University of Pune 2011 Ph.D PGD Structure and Procedure - Question Paper
PGD. exam Structure and Procedure
P.G.D.I.T. Examination, 2011
INDIRECT TAXES : STRUCTURE AND PROCEDURE
(Paper - IV)
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Time : 3 Hours Max. Marks : 100
Instructions : I) Q. 6 and Q. 7 are compulsory.
II) Attempt any three questions from Q. 1 to Q. 5.
III) Figures to the right indicate full marks.
1. Explain the provisions regarding the payment of duty of excise under Central Excise Rules, 2002. 20
2. Explain the provisions of the Finance Act, 1994 relating to registration with reference to Service Tax. 20
3. A) Explain the term Sale under the Central Sales Tax Act, 1956. State the main
elements of sales. 10
B) State the transactions that are not taxable under Central Sales Tax Act, 1956. 10
4. Explain the term set-off under the VAT scheme, illustrate the procedure of computation of set off. 20
5. Write short notes on : 20
a) Excise Control Code (ECC)
b) Stock Brokers Services - scope with specific exemptions
c) Sales during import and export under the CST Act.
d) Merits of VAT scheme.
6. A) Having regards to provisions of Section 4 of Central Excise Act, 1944, compute
the assessable value of excisable goods, for levy of excise duty from the given information
Rs.
Cum-duty wholesale price 16,000
(Including Sales tax of Rs. 3,000)
Normal secondary packing cost 10,000
Cost of special secondary packing 2,000
Cost of durable and returnable packing 1,000
F & P.T.O.
Freight 750
Insurance on Freight 300
Trade discount (as normal practice) 900
Rate of central excise duty as per CE Tariff (Plus Education cesses as applicable) 14%
State the reasons for the admissibility or otherwise of the deductions. 15
6. B) Clean Mineral Water Ltd., Pune had marked different sales prices on its mineral water bottles for the sales in different states. The following Maximum Retail Prices (MRP) are printed on the package of the bottle
MRP in Punjab
|
Rs. |
14 |
|
Rs. |
15 |
|
Rs. |
12 |
|
Rs. |
13 |
MRP in Assam
MRP in Maharashtra
MRP in other places
What is assessable value and amt of duty liability if the rate duty is 14% plus education cesses as applicable for the sale of 15,000 bottles in the state of Andhra Pradesh. Notified abatement for the product is 40.5% as allowed by the Central Government. 5
OR
6. A) Determine the cost of production on the manufacture of the under-mentioned product for the purpose of captive consumption in terms of Rule 8 of the Central Excise Valuation Rules 2000
Rs.
Direct materials 11648
Direct wages and salaries 8,400
Works overheads 6,200
Quality control costs 3,500
Research and development costs 2,400
Administrative overheads 4,100
Selling and distribution costs 1,600
Realisable value of scrap 1,200
The administrative overheads are in the relation to production activities. Material cost includes Excise Duty paid Rs. 1648 (including educational cesses).
Also, give reasons for your answer. 10
6. B) A manufacturer has to supply a machinery on the following terms and conditions :
1) Price of machinery - Rs. 6,80,000 (Net of taxes and duties)
2) Machinery erection exp.- Rs. 52,000
3) Packing (Normally done by him for all machineries) - Rs. 8,000
4) Design and drawing charges relating to manufacture of machinery -Rs. 60,000 (Net taxes and duties)
5) Central sales tax - 3%
6) Central Excise duty - 14% (Plus education cesses as applicable)
7) Cash discount of Rs. 10,000 will be offered, if full payment is received before dispatch of machinery.
8) The machine will be supplied along with brought out accessories (being essential for functioning of machinery) Rs. 17,000
You are informed that :
a) The buyer made all payment before delivery.
b) The manufacturer incurred cost of Rs. 2,400 on loading the machinery in the truck in his factory. These are not charged separately to buyer and are not included in the price charged.
