Taxation Laws, Contract Law, Negotiable Instruments, Property Law – AIBE Syllabus Details Part 6

This series consists of seven articles, which expand the complete syllabus for the AIBE – All India Bar Exam.

1. Constitutional Law, IPC, CrPC – Part 1

2. Code of Civil Procedure, Evidence Act, ADR – Part 2

3. Family Law, PIL, Administrative Law – Part 3

4. Professional Ethics, Company Law, Environmental Law – Part 4

5. Cyber Law, Labour & Industrial Law, Law of Torts – Part 5

6. Taxation Laws, Contract Law, Negotiable Instruments, Property Law – Part 6

7. Land Acquisition Act, Intellectual Property Laws – Part 7

You might be interested in reading our article on : How to Pass the AIBE - All India Bar Exam in 2024

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I have subscribed to your CLAT PG program and got AIR 36 in this year CLAT PG. I have also secured AIR 54 in AILET PG exam. I would like to thank you. Your mock paper really helps a lot - Shrashank Tripathi

I would like to thank you for the CLAT PG LLM COURSE. Practising mock tests there helped me in getting confidence and hence I was able to get AIR 45 in CLAT PG LLM - Akshay Awasthi

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"I got AIR 18 in CLAT PG and General Category rank 28 in AILET PG. I want to thank you for helping me practice well in controlled conditions from any place. It gave me a lot of confidence and I took the tests while travelling too. I also made it to IIT Kharagpur." - Vinodharani

"Lawmint has been of great help to me in securing AIR 25 in AILET PG and AIR 29 in CLAT PG examinations. The subjective and objective approach of the test series kept me up to date with the latest exam pattern." - Bhawna Nanda

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Law related to Taxation – 4 questions

Legal regime of Tax encompasses the policies, Laws and rules for Taxation process. Income Tax Law is concerned with tax imposed on various sources of income. With regard to indirect tax latest in the ‘pipeline of fiscal policy is introduction of the uniform Goods and Service Tax (G S T) regime from July 1, 2017.

Tax Policy is related to duties on imports from foreign countries and all compulsory levies imposed by the Government on Individuals firms, limited companies, Govt organisations, Local Authorities and others for the benefit of the State. The object here is to impart conceptual understanding to the students of the provisions of both direct and indirect tax laws. The students of law are required to know the impact of taxation on business transactions.

General Overview
Concept of Tax- Nature and characteristics of different types of taxes- Direct and Indirect taxes-Distinction between tax and fees, tax and Cess- Tax evasion, Tax planning and Tax avoidance- Retrospective Taxation-Federal Base of Taxing Power -Power of Taxation under the Constitution, Immunity of State agencies/Instrumentality – Fundamental Rights and the power of Taxation- Commerce Clause, Inter-State Commerce and Taxation, Scope of Taxing powers of Parliament. Delegation of taxing power to State Legislatures and Local bodies

Direct Taxes
The Income Tax Act 1961: Basis of taxation of Income -Basic concepts, Person, Residential Status and incidence of tax.

Income from Salaries-Income from House Property-Income from Business or profession and vocation-Capital gains, income from other sources-Deemed assessee, Set off and carry forward Loss; Incomes exempt from tax, permissible deductions & Chapter VIA. deductions, Assessment, Kinds of assessment.

Income tax authorities-Appointment-powers and. functions, Provisions relating to collection and recovery of tax-filing of returns, electronic filing, IT portal working and Refund of tax, appeal and revision provisions, offences and penalties.

Indirect Taxes
Concept of Goods and Service Tax (GST)-The Constitution (122nd Amendment) Act 2017 – The Central Goods and Services. Tax Act, 2017 – Dual GST model taxation- GST Council – Central GST (CGST); GST levy on transactions-sale, transfer, Purchase, barter, lease, or import of goods and/or services.

