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Bba Income Tax Questions

There are different categories of assessees according to their residential status, which is determined based on the number of days an individual has stayed in India. Agriculture income has certain characteristics like it is exempt from tax up to a certain limit and is assessed differently. The income tax authorities established under the Income Tax Act include assessing officers, appellate authorities, and the Income Tax Appellate Tribunal, each with specific functions. The Income Tax Act allows for the carry forward and set off of business losses, allowing a businessman to offset losses against future profits to reduce tax liability. Tax planning is the arrangement of a taxpayer's affairs using legitimate means to minimize tax liability, and is distinguished from tax evasion which uses illegal means.

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3K views2 pages

Bba Income Tax Questions

There are different categories of assessees according to their residential status, which is determined based on the number of days an individual has stayed in India. Agriculture income has certain characteristics like it is exempt from tax up to a certain limit and is assessed differently. The income tax authorities established under the Income Tax Act include assessing officers, appellate authorities, and the Income Tax Appellate Tribunal, each with specific functions. The Income Tax Act allows for the carry forward and set off of business losses, allowing a businessman to offset losses against future profits to reduce tax liability. Tax planning is the arrangement of a taxpayer's affairs using legitimate means to minimize tax liability, and is distinguished from tax evasion which uses illegal means.

Uploaded by

subba1995333333
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Write notes on the following: a. b. c. d. e. f. g.

Assessee Agriculture income Person Residential status of an Assessee Income Previous year and assessment year Exception to general rule

What are the different categories of assesses according to their residential status? How would you determine the status of an individual? How is residence of an Assessee determined for tax purpose? Discuss. Explain the term agriculture income and its important characteristics. Also discuss the procedure of the Assessment. Discuss the ten incomes exempts from tax u/s the IT Act 1961. Give the structure of the Income Tax Authorities as provided under the Income Tax Act 1961. Explain briefly their functions. Explain the important provisions of the Income tax act, regards to carry forward and set off of losses. Site example to illustrate your answer. Explain the salient provisions of carry forward and set off of losses. Site example by which a businessman can be benefited from such provisions. Explain the example(s), the concept and significance of Tax planning. Write notes on the following: a. Dividend tax b. Tax avoidance vs Tax evasions c. Tax planning under section 10 B What is tax planning? How do the location, nature and form of the organization influence the tax planning of the business? Explain. Distinguish between Tax Planning and Tax Evasion. What is the need for tax planning for categories of assessee? Explain how the location, nature and form of the organization influence the tax planning of the business. Write notes on the following: a. Dividend tax b. Tax avoidance vs Tax evasions c. Corporate Taxation How will you compute Central Excise Duty liability of a firm? Explain with example.

Give the structure of Central Excise Duty Authorities and explain their functions. Explain with example the procedure of determining sales tax liability of a firm. Use numerical values to illustrate your answer. Briefly discuss the powers of Central Excise Officers. Explain the laws relating to computation of customs duty. Discuss the provision of CST Act on resignation of dealers. Discuss the provisions of penalty and prosecutions as provided under the Central Excise Act. Taking imaginary figures, explain the procedure of computation of Central Excise Duty. How will you determine the sales tax, briefly explain with example. Write notes on the following: a. Inter-state Sales b. Central Sales tax authority

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