LL.B. (Five Years) Sem 8 Taxation Laws May 2024 60/40 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Ensure that you have received the Correct Question Paper. 2. Do not reveal your identity anywhere on the Answer Sheet. 3. Provide Examples/Illustrations/Citations wherever required/needed.

SECTION I - Q.1: Answer any six of the following (12 Marks - 2 marks each)

1. Q1 Define Long Term Capital Asset as per the provisions of the Income Tax Act.
2. Q2 What is Self Assessment as per the provisions of the Income Tax Act?
3. Q3 Define the term Previous Year as per the provisions of the Income Tax Act.
4. Q4 What is T.D.S and T.C.S?
5. Q5 State the various types of 'Winnings' as mentioned under Section 2(24)(ix) of the Income Tax Act.
6. Q6 Explain the concept of Savings based Deductions.
7. Q7 What does the term 'employee' mean as defined under the Maharashtra State Professional, Trade, Callings and Employment Act, 1975?
8. Q8 Define Perquisite.
9. Q9 Mention the difference between an 'Assessee' and a 'Person' as per the provisions of the Income Tax Act.
10. Q10 State how the residential status of an H.U.F. is determined under the provisions of the Income Tax Act.

SECTION II - Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. Q11 Define and distinguish between Tax Evasion and Tax Avoidance.
2. Q12 Explain UTGST.
3. Q13 Explain Set Off and Carry Forward of Losses.
4. Q14 Explain Gross Total Income as per the provisions of the Income Tax Act.

SECTION III - Q.3: Answer any two of the following (12 Marks - 6 marks each)

1. Q15 What shall be the rate of GST applicable on each of the following as per the provisions of the GST Act: (i) Air Conditioners. (ii) Jaggery. (iii) Kerosene. (iv) Doctor's Fees. (v) High Speed Diesel. (vi) Incense Sticks.
2. Q16 Tohan Gappa, a businessman, owns a vacant plot of land in Marathi Bagh, Dombivli. He also owns a house in Ritampura, Kalyan where he lives with his wife and children. He owns another house in Akbar Vihar, Andheri which is lying vacant throughout the previous year as he could not find a tenant willing to pay the rent he has been demanding. Another house in Holi Colony, Deonar has been bequeathed to Tohan by his father, and under the terms of the will a statue of Tohan's mother-in-law is to be installed in that property and the same cannot be let out to anybody. Discuss the Tax Liability of Shri Tohan Gappa under the head 'Income from House Property' under the Income Tax Act. Give elaborate reasons for your answer.
3. Q17 (i) Mr. Galoo, a manager of M/s. Jamboo Company, has undertaken foreign tours on various occasions for the company's work and was out of India for a total of 225 days during the previous year. He claims his status as a "Non-resident" for the relevant Assessment year. Decide, giving appropriate reasons, whether his contention is correct or not. (ii) Mrs. Shaloo, a resident of India, receives Rs. 6 lakhs from an Agricultural land situated in Australia. How will this income be treated under the Income Tax Act? Decide, giving appropriate reasons.
4. Q18 Discuss and critically analyse the N. Bagavathy Ammal V/s. C.I.T., Madurai case decision.

SECTION IV - Q.4: Answer any two of the following (24 Marks - 12 marks each)

1. Q19 Write a detailed analysis of the various deductions and exemptions available under the various provisions of the Income Tax Act.
2. Q20 Explain Income under the head "Income from House Property", "Annual Value" and the deductions available in respect of Income from House Property.
3. Q21 Discuss and analyse the various provisions of the Maharashtra State Professional, Trade, Callings and Employment Act, 1975.
4. Q22 Explain and analyse the Salient features of the Indian G.S.T. Act.

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