Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (a) Write ‘True’ or ‘False’: 1x4=4
a) Income Tax is calculated on the basis of residential status of assessee.
b) Salary is taxable on due basis or on receipt basis, whichever is earlier.
c) House or property used by the political party is exempted from House Property Tax.
d) An Income Tax Inspector is appointed by the Central Government.
(b) Fill in the blanks: 1x4=4
a) According to Income-Tax Act, 1961, the ____ is that year in which year income is earned to be taxable in the next year.
b) Gross total income of an assessee consists of income from salaries, income from house property, profits and gains of business or professions, capital gains and from ____.
c) As per the Income Tax Act, 1961, agriculture income in India is ____ to tax.
d) ____ arises from the transfer of any capital asset.
2. Write short notes on any four of the following: 4x4=16