Semester 5 - Tax

Question Bank of Direct Tax

Head – Salary

1. Exemptions under section 10 of Income Tax Act.
2. Deductions allowed under section 16 of Income Tax Act.
3. Entertainment Allowance
4. Gratuity
5. Provident Fund
6. Leave Encashment.
7. Pension Fund.

Head – House Property

1. Computation of GAV
2. Computation of NAV
3. Municipal Taxes / Property Taxes.
4. Deductions under section 24 of Income Tax Act.

Head – Profits from Business or Profession

1. Write any 10 Examples of Expenditure Allowable U/S 37.
2. Write any 10 Examples of Expenditure Not Allowable U/S 37.
3. Depreciation of Fixed Assets
4. Scientific Research Expenses

Head – Capital Gains

1. Short term Capital Assets & Long Term Capital Assets.
2. Index Cost of Improvement & Index Cost of Acquisition.
3. Types of Capital Gains
4. STCG & LTCG

Head – Income from Other Source

1. Exemptions under section 10 of Income Tax Act.
2. Any 10 examples of Income from Other Source
3. Expenses allowed as deduction in Income from Other Source.

Definitions –

1. Person
2. Assessment Year
3. Previous Year
4. Assessee
5. Income

Write a note on –

1. Residential Status of Individual
2. Scope of Income
The above Question Bank is provided by Prof. Sujata of VPM’s R. Z. Shah College, Mulund ( East)

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My Dear Students,
The questions given in the question bank are the most important questions. The students are advised not to fully rely on these questions. Students should also refer the other questions to get the maximum marks.

Best of Luck for your Exams.

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1. Define the following-
a) Person
b) Assessment Year
c) Capital Assets
2. Explain the conditions regarding Residential Status.
3. Describe exemptions U/s 10 of Income Tax Act, 1961.
4. Write a note on –
a) Perquisite
b) Gratuity
c) Deemed to Let out Property
d) Deductions allowed from Income from Business or Profession.
5. Explain the deductions in respect of –
a) Salary
b) House Property
c) Savings ( Section 80 C)
d) Medical Insurance Premium
6. Explain computation of Gross and Net Annual Value.
7. Explain any seven items of Income from other sources.

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My Dear Students,
The questions given in the question bank are the most important questions. The students are advised not to fully rely on these questions. Students should also refer the other questions to get the maximum marks.

Best of Luck for your Exams.