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Questions and Answers
What is the written down value of the block of plant and machinery on 1 April 2023 before any adjustments?
What is the written down value of the block of plant and machinery on 1 April 2023 before any adjustments?
The rate of depreciation on the plant and machinery is 10%.
The rate of depreciation on the plant and machinery is 10%.
False
Define Section 80 TTB in the context of income tax deductions.
Define Section 80 TTB in the context of income tax deductions.
Section 80 TTB allows deductions for interest income earned by senior citizens.
The written down value of the block on 31 March 2023 is __________.
The written down value of the block on 31 March 2023 is __________.
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Match the following sections with their descriptions:
Match the following sections with their descriptions:
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If a taxpayer sells Machine B for Rs. 5,00,000 and incurs expenses of Rs. 50,000 on the sale, what is the net sale amount?
If a taxpayer sells Machine B for Rs. 5,00,000 and incurs expenses of Rs. 50,000 on the sale, what is the net sale amount?
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Deemed to be let out property is treated as occupied from the income tax perspective.
Deemed to be let out property is treated as occupied from the income tax perspective.
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What is the main purpose of Rebate U/S 87A of the Income Tax Act 1961?
What is the main purpose of Rebate U/S 87A of the Income Tax Act 1961?
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What type of depreciation is additional depreciation under Section 32?
What type of depreciation is additional depreciation under Section 32?
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Tax Avoidance is legally permissible while Tax Evasion is not.
Tax Avoidance is legally permissible while Tax Evasion is not.
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In the absence of opting for section 115BAC, taxpayers can maximize deductions under several sections, including __________.
In the absence of opting for section 115BAC, taxpayers can maximize deductions under several sections, including __________.
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Match the following properties with their definitions:
Match the following properties with their definitions:
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What are clubbing provisions in the context of taxation?
What are clubbing provisions in the context of taxation?
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The process of recognizing agricultural income for tax computation is known as integration of ______ income.
The process of recognizing agricultural income for tax computation is known as integration of ______ income.
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Match the following terms with their correct meanings:
Match the following terms with their correct meanings:
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Which of the following is not an exemption available under the old Tax regime?
Which of the following is not an exemption available under the old Tax regime?
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A capital asset is defined as any property, except stock-in-trade, that is held for investment.
A capital asset is defined as any property, except stock-in-trade, that is held for investment.
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What is the difference between long-term capital loss and short-term capital loss?
What is the difference between long-term capital loss and short-term capital loss?
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Under section 115BAC, taxpayers have the option to choose between old and ______ tax regime.
Under section 115BAC, taxpayers have the option to choose between old and ______ tax regime.
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In the case of speculative business loss, the loss can be set off against which of the following?
In the case of speculative business loss, the loss can be set off against which of the following?
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Study Notes
Income Tax Law and Practice Exam - Dec 2023
- Exceptions to the Assessment Year: A short note explaining exceptions to the assessment year is required.
- Tax Avoidance vs. Tax Planning: Distinguish between tax avoidance and tax planning (3 points).
- Integration of Agriculture Income: Explanation of "integration of agriculture income" for computing tax under the Income Tax Act of 1961.
- Rebate U/S 87A: A short note on the rebate under section 87A of the Income Tax Act of 1961.
- Clubbing Provisions in Case of Spouse: A short note on clubbing provisions for a spouse.
- Speculative Business Loss: Explanation of speculative business loss.
- Loss from House Property: Explanation of loss from house property.
- Loss from Maintaining Race Horses: Explanation of loss from maintaining race horses.
- Set-off and Carry Forward of Losses: Explanation of set-off and carry forward of losses where section 115BAC is not opted.
- Capital Asset Definition: Define capital asset and differentiate between long-term and short-term capital losses, along with computation per Income Tax Act 1961.
- Deductions Under Old Tax Regime (115BAC not opted): Explain 5 various deductions available under the old tax regime where section 115BAC is not opted.
- Computation of NAV: Explain the computation of NAV under the Income Tax Act of 1961 for:
- Let-out house property
- Self-occupied house property
- Deemed to be let out house property
- Written Down Value of Plant & Machinery: Calculate the written down value of a block of plant and machinery on April 1, 2022, considering a 15% depreciation rate. The block includes machines A, B, C, and D (old), and E (new) acquired and used on specific dates. Sales of machines B and C during the year are also considered, along with the expenses on sale.
- Depreciation (Section 32): Calculate depreciation under section 32 for the assessment year 2023-24.
- Additional Depreciation (Section 32): Determine additional depreciation under section 32 for the assessment year 2023-24.
- Written Down Value (April 1, 2023): Calculate the written down value of the block on April 1, 2023.
- Deductions (Sections 80 GG, 80 TTB, 80 CCD): Explain deductions under sections 80GG, 80TTB, and 80CCD.
- Salary Income Computation (115BAC not opted): Explain the computation of income from salary if 115BAC is not opted (Rent Free Accommodation, Free Use of Car, Commuted Pension).
- Residential Status: Determine the residential status of an individual, company, and HUF for the assessment year 2023-24.
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Description
Test your knowledge on key concepts of Income Tax Law and Practice with this exam. Topics include exceptions to the assessment year, tax avoidance vs tax planning, and clubbing provisions. Prepare for your assessments by mastering the intricacies of the Income Tax Act of 1961.
