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| ST. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS) | |||||||||||||||||||||||||||||
| END SEMESTER EXAMINATION – MARCH/APRIL 2016 | |||||||||||||||||||||||||||||
| B.COM(Int. Fin & A/c) – II Semester | |||||||||||||||||||||||||||||
| C4 15AR203 : TAXATION – II | |||||||||||||||||||||||||||||
| Duration: 3 Hours Max. Marks: 100 | |||||||||||||||||||||||||||||
| SECTION – A | |||||||||||||||||||||||||||||
| I) | Answer ALL the questions. Each carries 2 marks. (10×2=20) | ||||||||||||||||||||||||||||
| 1. | Difference between fee and duty. | ||||||||||||||||||||||||||||
| 2. | R a dealer purchased goods from dealer S of Bangalore for Rs. 13,50,000 including VAT @14.5%(0.5% for Swatch Bharat). R earns a profit @25% on the cost and sold the same to a retailer T. Calculate the amount of VAT payable by R. | ||||||||||||||||||||||||||||
| 3. | Define the term manufacture as per Excise Act. | ||||||||||||||||||||||||||||
| 4. | How do you find tariff value for jewellery and branded readymade garments? | ||||||||||||||||||||||||||||
| 5. | Write a note on countervailing duty. | ||||||||||||||||||||||||||||
| 6. | What is Service tax? | ||||||||||||||||||||||||||||
| 7. | Write two differences between tax evasion and tax avoidance. | ||||||||||||||||||||||||||||
| 8. | Indian Citizen gone abroad for employment and comes back to India. Advise him which date to come in the previous year and after holidays which date to go abroad after the annual holiday. Keep in mind he wants to stay maximum in India in the previous year. | ||||||||||||||||||||||||||||
| 9. | Write a note on Anti dumping duty. | ||||||||||||||||||||||||||||
| 10. | What is Demurrage? | ||||||||||||||||||||||||||||
| SECTION – B | |||||||||||||||||||||||||||||
| II) | Answer any FOUR questions. Each carries 5 marks. (4×5=20) | ||||||||||||||||||||||||||||
| 11. | Suppose M. Sugar factory supplies molasses to N. Energy factory who uses 70% of such molasses for manufacturing of excisable goods and 30% for the manufacture of non-excisable goods. The value of molasses and the rate are: Rs.1,80,000 and 8% (On the date of production); Rs. 2,00,000 and 10% (On the date of removal); Rs. 2,10,000 and 12% ( on the date of receipt in the factory of N.Energy Ltd.
a) Calculate the duty payable. Who has to pay the duty? Why? b) If it is not sugar factory how do you calculate duty payable under Excise Duty. |
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| 12. | Explain the test of marketability with respect to excise duty. | ||||||||||||||||||||||||||||
| 13. | Explain VAT credit and CENVAT credit with an example each. | ||||||||||||||||||||||||||||
| 14. | Write a brief note on Indian Customs Water. | ||||||||||||||||||||||||||||
| 15. | R Ltd. The manufacturer, has imported machinery from Germany worth $80,000. Determine the rate of exchange for the purpose of computation of Customs duty from the additional information:
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| 16. | Write a brief note on Taxable event of Imports. | ||||||||||||||||||||||||||||
| SECTION – C | |||||||||||||||||||||||||||||
| III) | Answer any THREE questions. Each carries 15 marks. (3×15=45) | ||||||||||||||||||||||||||||
| 17. | Explain import procedure | ||||||||||||||||||||||||||||
| 18. | How do you do tax planning under the following heads:
a) Salary payable to employees b) Newly setup business in certain regions of India c) Mention services that do not fall under service tax.
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| 19. | Explain in brief: VAT, Excise, Customs, CST and tax planning.
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| 20. | R is a manufacturer at Delhi and has purchased raw material A from X, a manufacturer at Delhi for Rs. 8,00,000 who charged Excise duty @12.5% and VAT at 4%.
He also purchased another raw material B from Y of Mumbai for Rs. 4,00,000 who charged excise duty @12.5% and CST @ 2%. The manufacturing and other expenses incurred by R were Rs. 4,00,000 and profit included were Rs. 80,000. The final product was sold to S, a trader in Delhi. Excise duty charged was 12.5% and VAT charged was 12.5%. S after incurring expenditure of Rs. 60,000 and adding profit @25% on cost sold the goods to T. Compute the excise duty payable by R and VAT payable by R and S. (Exclude educational cess.)
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| 21. | Classic exporters Ltd. Runs a New industrial undertaking set up in 2007-08 which satisfies the conditions of Section 80IB. Given below is the profit and loss account for the previous year.
You are further informed: i) Excise duty for 2013-2014, amounting Rs.1, 20,000 was paid on 15th December 2014. ii) Depreciation under section 32 is 2,20,000 iii) During the year 2010-2011, contingency reserve amounting Rs. 10,00,000, debited to profit and loss A/c, was added back to the extent of Rs.4,00,000 in the computation of book profits. The company has transferred the said reserve to the profit and loss during the year. iv) Brought forward business loss/depreciation:
Compute the following: a) Total income b) Book profit c) Tax liability. |
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| SECTION – D | |||||||||||||||||||||||||||||
| IV) | Case Study – Compulsory question. (1×15=15) | ||||||||||||||||||||||||||||
| 22. | Answer the following
a) Steps on clearance of goods in case of Import b) R imported goods from Iran. The assessable value of the imported goods is Rs. 34,00,000. Compute the customs duty payable from the following additional information: i) Date of entry inward 10.4.2015 (rate of basic duty 8%) ii) Date of Bill of entry 14.4.2015(rate of basic Customs duty is 10%) iii) Countervailing duty @ 12% iv) Special duty @4% maximum rate applicable.
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