LL.B. (Five Years) Sem 8 Taxation Laws Apr 2015 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) Answer the questions as per instruction. (2) Figures to the right indicate full marks allotted.

SECTION I - Q.1: Write Short Answers, not more than two sentences (25 Marks - 2.5 marks each)

1. Q1 What is "Appropriate State" under the CST Act?
2. Q2 What is "Minimum Alternate Tax" under the Income Tax Act?
3. Q3 What is "Permanent Account Number" under the Income Tax Act?
4. Q4 What is "Cost of Improvement" under the Income Tax Act?
5. Q5 What is "Place of Business" under the MVAT Act?
6. Q6 State the meaning of "Tax free Goods" and "Taxable Goods" under the MVAT Act.
7. Q7 Who is liable to pay wealth tax and at what rate?
8. Q8 What is "Collection of Tax at Source" under the Income Tax Act?
9. Q9 What is "Manufacture" under the MVAT Act?
10. Q10 What is "Set off of loss" under the Income Tax Act?

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

1. Q11 Clubbing of Income.
2. Q12 Set off under the MVAT Act.
3. Q13 Depreciation.
4. Q14 Tax Invoice under the MVAT Act.
5. Q15 Income from Other Sources.
6. Q16 Dealer under the MVAT Act.

SECTION III - Q.3: Answer with giving reasons, any two (12 Marks - 6 marks each)

1. Q17 (i) Mr. Thomas is the owner of four trucks which are used for a goods transport business. Mr. Thomas has not maintained books of accounts for his business. Can he declare his income on a presumptive basis? If yes, what is the amount of income to be offered? (ii) Mr. Manohar has sold some old personal jewellery. Whether the profit on sale will be taxable? If yes, under which head of income?
2. Q18 State whether the following persons are dealers under the MVAT Act.
3. Q19 Mr. Smith of Australia has ordered certain goods from Mr. Rahul of Mumbai. Mr. Rahul has purchased the goods from Mr. Sunil of Mumbai for the purpose of supplying them to Mr. Smith. (i) State whether the sale of goods by Mr. Sunil to Mr. Rahul will be treated as sale in the course of export under the CST Act. (ii) When is a sale said to be a sale in the course of export?

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

1. Q20 Discuss the provisions relating to computation of income under the head "Income from Salaries".
2. Q21 Explain various Assets under the Wealth Tax Act.
3. Q22 State the provisions relating to registration under the MVAT Act.
4. Q23 State when a sale or purchase is considered to be "Sale or purchase outside the state" and "Sale or purchase in the course of interstate trade or commerce".
5. Q24 Explain various authorities under the MVAT Act.
6. Q25 Discuss any three deductions under Chapter VI-A of the Income Tax Act.

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