LLB 3 Years Optional Papers Sem 1 Taxation Laws 2018-19 Question Paper - Mumbai University | munotes

Questions asked in this paper

• Figures to the right indicate full marks allotted

1. Q1 Write Short Answers (Not more than two sentences) 20 marks
   • a) What is "Short Term Capital Asset" under the Income Tax Act ?
   • b) What is "Annual Value" under the Income Tax Act ?
   • c) Define the term "Goods" under the MVAT Act
   • d) State when an individual is treated as resident in India
   • e) What is the meaning of "Assessment" under the Income Tax Act ?
   • f) Define "Importer" under the MVAT Act
   • g) What is "Crossing the Customs Frontiers of India" under the CST Act ?
   • h) What is "Deemed Let Out Property" under the Income Tax Act ?
   • i) What is the meaning of "Firm" under the Income Tax Act ?
   • j) "Resale" under the MVAT Act ?
2. Q2 Write short notes on (any four) 20 marks
   • a) Transfer
   • c) Sale and Sale Price under the MVAT Act
   • d) Income
   • e) Depreciation
   • f) Tax Invoice
3. Q3 with giving reasons (any two) :— 12 marks
   • a) i) Mr. Rohan filed his return of income. Later he discovered a wrong statement in it Advise him about how to correct it
   • ii) Mr. Sukumar has incurred loss transactions. Can he adjust this loss against the profit from his normal business ?
   • b) State whether the following purchases are eligible for set off under the MVAT Act
   • i) . Interstate purchases of taxable goods for resale
   • ii) Intrastate purchases of taxable goods for resale
   • iii) Intrastate. purchases of taxable goods for manufacture of taxfree goods
   • c) whether the following transactions amount to "Sale" under the MVAT Act
   • i) Sale of old capital goods as scrap
   • ii) Sale of damaged raw material as scrap
   • iii) Sale of finished goods through mercantile agent
   • Q. the following elaboratory (any four) :— 48
   • a) Discuss various sales tax authorities
   • b) Explain or purchase in the course of interstate trade or commerce" and "Sale
   • c) Discuss income under the head "Income from Other Sources"
   • d) Discuss any three deductions under Chapter VI-A
   • e). State the provisions relating to registration under the MVAT Act computation of income under the head "Salaries"
4. Q2 Gat
   • S) - Her

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