DIRECT TAX II – IMPORTANT QUESTIONS – B.Com – Dibrugarh University Exams 2020 – 6thSemester

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Unit 1: Profits and Gains from Business and Profession

1.    What do you mean by the term “Depreciation”? What are the rules regarding grant of deduction for depreciation?            2015, 2017, 2018

2.    Define “business and profession” as used U\S 28 of the Income “Tax Act, 1961 . Discuss in detail the general principles governing determination of business income.  2016

3.    What are income chargeable to tax under the head profit and gain of business or profession? What are the deductions allowable from this income (Sec.30 to Sec.36)?          2014

4.    What is business as per the Income-tax Act, 1961? Explain charging provisions u/s 28 for the income taxable under the head profit and gains from business and profession.     2019                  

5.    Write Short notes on:

a.    Block of assets    2018

b.    Chargeability of PGBP    2018

c.     Admissible and Inadmissible deduction us 40        2015

d.    Payment excluded us 40A

e.    Books of accounts

f.      Additional Depreciation [Sec. 32(1)(IIA)]   2019

Unit 2: Income under the head “Capital Gains”

1.    What is Capital Assets ? What are its various types ? Describe the procedure of ascertaining Short Term capital Gains and long term capital Gains.                 2014, 2015, 2016,2017

2.     Discuss the procedure for computation of capital gain.   2019           

3.    What do you mean by capital gains 2019? Explain in detail capital gain exempted from tax.  2017, 2018

4.    How would you determine the cost of acquisition and cost of improvement u/s 49?

5.    Explain the concept of Transfer under the head capital gains. Mention the transactions which are not regarded as transfer.           2015, 2016

6.    Write short notes on:

a.    Long Term Capital Gain  and Short Term Capital Gain    2017

b.    Deemed income             2015

c.     Capital Gains exempted from Tax.   2019

Unit 2: Income from other sources

1.    What are the incomes and deemed incomes chargeable under the head “Income from other sources”?

2.    What do you mean by Income from other sources? Explain the allowed and disallowed deductions under the head income from other sources.2016,2017

3.    Write Short notes on   2019

a.    Deemed Income.

b.    Specific Incomes [Sec. 56(2)]

Unit 3: Set off and carry forward of losses

1.    Explain the provisions of the income tax Act, 1961 regarding carry forward and setoff of losses.          2014, 2015, 2016, 2017, 2018,2019

2.    Explain the process of setting off and carry forward of losses in computing gross total income with exception.                 2016

3.    What is unabsorbed depreciation?How is it set off?                        2016, 2017

4.    Discuss briefly the provisions of the Income-tax Act regarding the carry forward of loss from business income and capital gain.    2019                       

5.    Write short notes on:

Set off and carry forward of losses                2016, 2017

Unit 4: Tax Planning

1.    What do you mean by tax planning? Mention its objectives .What are its essentials and limitations? or Explain the meaning, need and limitations of tax planning. 2019             

2.    Explain the methods commonly used to reduce tax burden.                    2016, 2017

3.    What is tax planning, tax evasion and tax avoidance ? Distinguish between tax planning, tax evasion and tax avoidance. 2014,2015,2016

4.    How tax liability is computed for a salaried person? 2016, 2018

5.    Explain corporate assessee. What are the Deductions applicable for corporate assessee?

6.    Explain the important areas where tax planning may be attempted.        2018

7.    Explain “A tax planner should have a thorough knowledge of various sources of law relating to the income tax.” Discuss.   2019

8.    How deductions are made in respect of the following section of the income tax act 1961?

9.    Write Short Notes on:

I.          Deduction under section 80C and 80D             2015, 2017

II.          Corporate Assessee                   2016, 2017

III.          Tax management

IV.          Tax planning for senior citizens

V.          Gross and net qualifying amount                     2014

VI.          Deduction in respect of certain undertakings of north eastern states (section 80-1E)

VII.          Difference between Tax Planning and Tax Avoidance.  2019

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