LL.B.6/07.4¢b) LL.B. DEGREE VI SEMESTER EXAMINATION, MAY 2007 0.6 - TAXATION LAW Time : 3 Hours Maximum marks : 75 U0. m. Vv. Vi Vi. PART-A (Answer ANY FIVE questions) (All questions carry EQUAL marks) (5x6=30) 1. What are the differences between ‘capital receipts and revenue receipts. Explain the Position of finance Actin Law of Taxation. ‘What is meant by partially integrated taxation of non agricultural income with agricultural income, 4, Discuss the special provisions in respect of newly established undertakings in free trade ‘What are the conditions for treating an individual as resident but not ordinarily resident. Explain the term ‘person’ under the Income Tax Act. Explain the term ‘turn over’ under the KGST Act. What ae the benefits of registration under the CST Act ? Explain permissible deductions under Kerata Agricultural Income Tax Act. PART-B (Answer ANY TWO questions) (Al questions carry EQUAL marks) (2x 12%4=25) For the assessment year 2004-05, net agricultural income of an assessee is Rs.96,000/- and non agricultural income is Rs.1,75,000/. The tax payer contributes Rs.50,000/-, towards the Public Provident Fund. Find out the tax ifthe tax payer is (a) an individual (b) a frm, X, a chief executive of a company had undertaken foreign tour on various occasions for company’s work and was out of india for a total number of 225 days during the previous year ending March 31, 2004. He submits retum of income forthe assessment year 2004-05 in the status of non resident. Is he justified ? Discuss the tax treatment of the following items (@) A salaried employee has received medical allowance of Rs.12,000!- which is fully used for ‘meeting medical expenses. (b) A giftreceived from the father on March 1, 2008 (©) Apperson has agricultural income in India (Rs.20,000/) as well as outside India (Rs.60,000/-) (@) Income received by a minor from stage-acting PART-C (Answer ANY TWO questions) (All questions carry EQUAL marks) (2x10=20) ‘What are the powers of sale tax authorities under the KGST Act Discuss the different modes of set off and carry forward of losses. Write notes on any two of the following: (@) Capital gains (b) Income escaping assessment (@ VAT