Compute the assessable value and the amount of duty payable. 10
7. A) How would you arrive at taxable turnover and tax liability under Central Sales
Tax Act, 1956 from the following particulars ?
1) Aggregate turnover as per accounts Rs. 10,00,000 (inclusive of CST). It includes the following :
a) Rs. 50,000 being trade discount allowed to wholesale dealers in terms of agreement.
b) Rs. 20,000 being quantity discount allowed to buyers on the basis of off take in a specified period.
c) Rs. 70,000 being excise duty paid on goods but recovered from customers by charging the same in invoices.
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2) Details of sales returns not included in the gross sale :
I) Goods worth Rs. 25,000 received back after the expiry of 6 months from the date sales as the customer rejected the goods not found in accordance with the order.
II) Goods worth Rs. 40,000 returned by the buyer after six months because of inability to pay the price. (state VAT applicable @ 12.5%)
All these figures of sales returns are net after the sales tax.
3) A sum of Rs. 75,000 has been recovered from the customers towards Freight which has been separately charged in invoices. The amount of Freight is not included in the gross sales.
4) Buyer issued C forms for all purchases.
Your are also requested to give reasons for your answer. 10
7. B) M/s Dipak Shah, a dealer purchased 21,000 kgs of input @ Rs. 50 per kg, on which VAT paid @ 4% was Rs. 42,000. He manufactured 20,000 kgs of finished goods from the inputs. 1000 kgs was the process loss. The finished goods were sold at a uniform price of Rs. 100 per kg as follows :
I) Goods sold with in the state of Maharashtra - 8000 kgs
Ii) Goods in inter-state sale against C forms - 5000 kgs
III) Goods were exported - 4000 kgs
IV) Goods sold to unregistered dealers - 3000 kgs outside the state of Maharashtra.
There was no opening or closing stock of inputs, WIP or finished goods. The M. VAT rate on the finished goods of the dealer is 12.5%. Calculate total tax liability of the dealer and VAT credit available to him and also tax required to be paid in cash. 10
P.G.D.I.T. Examination, 2011 FINANCIAL ACCOUNTING (Paper - I)
Time: 3 Hours Max. Marks: 100
Instructions : 1) Question No. 7 is compulsory. Out of the remaining attempt any four questions.
2) All questions carry equal marks.
3) Figures to the right indicate full marks.
1. Define Book-keeping. Explain the objectives of book-keeping. 20
2. a) What is Depreciation Accounting ? Explain the important causes of
depreciation.
b) What is Fixed Instalment method of providing depreciation ? Explain its merits and demerits. 20
3. What is the difference between Receipts and Payments Account and Income
and Expenditure account ? 20
4. Write short notes (any four) :
a) Accounting principles
b) Advantages of double entry system.
c) Subsidiary Books
d) Errors of commission
5. On 31st March, 2010 the bank balance as per Mr. Guptas Cash book was Rs. 17,280 debit. On comparing the Cash Book with the Pass Book, following differences were found.
i) Cheques for Rs. 8,400 sent for collection have not been cleared by the bank so far.
ii) Cheques issued but not yet presented for payment Rs. 5,600.
iii) There is a debit of Rs. 80 in the Pass book for Bank charges, but not recorded in the Cash book.
iv) Bank has credited Rs. 240 for interest in the Pass Book but these are also not recorded in the Cash Book.
v) A customer deposited Rs. 2,000 direct in the Bank but these were recorded only in Pass Book.
vi) According to standing orders of Mr. Gupta, the Bank has made the following payments by debiting his account
a) Club Fees Rs. 500
b) Life Insurance Premium Rs. 2,500.