IGST /SGST /UTGST/ compensation Law to State Governments GSTN-Goods arid Services Tax Network Portal; Tax Invoice, GST on Imports & Exports, benefits of GST to trade, industry,-e-commerce & Service Sector and the consumers at large, impact of GST on GDP of India and Inflation.

IGST- Integrated GST (IGST) levied by the Central Government. Inter-state transactions and imported goods or services- State GST (SGST) ; The State Goods(“) & Service tax Law, Power of Central government to levy tax on Interstate taxable supply.  Impact of GST on State revenue; Indemnifying State Revenue Loss; UTGST-Union Territory Goods and Service Tax Law-GST Exemption on the sale and purchase of securities, Securities Transaction Tax (STT)

Customs and Duties
Legislative Background of the levy-ports-Warehouses-Nature and restrictions on exports and imports-Levy, exemption and collection of customs, duties and overview of law and procedure-Clearance of goods from the port, including baggage-Goods imported or exported by post and stores and goods in transit-Duty drawbacks provisions, Authorities-Powers and functions and SEZ Units.

 

Law of Contract, Specific Relief, Property Laws, Negotiable Instrument Act – 8 questions

Law of Contract-I
Formation of Contract, Meaning and nature of contract, Offer/Proposal: Definition, Communication, Revocation, General/Specific offer, Invitation of offer. Acceptance: Definition, Communication, Revocation, Provisional acceptance, Tenders/Auctions

Consideration and Capacity
Consideration: Definition, Essentials, Privity of Contract, Exception Section 2(d) 25
Capacity to enter into a contract; Minor’s Position, Nature/effect of minor’s agreements.

Validity, Discharge and Performance of Contract
Free Consent
Coercion, Undue influence, Misrepresentation, Fraud, Mistake
Unlawful consideration and object
Effect of void, voidable, valid, illegal, unlawful and uncertain agreement/contracts
Discharge of Contracts
Performance
Time and Place of performance
Agreement
Impossibility of performance and frustration
Breach: Anticipatory & Present

Remedies and Quasi Contracts
Remedies: Damages, Kinds, Remoteness etc., Injunction, Specific Performance, Quantum Merit.
Quasi Contract (Section 68-72)
Salient features of the Indian Contract Act, 1872

Specific Contract
A. Indemnity and Guarantee (Sec.124-147)
Indemnity & Guarantee-the Concept, Definition, Methods
Commencement of liability of the indemnifier
Nature of indemnity clauses
Distinction between indemnity and Guarantee
Right/Duties of Indemnifier, Indemnified and Surety
Discharge of Surety’s liability
Kinds of Guarantee

Bailment and Pledge (Sec. 148-171 and Sec.172-181)
a. Meaning and Distinction
b. Rights and Duties of Bailor/Bailee, Pawnor/Pawnee
c. Lien
d. Termination of Bailment
Commercial utility of pledge transactions

Agency (Sec.182 to 238)
Definitions of Agent and Principal
Essentials of relationship of agency
Creation of agency: by agreement, ratification and law
Relation of principal/agent, subagent and substituted agent
Termination of agency

Government Contract
Constitutional provisions, procedural requirement-kinds of Govt. Contracts performance of such contracts, Settlement of disputes and remedies

Specific Relief Act
Introduction: Meaning, Nature & Scope of equitable relief, History of Specific Relief.
Relieves regarding possession of immovable & movable property
Meaning of specific performance, enforcement of contract, defences, part-performance of contract

 

PROPERTY LAW

The focus of this course in on the study of the concept of ‘Property’, the ‘nature of property rights’ and the general principles governing the transfer of property. A detailed study of the substantive law relating to particular transfers, such as sale, mortgage, lease, exchange, gift and actionable claims will also be undertaken. The course also includes an exposure into the concept of trust. Course contents:

General principles of Transfer of Property by Act of parties inter- vivos- Concept and meaning of immovable property- Transferable Immovable Property- Persons Competent to transfer – Operation of Transfer- Conditions restraining alienation and restrictions repugnant to the interest created- rule against perpetuity and exceptions- Direction for accumulation- Vested and Contingent interest.

