LU B.Com Sem 3 Income Tax Law and Accounts Important Questions 2026 | PYQ & Previous Year Paper Pattern
LU B.Com 3rd Semester Income Tax Law and Accounts Important Questions 2026 – Lucknow University (LU) aur affiliated colleges ke B.Com NEP Semester III students ke liye Income Tax Law and Accounts (Major-B, Paper P-5) ke sabse important questions, bilkul previous year question paper (PYQ) pattern me. Saare questions neeche page par hi hain – section-wise, English me, tables ke saath.
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Paper Details – B.Com Sem 3 Income Tax Law and Accounts (LU NEP 2026)
| University | University of Lucknow (LU) + affiliated colleges |
| Course | B.Com. III Semester (NEP) |
| Subject | Income Tax Law and Accounts (आयकर विधि एवं लेखे) |
| Paper | Major-B – Paper P-5 |
| Time / Marks | 2 Hours / 75 Marks |
| Pattern | Section A: 1 question × 15 marks · Section B: 3 questions × 20 marks |
Important topics: Residential Status, Agricultural Income, Salaries, House Property, Business/Profession, Capital Gains, Set-off aur Total Income.
Section A – Important Questions (15 Marks)
Note: Section A se koi ek question attempt karna hai.
Q1. [15 Marks]
(a) Explain the concepts of ‘Agricultural Income’, ‘Casual Income’, ‘Gross Total Income’ and ‘Person’ as defined under the Income Tax Act, 1961 with suitable examples.
(b) Distinguish between ‘Previous Year’ and ‘Assessment Year’. State the cases where income of the previous year is taxed in the same year. [10+5]
Q2. [15 Marks]
Discuss the provisions of the Income Tax Act, 1961 for determining the Residential Status of an Individual and the incidence of tax. Mr. John, a foreign citizen, came to India for the first time on 1st October, 2024 and stayed up to 31st May, 2025. He again came to India on 1st December, 2025 and stayed till 31st March, 2026. Determine his residential status for the Assessment Year 2026-27.
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Q3. [15 Marks]
Distinguish between Tax Evasion, Tax Avoidance and Tax Planning. Which of these is legally permissible?
Q4. [15 Marks]
(a) State any ten incomes which are fully exempt from tax under Section 10 of the Income Tax Act, 1961. (b) Mention any five deductions allowed from Gross Total Income to an individual assessee and state which of them are available under the new tax regime (Section 115BAC). [10+5]
👉 B.Com Sem III Course – ₹149
Section B – Important Questions (20 Marks)
Note: Section B se koi teen questions attempt karne hain.
Q5. [20 Marks]
Mr. Rakesh Verma is working as Assistant Manager in ABC Ltd., Lucknow. He furnishes the following particulars of his salary for the previous year 2025-26: Basic Pay ₹ 40,000 p.m.; Dearness Allowance ₹ 8,000 p.m. (forms part of retirement benefits); House Rent Allowance ₹ 10,000 p.m. (rent paid ₹ 12,000 p.m. in Lucknow); Children Education Allowance ₹ 200 p.m. per child for 3 children; Transport Allowance ₹ 1,600 p.m.; Bonus ₹ 30,000; Employer’s contribution to RPF @ 12% of Basic Pay and D.A.; Interest credited to RPF @ 10% p.a. ₹ 15,000; Professional Tax paid by him ₹ 2,500. Compute his income from ‘Salaries’ for the Assessment Year 2026-27 (old tax regime).
Q6. [20 Marks]
Discuss the provisions of the Income Tax Act, 1961 relating to: (a) Perquisites — taxable for all employees, taxable for specified employees and tax-free perquisites (b) Gratuity and Commuted Pension [10+10=20]
👉 B.Com Sem III Course – ₹149
Q7. [20 Marks]
Mr. Amit owns three houses. Compute his income from ‘House Property’ for the Assessment Year 2026-27 (old tax regime) from the following particulars:
| Particulars | House A (Let out) | House B (Self-occupied) | House C (Let out) |
|---|---|---|---|
| Municipal Value | ₹ 2,40,000 | ₹ 1,80,000 | ₹ 1,50,000 |
| Fair Rent | ₹ 2,60,000 | ₹ 2,00,000 | ₹ 1,70,000 |
| Standard Rent | ₹ 2,80,000 | ₹ 2,10,000 | ₹ 1,60,000 |
| Rent | ₹ 25,000 p.m. | — | ₹ 15,000 p.m. |
| Vacancy period | — | — | 2 months |
| Unrealised rent | — | — | 1 month |
| Municipal tax paid | 10% of M.V. | 10% of M.V. | ₹ 15,000 |
| Interest on loan | ₹ 60,000 | ₹ 1,80,000 (loan taken in 2015 for construction) | — |
Q8. [20 Marks]
Following is the Profit and Loss Account of Mr. Sharma, a trader, for the year ended 31st March, 2026:
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Salary | 60,000 | Gross Profit | 2,96,000 |
| Rent | 24,000 | Dividend from Indian Company | 8,000 |
| General Expenses | 15,000 | Interest on Bank FD | 4,000 |
| Depreciation | 20,000 | ||
| Income Tax | 12,000 | ||
| Donation to PM’s National Relief Fund | 5,000 | ||
| Advertisement | 8,000 | ||
| Provision for Bad Debts | 4,000 | ||
| Net Profit | 1,60,000 | ||
| Total | 3,08,000 | Total | 3,08,000 |
Depreciation allowable as per Income Tax Rules is ₹ 16,000. Compute his income from ‘Profits and Gains of Business or Profession’ for the Assessment Year 2026-27.
