Category: Class 11

Tamilnadu State Board New Syllabus Samacheer Kalvi 11th Commerce Guide Pdf Chapter 33 Indirect Taxation Text Book Back Questions and Answers, Notes.

Tamilnadu Samacheer Kalvi 11th Commerce Solutions Chapter 33 Indirect Taxation

11th Commerce Guide Indirect Taxation Text Book Back Questions and Answers

I. Choose the Right Answer:

Question 1.
Who is the chairman of the GST council?
a) RBI Governor
b) Finance Minister
c) Prime Minister
d) President of India
Answer:
b) Finance Minister

Question 2.
GST Stands for ………………
a) Goods and Supply Tax
b) Government Sales Tax
c) Goods and Services Tax
d) General Sales Tax
Answer:
c) Goods and Services Tax

Question 3.
What kind of Tax the GST is?
a) Direct Tax
b) Indirect Tax
c) Dependence on the Type of Goods and Services
d) All Business Organisations
Answer:
b) Indirect Tax

Question 4.
What is IGST?
(a) Integrated Goods and Service Tax
(b) Indian Goods and Service Tax ‘
(c) Initial Goods and Service Tax
(d) All the Above
Answer:
(a) Integrated Goods and Service Tax

Question 5.
In India, GST became effective from?
a) 1st April 2017
b) 1st January 2017
c) 1 st July 2017
d) 1 st March 2017.
Answer:
d) 1 st March 2017.

II. Very Short Answer Questions:

Question 1.
Define Indirect tax.
Answer:
Indirect Tax is levied on goods and services. It is collected from the buyers by the sellers and paid by the sellers to the Government. Since it is indirectly imposed on the buyers it is called an indirect tax.

Question 2.
List out any four types of indirect taxes levied in India.
Answer:
Goods and Services Tax, Excise Duty

Question 3.
What do you mean by Goods and Services Taxes?
Answer:
Goods and Services Tax (GST) is the tax imposed on the supply (consumption) of goods and services. It is a destination-based consumption tax and collected on those value-added items at each stage of the supply chain.

Question 4.
Write a note on SGST.
Answer:
State Goods and Services Tax – imposed and collected by the State Governments under State GST Act. (Tamil Nadu GST Act 2017 passed by Tamil Nadu Govt.) SGST means State goods and service tax, replace the existing tax like sales tax, luxury tax, entry tax, etc. and it is levied by the state government.

Question 5.
What is CGST?
Answer:
CGST – Central Goods and Services Tax – is imposed and collected by the Central Government on all supply of goods within a state (intrastate) under CGST Act 2017.

III. Short Answer Questions

Question 1.
Write any two differences between direct taxes and indirect taxes.
Answer:

Question 2.
What are the objectives of GST?
Answer:

1. To create a common market with uniform tax rate in India. (One Nation, One Tax, One Market)
2. To eliminate the cascading effect of taxes, GST allows set-off of prior taxes for the same transactions as input tax credit.
3. To boost Indian exports, the GST already collected on the inputs will be refunded and thus there will be no tax on all exports.
4. To increase the tax base by bringing more number of tax payers and increase tax revenue.
5. To simplify tax return procedures through common forms and avoidance of visiting tax departments.
6. To provide online facilities for payment of taxes and submission of forms.

Question 3.
Briefly explain the functions of GST council.
Answer:
The GST Council will oversee the implementation of the GST. But the Central Board of Excise and Customs is responsible for administration of the CGST and IGST Acts. The Council makes recommendations on rate of GST, apportionment of IGST, exemptions, model GST laws, etc. The Chairman of the Council is the Union Finance Minister.

The Minister of State in the Finance Ministry and all Finance Ministers of the State Governments shall be its members.The Central Government shall have l/3rd voting power and all State Governments shall have 2/3rd voting powers. All decisions of the Council can be passed only with 3/4h of the total votes. Each state has one vote, irrespective of its size or population. Twenty four council meetings were held until 2017.

Question 4.
Explain IGST with an example.
Answer:
IGST – Inter-State Goods and Services Tax is imposed and collected by the Central Government and the revenue is shared with States under IGST Act 2017.

Question 5.
Write any three demerits of UGST.
Answer:
The demerits of GST are :
Several Economists says that GST in India would impact negatively on the real estate market. It would add up to 8 percent to the cost of new homes and reduce demand by about 12 percent. Another criticism is that CGST, SGST are nothing but new names for Central Excise/Service Tax, VAT and CST.

Hence, there is no major reduction in the number of tax layers. A number of retail products currently have only four percent tax on them. After GST, garments and clothes could become more expensive.

IV. Long Answer Questions

Question 1.
Distinguish between direct taxes and indirect taxes.
Answer:

Question 2.
Discuss the different kinds of GST.
Answer:
GST is of three kinds: CGST, SGST/UGST, and IGST.
1. CGST – Central Goods and Services Tax – imposed and collected by the Central Government on all supply of goods within a state (intra-state) under CGST Act 2017.

2. SGST – State Goods and Services Tax – imposed and collected by the State Governments under State GST Act. (Tamil Nadu GST Act 2017 passed by Tamil Nadu Govt.)

3. UGST – Union Territory Goods and Services Tax – imposed and collected by the five Union Territory Administrations in India under UGST Act 2017.

4. IGST – Inter-State Goods and Services Tax – imposed and collected by the Central Government and the revenue shared with States under IGST Act 2017.

5. IGST on exports – All exports are treated as Inter-State supply under GST. Since exports are zero-rated, GST is not imposed on all goods and services exported from India. Any input credit paid already on exports will be refunded.

