LL.B. (Three Years) Sem 4 Taxation Laws 2021-22 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 20 MCQs - 1.5 Marks each = 30 Marks. Descriptive Questions: attempt all questions, 3 marks each = 30 Marks.

MCQ Multiple choice questions (30 Marks - 1.5 marks each)

1. 1 What are the Five heads of Income under Income tax Act, 1961? (a) Salary, House Property, Business & Profession, Capital Gains and other sources (b) Salary, Rent, Business & Profession, Capital Gains and other sources (c) Salary, Rent, Business & Profession, Capital Gains and Royalty (d) Salary, House Property, Business & Profession, Capital Gains, and Dividend & Interest income
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2. 2 A person exclusively engaged in supply goods that are not liable to tax is not liable for which of the following under the provisions of the GST Act. (a) Registration (b) supplying tax free goods (c) supplying tax free services (d) buying taxable goods
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3. 3 Samarth HUF gifted a car to the son of the Karta for passing the 12th Boards Exam. Fair Market Value of the car is Rs. 3,00,000. Determie the tax implication in the hands of the recipient? (a) Not taxable (b) FMV is exceeding Rs. 50,000, hence, it is taxable as income from other sources (c) Capital Gains (d) Whole amount is taxable as Income from other sources
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4. 4 Input Tax credit refers to credit of tax paid on what kind of supplies? (a) Inward (b) Outward (c) exempt (d) Ineligible
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5. 5 Rajesh is employed as the Sales head of a Soft drink Company, he receives a car from a distributor. The value of the car is estimated at Rs. 3,00,000. What is the tax implication in the hands of Rajesh? (a) Taxable as income from other sources (b) Taxable as Capital Gains (c) Not taxable (d) Taxable as Income from Salary
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6. 6 The President shall, within sixty days from the date of commencement of the Constitution (101 Amendment) Act, 2016, by order, constitute a Council to be called the Goods and Services Tax Council under which of the following Article: (a) Article 279 A (b) Article 269 A (c) Article 246 A (d) Article 277 A
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7. 7 The Share of the Profits of one of the Partner of the firm is: (a) Fully taxable (b) Is Fully Exempt u/s 10(2A) (c) Fully taxable under "Salary" (d) Is Exempt upto Rs. 2.5 lacs
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8. 8 The Goods and Services Tax is not leviable on which of the following heads in India (a) Four Wheeler Automobile Cars (b) Purchase of Australian Dollars through an official Foreign Exchange Dealer in India (c) Two Wheeler Scooter and Motor Cycles (d) High Speed Diesel
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9. 9 Which of the following would be allowable as a business expense? (a) Income tax paid (b) Income tax payable (c) Employers Contribution paid after the end of the Financial Year but before filing of return of Income. (d) Employers Contribution paid after the end of the Financial Year and filing of return of Income
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10. 10 Section 27A of Maharashtra State Professional, Trade, Callings and Employment Act, 1975 provides exemption from payment of professional Tax to which of following? (a) Members of defence forces (b) The badli workers in the textile industry (c) The persons who have completed the age of 65 years (d) All the above
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11. 11 What is the rate of Standard deduction on Net Annual Value of the House property under section 24(a) of the Income tax Act, 1961? (a) 20% (b) 25% (c) 30% (d) 35%
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12. 12 As per the provisions of the GST, the "Time of supply" refers to which of the following? (a) When goods are really supplied (b) When tax is collected (c) Time of transfer of goods (d) When tax becomes due
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13. 13 Inter-state trade is presently subject to which of the following? (a) SGST + CGST (b) CGST + IGST (c) Integrated GST (d) UTGST + IGST
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14. 14 What is the maximum amount of entertainment allowance permissible as deduction for a Non Governmental employee? (a) Rs. 5000 (b) 1/5th of Basic Salary (c) The Actual amount (d) It is not deductible
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15. 15 Before which forum does an appeal against an order of the Assessing Officer under the Income Tax Act rules lie? (a) Commissioner of Income tax (Appeals) (b) Income tax Appellate Tribunal (c) High Court (d) Supreme Court
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16. 16 Which is the Previous Year to the Assessment Year 2019-20 under Income tax Act, 1961? (a) Previous Year ended March 31, 2020. (b) Calendar Year ended December 31, 2019 (c) Previous Year ended March 31, 2019 (d) Previous Year ended March 31, 2021
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17. 17 What is the Tax implication of the liquidated damages received by a company from a supplier of plant for failure to comply within the stipulated time? (a) Capital Receipt (b) Revenue receipt (c) Deferred revenue receipt (d) Income in the year of failure to comply
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18. 18 Goods and Service Tax is what kind of Tax regime? (a) Single Point Tax (b) Multipoint Tax (c) Regressive Tax (d) Optional Tax
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19. 19 The term "Goods" under the CGST Act 2017 does not include which of the following? (a) Growing Crops (b) Grass (c) Actionable Claim (d) Money
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20. 20 The first Committee to design GST model was headed by which of the following experts? (a) Vijay Kelkar (b) Dr. Manmohan Singh (c) Shashi Tharoor (d) Nirmala Sitharaman
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DTQ Descriptive questions (30 Marks - 3 marks each)

1. 1 Explain 3 deductions under Chapter VI A of the Income-tax Act, 1961.
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2. 2 Write a note on Agricultural Income under the Income-tax Act, 1961.
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3. 3 Explain the role and the functioning of the GST Council.
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4. 4 Write a note on Return of Income the Income-tax Act, 1961.
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5. 5 What is GST? Explain the objectives of introduction and implementation of GST nationwide.
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6. 6 Explain computation of Long-term Capital Gains on immovable property.
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7. 7 Explain the pre-requisites of availing the benefit of the composition scheme under GST.
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8. 8 Mention the deductions under section 24 of the Income-tax Act, 1961.
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9. 9 Explain Tax Liability on Composite and Mixed Supply as per the GST regulations.
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10. 10 Explain the term, 'Supply' under the purview of the CGST Act 2017.
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