LL.B. (Three Years) Sem 4 Taxation Laws May 2025 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.

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

1. Q1 What is 'Balancing Charge' under the Income Tax Act?
2. Q2 Define Short Term Capital Asset as per the provisions of the Income Tax Act.
3. Q3 What is Best Judgement Assessment as per the provisions of the Income Tax Act?
4. Q4 What is Reverse Charge Mechanism (RCM)?
5. Q5 Describe taxation of key man insurance policy.
6. Q6 What conditions need to be satisfied to claim deduction u/s 80TTB?
7. Q7 Define Previous Year under the Income Tax Act.
8. Q8 What are the differences between a Direct and Indirect Tax?
9. Q9 What is meant by dual GST system in India?
10. Q10 Explain the term 'Person' as defined under the Maharashtra State Professional, Trade, Callings and Employment Act, 1975.

SECTION II - Q.2: Short Notes, any two (12 Marks - 6 marks each)

1. Q11 Presumptive taxation for businesses.
2. Q12 Conditions for claiming Input Tax Credit.
3. Q13 Calculation of TDS for salary.
4. Q14 Explain the concept of property held as stock in trade and the taxation process thereof.

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

1. Q15 Ms. Manju inherited a property from her grandfather during September 2024 and sold it in the immediately succeeding month. What is the process of computation of capital gains in case of transfer of a capital asset inherited by an assessee?
2. Q16 Ms. Amita, employed with Virat Consulting Services Limited, has a stationery business and incurred a loss in the business. Advise whether she can adjust this loss against the income from salary and what other options shall be available to Ms. Amita with respect to the business loss.
3. Q17 Mr. Mehta, a dealer in electronic items, transferred one of the recently purchased refrigerators to his home for personal use. Discuss the taxability of the transaction under GST law.
4. Q18 Master Rashmin, aged twelve years, earns Rs. 20,00,000 as a child artist and Rs. 3,00,000 as income from investments. Discuss the taxability of the total income of Rs. 23,00,000.

SECTION IV - Q.4: Essay type Answer, any two (24 Marks - 12 marks each)

1. Q19 Elaborate the provisions of the Composition scheme based on the provisions of the GST Act.
2. Q20 Discuss taxability of interest/royalty/fees for technical services, received by a non-resident, as incomes deemed to accrue or arise in India.
3. Q21 Explain the provisions relating to computation of profits & gains of business or profession in case if an assessee is following: (i) Cash system of accounting. (ii) Mercantile system of accounting.
4. Q22 List the transactions that are not regarded as transfers.

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