Question 3.
Elucidate the merits of GST.
Answer:
A. To the Society and country:

1. A unified common national market will attract more foreign investment. GST has integrated the economy of all States and Union Territories.
2. It brings parity in taxation among imported goods and Indian manufactured goods. All imported goods will be charged with IGST which will be more or less equivalent to the total of CGST and SGST levied on manufactured goods. Removal of several taxes will make the price of Indian products more competitive in the world market.
3. It will boost manufacturing, export, GDP leading to economic growth through an increase in economic activity.
4. The creation of more employment opportunities will result in poverty eradication.
5. It will bring more tax compliance (more taxpayers) and increase revenue to the Governments.
6. It is transparent and will improve India’s ranking in the Ease of Doing Business in the world.
7. Uniform rates of tax will reduce tax evasion and rate arbitrage between States.

B. To Business Community:

1. Simpler Tax System with fewer exemptions. 17 taxes were abolished and one tax exists today.
2. The input tax credit will reduce cascading effect of taxes. Reduction in average tax burden will encourage manufacturers and help the “Make in India” campaign and make India a manufacturing hub.
3. Common procedures, common classification of goods and services, and timelines will lend greater certainty to the taxation system.
4. GSTN facility will reduce multiple record-keeping, lesser investment in manpower and resources and improve efficiency.
5. All interactions will be through a common GSTN portal and will ensure corruption-free administration
6. Uniform prices throughout the country. Expansion of business to all states is made easy.

C. To Consumers:

1. The input tax credit allowed will lower the prices to the consumers.
2. All small retailers will get exemptions and purchases from them will cost less for the consumers.

Question 4.
Compare CGST, SGST, and IGST.
Answer:

11th Commerce Guide Indirect Taxation Additional Important Questions and Answers

I. Choose the Correct Answer:

Question 1.
GST is a …………….. based tax on consumption of goods and services.
a. duration
b. destination
c. dividend
d. development
Answer:
b. destination

Question 2.
India GST model has …………….. rate structure.
a. 3
b. 5
c.4
d. 6
Answer:
c. 4

Question 3.
What is the maximum rate prescribed under GST?
a. 12
b. 20
c. 28
d. 18
Answer:
b. 20

Question 4.
When does liability to pay GST arise in the case of a supply of goods?
a. on raising of invoice
b. At the time of supply of goods
c. On receipt of payment
d. Earliest of any of above
Answer:
d. Earliest of any of above

Question 5.
Special provisions are there in the GST Act for the …………….. north-eastern states.
a. 8
b. 9
c. 6
d. 18
Answer:
a. 8

II. Very Short Answer Questions:

Question 1.
What do you mean by UGST?
Answer:
Union Territory Goods and Services Tax is formed to impose and collect tax from the five union territory administrations in India under UGST Act 2017.

III. Long Answer Questions

Question 1.
Write a note on GST Council:
Answer:
The GST Council will oversee the implementation of the GST. But the Central Board of Excise and Customs is responsible for the administration of the CGST and IGST Acts. The Council makes recommendations on the rate of GST, apportionment of IGST, exemptions, model GST laws, etc. The Chairman of the Council is the Union Finance Minister.

The Minister of State in the Finance Ministry and all Finance Ministers of the State Governments shall be its members. The Central Government shall have l/3rd voting power and all State Governments shall have 2/3rd voting powers. All decisions of the Council can be passed only with 3/4h of the total votes. Each state has one vote, irrespective of its size or population. Twenty four council meetings were held until 2017.

Question 2.
Who are all the officials involved in GST Secretariat?
Answer:
The following are the officials involved in GST officials:

• The Secretary (Revenue) will be appointed as the Ex-officio Secretary to the GST Council.
• The Chairperson, Central Board of Excise and Customs (CBEC), will be a permanent invitee (non-voting).
• One post of Additional Secretary to the GST, and
• Four posts of Commissioner in the GST Council Secretariat will also be created.

Question 3.
What are all the limitations of GST?
Answer:
The limitations/disadvantages of GST are stated below:

• Several Economists say that GST in India would impact negatively the real estate market. It would add up to 8 percent to the cost of new homes and reduce demand by about 12 percent.
• Another criticism is that CGST, SGST are nothing but new names for Central Excise/ Service Tax, VAT, and CST. Hence, there is no major reduction in the number of tax layers.
• A number of retail products currently have only four percent tax on them. After GST, garments, and clothes could become more expensive.
• The aviation industry would be affected. Service taxes on airfares currently range from six to nine percent. With GST, this rate will surpass fifteen percent and effectively double the tax rate.
• Adoption and migration to the new GST system would involve teething troubles and learn for the entire ecosystem.

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Samacheer Kalvi 11th Biology Book Back Answers

Samacheer Kalvi 11th Bio Botany Book Solutions

• Chapter 1 Living World
• Chapter 2 Plant Kingdom
• Chapter 3 Vegetative Morphology
• Chapter 4 Reproductive Morphology
• Chapter 5 Taxonomy and Systematic Botany
• Chapter 6 Cell: The Unit of Life
• Chapter 7 Cell Cycle
• Chapter 8 Biomolecules
• Chapter 9 Tissue and Tissue System
• Chapter 10 Secondary Growth
• Chapter 11 Transport in Plants
• Chapter 12 Mineral Nutrition
• Chapter 13 Photosynthesis
• Chapter 14 Respiration
• Chapter 15 Plant Growth and Development

Samacheer Kalvi 11th Bio Zoology Book Solutions

• Chapter 1 The Living World
• Chapter 2 Kingdom Animalia
• Chapter 3 Tissue Level of Organisation
• Chapter 4 Organ and Organ Systems in Animals
• Chapter 5 Digestion and Absorption
• Chapter 6 Respiration
• Chapter 7 Body Fluids and Circulation
• Chapter 8 Excretion
• Chapter 9 Locomotion and Movement
• Chapter 10 Neural Control and Coordination
• Chapter 11 Chemical Coordination and Integration
• Chapter 12 Trends in Economic Zoology

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Subject Matter Experts at SamacheerKalvi.Guide have created Tamil Nadu State Board Samacheer Kalvi 11th Bio Zoology Book Answers Solutions Guide Pdf Free Download of Volume 1 and Volume 2 in English Medium and Tamil Medium are part of Samacheer Kalvi 11th Books Solutions.

