BCom TY BCom Tybcom Others Mar 2014 Question Paper - Mumbai University | munotes

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Q1 From the following information for February 2014 supplied by Mr. Amir compute his value of taxable service and the service tax payable for the month February 2014 (Ignore threshold limit and all amounts given are excluding 1 Supply of Farm labour NT 40,000 3 Cleaning and packing of grapes 7 20,000 4 Sale of grapés —T 4,00,000 5 Consultation service for manufacturing wine from grapes 3,50,000 Rent from agricultural land situated at Jammu and Kashmir 40,000 7 Renting of agricultural machinery’ 8 Rent from agricultural land used for agriculture 60,000 Rent from agricultural land given to agricultural college for research “}V70,000 10 Rent from agricultural land given to Mela Fun-Fair) Rent of agricultural land from cinema production 6,00,000 12 Rent from agricultural land given to food.and 1,00,000 organisation of United From the following information for March 2014 supplied by Mr. Shriram 15 compute his value of taxable service and the tax payable:for the month of March 2014. (Ignore threshold limit and all amounts given are 1 Security charges received from candidate contesting for 50,000 2 Rent from lodge (Declared Tarrif Rs 800 per day per room) 60,000 15 marks
Q3 Royalty from temporary transfer of Trade Mark 2,50,000 4 Sale of Software 1,00,000 5 Rent from mobile tower erected at residence, 6 Rent from ground given for local sports 3,50,000 7 Consultancy given in relation to cultivation of mango 1,00,000 8 Consultancy given in relation to production of MangoJam 9 Private tution fees from school students 1,00,000 10 Rent from hiring of tractor to farmers 30,000 Co., manufacturer and re aid required to ca for December 2013. Act, 2002 for December tax liability under M Rs Purchases from outside Maharashtra State of Schedule C goods (Net of CST @2%) % of purchases of raw materials - E goods were used to manufacture tax free goods under schedule A 4 Set-off brought forward from earlier month : 30,000 5 for Schedule C goods is 5% and Schedule E goods is 12.50%
Q2 M/s. D & Co., a Reseller and registered dealer, furnishes the following information for September 2013. You are required to calculate the tax liability under Maharashtra Value Added Tax Act, 2002 for September 2013 6 Purchases (excluding tax) of office equipment - Schedule F Opening balance [credit] in VAT credit - receivable 20,000 8 Tax rate for Schedule B goods = 1%, Tina Fabrics commenced their business on 1st January are particulars regarding purchase and sales required to find out the date from which they will be liable as per the provisions of Maharashtra Value Added Tax Act, 15 marks
- (b) Determine the Point of Taxation in each of the following cases, in 8 with Point of Taxation Rules, 2011 Sr. Date of Date of Date on Amount No. Completion Invoice which Rs of service 5 payment to tax under the provisions of
Q3 (c) Compute the ‘Sale Price
- (3) charges Rs. 30,000
- (5) Packing charges 10,000
Q3 (d) of the value. of Rs, Copmpute the total amount of (a) Basic service tax, (b)E ucation cess
- (c) Secondary & Higher Education cess payable by him, value of taxable services provided during the preceding financial year was
- (ii) provides taxable service of the value of Rs. 33,70,800/- - 2 (inclusive of service tax). Compute the amount of tax: payable by him, if the value of taxable service provided by him during the preceding financial year was Rs
- (iii) Mr. Ravindra fails to pay service tax of Rs. 17,00,000/- payable by. 2 him by 6th January, 2014. But he pays the amount on 16th January, 2014. Compute the amount of penalty for the late
- (iv) Mr. Shrikant fails to pay service tax of Rs. 11,30,000/- payable by 6th 2 July, 2013. He pays the said amount on 16th July, 2013. What is the interest payable by him for late payment, if the turnover of taxable service during the preceding financial year, was Rs 4, (a). Rewrite the following sentences by selecting the correct optionunder .7 the provisions of Service Tax Laws
- (1) Return of service tax is filled in
- (2) Out of following . falls under negative list Both of the above
- (3). Service tax is applicable on
- (4) rules were introduced with effect from
- (5) out of the ambit of service tax are given iM
- (6) Negative List ) code is a 15 digit code,
- (7) In relation to services provided by way of sponsorship, LS liable to pay tax @ None of the above
- b) Re-write the following sentences by selection the correct option under 8 the provisions of Maharashtra Value Added Tax Act, 2002
- (1) Salé as definded under MVAT Act, 2002 does not include @ Sale of scrap @ Pledge of goods @ Sale of car
- (2) Sales turnover for the purpose of registration includes @ Both taxable and tax-free sales
- (3) The composition tax in case of a dealer in second hand motor vehicles JS Of Sale price of vehicle
- (4) Set-off or refund is granted/allowed to registered dealer in respect of his purchases, on production 60 500 (both excluding tax) the net Vat payable Will DC
- (6) A has opted for 00.0 00 and
Q7 A reseller of tax free goods purchases packing material [schedule C goods - tax rate 5%] of Rs, 10,000 (exclusive of vat). The set off available shall be i
- (8) Export sales are Out of India sales Out of Maharashtra Out of Mumbai sales
Q4 (c) (i) List any four declared services as per section 66 E of Finance Act. 4 marks
- (ii) Write short note on Rules of valuation as per section 67 of Finance a Act in relation to Service Tax 4, (d) Answer in brief the following as per the provisions of Maharashtra the term ‘‘Purchase Price” 4 il) Describe any four items of purchases for which i as per Rule 54, 4

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