BCom In Accounting & Finance (BCAF) SEM II 2017 18 April 2017-18 TAXTION I Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Q.1is compulsory and Q.2 to Q.5 have internal choice
2. Q3 Use of simple calculator is allowed
3. Q4 Working note should form part of your answer
4. Q1 Multiple choice questions (any 8) 1 Sales price as defined under MVAT Act 2002 includes 8 marks
5. Q1 Cost of insurance in transit
6. Q2 Cost of installation
7. Q3 Deposit in connection with sales of goods 2 The term goods includes
8. Q1 Immovable property
9. Q2 Growing crops
10. Q3 Equity shares 3 invoice is issued by
11. Q2 Aservice provider
12. Q3 Aregistered dealer 4 Composition scheme under section 42 can be availed by 1)Manufacturer
13. Q2 Wholesaler 3)Retailer 5 Taxable purchase for the purpose of registration includes
14. Q1 Purchase under schedule A
15. Q2 Local purchase
16. Q3 News paper 1). as agricultural tools,vegetables, books 2). All declared goods of business u/s 22 is to be conducted by
17. Q1 Chartered accountant Dealer who has is liable for penalty u/s 29 (2A)
18. Q1 Failed to apply for registrations
19. Q2 Carried on business without being registered 9 Tax is charged on 1)schedule A goods
20. Q2 schedule C goods
21. Q3 schedule D goods
    • Q.P. Code :06608 10 VAT does not apply to
22. Q1 Retailer
23. Q2 Consumer
24. Q3 Work contractor B State whether following statement is True or False (any 7) 07 1 VAT is single point Tax 2 Livestock held as assets are “goods” as defined under MVAT 2002 3 Set off is an allowance of tax paid on purchase of goods and which can be adjusted against the tax payable 4 The rate for composition scheme dealer of second hand motor vehicle is 12.5% 5 Assembling cycle from various parts is called as manufacture u/s 2 (15) 6 Adealer fails to issue a tax invoice minimum penalty of Rs. 1000 is to paid 7 Anonimporter is liable for registration under MVAT 2002.as soon as his sales turnover exceeds Rs. 100000 8 Certificate of registration under MVAT 2002 is given in form 102 9 Dealer whose turnover of sales and purchased exceeds, Rs. 40 lakhs in any year, is required to get his books 10 Penalty is discretionary
25. Q2 A Adealer purchased the following goods in Maharashtra during December 2016 1 December 2016 there was a opening balance of Rs. 10000 in VAT receivable/set off account 2 The dealer has refund of Rs. 2500 during the month out of VAT credit receivable account Prepare of computation of tax to be paid under the payment of MVAT Act 2002 B ShriShyam Pawar started business from January 2016 from the following particulars regarding purchase 07 and sales transactions find out from which date he will be liable for registration and to pay tax as per the provision for MVAT act 2002 8 marks
    • Q.P. Code :06608
26. Q2 C State with reason whether the following are “goods” as per the provisions of Maharashtra value added tax 4 Equity share of Infosys Itd 7 Residential flat used for business 8 in mobile phone D Following are details of aregistered dealer .Calculate the tax payables as per Maharashtra value added tax 07 8 marks
27. Q3 A Mr a contractor who has opted for the composition scheme. The contract value received is Rs 500000. Other detail relating to job work are the following information of M/s PQR and co. calculate the setoff and tax payable under MVAT act 2002 07 for the month June 2016 8 marks
    • Q.P. Code :06608 1 2016 there was a opening balance of Rs. 7500 in VAT receivable/set-off account 2 The dealer has received of Rs. 2500 during the month out of VAT credit receivable account Prepare a statement of computation of tax to be paid under the payment of MVAT Act 2002 Ambika and co a manufacturer and registered dealer you the following information for you are required to calculate the tax liability under MVAT Act 2002 3)Opening balance (cr.bal) in credit receivable 3,000 4)Tax rate for goods under schedule A=Nil, schedule C
28. Q4 Mr.Shyam registered dealer furnished you following information regarding purchase and sales of scheduled goods. Calculate MVAT payable for the year 2012-13 April 2012 to Dec Tax rate on schedule A= Nil, schedule C=5% schedule B=1% 15 marks
    • Q.P. Code :06608
29. Q4 A Explain with reason whether the following activity is manufacture or not 1 Polishing of gold ornament 2 Assembling of cycle from various parts 3 Extraction of oil 4 Cutting of steel sheets into smaller sheets B Fromthe particulars furnished by Ms. Arti you are required to compute tax liability as per provisions of 07 MVAT act 2002 given that all amounts are excluding VAT Items debited to Tax rate for schedule A= Nil, schedule C = 5% 8 marks
30. Q5 A Explain tax audit provision under MVAT.act 2002. Explain the provisions of Section 8 Sale and Purchases not liable to tax 07 8 marks
31. Q5 Short notes any 3 1 Define dealer under MVAT act 2002 Define sales price under MVAT act 2002 Documents required for registration under MVAT 5 Submission of audit report 15 marks

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