Define Agricultural Income under the Income Tax Act. How is it different from non- agricultural income?
[5 marks]Explain the exemption under Section 10(1) of the Income Tax Act with suitable examples.
[5 marks]What are the types of income that are classified under agricultural income? Support your answer with examples.
[5 marks]Explain how agricultural income is treated for an individual and a Hindu Undivided Family (HUF).
[5 marks]Explain the importance and impact of agricultural income exemption in rural economic development.
[5 marks]Describe the process of computing tax liability when a person has both agricultural and non-agricultural income.
[5 marks]Define the terms Business, Profession, and Profit as per the Income Tax Act.
[5 marks]What are the general deductions under Section 37? Give suitable examples.
[5 marks]Discuss the impact of choosing cash vs mercantile system of accounting on the computation of income.
[5 marks]Discuss the deductions available under Sections 29, 31, 33, 36 with appropriate illustrations.
[5 marks]Describe the methods of accounting permissible under the Income Tax Act and their implications on tax liability.
[5 marks]Explain the Charging Section 28 of the Income Tax Act in relation to business income.
[5 marks]Discuss the significance and application of Section 34 in relation to depreciation. Page 1 of
[2 marks]Define and explain the presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE.
[5 marks]What is the significance of Section 44AB for tax audit? When is a tax audit mandatory?
[5 marks]Explain the treatment of income in case of composite business activities under the Income Tax Act.
[5 marks]Explain the effect of exchange rate fluctuations on asset cost as per Section 43A. Page 2 of
[2 marks]