LLB 3 Years Sem 4 Taxation Laws May 2016 Question Paper - Mumbai University | munotes

Questions asked in this paper

• Figures to the right indicate full marks allotted

1. Q1 Short Answers (Not more than two sentences) 20 marks
   • a) What is "Resale" under the MVAT Act ?
   • b) What is "Tax on Distributed Profits" under the Income Tax Act ?
   • c) What is "Jewellery" under the Income Tax Act ?
   • d) What is "Previous Year" and "Assessment Year" under the Income Tax Act ?
   • e) What is "Firm" under the Income Tax Act ?
   • f) What is "Minimum Alternate Tax" under the Income Tax Act ?
   • g) What is the rate of tax applicable on goods specified in Schedule A and E of the MVAT Act ?
   • h) What is "Agriculture" under the MVAT Act ?
   • i) What is "Crossing the Customs Frontiers of India" under the CST
   • j) What is "Taxfree Goods" under the MVAT Act ?
2. Q2 Write short notes on (any four) :— 20 marks
   • a) Return of Income
   • b) Income
   • c) Check Post
   • d) Purchase Tax @
   • e) Depreciation @
   • f) Business under the MVAT Act
3. Q3 Answer with giving reasons (any two) :— 12 marks
   • a) State whether the following transactions amount to transfer under the Income Tax Act —
   • i) Redemption of Zero Coupon
   • ii) Compulsory Acquisition of Capital Asset under any law Distribution of Capital dissolution of firm
   • b) State whether the following amount to Interstate sale under the CST Acct
   • i) Sale of Goods from one to another
   • ii) Sale of goods within the state, but the goods pass through the territory of another
   • c) State whether the purchases are eligible for set off under the MVAT Act
   • i) Purchase of Goods as Packing Material
   • ii) Purchase of Taxfree Goods as inputs for manufacturing taxable goods
   • iii) Taxable goods for resale
4. Q4 Answer the elaboratory (any four) :— 48 marks
   • a) State residential status of an assessee is determined and discuss how it affects the scope of total income various authorities under the MVAT Act any three deductions under Chapter VI-A of the Income Tax Act Discuss "Sale or purchase in the course of export" and "Sale or purchase outside the state" under the CST Act
   • e) Discuss the provisions relating to registration under the MVAT Act
   • f) Explain how income under the head "Salaries" is computed

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