END TERM EXAMINATION, APRIL 2016
B.A.LL.B. (HONS.)
SEMESTER-VIII X
CLS-Corporate Tax
Max. Marks: 60 Time Allowed: 3:00 Hrs.
Note: Answer five questions including Question No. 1 which is compulsory. The number of marks
carried by each question is indicated at the end of the question.
1. Answer the following (each answer should be in approximately 100 words):
(Marks 2×10=20)
a. Explain the concept of 'person' under Income Tax Act in brief.
b. What is the meaning of 'Business Connection' under the Income Tax Act?
c. Explain "a company in which the public are substantially interested" in brief.
d. What is 'assessee' under the Income Tax Act?
e. Discuss Sec. 79 of the Income Tax Act in brief.
f. What is Double Taxation Avoidance Agreement?
g. What is the meaning of slump sale?
h. What is payment of advance tax by the assessee on his own accord?
i. What is the meaning of resulting company?
j. Describe set off and carry forward of losses of firms in brief.
2. Explain the provisions relating to set off and carry forward set off losses under different
heads of income under Income Tax Act. (Marks 10)
3. What is the meaning of 'demerger' under the Income Tax Act? Describe tax
concession/incentives in case of demerger. (Marks 10)
4. What are the methods commonly used to minimize tax liability? Explain the distinction
among these methods with the help of decided cases. (Marks 10)
5. Describe the procedure for computation and payment of advance tax by the assessee in
detail. (Marks 10)
6. Compute the advance tax payable by B from the following estimated income submitted for
the financial year 2015-16: (Marks 10)
Income from salary before deduction u/s 16 90000
Rent from house property (per annum) 42000
Interest on Government securities 5000
Interest on bank deposit 3000
Agricultural income 40000
No tax is deducted at source by the employer on salary.
7. Write short notes on the following: (Marks 5×2=10)
a. Collection of tax at source on specified products.
b. Collection of tax at lower rate.