MCom Part II SEM IV 2016 2017 May 2017 II DIRECT AND INDIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate full marks

1. Q1 M/s AV Advertising Agency provided the following services during the month of Sale of space for advertisement in newspaper Advertisement via banner at public places at Jammu & 75,000 Canvassing advertisement for publishing on a commission 1,00,000 basis of Mr. A and place of service is Mumbai Canvassing advertisement for publishing on a commission 85,000 basis of Mr. A and place of service is Jammu & Kashmir Canvassing advertisement for publishing on a commission 95,000 basis to the Government Compute the service tax liability. Rate of Service Tax is 14.5%. Point of taxation for all the aforesaid cases falls during the month. Small service providers’ exemption need not be taken into account
2. Q1 Mr. Agives the following details to calculate his service tax liability for the month of April, 2016. Rate of Service Tax is 14.5%, Small service providers’ exemption need not be taken into account. Point of taxation for all the cases falls during the month ADVANCED ACCOUNTANCY : COURSE V DIRECT AND INDIRECT TAX Training of farmers on use of scientific tools and agro 15 marks
3. Q2 Mr. Acommenced business from 01/02/2017. Erom the following particulars regarding purchase and sales transactions, you are required to find out the date from which he will be liable tor registration as per the provision of Maharashtra Value Added Tax Act, 2002 Sale of Purchase Sale of Sale of Purchase of Schedule A of Schedule | Schedule B Schedule B / ADVANCED ACCOUNTANCY COURSE DIRECT AND INDIRECT TAX 15 marks
4. Q2 Calculate the Net VAT payable from the following details of Mr. B for the month of January, Sale out of Maharashtra Purchases within Maharashtra (Excluding VAT) from There was opening balance in Vat Credit Receivable Account amounting to % 25,000 15 marks
5. Q3 (A) started its business from April, 2016. It provides coaching services. Find out the registration liability of the company and the service tax liability for the month of April, 2016 from the following details : 8 marks
   • (B) The details of purchases and sales of Mr. D from Mumbai who started business during 7 the financial year 2016-17 are given below C0478. ADVANCED ACCOUNTANCY COURSE V DIRECT AND INDIRECT TAX Outside Within State Calculate tax liability under the MVAT Act, 2002 of Mr. D
6. Q3 (a) Determine the Point of Taxation in each of the following cases, inaccordance with Point of Taxation Rules 8 marks
   • (1) AT Pvt. Ltd provides taxable services. It received advances of 55,000 on June, 2016. Services are rendered in the Month of August, 2016
   • (2) KK Ltd, provides taxable services to Mr. BT on 1 June, 2016. The bill of 51,525 was sent to him on 15" June, 2016. Payment was received on
   • (3) BT Security Services provides security services to Mr. MT for the month of August, 2016. It sent the bill of 85,000 on 5" September, 2016 for the services of the month August, 2016. But, the payment was received on
   • (4) JJ Ltd. provided taxable services to NT on June, 2016. The bill was prepared on 20" June, 2016. Payment received on 26" June, 2016
   • (5) MJ provided taxable services to his client on July, 2016. Invoice was prepared on August, 2016. The payment received on 28" August, 2016
   • (6) KK provided taxable services to his client on 15" July, 2016. Invoice was prepared on 20" August. 2016. The payment was received in advance on
   • (7) RJ provided taxable services to his 14" July, 2016. Invoice was prepared on 20" August, 2016. The payment was received in advance on
   • (8) MR provided taxable services on July, 2016. Invoice was prepared on 20" September, 2016. The payment received on 20" September, 2016 ADVANCED ACCOUNTANCY V DIRECT AND INDIRECT TAX
7. Q3 (B) Registered Dealer is manufacturing goods. He gives the following detailsto calculate his tax liability under MVAT Act, 2002 Sales of E schedule goods within Maharashtra 8,00,000 Sales of A schedule goods within Maharashtra 1,00,000 Purchase of Material A from Registered dealers 2,00,000 within the State ( Schedule C) Purchase of Material B from Registered dealers 1,50,000 within the State (Schedule Material B was utilised for the manufacturing exempted goods Be Tax Rate : Schedule C 5%, Schedule E 12.5%, 7 marks
8. Q4 (A) Determine the following as True or False as per Service Tax. 7 marks
   • (1) Service tax is always paid by the service provider,
   • (2) Service tax is not payable if it has not been charged in bill
   • (3) Services Provided by institutions in relation to campus recruitment are exempt
   • (4) Mr. A received 5,00,000 from his employer on termination of his service is liable for payment of Service tax in his hands
   • (5) All services provided bya partnership firm to RBI are not taxable services
   • (6) Due date of payment of service tax is same for all the types of assessees
   • (7) Penalty for delay in payment of service tax is 10 per day for
   • (B) Determine the following as True or False as per MVAT. 8
   • (1) Input credit under VAT is available on account of Central Sales Tax paid on the
   • (3) Sale of Scrap is not treated asa business transaction for the purpose of VAT,
   • (4) An auctioneer is nota dealer under MVAT Act, 2002
   • (5) Taxable purchases for the purpose of registration include purchases from other
   • (6) For the purpose of section 42, a shall be considered to be engaged in the business of selling at retail if 50% of his turnover of sales consists of sales made to persons who are not dealers
   • (7) The set off canbe adjusted against the tax payable according to the return
   • (8) If gross turnover of a retailer, inclusive of tax @ 5% iS the amount of tax is 5,000 C0524) C0478 ADVANCED ACCOUNTANCY COURSE V DIRECT AND INDIRECT TAX
9. Q4 (A) Write short notes on any two as per MVAT Act, 2002. 8 marks
   • (i) Payment of tax and filing of return under MVAT Act, 2002
   • (ii) Exempt sales under 2002
   • (iii) Sales price as define under MVAT Act, 2002
   • (B) Write short notes on any two as per Service Tax. 7
   • (i) Procedure for registration
   • (ii) Exemption available to Small Service Provider
   • (iii) Filing of service tax

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