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 ...