Let us look at these TN State Board New Syllabus Samacheer Kalvi 11th Std Bio Zoology Guide Pdf of Text Book Back Questions and Answers, Notes, Chapter Wise Important Questions, Model Question Papers with Answers, Study Material, Question Bank and revise our understanding of the subject.

Students can also read Tamil Nadu 11th Biology Model Question Papers 2020-2021 English & Tamil Medium.

Samacheer Kalvi 11th Bio Zoology Book Solutions Answers Guide

Tamilnadu State Board Samacheer Kalvi 11th Bio Zoology Book Back Answers Solutions Guide Volume 1 and Volume 2.

Samacheer Kalvi 11th Bio Zoology Book Back Answers

• Chapter 1 The Living World
• Chapter 2 Kingdom Animalia
• Chapter 3 Tissue Level of Organisation
• Chapter 4 Organ and Organ Systems in Animals
• Chapter 5 Digestion and Absorption
• Chapter 6 Respiration
• Chapter 7 Body Fluids and Circulation
• Chapter 8 Excretion
• Chapter 9 Locomotion and Movement
• Chapter 10 Neural Control and Coordination
• Chapter 11 Chemical Coordination and Integration
• Chapter 12 Trends in Economic Zoology

We hope these Tamilnadu State Board Samacheer Kalvi Class 11th Bio Zoology Book Solutions Answers Guide Volume 1 and Volume 2 Pdf Free Download in English Medium and Tamil Medium will help you get through your subjective questions in the exam.

Let us know if you have any concerns regarding TN State Board New Syllabus Samacheer Kalvi 11th Standard Bio Zoology Guide Pdf of Text Book Back Questions and Answers, Notes, Chapter Wise Important Questions, Model Question Papers with Answers, Study Material, Question Bank, drop a comment below and we will get back to you as soon as possible.

Subject Matter Experts at SamacheerKalvi.Guide have created Tamil Nadu State Board Samacheer Kalvi 11th Bio Botany Book Answers Solutions Guide Pdf Free Download of Volume 1 and Volume 2 in English Medium and Tamil Medium are part of Samacheer Kalvi 11th Books Solutions.

Let us look at these TN State Board New Syllabus Samacheer Kalvi 11th Std Bio Botany Guide Pdf of Text Book Back Questions and Answers, Notes, Chapter Wise Important Questions, Model Question Papers with Answers, Study Material, Question Bank and revise our understanding of the subject.

Students can also read Tamil Nadu 11th Biology Model Question Papers 2020-2021 English & Tamil Medium.

Samacheer Kalvi 11th Bio Botany Book Solutions Answers Guide

Tamilnadu State Board Samacheer Kalvi 11th Bio Botany Book Back Answers Solutions Guide Volume 1 and Volume 2.

Samacheer Kalvi 11th Bio Botany Book Back Answers

• Chapter 1 Living World
• Chapter 2 Plant Kingdom
• Chapter 3 Vegetative Morphology
• Chapter 4 Reproductive Morphology
• Chapter 5 Taxonomy and Systematic Botany
• Chapter 6 Cell: The Unit of Life
• Chapter 7 Cell Cycle
• Chapter 8 Biomolecules
• Chapter 9 Tissue and Tissue System
• Chapter 10 Secondary Growth
• Chapter 11 Transport in Plants
• Chapter 12 Mineral Nutrition
• Chapter 13 Photosynthesis
• Chapter 14 Respiration
• Chapter 15 Plant Growth and Development

We hope these Tamilnadu State Board Samacheer Kalvi Class 11th Bio Botany Book Solutions Answers Guide Volume 1 and Volume 2 Pdf Free Download in English Medium and Tamil Medium will help you get through your subjective questions in the exam.

Let us know if you have any concerns regarding TN State Board New Syllabus Samacheer Kalvi 11th Standard Bio Botany Guide Pdf of Text Book Back Questions and Answers, Notes, Chapter Wise Important Questions, Model Question Papers with Answers, Study Material, Question Bank, drop a comment below and we will get back to you as soon as possible.

Tamilnadu State Board New Syllabus Samacheer Kalvi 11th Commerce Guide Pdf Chapter 32 Direct Taxes Text Book Back Questions and Answers, Notes.

Tamilnadu Samacheer Kalvi 11th Commerce Solutions Chapter 32 Direct Taxes

11th Commerce Guide Direct Taxes Text Book Back Questions and Answers

I. Choose the Correct Answer

Question 1.
Income Tax is ………………
a) a business tax
b) a direct tax
c) an indirect tax
d) none of these
Answer:
b) a direct tax

Question 2.
Period of assessment year is …………
a) 1 st April to 31 st March
b) 1st March to 28th Feb
c) 1st July to 30th June
d) 1st Jan. to 31st Dec
Answer:
a) 1 st April to 31 st March

Question 3.
The year in which income is earned is known as …………………
a) Assessment Year
b) Previous Year
c) Light Year
d) Calendar Year
Answer:
b) Previous Year

Question 4.
The aggregate income under five heads is termed as ……………….
(a) Gross Total Income
(b) Total Income
(c) Salary Income
(d) Business Income
Answer:
(b) Total Income

Question 5.
Agricultural income earned in India is ……………
a) Fully Taxable
b) Fully Exempted
c) Not Considered for Income
d) None of the above
Answer:
b) Fully Exempted

II. Very Short Answer Questions

Question 1.
What is Income tax?
Answer:
Income tax is a direct tax under which tax is calculated on the income, gains, or profits earned by a person such as individuals and. other artificial entities (a partnership firm, company, etc.).

Question 2.
What is meant by the previous year?
Answer:
The year in which income is earned is called the previous year. It is also called as financial year.

