Post Graduate Diploma-Post graduate diploma fire and safety 1st Sem 103 : TAXATION : DIRECT AND INDIRECT TAXES(University of Pune, Pune-2013)

                              P.G.D.F.S. (Semester – I) Examination, 2013
                              103 : TAXATION : DIRECT AND INDIRECT TAXES
                                                        (2008 Pattern)

 

 

Time : 3 Hours                                                              Max. Marks : 70

Instructions :

1) All questions carry equal marks.

2) Attempt any five questions.

 

1. Discuss in detail the provisions relating to residential status of individuals and companies as per the Income Tax Act, 1961.

 

2. Elaborate the following concepts with relevant examples under Central Excise Act, 1944 :

a) CENVAT credit for input services.

b) Transaction Value.

 

3. Differentiate between the following and quote examples :

a) Assessment Year V/s Previous Year

b) Capital receipts and expenditure V/s Revenue receipts and expenditure.

 

4. Elaborate the registration procedure for a courier operator under Service Tax.

 

5. The following information is given by Ms. Anahita for the year ending 31-3-2012. She has requested you to calculate her taxable income and tax liability.

i) Basic Salary p.m. Rs. 38,000/-

ii) Dearness Allowance p.m. (part of salary) Rs. 18,000/-

iii) Project Allowance p.m. Rs. 20,000/-

iv) House Rent Allowance p.m. Rs. 10,000/-

v) Royalty as a Author Rs. 7,30,000/-

vi) Dividend from TISCO Ltd. Rs. 1,25,000/-

She contributed Rs. 40,000/- towards PPF. She has donated Rs. 5,000/- to National Relief Fund. She stays in a rented house in Pune by paying Rs. 8,000/- p.m.
 

6. Following is the data provided by Ms. Xenia for the previous year 2012-13. You are required to calculate her Income from House Property.

Amounts in INR

Particualrs House I House II House III

Status Let out Self Occupied Self Occupied

Municipal Valuation 6,00,000 22,50,000 35,00,000

Fair Rent 6,25,000 23,22,500 39,36,550

Standard Rent 7,50,000 21,00,000 N.A.

Rent p.m. 65,000 N.A. N.A.

Municipal taxes @ 5% Paid by tenant 50% paid by owner Outstanding

Ground Rent p.a. 68,000 95,000 1,90,000

Insurance 25,000 15,845 16,355

Interest on borrowed

capital for current year 1,32,600 1,75,000 5,02,000

 

Earning:  ₹ 7.05/-