Scribd
Upload
122 views5 pages

Taxation Law Notes

The document is an examination paper on Taxation Laws, consisting of various sections that require short answers, short notes, and elaborative answers on topics related to the Income Tax Act and MVAT Act. It includes questions on definitions, provisions, and computations related to taxation, as well as specific scenarios requiring legal reasoning. The paper is structured to assess knowledge on taxation principles, tax liabilities, and the application of laws in practical situations.

Uploaded by

nishantaglawe21
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
122 views5 pages

Taxation Law Notes

The document is an examination paper on Taxation Laws, consisting of various sections that require short answers, short notes, and elaborative answers on topics related to the Income Tax Act and MVAT Act. It includes questions on definitions, provisions, and computations related to taxation, as well as specific scenarios requiring legal reasoning. The paper is structured to assess knowledge on taxation principles, tax liabilities, and the application of laws in practical situations.

Uploaded by

nishantaglawe21
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
Taxection Laws QP. Code :03656 SM —VIIT ATKT 201-4 (Time: Three Hours) [ Marks:100) Please check whether you have got the right question paper NB: 1, Answer the questions as per instruction 2. Figures to the right indicate full marks allotted. Qi Write Short Answers (Not more than two sentences}-- 20 2) What is "Long Term Capital Asset” under the Income Tax Act? b) Define "Assessment Year" and "Previous Year" under the Income Tax Act. €)_ Define "Goods" under the MVAT Act. 1d) What is “Alternate Minimum Tax’ under the Income Tax Act? @) State the meaning of "Cost Inflation Index” under the Income Tax Act f) Define "Agriculturist” under the MVAT Act 8) What is "Appropriate Government” under the CST Act? h) What is "Manufacture" under the MVAT Act? i) What is "Collection of Tax at Source" under the Income Tax Act? J) Whatis "Jewellery" under the Income Tax Act? 2 Write short notes on (any four):— 20 a} Return of Income b) Tax Return Preparer ¢) Schedules to the MVAT Act 4) Capital Asset and Transfer fe) Works Contract under the MVAT Act f) Perquisites Q3 Answer with giving reasons (any two): 2 a) State whether the following are "Goods" under the MAT Act ~ i) Lottery Tickets ii) Electricity iit) Equity Shares b) 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 iil) Supply of foodstuffs in canteen ©) i) Mr, Sohan is carrying on a business of retail trade having annual turnover of Rs. 20 MA lakh, Can he offer income from the business on presumptive basis? If yes, what is the ‘amount of income to be offered? il) Mr. Rohan received shares worth Rs. 1 lakh from his father without consideration. ‘Whether this gift is taxable? Q4 Answer the following elaboratory (any four): 48 a) Explain the provisions about registration under the MVAT Act bb} Discuss computation of income under the head "Income from House Property” ¢}. Explain “sale or purchase in the course of export" and "sale or purchase in the course of interstate trade or commerce” 4). Explain the procedure of Income Tax Appellate Tribunal ©) Discuss various authorities under the MVAT Act 4) Explain any six items of income that do not form part of total income. ADSSF622243 SABDA4ICPRDI6795AA7I NB. a4 Paper / Subject Code: 38005 / Taxation Laws. VILL / BLS [Link]: 40049 (3 Hours) [Total Marks: 100] ‘Answer the questions as per instruction Figures to the right indicate full marks allotted. Write Short Answers (Not more than two sentences) ‘= 20 4) State how the residential status of a company is determined under the Income Tax Act. 'b) What is the meaning of the term "Assessee" under the Income Tax Act ? ©) What is "Charitable Purpose” under the Income Tax Act ? 4) Who is an importer under the MVAT Act ? ‘@) What is "Long Term Capital Gain” ? 4) What is "Annual Value" under the Income Tax Act? 4g) What is "Turnover of Sales” under the MVAT Act ? h) What is "Place of Business" under the CST Act ? ). What is "Permanent Account Number" under the Income Tax Act ? |) What is "Business" under the MVAT Act ? Write short notes on (any four) — 20 a) Self Occupied Property b) Goods under the MVAT Act ¢} Return of Income ¢) Collection of Tax at Source under the Income Tax Act ) Works Contract under the MVAT Act f) Agricultural Income ‘Answer with giving reasons (any two) :— 12 2) i) Dr. Vijaykumar, a renowned doctor, delivered some guest lectures in a medical college. Under which head of income, the remuneration for guest lectures is taxable ? ii) Mr. Santoshkumar, a salaried employee incurred some loss in share trading, Whether this loss can be deducted from his salary income for the purpose of taxation ? b). State whether a firm registered under the MVAT Act can claim set off of tax paid on the purchases of the following goods from their tax liability - i) Taxable goods purchased as packing material Tl) Taxable goods purchased for resale. iil) Taxable goods purchased as fuel. ©). State whether the following transactions amount to "Sale" under the MVAT Act - i) Stock transfer from head office to branch il) Pledge of goods il) Lease of goods ‘Answer the following elaboratory (any four) 48 a) Stale the provisions about computation of "Capital Gains” 'b) Explain the provisions relating to clubbing of income. ©) Define "Dealer". Explain the liability for registration of a dealer. 4) Explain "Sale or purchase in the course of interstate trade or commerce” and "Sale outside a state’. ) State the provisions relating to audit under the MVAT Act. ) Explain the provisions relating to computation of income under the head "Salaries". TURN OVER 459170168083E859657AO7AAD9FTIB23 mot 2011 maar on, L314 & LO7I8/L00S9 TAXATION LAWS EPs PON S 615. Q.P. Code::03658 © . [Time: Three Hours] Please check whether you have got the right question Bape a8 N.B: 1. Answer the questions as per instruction. = = 2. Figures to the right indicate full marks allotted. Sa Q.1 Write Short Answers (Not more than twosentences)= os a) Define "Assessee" under the Income Tax Act. 5 b) Define "Block of Assets" under the Income Tax Act. ©) What is “Speculation Business" under the Income Tax Act? 4) What is the rate of tax on packing material under the MVAT Act?” ) Whatiis "Crossing the Customs Frontiers oftIndia" under the CST Act? f) Whats "Belated Return’ under the Income Tax Act? * 8) Define "Resale" under the MVAT Act. hh). Define "Manufacture" under the MVATAcf. =< ea |) Whatis "Minimum Alternate Tax".under:the income Tax Act? : |) Whatis "Taxon Distributed Profits! under the IncoriesTax Act eS es Q.2. Write short notes on (any four):— : ee 20 a) Check Post Income from Other Sources ©) Income Tax Appellate Tribunal 4) Taxinvoice ) Deemed Let Out Property 12 Q3 Answer with giving reasons (any two}: 2). State whether the following assets are Capital Assets under {he Income Tax Act ~ i) Stockintrade ii) ~ Personal Jewellery itt) “Goodwill = b) State whether the following are "goods" under the MVAT Act - i) Newspapers : li) ~ Shares ; ill) ve stock ¢)_ State whether the following purchases from registered dealers are eligible for set off under the MVATAt— i)" ~purchases-of taxable goods fot resale li) “purchases of taxable goods'as packing material for taxable goods iii) “purchases of taxable goods being motor car as capital asset for business 2.4 Angwer the following elaboratory (any four):~ 48 8), Discuss computation‘of income under the head "Salaries".

You might also like