Question 3.
Define the term person?
Answer:
The term ‘person’ has been defined under the Income-tax Act. It includes individual, Hindu, Undivided Family, Firm, Company, local authority, Association of Person or Body of Individual or any other artificial juridical persons.

Question 4.
Define the term assessed?
Answer:
As per S. 2(7) of the Income Tax Act, 1961, the term “assessee” means a person by whom any tax or any other sum of money is payable under this Act. Assess includes individual, HUF, Firm, Company, Local authority, AOP, BOJ or any other artificial juridical persons.

Question 5.
What is an assessment year?
Answer:
The term has been defined under section 2(9). The year in which tax is paid is called the assessment year. It normally consists of a period of 12 months commencing on 1^st April every year and ending on 31^st March of the following year.

III. Short Answer Questions

Question 1.
What is Gross Total Income?
Answer:
According to section 80 B (5) Income computed under the following heads shall be aggregated after adjusting past and present losses and the total so arrived is known as ‘Gross Total income’.

• Income from Salaries
• Income from House Property
• Income from Business or Profession
• Income from Capital Gain
• Income from Other Sources

Question 2.
List out the five heads of Income.
Answer:
The five heads of income are:

1. Income from‘Salaries’ [Sections 15 – 17];
2. Income from ‘House Property’ [Sections 22 – 27];
3. Income from ‘Profits and Gains of Business or Profession’ [Sections 28 – 44];
4. Income from ‘Capital Gains’ [Sections 45 – 55]; and
5. Income from other Sources’ [Sections 56 – 59].

Question 3.
Write a note on Agricultural Income.
Answer:
According to Section 2(1 A) of the Income Tax Act 1961, Agricultural Income includes, “Any rent or revenue derived from land which is situated in India and is used for agriculture purposes”.

Question 4.
What do you mean by Total income?
Answer:
Out of Gross Total Income, Income Tax Act 1961 allows certain deductions under section 80. After allowing these deductions the figure which we arrive at is called ‘Total Income’ and on this figure tax liability is computed at the prescribed rates.

1. Gross Total Income
2. Less: Deductions (Sec. 80C to 80U)
3. Total Income (T.I.)

Question 5.
Write short notes on:
Answer:
a. Direct Tax:
If a tax levied on the income or wealth of a person and is paid by that person (or his office) directly to the Government, it is called direct tax e.g. Income-Tax, Wealth Tax, Capital Gains Tax, Securities Transaction Tax. Fringe Benefits Tax (from 2005), Banking Cash Transaction Tax (for Rs.50,000 and above -from 2005), etc. In India all direct taxes are levied and administered by Central Board of Direct Taxes.

b. Indirect Tax:
If tax is levied on the goods or services of a person (seller). It is collected from the buyers and is paid by seller to the Government. It is called indirect tax. e.g. GST.

IV. Long Answer Questions

Question 1.
Elucidate any five features of Income Tax.
Answer:
Features of Income Tax in India:
1. Levied as Per the Constitution Income tax is levied in India by virtue of entry No. 82 of List I (Union List) of Seventh Schedule to Article 246 of the Constitution of India.

2. Levied by Central Government Income tax is charged by the Central Government on all incomes other than agricultural income. However, the power to charge income tax on agricultural income has been vested with the State Government as per entry 46 of List II, i.e., State List.

3. Direct Tax Income tax is a direct tax. It is because the liability to deposit and ultimate burden are on the same person. The person earning income is liable to pay income tax out of his own pocket and cannot pass on the burden of tax to another person.

4. Annual Tax Income tax is an annual tax because it is the income of a particular year which is chargeable to tax.

5. Tax on Person It is a tax on income earned by a person. The term ‘person’ has been defined under the Income-tax Act. It includes individual, Hindu Undivided Family, Firm, Company, local authority, Association of Person or Body of Individual or any other artificial juridical persons. The persons who are covered under Income-tax Act are called ‘assessees’.

Question 2.
Define Tax. Explain the term direct tax and indirect tax with an example.
Answer:
A tax is a compulsory financial contribution imposed by a government to raise revenue, levied on the income or property of persons or organizations, on the production costs or sales prices of goods and services etc.

a. Direct Tax:
A direct tax is paid directly by an individual or organization to an imposing entity. A taxpayer, for example pays direct taxes to the government for different purposes, including real property tax, personal property tax, income tax or taxes on assets.

b. Indirect Tax:
If tax is levied on the goods or services of a person(seller), it is known as indirect tax. It is , collected from the buyers and is paid by the seller to the government. It is paid to the government by one entity in the supply chain. Example: GST.

Question 3.
List out any ten kinds of incomes chargeable under the head income tax.
Answer:

1. Profits and gains of business or profession.
2. Dividend
3. Voluntary contribution received by a charitable / religious trust or university/education institution or hospital/electoral trust[ w.e.f. 01.04.2010]
4. Value of perquisite or profit in lieu of salary taxable u/s 17 and social allowance or benefit specifically granted either to meet personal expenses or for performance Of duties of an office or employment of profit.
5. Export incentives, like duty drawback, cash compensatory support, sale of licenses, etc.
6. Interest, salary, bonus, commission, or remuneration earned by a partner of a firm from such firm.
7. Capital gains chargeable u/s 45.
8. Profits and gains from the business of banking carried on by a cooperative society with its members.
9. Winnings from lotteries, crossword puzzles, races including horse races, card games, and other games of any sort or from gambling or betting of any form or nature whatsoever.
10. Deemed income u/s 41 or 59.

Question 4.
Discuss the various kinds of assessments.
Answer:
The following are the different types of assesses:

• Individual
• Partnership firm
• Hindu Undivided Family
• Companies
• Association of Persons
• Body of Individual.

