LL.B. (Three Years) Sem 4 Taxation Laws Jun 2018 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.

Q.1 Q.1: Write Short Answers, not more than two sentences (20 Marks - 2 marks each)

1. (a) What is "Short Term Capital Asset" under the Income Tax Act?
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2. (b) What is "Annual Value" under the Income Tax Act?
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3. (c) Define the term "Goods" under the MVAT Act.
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4. (d) State when an individual is treated as resident in India.
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5. (e) What is the meaning of "Assessment" under the Income Tax Act?
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6. (f) Define "Importer" under the MVAT Act.
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7. (g) What is "Crossing the Customs Frontiers of India" under the CST Act?
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8. (h) What is "Deemed Let Out Property" under the Income Tax Act?
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9. (i) What is the meaning of "Firm" under the Income Tax Act?
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10. (j) What is "Resale" under the MVAT Act?
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Q.2 Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. (a) Transfer.
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2. (b) Let Out Property.
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3. (c) Sale and Sale Price under the MVAT Act.
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4. (d) Income.
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5. (e) Depreciation.
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6. (f) Tax Invoice.
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Q.3 Q.3: Answer with giving reasons, any two (12 Marks - 6 marks each)

1. (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 in speculative transactions. Can he adjust this loss against the profit from his normal business?
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2. (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.
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3. (c) State 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.
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Q.4 Q.4: Answer the following elaborately, any four (48 Marks - 12 marks each)

1. (a) Discuss various sales tax authorities.
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2. (b) Explain "Sale or purchase in the course of interstate trade or commerce" and "Sale outside a state".
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3. (c) Discuss computation of income under the head "Income from Other Sources".
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4. (d) Discuss any three deductions under Chapter VI-A.
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5. (e) State the provisions relating to registration under the MVAT Act.
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6. (f) Discuss computation of income under the head "Salaries".
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