INCOME TAX IMPORTANT QUESTIONS 4TH SEMSTER.

UNIT 1 INTRODUCTION

Q1. Define Direct taxes ? Difference between direct tax and indirect tax.

Q2. Explain the Cannons of Taxation.

Q3. Explain the Tax Structure in India.

Q4.Define Previous Year? Explain the Previous year for Deemed Income.

Q5 .Define Income? Explain the Sources of Income to be defined.

Q6. Define Agriculture Income? Conditions to be satisfied for Agriculture Income.

Q7. Define Partly Agriculture Income and partly Non-Agriculture Income.

Q8. Define Previous Year? Explain the exceptions to the general Rule.

Q9. Explain the 10 exempted incomes which are available to Assesses.

10. Define Residential Status? Methodology for determining the Residential status for assesses
firms.

11. Define:-

a. Person

B. Assesses

C, Assessment Year and Previous Year.

D. Gross Total Income.

E. Total Income.

f. Indian and Foreign Income

g. Casual Income.

H. PAN.

UNIT -2 INCOME FROM SALARY

Q1. Define Salary? Explain the Sources of Salary income.

Q2. Define Allowances? Explain the types of Allowances

Q3. Define Perquisites? Explain the types of Perquisites.

Q4. Explain the Following:-

a. Profit In lieu of Salary.

b. Pension
c. Death cum retirement Gratuity.
d. Deductions under Salary
e. Standard deduction

Q5. Define Provident Fund? Kinds of Provident Funds

UNIT 3. INCOME FROM HOUSE PROPERTY.

Q1. Define Annual value? Factors that determine the Annual value of the house for let out and self .

Q2. Explain the Method of Computation of income from House property.

Q3. Explain the deductions available under Income from House property for Let out house and Self

Occupied House.

Q4. Define:-

a. Deemed ownership
b. Co-ownership
c. Un-realized Rent
d. Composite Rent

UNIT 4. INCOME FROM BUSINESS AND PROFESSION.

Q1. Explain the incomes to be charged under income from Business and Profession.

Q2. Explain the Incomes that are not chargeable under Income from Business and profession.

Q3. Explain the points that are to be considered while computing the income from Business.

Q4. Deductions in Computing the Business Income under Section 37(1).

Q5. Define Depreciation? Explain the points that are considered for computing Depreciation.

Q6.Difference between Capital and Revenue Expenses

Q7. Difference between capital receipt and revenue receipt.

Q8. Difference between capital and revenue loss.

Q9. Explain the expenses and losses which are not allowed as deductions.

Q10. Explain the procedure for computing Income from Business and Profession.
Q11. Define:-

a. Block of Assets
b. Un-absorbed depreciation
c. Terminal depreciation.
d. Notional Expenses

UNIT – 5 CAPITAL GAIN AND INCOME FROM OTHER SOURCES

Q1. Define Capital Gain? Types of Capital Gain.

Q2. Define Capital Asset? Explain the transfer of Capital Asset.

Q3. Explain the transactions which are not regarded as transfer.

Q4 Explain the Exemptions available to individual assesses.

Q5. Define:-

a. Cost of Acquisition.
b. Cost of Improvement.
c. Cost of Index cost of Acquisition.
d. Index cost of Improvement.
e. Deemed to be Capital Assets.

Q6. Explain the Components for Computing Capital Gain.

Q7. Explain the incomes to be included in the income from other sources.

Q8. Explain the types of Securities.

Q9. Explain the incomes which are not taxable.

10. Deductions under incomes from other sources.

11. Explain the following:-

a. Family Pension

B. Casual Income.

C. Bond washing Transactions.

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