11th Commerce Guide Direct Taxes Additional Important Questions and Answers

I. Choose the Correct Answer:

Question 1.
How many heads of income are there to compute Gross total income?
a. Six
b. Five
c. Four
d. Three
Answer:
b. Five

Question 2.
Income Tax Act came into force on ……………
a.1.4.1932
b. 1.4.1962
c. 1.4.1947
d. 1.4.1954
Answer:
b. 1.4.1962

Question 3.
The compensation received for loss of trading asset is a ……………….
a. Capital receipt
b. Revenue receipt
c. a casual receipt
d. None of the above
Answer:
a. Capital receipt

Question 4.
The legislative powers of the Union Government and the State Governments are given in the …………………….. of the Indian Constitution.
a. Article 246 (VII schedule)
b. Article 246 (VI schedule)
c. Article 264 (VII schedule)
d. Article 446 (VII schedule)
Answer:
a. Article 246 (VII schedule)

Question 5.
Tax charged on Long Term Capital Gain is ……………..
a. 20%
b. 15%
c. 25%
d. 30%
Answer:
a. 20%

II. Very Short Answer Questions:

Question 1.
What do you mean by Tax?
Answer:
Tax is a compulsory contribution to state revenue by the Government. It is levied on the income or profits from the business of individuals and institutions.

Question 2.
What is the reasoñ for collecting tax?
Answer:
The revenue earned through tax is utilized for the expenses of civil ädministration, internal and external security, building infrastructure, etc.

III. Short Answer Questions

Question 1.
Who do income tax is treated as annual tax?
Answer:
Income tax is an annual tax because it is the income of a particular year which is chargéable to tax.

Question 2.
What are all the tax rates prescribed for LTCG, STCG, and lottery income?
Answer:
The following tax rates have been prescribed under Income Tax Act. ‘

• Tax on long term capital gain @ 20% (Section 112);
• Tax on short term capital gain on shares covered under STT @15% (Section 111A).
• Tax on lottery income @ 30% (Section 11 5BB)

Question 3.
What do you mean by the previous year?
Answer:
According to Section (3) of the Income Tax Act 1961, “The year in which income is earned is called the previous year”. It is also normally consisting of a period of 12 months commencing on 1 st April every year and ending on 31 st March of the following year. It is also called as financial year’ immediately following the assessment year.

IV. Long Answer Questions

Question 1.
Write a note on the structure of the Indian Taxation system:
Answer:
The Indian taxation system is one of the largest systems in the world. The authority to levy tax is derived from the Indian constitution and is well-structured. The tax administration has a clear demarcation between Central Government and State Governments and then between state Governments and Local Bodies. Article 246 (Seventh Schedule) of the Indian constitution contains the legislative powers (including taxation) of the Union government and the State Governments.

Question 2.
Write a note on Heads of Income under Income Tax Act:
Answer:
Section 14 of the Income Tax Act 1961 provides for the computation of the total income of an assessee which is divided into five heads of income. Each head of income has its own method of computation. These five heads are;

1. Income from ‘Salaries’ [Sections 15-17]
2. Income from ‘House Property’ [Sections 22-27]
3. Income from ‘Profits and Gains of Business or Profession’ [Sections 28- 44]
4. Income from ‘Capital Gains’ [Sections 45-55] and
5. Income from ‘Other Sources’ [Sections 56-59].

Question 3.
Write a note on slab raite of Income-tax charged on Individual:
Answer:
According to the Assessment year 2018-2019 the following rates will be charged:

Tamilnadu State Board New Syllabus Samacheer Kalvi 11th Commerce Guide Pdf Chapter 31 Discharge and Breach of a Contract Text Book Back Questions and Answers, Notes.

Tamilnadu Samacheer Kalvi 11th Commerce Solutions Chapter 31 Discharge and Breach of a Contract

11th Commerce Guide Discharge and Breach of a Contract Text Book Back Questions and Answers

I. Choose the Correct Answer

Question 1.
On the valid performance of the contractual obligation by the parties, the contract
a. Is discharged
b. Becomes enforceable
c. Becomes void
d. None of these
Answer:
a. Is discharged

Question 2.
An agreement to do an act impossible in itself under Section.56 is
a. Void
b. Valid
c. Voidable
d. Unenforceable
Answer:
a. Void

Question 3.
Any agreement which becomes impossible to perform under various circumstances
a. Voidable
b. Void
c. Valid
d. None of these
Answer:
b. Void

Question 4.
Discharge by mutual agreement may involve
a. Novation
b. Rescission
c. Alteration
d. All of the above
Answer:
d. All of the above

Question 5.
The compensation given for breach of contract is
a. Damage
b. remuneration
c. Money
d. Cheque
Answer:
a. Damage

II Very Short Answer Questions

Question 1.
What are the kinds of consent?
Answer:
The consent may be of the following types:

1. Express
2. Implied

Question 2.
What are the types of Impossibility of Performance?
Answer:
There are two types of the impossibility of performance such as

1. Impossibility existing at -the time of the agreement.
2. Impossibility arising subsequent to the formation of the contract.

Question 3.
What is Quantum merit?
Answer:
The meaning of the phrase quantum merit is ‘as much as earned’.

III. Short Answer Questions

Question 1.
What are the different modes of discharge by implied consent?
Answer:
The different modes of discharge by implied consent are: .

• Novation
• Alteration
• Recession
• Remission
• Accord and Satisfaction
• Waiver and
• Merger

Question 2.
Define discharge by Performance.
Answer:
Performance implies carrying out the obligation of the contract. Performance must be completed according to the real intentions of the agreement. Performance must be done according to the time and manner prescribed.

Question 3.
What are the reasons for impossibility arising after the formation of a contract?
Answer:
A contract may be discharged if its performance becomes impossible. The rule of the impossibility of performance is based on the following maxims

• The law does not recognize what is impossible and
• What is impossible does not create an obligation

Question 4.
What are the various rules regarding damages?
Answer:
Generally in the following cases, the court grants specific performance:

1. When the act agreed to be done is such that compensation in money for its non – performance is not sufficient.
2. When it is probable that compensation in money cannot be received for the non – performance of the act agreed to be done.
3. When there is no standard for ascertaining the actual damage caused by the non – performance of the act agreed to be done.

