LL.B. (Three Years) Sem 4 Taxation Laws May 2017 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 (20 Marks - 2 marks each)

1. Q1 Define "Assessee" under the Income Tax Act.
2. Q2 Define "Block of Assets" under the Income Tax Act.
3. Q3 What is "Speculation Business" under the Income Tax Act?
4. Q4 What is the rate of tax on packing material under the MVAT Act?
5. Q5 What is "Crossing the Customs Frontiers of India" under the CST Act?
6. Q6 What is "Belated Return" under the Income Tax Act?
7. Q7 Define "Resale" under the MVAT Act.
8. Q8 Define "Manufacture" under the MVAT Act.
9. Q9 What is "Minimum Alternate Tax" under the Income Tax Act?
10. Q10 What is "Tax on Distributed Profits" under the Income Tax Act?

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

1. Q11 Check Post
2. Q12 Income from Other Sources
3. Q13 Income Tax Appellate Tribunal
4. Q14 Tax Invoice
5. Q15 Deemed Let Out Property
6. Q16 Deduction of Tax at Source under the MVAT Act

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

1. Q17 State whether the following assets are Capital Assets under the Income Tax Act: (i) Stock in trade (ii) Personal Jewellery (iii) Goodwill
2. Q18 State whether the following are "goods" under the MVAT Act: (i) Newspapers (ii) Shares (iii) Live stock
3. Q19 State whether the following purchases from registered dealers are eligible for set off under the MVAT Act: (i) purchases of taxable goods for resale (ii) purchases of taxable goods as packing material for taxable goods (iii) purchases of taxable goods being motor car as capital asset for business

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

1. Q20 Discuss computation of income under the head "Salaries".
2. Q21 Explain carry forward and set off of losses.
3. Q22 Define the term "Dealer". State when a dealer becomes liable to pay tax.
4. Q23 State the provisions about audit under the MVAT Act.
5. Q24 Discuss the rules regarding residential status. Also state the importance of residential status in determining tax liability.
6. Q25 Discuss "sale or purchase in the course of interstate trade or commerce" and "sale outside a state".

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