LL.B. (Three Years) Sem 4 Taxation Laws Nov 2011 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: Answer the questions as per instructions given below.

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

1. Q1 What is cost of acquisition under the Income Tax Act?
2. Q2 Define Dealer under the VAT Act.
3. Q3 How is the residential status of an Individual determined under the Income Tax Act?
4. Q4 What is gross total income under the Income Tax Act?
5. Q5 Define place of Business under the VAT Act.
6. Q6 Define Goods under the VAT Act.
7. Q7 Define Business under the Central Sales Tax Act.
8. Q8 Define Appropriate State under the Central Sales Tax Act.
9. Q9 What is Capital Receipt under the Income Tax Act?
10. Q10 When is Wealth Tax payable by an Assessee under the Wealth Tax Act?

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

1. Q11 Return of Income under the Income Tax Act.
2. Q12 Wealth Tax Assessment under the Wealth Tax Act.
3. Q13 Clubbing of Income under the Income Tax Act.
4. Q14 Sales Price under the VAT Act.
5. Q15 Dealer under the Central Sales Tax Act.
6. Q16 Appeal under the Income Tax Act.

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

1. Q17 As on 31-03-2010 Mr. 'A' owned gold and jewellery worth more than Rs. 30 lakhs. Notice is issued to Mr. 'A' for payment of Wealth Tax. Mr. 'A' denies Wealth Tax liability. Decide.
2. Q18 Whether the following transactions are regarded as sales under the Central Sales Tax Act: (i) Transfer of property in goods involved in execution of a Works Contract. (ii) Delivery of goods on hire purchase.
3. Q19 Whether the following persons are liable to be registered as Dealer under the VAT Act: (i) Government Department selling old stores. (ii) Agriculturist cultivating land personally.

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

1. Q20 Explain the different kinds of Assessment under the Income Tax Act.
2. Q21 Discuss the provisions of the Income Tax Act in regard to payment of Advance Tax.
3. Q22 Discuss Return of Wealth and explain wealth escaping assessment under the Wealth Tax Act.
4. Q23 Discuss the scheme of taxation under the Central Sales Tax Act.
5. Q24 Discuss the powers and functions of the Sales Tax Authority under the VAT Act.
6. Q25 Discuss the provisions relating to settlement commission under the Income Tax Act.

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