Business Tax Procedures and Management — DU B.Com (P) Previous Year Question Papers

(b) Is the transfer of VDAs considered a taxable event? Explain When and How tax is deductible from payment on Transfer of Virtual Digital Asset as per the provision of Section 194S? . (9) (a) (i) Describe the requirements of filing an updated return under the Income Tax Act, 1961. (i) Discuss the procedure for obtaining a Tax Clearance Certificate (TCC) under the Income Tax Act, 1961. (5) (b) State the provisions relating to deduction of tax at source. Explain in detail the consequences for failure to deduct tax at source? (9) 2, (a) State the hierarchy of Income Tax authorities in India as per the Income Tax' Act, 1961. Explain the powers of Central Board of Direct Taxes (CBDT). (b) Outline the provisions for granting immunity from prosecution under Section 278AB of the Income Tax Act. (9) (a) State the types of returns that can be filed under the Income Tax Act. Briefly explain the provisions relating to ITR 2. (4+5) (b) A penalty can be imposed under section 270A of the Income Tax Act for underreporting or Misreporting of Income. What do you mean by under-reporting and mis-reporting of income? State any five cases of each one of them. (9) 3. (a) What is a settlement commission? Explain the procedure of making an application for the settlement of the case. (9) (b) Mrs. Ankita aged 45 years is a resident of India has assessed his estimated tax liability for the A.Y. 2025-2026 as 10,50,000 from the different heads of Income under the Income Tax. Compute the amount of Advance tax payable by her on each instalment. State the Due dates on which she is required to pay installments of advance tax? (a) Who can authorise a search u/s 132? Under what circumstances the order for search can be passed? (9) (b) Mr. Joseph, a resident individual in India, has a tax liability of Rs. 10,50,000 for the Assessment Year 2025-26. What is the amount and the due date for . the payment of advance tax. He failed to pay advance tax Installment. Briefly discuss the provisions regarding payment of interest for default in payment of advance tax under section 234B Income tax Act, 1961. (3+3+3.) show. She played well and won a cash prize of 4,50,000. At what rate TDS will be Deducted and also calculate the amount of prize she will actually receive from the organizers? (3+3) (b) What are the modes of Furnishing Quarterly returns of TDS and TCS. Discuss (c) Describe the various strategies available to a Tax Recovery Officer för recovering unpaid taxes from defaulting assessee. (6) (a) State the due dates of filing the TDS and TCS returns under section of the Income tax Act, 1961? (6) (b)- Explain the purpose and eligibility criteria for submitting Form 15G and Form 15H under the Income-tax Act, 1961. (6) (c) Briefly discuss the provisions regarding payment of interest under section 234A at the time of assessment of income? (6) 5. (a) Discuss the limitations placed on the power of assessing officer with regard to search and seizure to prevent abuse. (9)