Income Tax Law and Practice
UNIT – 1
1. Mention any
fourteen incomes that are absolutely exempt from income tax under section 10 of
the income tax Act, 1961. 14(2018) (2015)
2. Write an
explanatory note on residential status of an individual and an HUF.14 (2017)
3. Discuss about the
statutory obligation to file return in income by different persons under the
income tax Act, 1961. 14(2016)
4. Write an
explanatory notes on residential status and tax liability of a person as per
the provisions of the income tax Act. 14(2016)
SHORT NOTES (Marks-4)
a. Charge of income
tax. 2018, 2015
b. Assessment year.
2017
c. Gross total income.
2017, 2015
d. Method of
accounting. 2016
e. Concept of income.
2016
f. Assessee. 2015,2014
g. Person.2015
h. Return of Tax. 2015
i. Concept of Tax.
2015
j. Scope of total
income. 2014
k. Residence and tax
liability. 2014
UNIT – 2
Salary
1. What do you mean by
the term perquisites under the head salary? What are the classifications of
perquisites? Explain briefly the perquisites which are not taxable. 14(2018)
(2016)
2. What is provident
fund? Explain different types of provident funds and their tax treatment.
14(2017)
3. Name the different
kinds of provident fund, of which a salaried person may be a member, and state
the income tax provisions regarding each. 14(2015)
4. What are the
provisions of the income tax Act, regarding the following:
i. Gratuity
ii. Encashment of
leave
iii. Retrenchment
compensation. 14(2014)
SHORT NOTES (Marks-4)
a. Entertainment
allowances. 2018
b. Approved
superannuation fund. 2018
c. Retrenchment
Compensation. 2017
d. Leave salary. 2016
e. Profit in lieu of
salary. 2016
House property
1. Explain how to
compute taxable income from self occupied house property. Write a note on
special provisions with regard to unrealized rent when it is realized
subsequently. 14(2018)
2. Explain how to
compute income from a let out house property. Write a short note on interest on
borrowed capital. 14(2017)
3. Explain how to
compute taxable income from self occupied house property. Write a short note on
deemed ownership. 14(2016)
4. Define annual
value. How is it determined? What deductions are allowed from annual value in
computing taxable income from house property? 14(2015)
5. State the
provisions relating to computation of income from house property. 14(2014)
SHORT NOTES (Marks-4)
a. Unrealized rent.
2018
b. Municipal value.
2017
c. Exempted property
income.2016
UNIT – 3
Business and Profession
1.
What do you understand by the term depreciation? What are the rules regarding
grant of deduction for depreciation? 14 (2018)
2.
What do you mean by the term depreciation? What are the conditions regarding
the claim of deduction of depreciation. 14 (2017)
3.
Write down briefly the basic principles for arriving at Business Income. 11
(2016)
4.
What do you mean by depreciation? Discuss the conditions to claim deduction for
depreciation in computing income from business and profession. 11 (2015)
5.
What is business as per the income-tax Act, 1961? Explain charging provisions
u/s 28 for the income taxable under the head profits and gains from business
and profession. 4+10=14 (2019)
SHORT NOTES (Marks-4)
a.
Chargeability under the head profits and gains of business or profession.
(2018)
b.
Meaning of Business and Profession as defined u/s 28 of the income tax Act. (2017)
c.
Inadmissible deduction u/s 40. (2016)
d.
Expressly admissible deduction in computing business income. (2016)
e.
Additional Depreciation [section 32(1) (IIA)] (2019)
Capital Gain
1.
Explain, in detail capital gain exempted from tax. 14 (2018)
2.Discuss
the provisions regarding exemption of long term capital gain under section 54
of the income tax Act, 1961. (2017)
3.
What is transfer of capital asset? Discuss the procedure for computation of
capital gains. (2016)
4.
What do you mean by capital assets? Explain the mode of computation of capital
assets. 11 (2015)
5.
Define capital gain. Discuss the procedure for computation of capital gain.
4+10=14 (2019)
SHORT NOTES (Marks-4)
a.
Long term and Short term capital gain. (2018)
b.
Not allowable deductions from income from other source. (2018)
c.
Long term and Short capital assets. (2017)
d.
Capital Asset. (2016)
e.
Capital gains exempted from tax (2019)
f.
Allowable deductions from income from other source. (2016)
UNIT – 4
1.
Explain the provisions of the income tax Act regarding carry forward of losses.
(2018)
2.
Discuss in detail the procedures as per the income tax Act regarding set-off of
losses within the head and outside the head. How are brought forward losses set
off? (2017)
3a.
Loss under a head of income can be set off against income under any other head
of income in the same assessment year. Is there any exception to this rule? 7
(2016)
3b.
Show the order in which current and brought forward losses are to be set off. 4
(2016)
4.
What do you mean by setoff of losses? When can a loss be carried forward to set
off against future income? Discuss briefly the provisions of the income tax Act
regarding the carry forward and setoff of losses from capital gain. 12 (2015)
5.
What are the provisions of the Income-tax Act, 1961 regarding set-off of
losses? Discuss briefly the provisions of the Income-tax Act regarding the
carry forward of loss from business income and capital gain. 4+10=14 (2019)
SHORT NOTES (Marks-4)
a.
Carry forward of business losses. (2018)
b.
Procedure to set off of unabsorbed depreciation. (2017)
c.
Carry forward of business losses. (2016)
d.
Unabsorbed depreciation. (2015)
e.
Deemed income. (2015) (2019)
f.
Transaction not regarded as transfer. (2015)
g. Specific income [section 56(2)] (2019)
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