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QUESTION BANK—TAX PLANNING AND FINANCIAL REPORTING
Define the following terms/Write short notes on the following-
Person, New Income Tax Slab, Assessment year, Previous year, Related Persons, TDS, Custom
Duty, Excise Duty, Net Wealth, Valuation Date, Deemed Assets , MAT, Tax Planning, Tax
Management, Tax Avoidance, Tax Evasion ,HRA, Amalgamation, Demerger, Cost of
acquisition, Tax Appeals, Revision ,Manufacturer as per Central Excise Act, Excisable Goods,
Agricultural Income, Tax Planning for Depreciation, Salary, Ordinary Resident .Resident but not
ordinary resident
Long Answer –
(a) Residential Status of an Individual, HUF, Firm, Company.
(b) Perquisites, Retirement Benefits, Allowances, Types of Provident Fund, Deductions from
Salary.
(c) Discuss various provisions of Income Tax Act with respect to computation of Income
under the head “Salaries”.
(d) Gross Annual Value of a Property, Interest on Borrowed capital, Provisions regarding
Self occupied properties.
(e) PGBP charging section, Depreciation-Block of Assets, Additional Depreciation, WDV,
Disallowances under the head.
(f) Short term and Long term Capital gains, Conversion of Capital Asset into Stock in Trade,
Compulsory Acquisition of Capital Asset by Government.
(g) Provisions for set off and carry forward of losses.
(h) What tax incentives have to kept in mind while selecting nature or activity of business.
(i) Discuss the provisions of TDS.
(j) Provisions of Gift .
(k) What is short term capital assets and long term capital assets
(l) Distinguish between 'Tax planning and Tax evasion'.
(m)Explain any five items of income which are exempted from income-tax.
(n) Define Wealth Tax. Explain the provisions relating to computation of wealth tax.
(o) What is Custom duty? What are the objectives of Custom duty? What are the types of
Custom duty?
(p) What is Minimum Alternate Tax? What items are added and subtracted to compute book
profits?
(q) Explain the provisions relating to exempted capital gains.
(r ) What are the provisions for valuation of immovable property as per Wealth Tax Act .

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Question bank taxation

  • 1. QUESTION BANK—TAX PLANNING AND FINANCIAL REPORTING Define the following terms/Write short notes on the following- Person, New Income Tax Slab, Assessment year, Previous year, Related Persons, TDS, Custom Duty, Excise Duty, Net Wealth, Valuation Date, Deemed Assets , MAT, Tax Planning, Tax Management, Tax Avoidance, Tax Evasion ,HRA, Amalgamation, Demerger, Cost of acquisition, Tax Appeals, Revision ,Manufacturer as per Central Excise Act, Excisable Goods, Agricultural Income, Tax Planning for Depreciation, Salary, Ordinary Resident .Resident but not ordinary resident Long Answer – (a) Residential Status of an Individual, HUF, Firm, Company. (b) Perquisites, Retirement Benefits, Allowances, Types of Provident Fund, Deductions from Salary. (c) Discuss various provisions of Income Tax Act with respect to computation of Income under the head “Salaries”. (d) Gross Annual Value of a Property, Interest on Borrowed capital, Provisions regarding Self occupied properties. (e) PGBP charging section, Depreciation-Block of Assets, Additional Depreciation, WDV, Disallowances under the head. (f) Short term and Long term Capital gains, Conversion of Capital Asset into Stock in Trade, Compulsory Acquisition of Capital Asset by Government. (g) Provisions for set off and carry forward of losses. (h) What tax incentives have to kept in mind while selecting nature or activity of business. (i) Discuss the provisions of TDS. (j) Provisions of Gift . (k) What is short term capital assets and long term capital assets (l) Distinguish between 'Tax planning and Tax evasion'. (m)Explain any five items of income which are exempted from income-tax. (n) Define Wealth Tax. Explain the provisions relating to computation of wealth tax. (o) What is Custom duty? What are the objectives of Custom duty? What are the types of Custom duty? (p) What is Minimum Alternate Tax? What items are added and subtracted to compute book profits? (q) Explain the provisions relating to exempted capital gains. (r ) What are the provisions for valuation of immovable property as per Wealth Tax Act .