BCom TY BCom Sem 6 BCom Sem 6 (2016 2017) April 2017 DIRECT TAX 11th Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (a) Rewrite the following statements and state whether it is True or False as per Service Tax Law (any eight) :— 8 marks
2. Q1 Service Tax Law extends to Whole of India
3. Q3 Electronic Payment of Service Tax is mandatory for all assessees
4. Q4 Construction of a Building is not included under Declared Services
5. Q5 Fees payable to a Court of Law is covered under Excluded Services
6. Q6 The Certificate of Registration under Service Tax is issued in Form ST-1
7. Q7 Services by way of coaching in recreational activities related to sports is covered under Exempt Services
8. Q8 Service Tax Return is required to be filed monthly
9. Q9 Service Tax is a Direct Tax
10. Q10 Negative List specifies the services which are Liable for Service Tax
    • (b) Re-write the following statements by selecting the appropriate option as per 7 Maharashtra Value Added Tax Act, 2002 (any seven) :—
11. Q1 Sales Returns within months from the date of sales can be deduced from the gross turnover of sales
12. Q2 Dealer as defined under MVAT includes e Both of the above
13. Q3 Gross Sales Turnover for the purpose of Registration by an Importer should exceed
14. Q4 The set-off can be adjusted against for that period
15. Q5 A Tax Invoice can be issued only by
16. Q6 Under Composition Scheme, tax rate of 1.50% is applicable to
17. Q7 Goods listed under Schedule D includes
18. Q8 Raj of Pune, purchased goods costing Rs. 51,000 (Inclusive of CST Rs. 1,000) from Bhavesh of Baroda (Gujarat). He sold these goods to Dixit of Mumbai for Rs 63,000 (Inclusive of VAT Rs. 3,000). The VAT payable is
19. Q9 who opted for Composition Scheme has Sales of Rs. 25,00,000 for both taxable goods and tax free goods. His purchases from Registered Dealer is Rs 15,00,000. The tax payable under composition scheme is
20. Q10 Set-off under rule 52 is available for taxes paid on purchase of e Goods debited to Profit & Loss Account Apna Bank has furnished following information for April 2016. 15 Interest Received on Term Loans 7,00,000 Penal Interest Received on Delayed Repaymet of Loans 3,00,000 Annual Fees On Debit Cards 1,50,000 Bank Charges on Current Account 2,50,000 Bank Charges for issue of Demand Drafts 1,60,000 Interest Received on Credit Cards 1,20,000 Late Payment Fees on Credit Cards 40,000 Rent of Sale Deposit Lockers 3,60,000 Commission From Governemnt For Collection of Income Tax 1,30,000 Interest Received from Reserve Bank of India 90,000 Charges Received for Conversion of Foreign Currency 70,000 Amount Received for Sale of Old Furniture 30,000 Fees Received for Investment Consultancy Sevices 80,000 As per provision 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 thereshold exemption and abatement)
21. Q2 Amit gives you following information of his transactions for May, 2016. For Factory Building 6,00,000 For Machinery in Factory 1,20,000 For Residential House 3,00,000 For Furniture in Residential House 80,000 For Open Plot of Land Rented to Circus 2,40,000 For Agricultural Plot 90,000 For Hotel Rooms (Declared Tariff per day Rs. 1,200) 4,20,000 For Hostel For Working Women 5,40,000 For Renting Building to Sarswati High School 2,70,000 For renting premises for ATM Machines of Bank 1,40,000 For Renting Premises to United Nations 1,50,000 For Open Plot of Land For Animal Husbandry 90,000 Remuneration Received as of Parliament (MP) 3,60,000 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.) 15 marks
22. Q3 Dinesh & Co. a manufacturer & registered dealer provides the following information for May, 2016. You are required to, calculate the VAT liability for May 2016 as per the provisions of e Spares for Machinery Repairs - Schedule E goods 60,000 Balance (Credit) brought forward from last month in VAT 15 marks
23. Q4 Tax Rate for goods listed under Schedule A = NIL, Schedule B = 1%
24. Q3 Sudhakar & Co., a reseller and Registered dealer, provides the following information for June, 2016. You are required to calculate the VAT liability for June, 2016 as per the provisions of e Outside Maharashtra State Sales - Schedule E goods 1,25,000 e Schedule E goods (sold in November 2015) 15,000 e Schedule E goods (Outside Maharashtra State Sales 10,000 and Sold in January 2016) 15 marks
25. Q4 Purchase from Unregistered Dealer
26. Q5 Purchase of Motor Car (passenger vehicle and treated as capital asset)
27. Q6 Balance (Credit) brought forward from last month in VAT
28. Q7 Tax Rate for goods listed under Schedule A = NIL, Schedule B = 1%
29. Q4 (a) Drueit Traders commenced their business form June, 2016 from the following partiuclars of their purchase and sales transactions, you are required to find out the date from which they will be liable for registration as per the provisions of Maharashtra Value Added Tax Act, 2002. Give reasons for your answer Purchase of goods Sales of goods Determine the point of taxation in each of the following independent cases with 7 reference to the point of taxation Rules, 2011 Date of Date of Invoice | Date on which payment Completion of is received Further in following two cases, service tax was chargeable at the rate of 14% upto 31st March, 2016. effect from 1st April, 2016, the rate has been increased to 14.50%. Determine the point of Taxation in each of the following independent cases in accordance with Point of Taxation Rules, 2011 Date of Date of Invoice Date on which payment Completion of is received 8 marks
30. Q4 (c) Compute 'Sales Price’ chargeable to tax as per the provisions of Maharashtra Value 8 marks
31. Q1 Basic Sale Value (2500 units @ Rs. 400 each) 10,00,000
32. Q3 Packing Charges 5,000
33. Q4 Transport Charges 2,000 Mr. Pankaj provides the details of his service tax liability as under - 7 You are requested to advise Mr. Pankaj on the following questions
34. Q1 What is the due date for electronic payment of service tax ?
35. Q2 What is the amount of service tax payable for each period ?
36. Q3 What is the challan number used for payment of service tax ?
37. Q4 What is the due date for filling service tax returns for the above period
38. Q5 What is the penalty if the service tax return is filed late by 30 days ?
39. Q5 (a) Explain with reasons whether the following transactions are 'Sales' or notas per Maharashtra Value Added Tax Act, 2002 (any four) :—
40. Q1 Hypothecation of Plant & Machinery
41. Q2 Sale of Refrigerator under Hire Purchase
42. Q3 Sale of second hand vehicles
43. Q4 Sale of food by a restaurant
44. Q5 Free samples of new product distributed by X Ltd
    • (b) List any seven services covered under exempt services vide notification 25/2012. 7
45. Q5 Write short notes (any three) :— 15 marks
46. Q1 Activity for Consideration
47. Q2 List any five services covered under Negative List
48. Q3 Turnover of Sales
49. Q4 Taxes eligible for set-off under rule 52
50. Q5 Composition scheme
    • (2) Mes
51. Q2 Grad
52. Q3 HUM Gal
53. Q2 (Ha
54. Q2 We
    • (H) ST 8 |S

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