These were not recorded in cash book
Prepare a Bank Reconciliation statement as on 31st March 2010. 20
6. A and B are partners sharing profits and losses in the ratio of 3:2. Their Balance sheet as on 31st March, 2010 is as follows :
Balance Sheet as on 31-3-2010
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
15,000 |
Cash in Hand |
250 |
|
General Reserve |
10,000 |
Sundry Debtors |
22,250 |
|
Capital Accounts |
Stock |
8,500 | |
|
A 36,000 |
Investments |
12,000 | |
|
B 24,000 |
60,000 |
Plant |
30,000 |
|
Building |
12,000 | ||
|
85,000 |
85,000 |
They decided to admit C in the partnership on 1st April 2010, on the following terms :
i) C should bring Rs. 20,000 as her capital for 5th share in future profits.
ii) Value of goodwill of the firm is to be fixed at two years purchase of the average profits for the last three years. The profits were :
Year Profit (Rs.)
2007-08 16,000
2008-09 27,000
2009-10 24,500
C is unable to bring the value of goodwill in cash. It is decided to raise the goodwill Account in the books.
iii) Reserve for doubtful debts is to be created at Rs. 500.
iv) Stock is valued at Rs. 7,500.
v) Plant and building is to be depreciated by 5%.
Prepare Revaluation Account, Partners Capital Accounts and Balance sheet of new firm. 20
7 . From the following Trial Balance of Mr. Anil Prepare Trading and Profit and Loss Account for the year ended 31st March, 2010 and Balance sheet as on that date.
Trial Balance as on 31st March, 2010
Particulars Debit (Rs.) Credit (Rs.)
Stock on 1-4-2009 1,20,000
Salaries 4,000
Wages 8,000
Freight on Purchases 5,000
Purchases 1,20,000
Bills Receivable 1,200
|
Rent |
7,500 | |
|
Sales |
2,53,000 | |
|
Bills Payable |
1,000 | |
|
Sundry Creditors |
32,600 | |
|
Return outward |
1,500 | |
|
Plant and Machinery |
20,000 | |
|
Travelling Expenses |
5,300 | |
|
Repairs |
1,600 | |
|
Cash at Bank |
2,000 | |
|
Buildings |
50,000 | |
|
Return Inward |
1,000 | |
|
Sundry Debtors |
35,000 | |
|
Office Expenses |
5,000 | |
|
Drawings |
6,500 | |
|
Capital |
1,00,000 | |
|
Loan from Bank |
54,000 | |
|
Furniture |
50,000 |
4,42,100 4,42,100
Adjustments :
i) Closing stock Rs. 35,000
ii) Depreciate plant and machinery at 5% and Buildings at 21%.
iii) Outstanding expenses-wages Rs. 1,000 and Salaries Rs. 500.
iv) Prepaid Rent is Rs. 500
v) Of the sundry debtors Rs. 1,000 are bad and should be written off. The Reserve for doubtful debts is to be maintained at 5% on sundry debtors. 20
P.G.D.I.T. Examination, 2011 Paper - II : DIRECT TAXES - STRUCTURE AND PROCEDURE
Time : 3 Hours Max. Marks : 100
Instructions : 1) Question No. 7 is compulsory.
2) Attempt any four from the remaining.
3) All questions carry equal marks.
1. Explain the structure of Taxation in India.
2. Explain the Term Total Income under Income Tax Act 1961.
3. Write short notes :
a) Capital Expenditure
b) Person
c) Non Resident
d) Assessment year.
4. Explain in detail Agricultural Income under Income Tax Act, 1961.
5. Explain the procedure of Registration under Professional Tax Act 1975.
6. a) Give Income Tax Authorities in India.
b) Due dates of filing of Return of Income.
7. Compute the Net Wealth of Mr. Sanjay as on 31/3/2011.
1) Self occupied residential house - 3,00,000
2) Let out residential house (more than 300 days) - 5,00,000
3) Car - 40,00,000
4) Cash in hand -270,350
5) Cash at Banks - 8,000
6) Equity shares in Co. -22,00,000
7) Fixed deposits with Banks - 1,00,000
8) National saving certificates -250,000
9) Loan taken for car -25,00,000
10) Loan taken for security of house for purchase of N.S.C. - 50,000 State clearly the treatment of each of the above items.
Instructions : 1) Q. 7 is compulsory.
