LL.B. (Three Years) Sem 4 Taxation Laws Nov 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) What is "Self Occupied Property" under the Income Tax Act?
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2. (b) Define the term "Person" under the Income Tax Act.
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3. (c) Write any two intangible assets eligible for depreciation.
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4. (d) What is "Defective Return" under the Income Tax Act?
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5. (e) What is "Resale" under the MVAT Act?
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6. (f) Define "Appropriate State" under the CST Act.
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7. (g) What is "Jewellery" under the Income Tax Act?
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8. (h) What is "Charitable Purpose" under the Income Tax Act?
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9. (i) Define "Goods" under the MVAT Act.
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10. (j) Define "Co-operative Society" 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) Agricultural Income.
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2. (b) Presumptive Income for Professionals.
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3. (c) Tax Invoice.
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4. (d) Loss under the Income Tax Act.
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5. (e) Collection of Tax at Source.
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6. (f) Sale Price and Purchase Price under the MVAT Act.
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Q.3 Q.3: Answer with giving reasons, any two (12 Marks - 6 marks each)

1. (a) State the heads of income under which the following incomes are included: (i) Pension received from the former employer. (ii) Salary received from the present employer.
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2. (b) State whether the following purchases are eligible for set off under the MVAT Act: (i) Purchases of inputs for manufacture of taxable goods. (ii) Purchases of taxable goods for resale.
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3. (c) Mr. Mohan has sought your advice on the following matters: (i) He has sold some shares resulting in a loss. He wants to adjust this loss against his salary income. (ii) He has received arrears of salary for the last five years. Is there any way to claim relief from tax liability?
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Q.4 Q.4: Answer the following elaborately, any four (48 Marks - 12 marks each)

1. (a) What is residential status? State how it is determined and discuss its effect on tax liability.
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2. (b) Explain the provisions relating to computation of income under the head "Salaries".
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3. (c) Discuss the provisions relating to audit under the MVAT Act.
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4. (d) Explain "Sale or purchase in the course of interstate trade or commerce" and "Sale outside a state".
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5. (e) Define "Dealer". When a dealer becomes liable to pay tax under the MVAT Act?
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6. (f) Explain any three deductions under Chapter VI-A.
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