Most important questions from unit 1 and 2 of income tax law and practice (BBA - 2nd year)
Understand the Problem
The question is asking for the most important topics or questions to focus on from the first two units of an Income Tax Law and Practice course for a second-year Bachelor of Business Administration (BBA) program.
Answer
Unit 1: Assessment year, previous year, casual income, tax evasion. Unit 2: Calculate annual value, define fair rent, annual value.
The most important questions from Unit 1 include defining terms such as 'assessment year,' 'previous year,' 'financial year,' and 'casual income,' as well as understanding tax evasion and tax avoidance. From Unit 2, key questions involve calculating the annual value of a house, defining fair rent, and understanding the concept of annual value.
Answer for screen readers
The most important questions from Unit 1 include defining terms such as 'assessment year,' 'previous year,' 'financial year,' and 'casual income,' as well as understanding tax evasion and tax avoidance. From Unit 2, key questions involve calculating the annual value of a house, defining fair rent, and understanding the concept of annual value.
More Information
Understanding basic tax concepts like assessment year and calculating the annual value of a property is crucial for comprehending income tax principles for BBA students.
Tips
A common mistake is confusing the concepts of 'previous year' and 'assessment year,' which are fundamental and should be clearly understood.
Sources
- Important Questions - INCOME TAX Unit 1 Q - Studocu - studocu.com
- Income Tax - Unit – 1 Very Short Questions: Que. 1 - Studocu - studocu.com
- Income Tax Law and Practice Important Questions B.Com CBCS ... - dynamictutorialsandservices.org
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