11th Commerce - Book Back Answers - Chapter 32 - English Medium Gudies

 

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Tamil Nadu Board 11th Standard Commerce - Chapter 32: Book Back Answers and Solutions

    This post covers the book back answers and solutions for Chapter 32 – Commerce from the Tamil Nadu State Board 11th Standard Commerce textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

    We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

    By going through this material, you’ll gain a strong understanding of Commerce  Chapter 32 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

• 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following 
• 2 Mark Questions: Answer briefly 
• 3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 11 students! Prepare well and aim for top scores. Thank you!

Chapter 32: DIRECT TAXES

I. Choose the correct answer

1. Income Tax is
a) a business tax
b) a direct tax
c) an indirect tax
d) none of these
Answer Key:
b) a direct tax

2. Period of assessment year is
a) 1st April to 31st March
b) 1st March to 28th Feb
c) 1st July to 30th June
d) 1st Jan. to 31st Dec
Answer Key:
a) 1st April to 31st March

3. The year in which income is earned is known as
a) Assessment Year
b) Previous Year
c) Light Year
d) Calendar Year
Answer Key:
b) Previous Year

4. The aggregate income under five heads is termed as    
a) Gross Total Income
b) Total Income
c) Salary Income
d) Business Income
Answer Key:
b) Total Income

5. Agricultural income earned in India is
a) Fully Taxable
b) Fully Exempted
c) Not Considered for Income
d) None of the above
Answer Key:
b) Fully Exempted

 

II. Very Short answer questions

1. What is Income Tax?

• Income tax is a direct tax under which tax is calculated on the income,
• Gains or profits earned by a person such as individuals and other artificial entities.

2. What is meant by Previous year?

• The year in which income is earned is called previous year.
• It is also normally consisting of a period of 12 months commencing on 1st April every year and ending on 31st March of the following year.

3. What is an assessment year?

• The term has been defined under section 2(9).
• The year in which tax is paid is called the assessment year

 

III. Short answer questions

1. List out the five heads of income.

• Income from ‘Salaries’ [Sections 15-17];
• Income from ‘House Property’ [Sections 22-27];
• Income from ‘Profits and Gains of Business or Profession’ [Sections 28-44];
• Income from ‘Capital Gains’ [Sections 45-55];
• Income from ‘Other Sources’ [Sections 56-59].

2. Write short notes on: a) Direct tax b) Indirect tax
Direct tax:

• If a tax levied on the income or wealth of a person and is paid by that person directly to the Government, it is called direct tax

       e.g. Income-Tax, Wealth Tax,
Indirect tax:

• If tax is levied on the goods or services of a person (seller). It is collected from the buyers and is paid by seller to the Government.   It is called indirect tax.    e.g. GST.

3. Who are all included in the term person?

• an individual,
• a Hindu Undivided Family (HUF),
• a company,
• a firm,
• a local authority.

IV. Long answer questions

1. Elucidate any five features of Income Tax.
Levied as per the constitution:

• Income tax is levied in india by virtue of entry No.82 of list I of seventh schedule to the Article 246 of the constitution of india.

Levied by central government:

• It is charged by the central government on all incomes other than agricultural income.

Direct Tax:

• income tax is direct tax. It is because the liability to deposit and ultimate burden are on same person.

Annual Tax:

• Income tax is an annual tax because it is the income of a particular year which is chargeable to tax.

Tax on person:

• It includes individual, Hindu Undivided Family, Firm, Company, Local authority, Association of person or body of individual or any other artificial juridical persons