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Sunday, October 27, 2013

Dibrugarh University (5th Semester) - Direct Tax I Important Questions and Answers

Direct Tax Selected Questions for Nov’ 2017 Exam (New Course)
Unit 1
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 

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? 

Q. “The incidence of tax depends upon the residential status of an assessee.” Discuss. Distinguish between Tax Evasion, Tax Avoidance, Tax mitigation and Tax Planning. 

Q. Define the term “assessee” and “person” under the income tax act. What is regarded as income under the income tax act? 

Q. How Residential Status of the following is Determined: 
Ø  Individual
Ø  HUF
Ø  Company
Ø  Firm
Ø  AOP and BOI
Q. Explain the concept of Indian Income as per Income tax Act, 1961.
Q. Explain in brief various incomes which are exempted u/s 10 of the Indian income Tax Act.
Q. What are the tax benefits for industrial unit established in:
Ø  SEZ
Ø  EOU  (Export Oriented Undertakings)
Ø  FTZ (Free Trade Zone)

Unit 2
Q. Explain the provisions of the income – tax Act, 1961 with regard to the following:
Ø  Gratuity
Ø  Deduction Under Sec. 80C
Ø  Commuted and Uncommuted Pension
Ø  Specified Employees
Ø  Voluntary Retirement Compensation
Ø  Approved Super Annuation fund
Ø  Encashment of earned leave


Ø  Relief u/s 89(1) of the Income tax Act.
Ø  Profits in lieu of Salary

Q. What Constitutes Salary Under sec. 17 of Income tax act, 1961? Explain the essentials for taxability of income under the head salaries

Q. What is Allowances? What its various types? 

Q. Define ‘perquisite’ as per income tax act. Explain how perquisites are taxable in the hand of employee.

Q. Explain the various types of Provident fund with their respective treatment as per Income Tax Act, 1961.

Q. What are the essential characteristics of Salary?


Unit 3
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?

Q. 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?

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
Ø  Deemed Ownership
Ø  Income From Co-owned Property
Ø  Unrealised rent and its Treatment

Unit 4
Q. What are the authorities provided by the income tax act for administration of tax? Mention the power and function of income tax authorities.



Q. Who can appoint Income Tax authorities? Discuss briefly the duties of Income Tax authorities.

Q. State the procedure of filing an appeal under the Income Tax Act, 1961. Mention five penalties which can be imposed under the provision of Income Tax Act, 1961?

Q. What are various appellate authorities under the income tax act? Give the procedure for filling appeal to the appellate tribunal.
Q. Write Short Notes on:
Ø  Tax deduction at source
Ø  Advance payment of tax
Ø  CBDT
Ø  Self—assessment
Ø  PAN Card  

Direct Tax Selected Questions for Nov’ 2017 Exam (Old Course)

Unit 1
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   VIEW NOW  DOWNLOAD

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?   VIEW NOW  DOWNLOAD

Q. “The incidence of tax depends upon the residential status of an assessee.” Discuss. Distinguish between Tax Evasion, Tax Avoidance, Tax mitigation and Tax Planning.  VIEW NOW  DOWNLOAD

Q. Define the term “assessee” and “person” under the income tax act. What is regarded as income under the income tax act?  VIEW NOW  DOWNLOAD

Q. How Residential Status of the following is Determined:   VIEW NOW  DOWNLOAD
Ø  Individual
Ø  HUF
Ø  Company
Ø  Firm


Ø  AOP and BOI
Q. Explain the concept of Indian Income as per Income tax Act, 1961.  VIEW NOW  DOWNLOAD

Unit 2
Q. Explain in brief various incomes which are exempted u/s 10 of the Indian income Tax Act.
Q. What are the tax benefits for industrial unit established in:
Ø  SEZ
Ø  EOU  (Export Oriented Undertakings)
Ø  FTZ (Free Trade Zone)

Unit 3
Q. Explain the provisions of the income – tax Act, 1961 with regard to the following:
Ø  Gratuity
Ø  Commuted and Uncommuted Pension
Ø  Specified Employees
Ø  Voluntary Retirement Compensation
Ø  Approved Super Annuation fund
Ø  Encashment of earned leave
Ø  Relief u/s 89(1) of the Income tax Act.
Ø  Profits in lieu of Salary



Q. What Constitutes Salary Under sec. 17 of Income tax act, 1961? Explain the essentials for taxability of income under the head salaries.   VIEW NOW   DOWNLOAD

Q. What is Allowances? What its various types?   VIEW NOW   DOWNLOAD

Q. Define ‘perquisite’ as per income tax act. Explain how perquisites are taxable in the hand of employee.

Q. Explain the various types of Provident fund with their respective treatment as per Income Tax Act, 1961.

Q. What are the essential characteristics of Salary?


Unit 4
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?

Q. 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?

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
Ø  Deemed Ownership
Ø  Income From Co-owned Property
Ø  Unrealised rent and its Treatment

Unit 5
Q. What are the authorities provided by the income tax act for administration of tax? Mention the power and function of income tax authorities.

Q. Who can appoint Income Tax authorities? Discuss briefly the duties of Income Tax authorities.

Q. State the procedure of filing an appeal under the Income Tax Act, 1961. Mention five penalties which can be imposed under the provision of Income Tax Act, 1961?

Q. What are various appellate authorities under the income tax act? Give the procedure for filling appeal to the appellate tribunal.
Q. Write Short Notes on:
Ø  Tax deduction at source
Ø  Advance payment of tax
Ø  CBDT
Ø  Self—assessment
Ø  PAN Card