ANU UG B.Com 4th Sem Income Tax Important Questions

ANU UG B.Com 4th Sem Income Tax Important Questions for external exams are now available. These questions are prepared by top examiners of anuupdates team. By preparing these questions you can get a maximum of 70 Marks in your external exams.

UNIT-I (Introduction)

1. What is Income.Explain income exempted U/S 10.[ANU 18]
2. Sate income in pursuance of section2(24) of Income Tax Act. [ANU 19]
3. State the rules for determining partly agriculture and partly Business income. [ANU 19]
4. What is agriculture income? Give ten examples of agriculture income.
5. What is Residential status? Write about its incidence of Tax.
6. What are the examples of capital receipts?[ANU 18]
7. Explain constitutional provisions on taxation.[ANU 17]
8. Define agriculture income. What is the present treatment of agriculture income? [ANU 17]
9. Define concept of income and give its features.
10. What are direct taxes and indirect taxes? Explain the nature and features of indirect taxes.
11. Capital receipts Vs. Revenue Receipts.

UNIT-II (Income from salary)

1. Explain fully taxable Allowances.
2. Explain the treatment of "Rent free accommodation".[ANU 19]
3. What is provident fund? Explain various provident funds?
4. What is allowance? Write any ten allowances?
5. Explain the kinds of provident fund and its tax treatment.[ANU 18]
6. Explain how are perquisites treated for income-tax purpose.[ANU 17]

UNIT-III (Income from House Property)

1. Explain the cases in which assessee is deemed to the owner of house property.[ANU 19]
2. What is Income from Business? Explain various deductions allowed in the computation of income from business.
3. Define Annual vale. How you calculate the annual value?
4. Explain about the treatment of interest on loan taken for pre-construction period and post construction period. [ANU 18]
5. Write short note: i)Unreliable rent. b) Annual Rent, c) Municipal value. [ANU 17]

UNIT-IV (Income from Capital Gains – Income from other sources)

1. How do you calculate long tern capital gain?
2. What are the securities on which interest is fully exempt from tax? [ANU 19]
3. Write various incomes from other sources.
4. What is capital gain? Write various capital gains exempted from tax.
5. What are taxable incomes under the head "income from other sources".[ANU 18]
6. What are the expenses expressly allowed as deduction in computing the profits of a business?[ANU 17]

UNIT-V (Computation of total income of an individual)

1. Write about deductions allowed U/S 80.
2. Explain about deductions under section 80G of income Tax Act for donations to approved funds. [ANU 19]
3. Explain deductions allowed to an individual under the I.T Act.
4. What items come under Sec. 80C and 80G.
5. What are the deductions in respect of donations under section 80G of the income Tax Act. [ANU 18]
6. Write the provisions of set off and carry forward of loss.[ANU 17]
7. Explain about gross qualifying amount U/S 80C.

Short Answer Questions.

1. Tax evasion and tax avoidance. [ANU 19]
2. Tax fee perquisites.[ANU 19]
3. Composite rent and income from subletting.[ANU 19]
4. Examples of non current assets.[ANU 19]
5. Deduction in respect of payment of interest in loan taken of higher studies. Sec 80E.[ANU 19]
6. Person under section 2(31) of income tax Act.[ANU 19]
7. Tax treatment of provident funds.[ANU 19]
8. Meaning of interest, royalty and dividend.[ANU 19]
9. Examples of non agricultural incomes.[ANU 18]
10. Tax treatment of entertainment allowance to government sector employee.[ANU 18]
11. Long term and short term assets.[ANU 18]
12. Public provident fund.[ANU 18]
13. Examples of revenue receipts.[ANU 18]
14. Deemed incomes.[ANU 18]
15. Previous Year.[ANU 18]
16. Gross total income. [ANU 17]
17. Foreign income.[ANU 17]
18. Perquisites.[ANU 17]
19. Self assessment.[ANU 17]
20. Standard deduction U/S 24.[ANU 17]
21. Agricultural income.[ANU 17]
22. Tax evasion.[ANU 17]
23. Person (Section 2(31)). [ANU 17]