IV. Long Answer Questions

Question 1.
Explain the ways of discharge of Contract?
Answer:
Meaning:
Discharge of contract implies termination of the contractual relationship between the parties. A contract is discharged if it ceases to operate and when the rights and obligations created by it come to an end.

Discharge by Performance:
Performance implies carrying out the obligation of the contract. Performance must be completed according to the real intentions of the agreement. Performance must be done according to time and manner prescribed. Performance of contract may be of two types namely (i) Actual . performance (ii)Attempted performance

By Agreement on Consent:
Agreement between the parties comes to an end by mutually agreeing for it. Any contract is created by an agreement, hence in the same way, it can be discharged by an agreement. In this connection, the rule of law is as follows. “Eodemmodoqus and quide constitution, eodemmododestruitur,” the meaning of which is that a thing may be destroyed in the same manner, in which, it is constituted. The consent may be of the following types

• Express
• Implied.

By Impossibility of Performance:
A contract may be discharged if its performance becomes impossible. According to the Section 56 of the Act, all acts to do impossible acts are void. There are two types of impossibility of performance such as

1. Impossibility existing at the time of agreement,
2. Impossibility arising subsequent to the formation of contract.

By Lapse of Time:
According to the Limitation Act, 1963 a contract must be performed within a specified time. If it is not performed within this specified time limit and against which if no action is taken by the promisee in the Court of Law within specified time, then the promisee is deprived of his remedy at law. In such cases, the contract is discharged.

A contract can be discharged by the operation of law:
The operation of law by which contract can be discharged are as follows :

• By Death
• By Merger
• By Insolvency
• The unauthorised alteration of terms of a contract
• Rights and liabilities vesting in the same person

Question 2.
Write about the various remedies for breach of contract:
Answer:
There are various types of remedies for the injured parties listed as follows:

1. Recission of Contract – In case of breach of contract by one party, then the other parties may rescind the contract, and thereby the party is absolved from all obligations under the contract.

2. Claim for Specific Performance – In some specific cases if the damages are not an adequate remedy, then the court can direct the party in breach for the specific performance of the contract. In such a case, the promise is carried out as per the terms and conditions of the contract.

3. Claim for Injunction – Injunction is an order passed by a competent Court restraining a person from doing some act. An injunction can be defined as a mode of securing the specific performance of the negative terms of a contract.

4. Claim for Quantum Merit – The claim for quantum merit may arise if a contract performed by one party has become discharged by breach of the other party. The meaning of the phrase quantum merit is as much as earned’.

5. Claim for Damages – The claim for quantum merit may arise if a contract performed by one party has become discharged by breach of the other party. The meaning of the phrase quantum merit is as much as earned.

Question 3.
Discuss the different types of damages awarded to the injured party.
Answer:
Damages are monetary compensation awarded by the court to the injured party for the loss or injury suffered by him. As per the contract, one party can claim damages if the other parties breach the contract. The main purpose of awarding the damages is to make good the loss suffered by him. It is known as the doctrine of restitution.

Section 73 of the Indian Contract Act, 1872 deals with the compensation for loss or damages caused by a party for breach of contract. There are mainly four types of damages, such as

1. Ordinary damages
2. Special damages
3. Vindictive or exemplary damages; and
4. Nominal damages

11th Commerce Guide Discharge and Breach of a Contract Additional Important Questions and Answers

I. Choose the Correct Answer:

Question 1.
In case of breach of contract, which of the following remedies is not available to the aggrieved party?
a. suit for rescission
b.suit for damages
c. suit for specific performance
d. a suit under Indian Penal Code
Answer:
d. suit under Indian Penal Code

Question 2.
The time of limitation for enforcement of contractual rights is ………………..
a. 2 years
b. 3 years
c. 4 years
d. 5 years
Answer:
b. 3 years

Question 3.
If a new contract is replaced in the place of a prevailing contract is called …………………
a. alteration
b. novation
c. waiver
d. remission
Answer:
b. novation

Question 4.
Discharge by mutual agreement involves which of the following?
a. Novation
b. Rescission
c. Alteration
d. All the above
Answer:
d. All the above

Question 5.
Which of the following is the usual law remedy?
a. Injunction
b. Specific Performance
c. Damages
d. Penalty
Answer:
c. Damages

II. Very Short Answer Questions:

Question 1.
What do you mean by the discharge of a contract?
Answer:
Discharge of contract implies termination of the contractual relationship between the parties. A contract is discharged if it ceases to operate and when the rights and obligations created by it come to an end.

Question 2.
What are all the types of performance of a contract?
Answer:
Performance of the contract is under two types namely,

1. Actual Performance and
2. Attempted Performance.

III. Short Answer Questions:

Question 1.
State some cases, in which the court grants specific performance:
Answer:

• When the act agreed to be done is such that compensation in money for its non-performance is not sufficient.
• When it is probable that compensation in money cannot be received for the non-performance of the act agreed to be done.
• When there is no standard for ascertaining the .actual damage caused by the non-performance of the act agreed to be done.

Question 2.
At what circumstances the court may order an injunction at the time of claim?
Answer:
The court may order injunction in the following cases:

• If the contract is voidable
• If the contract becomes void or
• On discovering the contract as void.

IV Long Answer Questions

Question 1.
Explain the ways by which a contract can be discharged by operation of law:
Answer:
The operation of law by which contract can be discharged are as follows:
By Death:
If the contracts depend on the personal skill or ability, then such contract may be discharged on the death of the promisor.

By Merger:
Merger will take place when an inferior right accruing to the same party either under the same or another contract.

By Insolvency:
An insolvent is discharged from all liabilities incurred prior to his adjudication.

