Ignou.ECO11. B.COM Elements of Income Tax Important Questions for December Exam

 IMPORTANT QUESTIONS


ECO 11

1. Explain the deduction allowed under section 801B with necessary provisions related thereto. 


2. What do you mean by 'Capital Gain'? Explain the capital gain exempt from tax u/s 54EC. 


3. What are the deduction allowed in computing taxable income under the head 'Income From Other Sources'? Explain with example. 



4. What do you mean by 'Provident Fund'? Discuss the different types of provident fund to which a salaried employee may be a member. 



5. What do you understand by'Transfer of capital asset'? State which 10 transactions are not regarded as transfer. 



6. What do you mean by clubbing of income? In what circumstances is the income of one person treated as income of another?




7. a) Explain the provisions regarding deduction for interest on loan u/s 24(b) of Income Tax Act. 

b) Define capital gain. Distinguish between short term capital gain and long term capital gain. 



8. a) Enumerate any 6 income on which tax is deducted at source. 
b) Explain the provisions regarding advance payment of tax under Income Tax Act. 


9. What are fully exempted income in the hands of an individual? Explain.  



10. a) What do you understand by exempted income? Identify any 6 income which are completely exempted from income tax. 



b) Identify the various kinds of securities for income tax purposes. 



11. What do you understand by set off of losses? Explain the provisions for set off of losses as given in Income Tax Act,1961. 



12. a) "The incidence of income tax depends upon the residential status of an assessee". Discuss.  


b)  Explain the following terms in the context of the I.T Act. 
•Short Term Capital Asset
•Transfer of capital Asset
•Cost of Improvement





13.  Write short notes on the following:

Pension
Perquisite
Capital gain account scheme 1988
Casual income
House rent allowance
Gratuity
Municipal taxes
Interest on securities
Agricultural income
Total income
Assessment year
Deduction u/s 80G
Encashment of earned leave
Bond Washing Transaction
Residential status of an HUF
Death cum Retirement Gratuity




Practical Questions



Taxable income from Salary

Taxable income from capital gain

Gross total income

Income from house property

Compute tax liability

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