Doctrine of election– transfer by ostensible and co-owner- Apportionment- Priority of rights- Rent paid to holder under defective title- Improvements made by bonafide holder- Doctrine of Lis pendens- Fraudulent transfer and part-performance.

Mortgages of Immovable property: Definition- Kinds of mortgages and their features- Rights and liabilities of mortgagor and mortgagee- Priority of securities- Marshalling and contribution- Charges.

Sale of immovable property: Rights and liabilities of seller and buyer before and after completion of sale- Difference between sale and contract for sale; Leases of immovable property: Definition- Scope- creation of lease- rights and liabilities of lessor and lessee- Determination and holding over; Exchange: Definition and mode- Actionable Claims; Gifts: Scope- meaning- mode of transfer- universal gifts- onerous gifts.

Law relating to Negotiable Instruments, 1881 Act (Read with the amended Act of 2002) – Negotiable Instruments – Kinds – Holder and holder in due course – Parties – Negotiation- Assignment – Presentment – Endorsement – Liability of parties – Payment in due course – Special rules of evidence – Material alteration – Noting and protest – Paying banker and collecting banker – Bills in sets – Penal provisions under NI Act – Banker’s book evidence Act.

Note : Always refer to the current year’s official advertisement for the latest topics and number of questions.

This series consists of seven articles, which expand the complete syllabus for the AIBE – All India Bar Exam.

1. Constitutional Law, IPC, CrPC – Part 1

2. Code of Civil Procedure, Evidence Act, ADR – Part 2

3. Family Law, PIL, Administrative Law – Part 3

4. Professional Ethics, Company Law, Environmental Law – Part 4

5. Cyber Law, Labour & Industrial Law, Law of Torts – Part 5

6. Taxation Laws, Contract Law, Negotiable Instruments, Property Law – Part 6

7. Land Acquisition Act, Intellectual Property Laws – Part 7

You might be interested in reading our article on : How to Pass the AIBE - All India Bar Exam in 2024

---

Authentic Feedback from previous LawMint users :

I got AIR 21 in CLAT PG. Thank you so much. Your mocks helped me a lot in my preparation 🙂 - Ayushi Jain

I have subscribed to your CLAT PG program and got AIR 36 in this year CLAT PG. I have also secured AIR 54 in AILET PG exam. I would like to thank you. Your mock paper really helps a lot - Shrashank Tripathi

I would like to thank you for the CLAT PG LLM COURSE. Practising mock tests there helped me in getting confidence and hence I was able to get AIR 45 in CLAT PG LLM - Akshay Awasthi

A year back, I relied on the IIT Kharagpur RGSOIPL mock test series by LawMint to prepare for my RGSOIPL entrance test. Few months back, I relied on your UGC NET Law series to prepare for UGC NET. I was the topper of the RGSOIPL entrance, and have cracked JRF in UGC NET. All thanks to LawMint - Anshuman Sahoo

"I got AIR 18 in CLAT PG and General Category rank 28 in AILET PG. I want to thank you for helping me practice well in controlled conditions from any place. It gave me a lot of confidence and I took the tests while travelling too. I also made it to IIT Kharagpur." - Vinodharani

"Lawmint has been of great help to me in securing AIR 25 in AILET PG and AIR 29 in CLAT PG examinations. The subjective and objective approach of the test series kept me up to date with the latest exam pattern." - Bhawna Nanda

"I, Nimmy Saira Zachariah joined you clat test series. I cleared AILET PG with 30th rank. Your test series were of immense help as it gave me clear idea of where my preparations stand thank you once again law mint." - Nimmy S Z

"Hey guys. Where do I start? If I thought that getting AIR 59 in Clat PG was it, then how wrong I was. With Lawmint now I have cracked UGC NET as well." - Joyanta Chakraborty

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