Question Bank

Subject: Business Taxation

Class: SYBBA
Long Answer Questions
1. What is residential status? State the rules for determining residential status of an individual.
2. Explain the chargeability and deductions under the head of Income from other sources.
3. Explain the following:
a) Deduction expressly disallowed expenses under the head of business b) Short term capital gain
and long term capital gain
4. What is exempted income? Explain specifically exempted income u/s 10 of Income Tax
Act, 1961.
5. What are the different categories of Assesses according to their Residential status?
6. What is Perquisites? Which perquisites are included in salaries?
7. How Assessment of a firm and assessment of a partner is made?
8. State the deductions allowed from Gross Total Income U/s 80 an Individual Assesse
9. What is an agricultural income and how it is taxed under income tax Act 1961.
10. Explain the following concepts: Income, Person, Previous Year, NRI, Assessment Year.

Short Answer Questions

1. Person
4. Cost of Improvement
7. Income
10. Types of Capital Gains
13. Assesse
16. Refund of Tax
19. Deductions U/s 24
2. Agricultural Income 3. Exempted Income from tax
5. Advance payment of tax 6. Methods of payment of tax
8. Perquisites 9. TDS
11. Previous Year 12. Residential Status
14. Assessment Year 15. Income from other source
17. Various Heads of Income 18. Deductions U/s 16
20. Value of rent free accommodation