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QUESTION BANK ITLP SK NOV 2022 BBA 6 Nov 2022 FINAL UNIT1&2

This document contains a question bank for the subject ITLP BBA 301 UNIT 1. It includes 10 short answer questions about basic income tax concepts like assessee, previous year, agricultural income, tax slabs. It also includes 5 long answer questions about topics like residence status, exempt incomes, heads of income. UNIT 2 contains computational questions on tax liability for various individuals, notes on heads of income and slab rates. It also includes questions computing gross salary for individuals given details of their salary structures. Further questions relate to computation of house property income, definition of terms related to it. Questions also relate to capital gains computation, indexation and provisions for agricultural land. The last question asks to list 10 incomes under income from other sources

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Hemant Wadhwani
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100 views5 pages

QUESTION BANK ITLP SK NOV 2022 BBA 6 Nov 2022 FINAL UNIT1&2

This document contains a question bank for the subject ITLP BBA 301 UNIT 1. It includes 10 short answer questions about basic income tax concepts like assessee, previous year, agricultural income, tax slabs. It also includes 5 long answer questions about topics like residence status, exempt incomes, heads of income. UNIT 2 contains computational questions on tax liability for various individuals, notes on heads of income and slab rates. It also includes questions computing gross salary for individuals given details of their salary structures. Further questions relate to computation of house property income, definition of terms related to it. Questions also relate to capital gains computation, indexation and provisions for agricultural land. The last question asks to list 10 incomes under income from other sources

Uploaded by

Hemant Wadhwani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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QUESTION BANK

ITLP BBA 301


UNIT 1

I SHORT ANSWER TYPE QUESTIONS:

1. Who is an Assessee?
2. What is previous year and assessment year?
3. Who is Person?
4. What is Agricultural Income?
5. Write a short note on Income Tax Act 1961.
6. Why are taxes levied?
7. Under what circumstances an assessee will be
considered "non-resident" for income-tax purposes
and on what income he will be liabIe to be
assessed?
8. How is resident/ non-resident status relevant for levy of
income tax?
9. Explain gross total income.
10. Give the tax slabs as per the current finance bill for
individual and HUF.

LONG ANSWER TYPE QUESTIONS

1. Mr. Arnav had sold an agricultural land in a rural


area, which is outside jurisdiction of the
Municipal Authority. Whether the sales proceeds
are exempt or taxable?
2. How will you decide the question of residence
of an individual and a Hindu undivided family?
Explain fully
3. Give ten instances of income completely exempt
from tax giving a brief account of the
conditions, if any, to be fulfilled, in respect of
each to be eligible for the exemption
4. Enumerate with reference to section10 of the
Income-tax Act,1961, & Explain types of
income which is totally exempt from tax?
5. What Is Marginal Relief and How It Is Computed?
6. Under How Many Heads the Income of a Taxpayer Is
Classified?
7. Mr. A had sold an agricultural land in a rural
area, which is outside jurisdiction of the
Municipal Authority. Whether the sales proceeds
are exempt or taxable?

Write notes on the following:

8. Write some incomes which are treated as


Agricultura Income and Some incomes which are
not treated as Agricultural incomes.
9. Write Slab Rate of Partially agricultural and
Partially Business incomes.
10. State briefly the basic and additional conditions of
Residential status of Individuals briefly.

UNIT 2

Qus 1. Compute tax liability under the following cases:


A)Mr Ashish aged 45 years working with ABC Ltd has
total income of Rs 1200000.
B) Mrs Sushma aged 55 years working with ABC Ltd has
total income of Rs 1200000.
C)Mrs Madhu aged 60 years working with ABC Ltd has
total income of Rs 1200000.
D)Mrs Madhu aged 80 years working with ABC Ltd has
total income of Rs 1200000.
Qus 2. Write short notes on the following:
A)Briefly explain the Five heads of Income of individuals
with example,
B) Write Slab Rate of Partially agricultural and Partially
Business incomes.
Qus 3. Mr. X is employed with ABC Ltd. And receives the following
during previous year 2021-22 :

Basic Salary 30000 Rs PM (W.E.F. 1st June Salary increased to


40000 Rs.)

D.A. (Dearness Allowance) 15% of Basic Salary

Conveyance Allowance 10000 Rs.

With effect from(wef) 1st November 2021, He receives HRA of Rs.


15000 PM. He is Paying Rs. 10000 PM rent in Mumbai . Compute his
Gross Salary of Previous Year 2021-22.

Qus 4. Mr Akash is Working with Cipla Ltd. And receives the


following:

Basic Salary Rs 50000 PM

D.A. Rs 10000 (70% forming part for retirement benefits)

Transport Allowance Rs 20000 PM

Helper Allowance Rs 3000

Children Education Allowance (for 3 child total) 600 PM


He is also provided with Rent Free Accomodation (RFA) in
Gurugram (Population 30 Lacs), Which is owned by Employer.

Compute his Gross Salary for Assessment Year 2022-23.

Qus 5. Mr. Chetan is working with ABC Limited and receives the
following :

Basic Salary 60000 Rs PM

DA (30% of Basic , of which 90% is forming part for retirement


benefits)

Entertainment Allowance Rs 1000 PM

He is also provided a car for personal use , which is owned by the


company, ( Purchase Price Rs 800000, WDV value Rs 400000).

Running expenses Rs 6000 PM and Driver salary Rs 8000 PM is


incurred by the company.

The employee(Chetan) pays Rs 2000 PM for car facility to the


company, Compute Gross Salary.

Qus 6. How an assessing officer compute NAV under House


Property income. Also state Charging section of House Property and
Sec 24 under house property . And practical problems on GAV,
NAV.

Qus 7. Define Municipal value, Fair Rental Value, Standard Rent and
Actual Rent.

Qus 8. Define Capital Assets and distinguish between short term


capital gain and long term capital gain.
Qus 9. Define Indexation Rule of Long-Term Capital Gain, and
Compulsory Acquisition of Capital Asset. Also explain the provisions
of Sec 54B with regard to Capital Gain on sale of Agricultural land.

Qus 10. Write any 10 incomes which are covered under the head
Income from other sources. Also explain Gift treatment under this
head.

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