LL.B. (Three Years) Sem 4 Taxation Laws May 2024 60/40 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Ensure that you have received the Correct Question Paper. 2. Do not reveal your identity anywhere on the Answer Sheet. 3. Provide Examples/Illustrations/Citations wherever required/needed.

Q.1 Q.1: Answer any six of the following (12 Marks - 2 marks each)

1. (a) Define Long Term Capital Asset as per the provisions of the Income Tax Act.
   Read the model answer
2. (b) What is Self Assessment as per the provisions of the Income Tax Act?
   Read the model answer
3. (c) Define the term Previous Year as per the provisions of the Income Tax Act.
   Read the model answer
4. (d) What is T.D.S and T.C.S?
   Read the model answer
5. (e) State the various types of 'Winnings' as mentioned under Section 2(24)(ix) of the Income Tax Act.
   Read the model answer
6. (f) Explain the concept of Savings based Deductions.
   Read the model answer
7. (g) What does the term 'employee' mean as defined under the Maharashtra State Professional, Trade, Callings and Employment Act, 1975?
   Read the model answer
8. (h) Define Perquisite.
   Read the model answer
9. (i) Mention the difference between an 'Assessee' and a 'Person' as per the provisions of the Income Tax Act.
   Read the model answer
10. (j) State how the residential status of an H.U.F. is determined under the provisions of the Income Tax Act.
    Read the model answer

Q.2 Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. (a) Define and distinguish between Tax Evasion and Tax Avoidance.
   Read the model answer
2. (b) Explain UTGST.
   Read the model answer
3. (c) Explain Set Off and Carry Forward of Losses.
   Read the model answer
4. (d) Explain Gross Total Income as per the provisions of the Income Tax Act.
   Read the model answer

Q.3 Q.3: Answer any two of the following (12 Marks - 6 marks each)

1. (a) What shall be the rate of GST applicable on each of the following as per the provisions of the GST Act: (i) Air Conditioners. (ii) Jaggery. (iii) Kerosene. (iv) Doctor's Fees. (v) High Speed Diesel. (vi) Incense Sticks.
   Read the model answer
2. (b) Tohan Gappa, a businessman, owns a vacant plot of land in Marathi Bagh, Dombivli. He also owns a house in Ritampura, Kalyan where he lives with his wife and children. He owns another house in Akbar Vihar, Andheri which is lying vacant throughout the previous year as he could not find a tenant willing to pay the rent he has been demanding. Another house in Holi Colony, Deonar has been bequeathed to Tohan by his father, and under the terms of the will a statue of Tohan's mother-in-law is to be installed in that property and the same cannot be let out to anybody. Discuss the Tax Liability of Shri Tohan Gappa under the head 'Income from House Property' under the Income Tax Act. Give elaborate reasons for your answer.
   Read the model answer
3. (c) (i) Mr. Galoo, a manager of M/s. Jamboo Company, has undertaken foreign tours on various occasions for the company's work and was out of India for a total of 225 days during the previous year. He claims his status as a "Non-resident" for the relevant Assessment year. Decide, giving appropriate reasons, whether his contention is correct or not. (ii) Mrs. Shaloo, a resident of India, receives Rs. 6 lakhs from an Agricultural land situated in Australia. How will this income be treated under the Income Tax Act? Decide, giving appropriate reasons.
   Read the model answer
4. (d) Discuss and critically analyse the N. Bagavathy Ammal V/s. C.I.T., Madurai case decision.
   Read the model answer

Q.4 Q.4: Answer any two of the following (24 Marks - 12 marks each)

1. (a) Write a detailed analysis of the various deductions and exemptions available under the various provisions of the Income Tax Act.
   Read the model answer
2. (b) Explain Income under the head "Income from House Property", "Annual Value" and the deductions available in respect of Income from House Property.
   Read the model answer
3. (c) Discuss and analyse the various provisions of the Maharashtra State Professional, Trade, Callings and Employment Act, 1975.
   Read the model answer
4. (d) Explain and analyse the Salient features of the Indian G.S.T. Act.
   Read the model answer

Read from the scan above, so a character or two may differ. The scan is the original.