Income Tax Laws and Practice Important
Questions
Dibrugarh University BCOM 6th SEM
NEP Syllabus
Income tax Laws and Practice Question Paper
Pattern
Final
Exam: 60 Marks
Internal
Assessment: 40 Marks
|
Type of Questions |
Marks Distribution |
|
MCQs |
3+3+2 = 8 |
|
Short Notes |
4*3=12 |
|
Unit 1: Basics of Income Tax including exempted
income Or Income from
salary |
10 Marks |
|
Unit 2: Income from House
Property Or Profits and Gains from business and
profession |
10 Marks Practical Theory |
|
Unit 3: Capital Gains Or Income from other sources + capital gains
theory |
10 Marks |
|
Unit 4: Do only one chapter Fully Computation of
total income Or Set off carry forward of losses/ TCS TDS
Clubbing etc |
10 Marks |
Most Important Topics are Covered in this Video
Unit-I:
Basics of Income Tax
(Part A)
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? 2013SN, 2022SN
Q. “The
incidence of tax depends upon the residential status of an assessee.” Discuss.
How Residential Status of the following is Determined: 2013, 2014SN, 2016, 2017, 2019, 2021, 2022
Ø Individual
Ø HUF
Ø Company
Ø Firm
Ø AOP and BOI
Q. Define
the term “assessee” and “person” under the income tax act. What is regarded as
income under the income tax act?
Q. Explain in brief various incomes
which are exempted u/s 10 of the Indian Income Tax Act. 2013, 2015, 2018, 2021,
2024
Q. Write
short notes on: (a) Assessment year (2017SN) (b) Previous Year (c) Charge of
income tax (15SN, 18SN) (d) Capital asset
(e) Agricultural income (f) Person (13SN, 15SN) (g) Assessee including
deemed assessee (13SN, 14SN, 15SN) (h) Revenue Vs Capital expenditure (i) Gross
Total Income (15SN, 16SN, 17SN) (j) Capital receipts (k) Revenue Receipts Vs
Capital Receipts (l) Tax Return (15SN) (m) Method of accounting (16SN) (n) Tax
evasion vs. Tax avoidance (o) NRI, Ordinarily resident and Not-ordinarily
resident (2003SN) (p) Income tax authorities (2016SN) (q) CBDT (r) Scope of
total income (2013SN) (s) Maximum Marginal Rate
Unit
– 1: Computation of Income from Salary (Part B)
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, 2022
Q. Explain the various types of
Provident fund with their respective treatment as per Income Tax Act, 1961. 2014, 2017, 2019, 2022, 2024
Q. What
are the essential characteristics of Salary?
Q. Explain
the provisions of the income – tax Act, 1961 concerning the following:
Ø Gratuity
Ø Value of rent-free house
Ø Commuted and Uncommuted Pension 2014
Ø Voluntary Retirement Compensation
Ø Retrenchment compensation
Ø Approved Superannuation 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, 2022
Ø Profit in lieu of salary 2018
Q. Practical Problems: Every Year
ALSO READ: DIBRUGARH UNIVERSITY BCOM 6TH SEM IMPORTANT QUESTIONS
Unit
– 2 (PART A): Income under the Head House Property
Q. Explain
the Basis of Charge of Income under the head Income from House Property. 2021
Q. Define annual value. How does it
differ from annual rental value? How would you determine the annual value of
the house used by the assessee as let-out and self-occupied residence in
computing taxable income from house property? 2015, 2016, 2017, 2018, 2019,
2021, 2022
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, 2022
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
Unit
2: (Part B): Profits and Gains from Business and Profession
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, 2019
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.37)? 2014,
2015SN, 2024, 2025
Q. What do
you mean by the term “Depreciation”? What are the rules regarding grant of
deduction for depreciation? 2015, 2017, 2018
Q. Write
Short notes on:
Ø Additional depreciation 2019
Ø Block
of assets 2018
Ø Chargeability
of PGBP 2018
Ø Admissible
and Inadmissible deduction us 40(A)/(B)/43(B) 2015
Ø Books of accounts
Q.
One Practical Problems: (one question expected in 2022)
1. Calculation
of Depreciation 2018
2. Computation
of Business Income 2014, 2016, 2019
3. Computation
of Professional income 2015,
2017
Unit
3 (PART A): Income under the head “Capital Gains”
Q. What
are 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, 2019, 2021, 2022, 2024,
2025
Q. What do you mean by capital gains? Explain in
detail capital gain exempted from tax.
2017, 2018, 2019SN, 2022
Q. How
would you determine cost of acquisition and cost of improvement u/s 49? 2021
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, 2019
Unit
3 (Part B): Income from other sources
Q. What
are the incomes and deemed incomes chargeable under the head “Income from other
sources”? 2021
Q. Discuss
in detail the provisions of the Income-tax Act, 1961 for determination of
income from other sources. 2024
Q. What
do you mean by Income from other sources? Explain the allowed (2016) and
disallowed deductions (2017SN)
Q. Deductions under Sec. 80C to 80U (80C,
80CCA, 80CCB, 80D, 80DD, 80E, 80G, 80TTA, 80TTB) 2024
Unit
4: Clubbing of Income, set off and Carry Forward of Losses & Computation of
total income
Q.
Explain the provisions of the income tax Act, 1961 regarding carry forward and
setoff of losses. 2014, 2015, 2016, 2017, 2018, 2019, 2021, 2022
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. How
will you compute the total income of an individual and firm? Explain.
Q. Explain the tax
rate applicable to a firm for the Assessment Year 2026-2027.
Q. State the Relief and
Rebate in respect of income tax and rates of income tax. 2021
Q. Write
short notes on:
a)
Set off and carry forward of losses 2016,
2017
b)
Clubbing of Income
c)
Aggregation of Income
d) TDS and TCS 2025
e) Advance Payment of Tax
rules 2024
f)
Dividend income treatment
Q. One Practical Problems expected:
Computation of total income 2014, 2015
(Two Years), 2016, 2017, 2018, 2019, 2024, 2025
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