Unauthorized Alteration of the Terms of a Contract:
If one party makes any material alteration in the contract without the consent of the other party, then the other party can avoid the contract.

Rights and liabilities vesting in the same person:
Where the right and liability become vested in the same person, the other parties are discharged.

Question 2.
What are all the reasons for not granting the specific performance by the court?
Answer:
The court does not grant specific performance in the following cases:

• Damages are an adequate remedy
• The contract is not certain
• The contract is inequitable to either party
• The contract is of revocable nature
• The contract is made by the trustee in breach of trust
• The contract is of personal nature i.e., contract to marry
• The contract made by a company ultra-vires of its Memorandum of Association
• The court cannot supervise it’s carrying out.

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11th Commerce Guide Elements of Contract Text Book Back Questions and Answers

I Choose the Correct Answer

Question 1.
An agreement enforceable by law is a ………………..
(a) Enforceable acceptance
(b) Accepted offer
(c) Approved promise
(d) Contract
Answer:
(d) Contract

Question 2.
Every promise and every set of promises, forming the consideration for each other, is an
(a) Agreement
(b) Contract
(c) Offer
(d) Acceptance
Answer:
(a) Agreement

Question 3.
Void agreement signifies ……………….
(a) Agreement illegal in nature
(b) Agreement not enforceable by law
(c) Agreement violating legal procedure
(d) Agreement against public policy
Answer:
(b) Agreement not enforceable by law

Question 4.
Acceptance to be valid must ………………….
(a) Be absolute
(b) Be unqualified
(c) Both be absolute & unqualified
(d) Be conditional
Answer:
(c) Both be absolute & unqualified

Question 5.
A contract with or by a minor is a ……………
(a) Valid contract
(b) Void contract
(c) Voidable contract .
(d) Voidable at the option of either party
Answer:
(d) Voidable at the option of either party

II. Very Short Answer Questions

Question 1.
What is law?
Answer:
Law means a ‘set of rules’ which governs our behaviour and relating in a civilized society.

Question 2.
Why should one know the law?
Answer:
One should know the law to which he/she is subjected to hecausç ignorance of law is no excuse.

Question 3.
Can a minor enter into a Contract?
Answer:
As per the Indian Contract Act 1872, a contract entered by or with a minor is void as well as void-abinitio. Which means it has no legal effect from the very beginning.

Question 4.
Who can enter into a Contract?
Answer:
The Indian Contract Act specifies that every person is competent to contract provided he/she

• Is of the age of majority according to the law which he/she is subject to, and
• Who is of sound mind and
• Is not disqualified from contracting by any law to which he is subject to, an alien enemy, foreign sovereigns and accredited representative of a foreign state, insolvents, and convicts are not competent to contract.

Question 5.
Define Contract
Answer:
Contract 2(h) An agreement enforceable by Law is a Contract.

III Short Answer Questions

Question 1.
Define Offer:
Answer:
According to section 2(a) of Indian Contract Act Offer is defined as “When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other person either to such act or abstinence, he is said to make a proposal”.

Question 2.
What do you mean by Agreement?
Answer:
An “agreement” means ‘a promise or a set of promises’ forming consideration for each other. A promise arises when a proposal is accepted. By implication, an agreement is an accepted proposal. In other words, an agreement consists of an ‘offer’ and its ‘acceptance’.
Agreement = offer / Proposal + Acceptance

Question 3.
Define a Voidable Contract:
Answer:
According to Section 2 (i) of the Indian Contract Act 1872, a voidable contract is, “An agreement which is enforceable by law at the option of one or more parties but not at the option of the other or others is a voidable contract”.

Question 4.
What do you mean by Revocation?
Answer:
The Revocation means the withdrawal of an offer power of attorney.

Question 5.
Who is a promisor, promisee?
Answer:
Promisor: The person who has become obliged through a promise is known as a promisor
Promisee: The person to whom the promise has been made is known as the promisee.

IV Long Answer Questions

Question 1.
Explain the essentials of a Valid Contract:
Answer:

1. Offer and Acceptance: There must be two parties to an agreement namely one party making the offer and the other party accepting it.
2. Legal Relationship: The parties must have the intention to create legal relations between them. An agreement of Social or domestic nature is not at all a contract.
3. Lawful Consideration (quid pro quo) : As per Contract Act under Sec.2(d) Consideration means something in return. A contract without consideration becomes invalid.
4. Lawful Object (Section 23) : The object of the agreement should be lawful and legal. It must not be immoral, illegal or opposed to public policy.
5. Free Consent (Section 13 & 14) : Consent of the parties must be free and genuine. Consent means agreeing upon the same thing in the same sense at the same time i.e. there should be a consensus – ad – idem. Consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation, or mistake.
6. The capacity of Parties (Section 11): The parties to a contract must have the capacity (legal ability) to make a valid contract.
7. The certainty of Terms (Section 29): The agreement should be clear to the parties of the agreement. The agreement must be precise.
8. Possibility of Performance (Section 56) : The terms of the agreement should be capable of performing. An agreement to do an act, impossible in itself cannot be enforced.
9. Not declared Void: The agreement should be such that it should be capable of being enforced by law. Certain agreements have been expressly declared illegal or void by the law.
10. Necessary Legal Formalities: A contract may be oral or in writing. Where a particular type of contract is required by law to be in writing and registered, it must comply with necessary formalities as to writing, registration, and attestation.

