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  • PREPARED - BM 262income Tax Practice Assignment 1

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    Browny Ponvelil
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    This document outlines an internal assignment for a B.Com semester 3 Income Tax Practice course. It includes 2 questions worth 5 marks each with word limits of 500 words, and 5 short notes questions worth 1 mark each with a 100 word limit. Question 1 asks students to discuss the purpose and importance of income tax for governments and its role in funding services and economic development. It also asks about the concept of taxable income for individuals and businesses, and key deductions. Question 2 asks students to write short notes on topics like the Finance Act of 2020, residential status, loss carry forwards, tax evasion vs avoidance, and taxable allowances.

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    PREPARED--BM 262Income Tax Practice Assignment 1

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    This document outlines an internal assignment for a B.Com semester 3 Income Tax Practice course. It includes 2 questions worth 5 marks each with word limits of 500 words, and 5 short notes questions worth 1 mark each with a 100 word limit. Question 1 asks students to discuss the purpose and importance of income tax for governments and its role in funding services and economic development. It also asks about the concept of taxable income for individuals and businesses, and key deductions. Question 2 asks students to write short notes on topics like the Finance Act of 2020, residential status, loss carry forwards, tax evasion vs avoidance, and taxable allowances.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    1 views1 page

    PREPARED - BM 262income Tax Practice Assignment 1

    Uploaded by

    Browny Ponvelil
    This document outlines an internal assignment for a B.Com semester 3 Income Tax Practice course. It includes 2 questions worth 5 marks each with word limits of 500 words, and 5 short notes questions worth 1 mark each with a 100 word limit. Question 1 asks students to discuss the purpose and importance of income tax for governments and its role in funding services and economic development. It also asks about the concept of taxable income for individuals and businesses, and key deductions. Question 2 asks students to write short notes on topics like the Finance Act of 2020, residential status, loss carry forwards, tax evasion vs avoidance, and taxable allowances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    Internal Assignment-1

    Course B.Com
    Semester 3 Income tax Practice
    Total Marks 15

    Q.1 Attempt any two questions ( 5 Marks each- Word Limit-500)

    A. What is the purpose of income tax, and why is it an important source of


    revenue for governments? Discuss the role of income tax in funding
    public services and promoting economic development.

    B. Explain the concept of taxable income and how it is determined for


    individuals and businesses. Discuss the key components and deductions
    that can affect taxable income.

    C. What are the deductions chargeable to tax under the head income from
    other sources?

    Q.2. Write short notes on the following topics (1 Mark each- Word Limit-
    100)

    A. Finance Act 2020


    B. Residential status
    C. Set off and carry forward of losses
    D. Tax evasion vs avoidance
    E. Taxable allowances

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