Assignment – Taxation

1. Define Direct Taxes. Explain merits and demerits of Direct Taxes. (Ch. 1)

2. Define Indirect Taxes. Explain merits and demerits of Indirect Taxes. (Ch. 1)

3. Define following terms. (Ch. 2)

(1) Income Tax (2) Assessee (Sec. 2(7)) (3) Assessment Year (4) Previous Year (5) Person (6) Gross Total
Income (7) Total Income (8) Casual Income (9) Agricultural Income (10) Tax Evasion (11) Tax Avoidance
(12) Tax Planning

4. What is Tax Planning. Explain the objectives of Tax Planning. (Ch. 2)

5. Classify the assesses into different categories on the basis of residential status. Explain every status
in detail. (Ch. 3)

6. Classify the assesses other than individuals into different categories on the basis of residential
status. Explain every status in detail. (Ch. 3)

7. “The incidence of income-tax depends upon the residential status of the assessee” – Discuss. (Ch.
3)

8. Explain Exempted Incomes, Deductions and Reliefs in detail with their classification. (Ch. 4)

9. What are the incomes included under the head “Salaries”? (Ch. 5)

10. Define salary and state deductions available under the head “Salaries”. (Ch. 5)

11. What are various heads of Income? Discuss the importance of this classification of heads of
income> (Ch. 5)

12. Discuss the provisions of Income tax Act, 1961 relating to House Rent Allowance, Entertainment
Allowance and Gratuity. (Ch. 5)

13. Explain the provisions of “Perquisites” under Income tax Act. (Ch. 5)

14. Explain, in brief, the provisions of Income tax Act, 1961, for computing the “Income from House
Property”. (Ch. 6)

15. Ownership is the criterion for assessment of income from property – Discuss. (Ch. 6)

16. Explain clearly the meaning of “Annual Value”. How is it determined? Explain. (Ch. 6)

17. Explain the term “Annual Value” and classify the properties to determine it. (Ch. 6)

18. State the income chargeable under the head “Profit and Gain of Business or Profession”. (Ch. 7)

19. Write note on expenses expressly allowed as business expenses. (Ch. 7)

20. Give five examples each of admissible expenses and expenses disallowed while computing taxable
income from business or profession. (Ch. 7)

21. Explain expenses expressly allowed while computing taxable income from business income with
examples. (Ch. 7)
22. What is Capital Asset? Explain in detail the kinds of capital assets. (Ch. 8)

23. Explain the term ‘Capital Gain’ with its classification. (Ch. 8)

24. Explain the important provisions relating to exempted capital gains in detail. Ch. 8)

25. What do you understand by “Income from other Sources”? State the main incomes which are
included under this head. (Ch. 9)

26. State the deductions available under the head “Income from other Sources”. (Ch. 9)

Text Book: Taxation (TY BBA., Sem – 5) By B. S. Shah Prakashan