LL.B. III (Semester Examination, 2017
Principles of Taxation Law
Day Date: Saturday, 22-04-2017 Max. Marks: 50
Time: 10.30 AM to 12.30 PM
N.B. All Questions are compulsory.
Figure to the right indicates full marks.
Q.1 Multiple choice questions: 05
Section of Income Tax Act 1961 provides heads of
income i.e. salaries, income from house property, profits and
gains of business or profession, capital gains, income from
other sources.
Section 14 Section 10
Section 15 None of the above
A deduction in respect of any allowance in the nature of an
entertainment allowance specifically granted by an employer
to the assessee who is in receipt of a salary from the
Government a sum equal to of his salary or Rs.
5000/- whichever is less.
1/5th 1/4th
2/5th None of the above
Income includes
Profit and gains Dividend
Any allowance granted
to employees
All the above
Capital gains tax liability arises when
Capital asset is transferred by the Assessee.
Such transfer takes place during the finance year.
Any profit or gains arises as result of it and such profit or
gain is not exempt.
All the above
asset is held for more than 12 months immediately
prior to its transfer, it is known as Long Term Capital Assets.
Units of UTI
Units of Mutual Fund
Equity or preferential shares in a company
All the above
Page 1 of 2
SLR-G 88
Q.1 Fill in the blanks Answer in one sentence: 05
Income earned by means is also liable to tax under
the Act alike an income earned lawfully.
Unexplained investment, unexplained expenditure will be
considered as incomes.
The aggregate amount of the deductions under section 80 C
to 80 u IT Act cannot however exceed the income of
the assessee.
Depreciation is allowed to deduct under section of
Income Tax Act.
is highest executive authority of the Department of
Income Tax and constituted under Central Boards of
Revenue Act 1963.
Q.2 Distinction between: 10
Tax and fees
Tax avoidance and Tax evasion
Q.3 Explain importance provisions about income chargeable under the
head salary.
10
OR
Explain provisions of income chargeable under profits and gains of
business and profession.
Q.4 Write short answers any two: 04
Clubbing of income
Set-off of the loss in business
Long-term capital gain
Income from other sources. 04
Q.5 Write short note any three: 12
Income tax Authorities
Penalties
Deductions under Act
Fundamental principles of taxation.