computation of total income               2014, 2015 (Two Years), 2016, 2017, 2018
(Illustrations given in Jain and Narang’s Book are commonly asked.)

Unit 4: Tax Planning
Q. What do you mean by tax planning? Mention its objectives (2016).  What are its essentials and limitations?
Q. Explain the methods commonly used to reduced tax burden.                    2016, 2017
Q. What is tax planning, tax evasion (2015) and tax avoidance (2014, 2016)? Distinguish between tax planning, tax evasion and tax avoidance. 2014
Q. How tax liability is computed for a salaried person? 2016SN, 2018
Q. Explain corporate assessee. What are the Deductions applicable for corporate assessee?
Q. Explain the important areas where tax planning may be attempted.        2018
Q. How deductions are made in respect of the following section of the income tax act 1961?
Ø  Deduction under section 80C and 80D                       2015, 2017
Ø  Corporate Assessee                   2016, 2017
Ø  Tax management
Ø  Tax planning for senior citizens
Ø  Gross and net qualifying amount                     2014
Ø  Deduction in respect of certain undertakings of north eastern states (section 80-1E)

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