Question 2.
Difference between Contract and Agreement.
Answer:

Question 3.
Explain the classification of Contract on the basis of the Validity.
Answer:

1. Valid Contract: An agreement which fulfills all the essentials prescribed by law on the basis of its creation. For example, S offers to sell his car for Rs.2,00,000 to T. T agrees to buy it. It is a Valid Contract.
2. Void Contract 2(j): A contract which ceases to be enforceable by law. A contract which does not satisfy any of the essential elements of a valid contract is said to be Void.
3. Voidable Contract 2(i): An agreement which is enforceable by law at the option of one or more parties but not at the option of the other or others is a voidable contract.
4. Illegal Contract: It is a contract which is forbidden by law. All illegal agreements are Void but all void agreements or contracts are not necessarily illegal. A contract that is immoral or opposed to public policy is illegal in nature.
5. Unenforceable Contract: Where a contract is unenforceable because of some technical defect i.e. absence in writing barred by imitation etc. If the parties perform the contract it will be valid, but the court will not compel them if they do not.

Question 4.
Explain the classification of Contract on the basis of the Formation.
Answer:
Express Contract:
A contract made by the word spoken or written. According to Section.9, in so far as the proposal or acceptance of any promise is made in words, the promise is said to be express. For example, P says to Q ‘will you buy my bicycle for Rs.l,000?” Q says to P “Yes”.

Implied Contract:
The implied contract is one, which is not expressly written but understood by the conduct of parties. Where the proposal or acceptance of any promise is made otherwise than in words, the promise is said to be implied. For example, A gets into a public bus, there is an implied contract that he will pay the bus fare.

Quasi Contract:
It is a contract created by law. Actually, there is no contract. It is based on the principle that “a person shall not be allowed to enrich himself unjustly at the expense of the other”. In other words, it is an obligation of one party to another imposed by law independent of an agreement between the parties.

Tacit Contract:
A contract is said to be tacit when it has to be inferred from the conduct of the parties. For example, obtaining cash through an automatic teller machine, sale by fall of the hammer of an auction sale.

Question 5.
Explain the classification of Contract on the basis of the Performance.
Answer:
1. Executed Contract: A contract in which both the parties have fulfilled their obligations under the contract. For example X contracts to buy a car from Y by paying cash, Y instantly delivers his car.

2. Executory Contract: A contract in which both the parties are yet to fulfill their obligations, is said to be an executory contract. For example, A agrees to buy B’s cycle by promising to pay cash on 15th June. B agrees to deliver the cycle on 20th June.

3. Unilateral Contract: A unilateral contract is a one-sided contract in which only one party has performed his promise or obligation, the other party has to perform his promise or obligation.

For example, X promises to pay Y a sum of Rs. 10,000 for the goods to be delivered by Y. X paid the money and Y is yet to deliver the goods.

4. Bilateral Contract: A contract in which both the parties commit to performing their respective promises is called a bilateral contract. For example, R offers to sell his fiat car to S for Rs. 10,00,000 on acceptance of R’s offer by S, there is a promise by R to Sell the car and there is a promise by S to purchase the car, there are two promises.

11th Commerce Guide Elements of Contract Additional Important Questions and Answers

I. Choose the Correct Answer

Question 1.
Contracts classified on the basis of performance are
a. executed contracts
b. executory contracts
c. partly executed or partly executory contracts
d. all of the above
Answer:
d. all of the above

Question 2.
A contract in which, under the terms of a contract, nothing remains to be done by either party is known as
a. executed contract
b. executory contract
c. unilateral contract
d. none of the above
Answer:
a. executed contract

Question 3.
All illegal agreements are void, but all void agreements are not illegal.
a. True
b. Partly true
c. False
d. None of the above
Answer:
a. True

Question 4.
A appoints B as his agent, by way of a power of attorney. This is an example of
a. express contract
b. implied contract
c. tacit contract
d. unlawful contract
Answer:
a. express contract

Question 5.
A contract creates
a. rights in person
b. rights in parties
c. no obligations
d. only obligations and no rights
Answer:
a. rights in person

Question 6.
The Contract Act came into force
a. from 1 September 1972.
b. before 1 September 1882.
c. from 1 September 1872.
d. after 1 September 1872.
Answer:
c. from 1 September 1872.

II. Very Short Answer Questions:

Question 1.
What is meant by Tacit Contract?
Answer:
A Contract is said to be tacit when it has to be inferred from the conduct of the parties. For example, obtaining cash through an automatic teller machine, sale by fall of the hammer of an auction sale.

Question 2.
What are all the two parts of the Indian Contract Act?
Answer:

1. General Contract
2. Special Contract

Question 3.
What do you mean by Acceptance?
Answer:
According to section 2(b) of the Indian Contract Act 1872, When the person to whom the proposal is made, signifies his assent thereto. the proposal is said to be accepted.

III Short Answer Questions.

Question 1.
Write a short note on Bilateral Contract.
Answer:
A contract in which both the parties commit to performing their respective promises is called a bilateral contract. For example, R offers to sell his fiat car to S for Rs. 10,00,000 on acceptance of R’s offer by S, there is a promise by R to Sell the car and there is a promise by S to purchase the car, there are two promises.

Question 2.
What are all the types of agreements?
Answer:
Agreements are all in the following types: Agreement no enforceable by law – Any essential of a valid contract is not available. An agreement enforceable by law – All essentials of a valid contract are available.

Question 3.
Explain the term Consideration:
Answer:
As per section 2(d) When at the desire of the promisor, the promisee or any other person has done or abstained from doing something or does or abstains from doing something or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise.

IV Long Answer Questions:

Question 1.
Write a note on the Indian Contract Act.
Answer:
The Indian Contract Act occupies the most important place in Commercial Law. Without Contract Act, it would have been difficult to carry on a trade or any other business activity. The main object of the contract action is to assure that the rights and obligations which arise out of the contract are carried out and in case of failure to do so, the remedies are made available to the affected party. The Indian Contract Act is so much infused in the daily lives that it affects all.

Every purchase that one does, or a loan taken from a banker, or a ride one takes in a bus and many other transactions of daily life have its impact by Contract Act. The English common law is the basis for the development of the Indian Contract Act 1872. The Act came into force on 1st September 1872 and applies to the whole of India except the state of Jammu and Kashmir. This Act applies to the usage of trade and lays down the general principles.

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