INCOME TAX Important Questions for Upcoming Exams (May’
2019)
|
Unit 1:
Income tax law an introduction
Q. Write
a brief note on history of income tax in India.
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? 2017
Q. “The
incidence of tax depends upon the residential status of an assessee.”
Discuss. How Residential Status of the following is Determined: 2017
Ø Individual 2018
Ø HUF
Ø Company
Ø Firm 2018
Ø AOP and BOI
Also
state the scope of income depending on residential status.
Q.
Define the term “assessee” and “person” under the income tax act. What is
regarded as income under the income tax act?
Q. Write
short notes on: (a) Assessment year (b) Previous Year (c) Charge of income
tax (d) Capital asset (e) Agricultural
income (f) Person (g) Assessee (h) Revenue Vs Capital expenditure (i) Gross
Total Income (j) Capital receipts (k) Revenue Receipts Vs Capital Receipts
(l) Tax Return (m) Method of accounting (n) Tax evasion vs. Tax avoidance (o)
NRI, Ordinarily resident and Not-ordinarily resident (p) Income tax
authorities (q) Income tax rate for the Assessment year 2019 – 2020 (r) CBDT
|
|
Income
Tax Selected Questions for May’ 2019 Exam
Unit 2:
Exempted Incomes
Q.
Explain in brief various incomes which are exempted u/s 10 of the Indian
income Tax Act. 2015,
2018
Q. What
are the tax benefits for industrial unit established in:
Ø SEZ 2014,
2015, 2016, s2018
Ø EOU (Export Oriented
Undertakings) 2015
Ø FTZ (Free Trade Zone)
|
|
NOW
YOU CAN BUY OUR NOTES ONLINE HERE
JUST
FOLLOW THE LINK OF OUR ONLINE STORE BELOW
JOIN
MY WHATSAPP GROUP FOR LATEST INFORMATION, SOLVED PAPER AND NOTES
SEND
YOUR WHATSAPP NO -CLASS-TOWN NAME IN COMMENT BOX
|
|
Unit –
3: Computation of Income from Salary
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,
Q.
Explain the various types of Provident fund with their respective treatment
as per Income Tax Act, 1961. 2014,
2017
Q. What
are the essential characteristics of Salary?
Q.
Explain the provisions of the income – tax Act, 1961 with regard to the
following:
Ø Gratuity
Ø Value of rent free house
Ø Commuted and Uncommuted Pension 2014
Ø Voluntary Retirement Compensation
Ø Approved Super Annuation 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
Ø Profit in lieu of salary 2018
Q.
Practical Problems: Every Year
|
|
Unit –
4: Income under the Head House Property
Q.
Explain the Basis of Charge of Income under the head Income from House
Property.
Q.
Define annul value. How does it differ from annual rental value? How would
you determine the annual value of the house used by assessee as let-out and
self occupied residence in computing taxable income from house property?
2015, 2016, 2017, 2018
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
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
|