LL.B. (Three Years) Sem 4 Taxation Laws May 2025 60/40 Question Paper - Mumbai University | munotes

Questions asked in this paper

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

1. (a) What is 'Balancing Charge' under the Income Tax Act?
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2. (b) Define Short Term Capital Asset as per the provisions of the Income Tax Act.
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3. (c) What is Best Judgement Assessment as per the provisions of the Income Tax Act?
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4. (d) What is Reverse Charge Mechanism (RCM)?
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5. (e) Describe taxation of key man insurance policy.
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6. (f) What conditions need to be satisfied to claim deduction u/s 80TTB?
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7. (g) Define Previous Year under the Income Tax Act.
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8. (h) What are the differences between a Direct and Indirect Tax?
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9. (i) What is meant by dual GST system in India?
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10. (j) Explain the term 'Person' as defined under the Maharashtra State Professional, Trade, Callings and Employment Act, 1975.
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Q.2 Q.2: Short Notes, any two (12 Marks - 6 marks each)

1. (a) Presumptive taxation for businesses.
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2. (b) Conditions for claiming Input Tax Credit.
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3. (c) Calculation of TDS for salary.
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4. (d) Explain the concept of property held as stock in trade and the taxation process thereof.
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Q.3 Q.3: Answer any two of the following (12 Marks - 6 marks each)

1. (a) 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?
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2. (b) 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.
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3. (c) 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.
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4. (d) 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.
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Q.4 Q.4: Essay type Answer, any two (24 Marks - 12 marks each)

1. (a) Elaborate the provisions of the Composition scheme based on the provisions of the GST Act.
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2. (b) Discuss taxability of interest/royalty/fees for technical services, received by a non-resident, as incomes deemed to accrue or arise in India.
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3. (c) 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.
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4. (d) List the transactions that are not regarded as transfers.
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