Auditing & Taxation (TYBCOM) || Question Bank

Auditing & Taxation (TYBCOM) || Question Bank 

Income Tax Act-1961-Important Definitions and Concepts

Short-Answer Questions

1. State the various features of income tax.

2. State the role of taxation in developing economies.

3. What are the specifics of tax management?

4. State the features of ‘income’.

5. What do you understand by residential status of assessee?

Long-Answer Questions

1. Analyse the scope and importance of income tax.

2. Differentiate between gross total income and total income with the help of relevant

illustrations and examples.

3. Describe the various methods of charging income tax.

4. Explain the meaning and concepts of concept of capital and revenue receipts

and capital and revenue expenditure.

Sources and Computation and Taxable Income under the various heads

of Income

Short-Answer Questions

1. What does Section 17 of ITA defines salary to include?

2. State the circumstances of chargeability of salary?

3. Write a short note on taxability of house rent allowance.

4. How is property owned by co-owners treated?

5. Briefly describe the treatment of deductions from income from other sources.

Long-Answer Questions

1. Describe the meaning and features of income from salary.

2. Explain the various components of income from house property.

3. How is income chargeable under the head ‘profits and gains from business or

profession’ treated? Explain with the help of relevant examples.

4. Analyse the various methods of accounting.

5. Discuss how income from capital gains is treated.

Computation of Total Taxable Income (TTI) and Tax Liability

Short-Answer Questions

1. How is GTI calculated by an assesse?

2. With the help of an example show how marginal relief is given to individuals.

3. Write a short note on higher education cess.

Long-Answer Questions

1. ‘Chapter VI(A) of Income Tax Act comprises various sub-sections of section

80 that lets an assessee to claim deductions from his gross total income on

account of various tax-saving investments, permitted expenses, donations and

so on.’ Analyse the statement.

2. Analyse how tax payable calculated as per the old and new regime.

3. With the help of relevant illustrations, explain how of Total Taxable Income of

an individual is calculated.

E-Filing and E-provisions

Short-Answer Questions

1. What are the due dates of filing returns for different categories?

2. Who should file advance taxes?

3. What are the duties of a person deducting tax under section 200?

4. Differentiate between AIR (Annual Information Return) and SFT (Specified

Financial Transactions).

Long-Answer Questions

1. Analyse the significance of filing of return of income.

2. Describe the various provisions under advance tax.

3. Explain the various provisions of Tax Deducted at Source (TDS).

4. Analyse the different categories of tax assessment.