Mumbai University Solved Question Papers
Law of Taxation
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 10
Oct 2025 - 75/25 Examination
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BLS LLB 5 Years Sem 10 Law of Taxation Oct 2025 - 75/25 Question Paper with Solutions
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First published on munotes.in on 28 October 2026.
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Model answers written and edited by the munotes.in editorial desk.
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The University does not publish an official answer key for this paper. The answers in this volume are model answers, written to show how a full-mark answer is built. They are a study aid, not an authority on what an examiner marked.
The question paper reproduced here is the paper as set by the University of Mumbai at the Oct 2025 - 75/25 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the Oct 2025 - 75/25 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the Oct 2025 - 75/25 examination, reproduced as the University of Mumbai set them, in the order it set them. Nothing has been reworded, added or left out. Only the answers are ours. See the original question paper.
Duration 2½ hours · Total marks 75 · 23 questions answered
How to use this volume
Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.
Q.1
Answer any six of the following, any 6 of 10 12 Marks
(1)Define assessment year, previous year and financial year.[2]
Answer
The financial year runs from 1 April to 31 March. The previous year is the financial year in which income is earned. The assessment year is the next financial year, in which that income is assessed and taxed.
1. Financial year. A financial year is the year beginning on 1 April (General Clauses Act, 1897, section 3(21)). It ends on the following 31 March.
2. Previous year, section 3. The previous year is the financial year immediately before the assessment year. Income is earned in this year. For a new business or source, it begins on the date the business is set up or the source comes into existence. It ends on the next 31 March.
3. Assessment year, section 2(9). The assessment year is the period of twelve months starting on 1 April every year. The income of the previous year is assessed in it. For example, income of the previous year 2024-25 is assessed in the assessment year 2025-26.
4. Exceptions. In some cases, income is taxed in the same year it is earned. Examples are non-resident shipping companies (section 172), persons leaving India (section 174) and discontinued businesses (section 176).
5. The 2025 Act. The Income-tax Act, 2025 drops both terms. It uses one "tax year", which is the financial year (section 3).
Conclusion. Income earned in a previous year is assessed in the following assessment year; both are financial years running from 1 April to 31 March.
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