Master of Commerce (M.Com.) MCom Accountancy SEM IV ADVANCED ACCOUNTANCY COURSE V DIRECT AND INDIRECT TAX Question Paper - Mumbai University | munotes

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1. Q1 All Question compulsory with internal choice
2. Q2 Figures to the right indicate full marks
3. Q4 Working notes form part of answer
4. Q1 A) From the following information for April 2017 supplied by Mr. Shyam compute his value. of non taxable as well as taxable services and service tax payable for the month of April threshold limit and all amount given are excluding service Tax). (15)
5. Q4 Salary Received from Employer 3, 50,000
6. Q5 Amount Received from Construction of Building after receipt of Completion Certificate
7. Q6 Amount Received on withdrawal of Fixed Deposit from Bank 60,000
8. Q7 Amount Received for Supply of Farm Labour 3, 00,000
9. Q8 Amount Received on Cultivation of Ornamental Flowers
10. Q9 Amount Received from Temporary use of Copyright 2, 00,000
11. Q10 Amount Received from Agricultural Land used for Poultry Farming 1, 50,000
12. Q11 Amount Received from Construction of Metro Railway
13. Q12 Amount Received from Construction of Structure meant for Cremation of deceased
14. Q1 B) Mr. Amit gives you following information of his transactions for May, 2017. For Factory Building For Machinery in Factory 2,20,000 For Residential House 4,00,000 For Furniture in Residential House 90,000 For Open Plot of Land rented to Circus For Agricultural Plot 90,000 For Hotel Rooms (Declared Tariff per day For Hostel for Working Women 3,40,000 For Renting Building to Saraswati High School 1,70,000 For Renting Premises for ATM Machines of Bank For Renting Premises to United Nations 3,50,000 For Open Plot of Land for Animal Husbandry 80,000 Remuneration Received as a Member of Parliament (MP) 4,60,000 Pension Received from Ex-Employer 72,000 As per provisions of service tax laws, classify above items as taxable or non-taxable and calculate the value of taxable services, assuming that service tax is not included in above amounts (ignore threshold exemption and abatement).Rate of Service Tax 15% Paper Subject Code: Advanced Accountancy : Course V- Direct and Indirect Tax 15 marks
    • Q.P. Code: 21455
15. Q2 A) Mr Raman a new Dealer started the Business during the financial year 2016-2017. From the following information find out on which day he will be liable to pay Tax Give Reason (15)
16. Q2 B) M/s Nisha & Binny & Co furnishes the following data . You are required to compute the amount payable as Tax under MVAT Act 2002 (15) There was an opening balance in the VAT Credit Receivable Account on 01/04/2017 of Rs 2,500
17. Q3 A) Determine whether following are Goods are not under MVAT Act 2002 8 marks
18. Q2 Mango Trees
19. Q3 Equity Shares in Tisco Ltd
20. Q4 Lottery Tickets
21. Q6 Import License
22. Q7 Agriculture Plot
23. Q8 DVD player
    • B) Determine the Point of Taxation in each of the following independent cases in accordance with Point of Date of Completion of service Date on which Payment received Paper Subject Code: Advanced Accountancy : Course V- Direct and Indirect Tax
    • Q.P. Code: 21455
    • C) Determine whether following are sales are not under MVAT Act 2002 8
24. Q1 Sale of Television on Hire Purchase System
25. Q2 Gift of Radio to a friend
26. Q3 Sale of Scrap
27. Q4 Transfer of Goods from Branch to Head office
28. Q5 Hypothecation of Goods
29. Q6 Exchange of Jewellary
30. Q8 Pledge of Goods
    • D) From the following information for February 2017 supplied by Mr. Amir compute his value of taxable service for the month of February threshold limit & all amounts are given excluding service tax). Rate of Service Tax 15% (7) Supply of Farm Labour 45 Consultation Service for Manufacturing Wine from Grapes 1,55,000 Rent from Agricultural Land given to Mela (Fun-Fair) Rent from Agricultural Land from Cinema Production House 3,00,000 Renting of Agricultural Machinery 50,000
31. Q4 A ) State whether the statement is True or False ( Rewrite the sentence ) 15 marks
32. Q1 Service tax is imposed as direct Tax
33. Q2 Form ST 1 is for filing Half yearly Return
34. Q3 Service Tax Code (STC) is a 15 digit Numeric code
35. Q4 Service Tax came in to force from July 1999
36. Q5 Service Tax law extends to whole of India
37. Q6 Service Tax return has to filed monthly
38. Q7 Epayment of Service Tax is not mandatory for an Assessee
39. Q8 Trading of goods in not covered in the Negative List
40. Q9 Vat paid on fuel is eligible for full set off
41. Q10 If goods specified in E *” is Exported it is Taxable
42. Q11 All Dealer can avail Composition Scheme
43. Q12 Vat is Single point Taxation
44. Q13 Vat is charged in addition to Sales Tax
45. Q14 All services are subject to MVAT
46. Q15 An Auctioneer is not a dealer under MVAT 2002 Paper Subject Code: 67416 Advanced Accountancy : Course V- Direct and Indirect Tax
    • Q.P. Code: 21455
47. Q4 B) Write a Note on Any Two under MVAT Act 2002 8 marks
48. Q1 Business
49. Q2 Dealer
50. Q3 Sales Price
    • C) Write a note on Any Two under Service Tax Act 7
51. Q1 Point of Taxation
52. Q2 Declared Service
53. Q3 Due date for payment of Service Tax

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