LL.B. (Three Years) Sem 4 Taxation Laws May 2017 ATKT 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.

SECTION I - Q.1: Write short answers, not more than two sentences (20 Marks - 2 marks each)

1. Q1 What is "Long Term Capital Asset" under the Income Tax Act?
2. Q2 Define "Assessment Year" and "Previous Year" under the Income Tax Act.
3. Q3 Define "Goods" under the MVAT Act.
4. Q4 What is "Alternate Minimum Tax" under the Income Tax Act?
5. Q5 State the meaning of "Cost Inflation Index" under the Income Tax Act.
6. Q6 Define "Agriculturist" under the MVAT Act.
7. Q7 What is "Appropriate Government" under the CST Act?
8. Q8 What is "Manufacture" under the MVAT Act?
9. Q9 What is "Collection of Tax at Source" under the Income Tax Act?
10. Q10 What is "Jewellery" under the Income Tax Act?

SECTION II - Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. Q11 Return of Income
2. Q12 Tax Return Preparer
3. Q13 Schedules to the MVAT Act
4. Q14 Capital Asset and Transfer
5. Q15 Works Contract under the MVAT Act
6. Q16 Perquisites

SECTION III - Q.3: Answer with giving reasons, any two (12 Marks - 6 marks each)

1. Q17 State whether the following are "Goods" under the MVAT Act: (i) Lottery Tickets (ii) Electricity (iii) Equity Shares
2. Q18 State whether the following transactions amount to "sale" under the MVAT Act: (i) Pledge of Goods (ii) Transfer of goods from Head Office to Branch (iii) Supply of foodstuffs in canteen
3. Q19 (i) Mr. Sohan is carrying on a business of retail trade having annual turnover of Rs. 20 lakh. Can he offer income from the business on presumptive basis? If yes, what is the amount of income to be offered? (ii) Mr. Rohan received shares worth Rs. 1 lakh from his father without consideration. Whether this gift is taxable?

SECTION IV - Q.4: Answer the following elaboratory, any four (48 Marks - 12 marks each)

1. Q20 Explain the provisions about registration under the MVAT Act.
2. Q21 Discuss computation of income under the head "Income from House Property".
3. Q22 Explain "sale or purchase in the course of export" and "sale or purchase in the course of interstate trade or commerce".
4. Q23 Explain the procedure of Income Tax Appellate Tribunal.
5. Q24 Discuss various authorities under the MVAT Act.
6. Q25 Explain any six items of income that do not form part of total income.

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