Income Tax Law And Practice 3rd Year Imp Questions 2023

Today you will get the information about income tax law and practice 3rd year important questions for the session 2023. 

These questions are already asked in the past examination and still exist for the next year's exam. 

If you want to get more marks in the examination, then prepare the income tax law and practice notes with help of these questions. 

You will get the bifurcated question paper for the convenience to understand the topics.

First of all, write the questions in your income tax law and practice 3rd year notebook.

Then start to read the related chapters in your university-given textbook.

This process will help you to clear the concept of the lesson and you will get some more decent information during reading the books. 

As you know that so many books and question banks are available in the market, but you have to pay an amount to get the benefits. 

Here you will get the income tax law and practice 3rd year question paper for free use. 

These questions have been asked in examinations several times in the past and these are selected on the basis of repetitions. 

The pattern of the questions is based on the Income tax question paper 2022.

Income tax question paper with answer notes helps you to save time during the revision period. 

Now come to the point. Final Year Income Tax Question Paper 3rd Year Income Tax Law And Practice 1st Paper

Paper-1 (Income Tax Law & Practice)

  • Explain the following:- (a) Agriculture Income (b) Casual Income (c) Deemed Dividend (d) Undisclosed Income (e) Bond washing transactions.
  • Describe various provisions of the Income Tax Act regarding income from House property.
  • What is Capital gain? Explain exempted Capital gain.
  • Describe various provisions of the Income Tax Act regarding the set-off and carry forward of Losses.
  • What is Advance payment of Tax?
  • What is TDS? Explain it. 
  • Explain the Assessment procedure. 
  • Explain briefly different types of Assessments.
  • What do you mean by an Assessee?
  • What are short-term Capital Assets?
  • Name any two disallowed expenses in the computation of Income from Business. 
  • State the maximum amount of deduction under section 80C.
  • Define Gross Total Income and Total Income.
  • What is meant by deduction of Tax at source?
  • What do you understand by Advance Payment of Tax?
  • Define the previous year and assessment year and differentiate between them.
  • How individuals are assessed on the basis of their residential status.
  • How would you determine taxable income from house property? State with the specimen.
  • What do you understand by the "Pay as you earn" scheme? Explain clearly the important provisions of the Income Tax Act in this connection.
  • Write short notes on the following:- (a) Partly agriculture income (b) Ordinarily resident assessee.
  • Explain the process of calculating income from business and profession under the Income Tax Act 1961.
  • What is Income Tax?
  • Distinguish between Tax Planning and Tax Evasion.
  • Enumerate any fifteen items of income that are totally exempt.
  • How is the residence of assessees determined under the Indian Income Tax Act-1961? Briefly explain tax incidence.
  • What is the Cost of the Acquisition of capital assets?
  • What do you understand by aggregation of income? Explain.
  • Explain the provisions regarding the set-off of losses while computing the total income.
  • Write short notes on the following:- (a) Income From Lottery (b) Profit or loss on sale of securities.
  • What is meant by the cost of improvement?
  • State any four transactions included under the term transfer. 
  • How do you treat bad debt recovered earlier written off?
  • State the provisions U/S 80U.
  • What are listed and unlisted securities?
  • State the provisions of sections 54EC and 54F.
  • What is a permanent account number (PAN)?
  • How a salaried person can do tax planning in relation to income from salary? 3rd Year 2nd Paper Income Tax Law And Practice

Paper-2 Taxation Law & Accounts

  • Explain any ten taxable Incomes under the 'head' Income from other Sources.
  • Mention ten such Incomes which are neither included in the total income nor Tax is levied on them.
  • What are the kinds of perquisites? Mention taxable perquisites and explain the rules relating to two of them.
  • A bank manager gets Rs. 18,000 per month as a salary and a dearness allowance at 10 percent of the salary. He is getting an entertainment allowance of Rs. 8,000 p.a. During the previous year ended 31st March 2015, he received a bonus equal to three months' salary. He is also provided with a rent-free house (unfurnished) in a town (whose population is less than four lacks) the fair rent of that house is Rs. 5,000 per month. Find out his income under the head 'Salaries' for the Assessment year 2015-2016. 

Compute taxable income from house property from the following:-

  • Particulars & Rs.
  • Fair Market Value-80,000
  • Actual Rent-72,000
  • Municipal Valuation-50,000
  • Standard Rent-60,000
  • Municipal Taxes-20%
  • Interest Paid-18000 3rd Year 3rd Paper Income Tax Law And Practice

Paper- 3 (Income Tax)

  • Define the term person.
  • Give any two examples of Income Exempted under section 10 of the Income Tax Act.
  • Who is a specified employee?
  • What is meant by deduction of tax at source?
  • What is Tax Planning?
  • Write a note on "Advance Payment Of Income Tax"?
  • What is the previous year?
  • Food provided at the place of work by a company during working hours to a specified employee of the value of Rs. 60 per meal for 100 days during the previous year. Find out the number of Taxable prerequisites?
  • What deductions from annual value are allowed in computing the taxable income from house property?
  • Describe briefly the procedure of an appeal to the commissioner (Appeals)
  • Explain any ten Incomes which are related to land but not agricultural income.
  • Explain how the tax liability of an assessee is determined with reference to his residence?
  • Discuss any five deductions from Gross total Income.
  • What is Cost Inflation Index?

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