B.Com 5th Sem Income Tax Questions and Answers
Unit 1 Introduction to Income Tax
- Introduction to Income Tax Very Short Answer Questions
- Introduction to Income Tax Short Answer Questions
- Introduction to Income Tax Long Answer Questions
Unit 2 Exempted Incomes
Unit 3 Residential Status
Unit 4 Income from Salary
Unit 5 Income from House Property
B.Com 5th Sem Income Tax Syllabus
Unit 1: INTRODUCTION TO INCOME TAX (10 Hrs)
Brief History of Indian Income Tax – Legal Frame Work – Types of Taxes – Cannons of Taxation – Important Definitions: Assessment, Assessment Year, Previous Year (including Exceptions), Assessee, Person, Income, Casual Income, Gross Total Income, Agricultural Income (including Scheme of Partial Integration) – Scheme of taxation. Meaning and classification of Capita! & Revenue. Income tax authorities: Powers & functions of CBDT, CIT & A.O. (Theory only).
Unit 2: EXEMPTED INCOMES (04 Hrs)
Introduction – Exempted Incomes U/S 10 – Restricted to Individual Assessee.
Unit 3: RESIDENTIAL STATUS (10 Hrs)
Residential Status of an Individual – Determination of Residential Status – Incidence of Tax – Problems.
Unit 4: INCOME FROM SALARY (24 Hrs)
Meaning – Definition – Basis of Charge – Advance Salary – Arrears of Salary – Allowances – Perquisites – Provident Fund – Profits in Lieu of Salary – Gratuity – Commutation of Pension – Encashment of Earned leave – Compensation for voluntary retirement – Deductions from Salary U/S 16 – Problems on Income from Salary.
Unit 5: INCOME FROM HOUSE PROPERTY (12 Hrs)
Basis of Charge – Deemed Owners – Exempted Incomes from House Property – Composite Rent – Annual Value – Determination of Annual Value – Treatment of Unrealized Rent – Loss due to Vacancy – Deductions from Annual Value – Problems on Income from House Property.