LL.B. (Three Years) Sem 4 Taxation Laws Jun 2019 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: Answer the questions as per instruction. 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) Define the term "Previous Year" under the Income Tax Act.
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2. (b) State how the residential status of a firm is determined under the Income Tax Act.
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3. (c) What is "Short Term Capital Asset" under the Income Tax Act?
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4. (d) What is the meaning of "Resale" under the MVAT Act?
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5. (e) What is the meaning of "Declared Goods" under the CST Act?
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6. (f) State any two incomes included under the head "Salaries".
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7. (g) What is "Self Assessment Tax" under the Income Tax Act?
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8. (h) What is "Cost of Improvement" under the Income Tax Act?
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9. (i) What is the meaning of "Place of Business" under the MVAT Act?
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10. (j) What is "Collection of tax at source" under the Income Tax Act?
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Q.2 Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. (a) Deemed Let Out Property.
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2. (b) Income.
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3. (c) Sale Price and Purchase Price under the MVAT Act.
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4. (d) Business Audit under the MVAT Act.
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5. (e) Return of Income.
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6. (f) Perquisites.
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Q.3 Q.3: Answer with giving reasons, any two (12 Marks - 6 marks each)

1. (a) (i) Mr. John is treated as resident in India. Whether he will have to pay tax on his income earned abroad? (ii) Mr. Sohan has received an amount of Rs. 20,000 from his relatives as a gift. Discuss the taxability of this amount.
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2. (b) State whether the following persons are "Dealer" under the MVAT Act: (i) Retailer. (ii) Wholesaler. (iii) Manufacturer.
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3. (c) State whether the following payments are eligible for deduction u/s 80C: (i) Life Insurance Premium. (ii) Health Insurance Premium. (iii) Fire Insurance Premium.
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Q.4 Q.4: Answer the following elaborately, any four (48 Marks - 12 marks each)

1. (a) Discuss any six incomes that are excluded from total income.
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2. (b) Explain "Sale or purchase in the course of interstate trade or commerce" and "Sale or purchase in the course of export".
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3. (c) Explain various authorities under the MVAT Act.
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4. (d) Explain the provisions relating to set off under the MVAT Act.
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5. (e) Explain computation of Long Term Capital Gain.
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6. (f) Discuss the provisions relating to computation of income under the head "Income from Other Sources".
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