BCom In Accounting & Finance (BCAF) SEM II 2017 18 Oct 2017-18 TAXATION Question Paper - Mumbai University | munotes

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1. Q2 Q.1 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 Fillin the blanks (Any 8) 08 1 Audit Report by a Chartered Accountant is in Form No selling at least % of goods to direct consumers can opt for the composition Taxable purchase,” for the purpose of registration (include/exclude) inter state purchased 4 The minimum turnover of sales required for registration by an importer is Rs The rate of tax for Schedule B goods is % 6 Taxable sales,” for the purpose of registration (include/exclude) local sales taxable under 7 Every dealer liable to pay tax should get his accounts audited by a Chartered Accountant if his turnover of sales or as the case may be of purchased exceed Rs 8 % of the purchased price of fuel shall be reduced from the amount of set-off otherwise available in respect of such purchase 9 Aperson who voluntarily desires to get registered has to deposit an amount of Rs 10 If adealer failed to comply with any notice, the penalty may be equal to Rs B whether the following statements are true or false (any 7) 07 Aretailer under composition scheme exempted purchase/ sales for calculating the composition Allservices are subject to MVAT The composition amount for an eligible Baker is 6% of the first 50 lakhs of specified turnover of sales in the case of register dealer 4 Aneducational institution buying educational materials and selling them to students is a dealer under MVAT as defined under MVAT 2002 excludes any transaction of sale or purchased of capital assets
4. Q6 Adealer who has opted for a composition scheme is not eligible to issue “tax invoice” is respect of sales of auctioneer is nota dealer under MVAT 2002 8 composition of adealer of second hand vehicles shall be calculated @15% of the sale price of the vehicle
5. Q9 Sale of scrap is not treated business transaction for the purpose of VAT 10 Immovable property such as land, building are not “goods”, as defined under MVAT 2002
   • Q.P. Code :06607
6. Q2 A request you to compute their tax liability under MVAT act 2002 for the month of January 2016 from the following information: Purchase of goods from 1,00,000 Guru traders dealing in garments commenced their business on 2016 from the following particular 07 regarding purchase and sales transaction you are required to find out the date from which they will be liable for registration and to pay tax as. per the provision of Maharashtra value added tax Act 2002 give reason: Within the state the state Within 8 marks
7. Q2 C_ Explain with reason whether the following can be considered as ‘sale’ as per the provision of Maharashtra 8 marks
8. Q1 Transfer of goods from head office to branch
9. Q2 Sale of motor car
10. Q3 Gift of jewelers to a friend
11. Q4 Hypothecation of goods Exchanges of mobile handset 6). Free sample provided by a pharmaceutical company
12. Q7 Sales of food stuffs in college canteen
    • Q.P. Code :06607 D M/s Raj & co requests you to compute tax liability under MVAT 2002 for the month of February 2016 from the 07 The firm is a registered dealer under MVAT Act 2002 Set off available for this month is Rs. 7300 Sale figures are exclusive of sales tax Mr Hemant is a contractor who has opted for the composition scheme. The contract value received is 08 Rs.10,00,000 other details relating to job work are
    • B. Mr. Alok started business in 2016-17 from the following particulars .find out from which month he is liable for 07 registration as per provision of MVAT Act 2002
    • Q.P. Code :06607
13. Q3 Prepare a statement of computation of tax for the month of August 2016 to be paid under the provision 1)During the month the dealer utilized schedule C goods costing Rs. 10,000 (included in purchased above) as 2)Amount debited to p&L account for material is Rs. 10000/- on which MVAT paid is Rs. 400/-@4%
14. Q3 There is a brought forwards setoff of Rs. 17100/- from the last month D Mr. Ashok a retailer provides you the following information: 07 There OMS purchase 1)State the provisions of compositions scheme fora retailer?
15. Q2 Can the Mr. Ashok opt for the composition scheme?
16. Q3 Calculate the amount of MVAT liability? Determine from which date Mr Prakash who started business in September 2016 is liable for registration 08 under MVAT act give reasons:
    • Q.P. Code :06607 B contractor who has opted for the composition scheme. The contract value received 07 is. RS 75,00,000. Other details relating to job work are: Printing and stationery (schedule C) 2,00,000
17. Q4 C_ co asks you to compute their taxable turnover and sales tax liability under the MVAT act 2002 for each month separately 8 marks
    • Q.P. Code :06607 D M/s Phutane and co furnishes the following data. You are required to compute the amount payable as tax 07 under MVAT act 2002 There was an opening balance of Rs. 2500 in the VAT credit receivable account-on 1.10.2016
18. Q5 A_ Explain the provision of MVAT Act 2002 in respect of sales and purchases not liable to tax B Explain the term dealer 07 Qs Write short notes on ( any 3) 15 1 Compositions scheme for retailers under MVAT Act 2 Provision for levy of interest under the MVAT Act 3 Advantages of VAT 4 Define goods under MVAT ACT,2002 8 marks

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