LL.B. (Five Years) Sem 8 Taxation Laws Nov 2010 Question Paper - Mumbai University | munotes

Questions asked in this paper

SECTION I - Q.1: Write short answers, not more than two sentences (20 Marks - 2 marks each)

1. Q1 Define "Person" under the IT Act.
2. Q2 Define "Importer" under the MVAT Act.
3. Q3 When is a house property considered a "deemed let-out property"?
4. Q4 What is the valuation date under the WT Act?
5. Q5 What is the crossing of customs frontier of India under the CST Act?
6. Q6 What is the transfer of document of title under the CST Act?
7. Q7 State how the residential status of a firm is determined under the IT Act.
8. Q8 What is set off under the VAT Act?
9. Q9 What do you mean by "tax free goods" under the VAT Act?
10. Q10 Define "assessee" under the WT Act.

SECTION II - Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. Q11 Composition Scheme under the VAT Act.
2. Q12 Dealer under the VAT Act.
3. Q13 Scrutiny Assessment under the IT Act.
4. Q14 Appropriate State under the CST Act.
5. Q15 Income under the IT Act.
6. Q16 Capital Asset under the IT Act.

SECTION III - Q.3: Solve the following with reasons, any two (12 Marks - 6 marks each)

1. Q17 Mr. A received a gift of money of Rs. 1,00,000 from his friend Mr. B. State whether the above amount is taxable as income. What would be the position if Mr. B had been a relative of Mr. A?
2. Q18 State whether the following persons are treated as "dealer" under the MVAT Act: (i) Agriculturist cultivating land personally and selling agricultural produce. (ii) Bank selling gold coins.
3. Q19 State whether the following transactions are regarded as sale under the MVAT Act: (i) Sale of shares through stock exchange. (ii) Delivery of goods under hire purchase system.

SECTION IV - Q.4: Answer the following elaborately, any four (48 Marks - 12 marks each)

1. Q20 Discuss the income taxable under the head "salaries". What are the deductions available while computing income under this head?
2. Q21 Discuss the penalties and offences under the MVAT Act.
3. Q22 Explain "Net Taxable Wealth" under the WT Act.
4. Q23 Discuss the provisions relating to registration under the MVAT Act.
5. Q24 Explain sale or purchase outside the state and sale or purchase in the course of import or export under the CST Act.
6. Q25 State and explain any three deductions from Gross Total Income under the IT Act.

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