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Q9. [20 Marks]
Explain the expenses which are expressly allowed (Sections 30 to 37) and expressly disallowed (Sections 40, 40A(3) and 43B) while computing income from business or profession.
Q10. [20 Marks]
(a) State the provisions of the Income Tax Act, 1961 regarding ‘Capital Asset’ and ‘Transfer’. Distinguish between Short-term and Long-term Capital Assets. (b) Explain the exemptions from capital gains under Sections 54, 54F and 54EC. [10+10=20]
👉 B.Com Sem III Course – ₹149
Q11. [20 Marks]
(a) Name any ten incomes which are included under the head ‘Income from Other Sources’. (b) State the deductions allowed (Section 57) and not allowed (Section 58) while computing income from other sources. [10+10=20]
Q12. [20 Marks]
Explain the provisions of the Income Tax Act regarding: (a) Deemed Incomes / Clubbing of Income (Sections 60 to 64) (b) Set-off and Carry Forward of Losses [10+10=20]
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Q13. [20 Marks]
From the following particulars of Mr. X for the previous year 2025-26, compute his Gross Total Income for the Assessment Year 2026-27 after making necessary set-off and carry forward of losses: Income from Salary (computed) ₹ 4,00,000; Loss from let-out House Property ₹ 2,50,000; Income from Business ₹ 1,20,000; Brought forward Business Loss of A.Y. 2024-25 ₹ 80,000; Short-term Capital Gain ₹ 50,000; Long-term Capital Loss ₹ 30,000.
Q14. [20 Marks]
(a) Differentiate between Self-Assessment and Best Judgement Assessment. Also explain Summary Assessment, Scrutiny Assessment and Re-assessment. (b) Describe the Income Tax Authorities and the powers of an Assessing Officer. [10+10=20]
👉 B.Com Sem III Course – ₹149
Q15. [20 Marks]
Dr. Neha furnishes the following particulars of her income for the previous year 2025-26: Gross Salary ₹ 16,50,000; Rent received from house property ₹ 2,40,000 (Municipal taxes paid ₹ 20,000 and interest on house loan paid ₹ 30,000); Interest on Savings Bank Account ₹ 12,000; Interest on Fixed Deposit ₹ 40,000; Dividend from Indian Company ₹ 15,000. She deposited ₹ 1,50,000 in PPF and paid ₹ 25,000 as Mediclaim premium. Compute her Total Income and Tax Liability for the Assessment Year 2026-27, assuming she has opted for the new tax regime under Section 115BAC.
Q16. [20 Marks]
(a) State the rules relating to determination of Residential Status of a Hindu Undivided Family (HUF). (b) Name any five items which are not treated as income of HUF. Also explain the computation of total income of an HUF. [10+10=20]
👉 B.Com Sem III Course – ₹149
Exam Tips – Income Tax Law and Accounts
- Pehle Section A ke theory questions ke short notes bana lo – 15 marks pakke karo.
- Section B ke numericals/long answers ki practice karo – har answer ka format yaad rakho.
- Upar ke questions ko PYQ ki tarah 2 ghante me solve karke dekho.
- Previous year pattern ke aur model sets: LU B.Com Sem 3 PYQ / Old Papers
👉 B.Com Sem III Course – ₹149
B.Com Sem 3 – Baaki Subjects ke Important Questions
- B.Com Sem 3 Corporate Accounting Important Questions 2026
- B.Com Sem 3 Statistical Methods Important Questions 2026
- B.Com Sem 3 Managing Human Resources Important Questions 2026
- B.Com Sem 3 Information System and E-Business Important Questions 2026
- B.Com 3rd Semester – All Subjects Important Questions 2026
FAQs
LU B.Com 3rd Semester Income Tax Law and Accounts exam me kitne questions attempt karne hote hain?
Income Tax Law and Accounts (Major-B, Paper P-5) 75 marks ka 2 ghante ka paper hai. Section A se 1 question (15 marks) aur Section B se 3 questions (20-20 marks) attempt karne hote hain.
Kya ye LU B.Com Sem 3 Income Tax Law and Accounts ka official previous year question paper (PYQ) hai?
Nahi. Ye LUUPDATE team ka banaya 2026 exam ke liye most important questions ka set hai, jo Lucknow University ke previous year papers ke pattern aur NEP syllabus par based hai.
B.Com Sem 3 Income Tax Law and Accounts ke answers / solutions kahan milenge?
LUUPDATE ke B.Com NEP Sem III course me video classes, short notes aur important questions ke solutions milte hain – sirf ₹149 me, LUUPDATE App par.
B.Com Sem 3 exam 2026 kab se hai?
LUUPDATE ki jaankari ke anusaar B.Com Sem III & V exam 17 Nov 2026 se shuru ho rahe hain. Final date sheet University ki official website par check karein.
Disclaimer: Ye LUUPDATE team dwara taiyar kiye gaye expected important questions hain, Lucknow University ka official question paper nahi. Exam pattern aur syllabus ke liye university ka official notice zaroor dekhein.