P.G. Diploma in Taxation Examination, 2011
Paper - III : DIRECT TAXES : STRUCTURE AND PROCEDURE
Time : 3 Hours
Max. Marks :100
2) Solve any four questions from 1 to 6.
3) All questions carry equal marks.
1. Explain the various Allowances, which are fully and partly exempt under Income-Tax Act 1961.
2. Write short notes (any four) :
a) Deemed to be let out house property.
b) Previous and Assessment year.
c) Capital gain.
d) Agricultural Income.
e) Residential status of an assessee.
f) Cost of Improvement.
3. Mr. A, an accountant of X Ltd. has provided you the following details of his income during the year 2010-11.
Basic salary 2,40,000
D.A. 50 % of Basic salary -
HRA
12,000
12,000
6,000
2.400 9,000
6.400 24,000
Helper allowance (Actual Exps. Rs. 10,000)
Education allowance
Free gas and electricity
Free telephone at residence
Leave travel concession (No journey undertaken)
Contribution to RPF by the employer
Mr. A has two daughters and one son, studying in school. Mr. A is staying in rented house by paying rent Rs. 2,500 p.m.
You are required to compute taxable income from salary for the A.Y. 2011-12.
4. Mr. Ram has occupied two houses for his residential purposes. From the following particulars determine the income from house property for the A.Y. 2011-12.
|
House - A |
House - B | |
|
Municipal Valuation |
1,20,000 |
60,000 |
|
Fair Rent |
1,70,000 |
64,000 |
|
Standard Rent |
1,30,000 |
72,000 |
|
Municipal tax paid |
10 % |
10 % |
|
Fire insurance |
4,000 |
4,000 |
|
Annual charges |
6,000 |
6,000 |
|
Interest on loan for construction of house |
1,41,600 |
7,000 |
|
(Construction completed) |
(June - 08) |
(May - 09) |
5. Shri Patil furnished the following information relevant for the year 2010-11. Compute the taxable income for A.Y. 2011-12.
|
Profit and Loss A/c | |||
|
Expenses |
Rs. |
Incomes |
Rs. |
|
To Salaries |
24,000 |
By Gross profit |
1,80,600 |
|
To Gen. Expenses |
6,500 |
By Bad debts recovered |
2,000 |
|
To Int. on capital |
8,600 |
By Int. on debentures |
1,500 |
|
To Bad debts |
1,000 |
By Dividend |
6,500 |
|
To R.d.d. |
4,000 | ||
|
To Int. on Loan |
7,000 | ||
|
To Income tax provision |
5,000 | ||
|
To donation |
2,500 | ||
|
To Motor car expenses |
5,000 | ||
|
To Depreciation provision |
6,000 | ||
|
To Net profit |
1,21,000 | ||
|
1,90,600 |
1,90,600 | ||
Additional information :
1) Depreciation allowable Rs. 4,000.
2) Motor car used for private purpose.
3) General expenses include Rs. 500 for tavelling at Nasik for personal work.
6. Mr. C sold gold ornaments on 16-7-2010 for a sum of Rs. 10,00,000. This gold was purchased in 1978 for Rs. 60,000 by his father. The fair market value of the gold as on 1-4-1981 was Rs. 1,00,000. He spent Rs. 2,00,000 till 31-7-2011 (the due date for filing of the return) on construction of house property and deposited Rs. 5,00,000 on 31-7-2011 under capital gain scheme and further sum of Rs. 1,50,000 on 31-8-2011. He withdraw from the capital gain scheme a sum of Rs. 4,00,000 for construction of the house property till the stipulated time.
(Cost inflation index are : 2007-08 - 551, 2008-09 - 632, 2010-11 - 711) Compute the capital gain chargeable to tax on this transaction for A.Y. 2011-12.
7. From the following information of Mr. D, compute his taxable income and tax liability forA.Y. 2011-12.
a) He is in service inABC Ltd. at Mumbai and his monthly salary is Rs. 30,000. He received bonus Rs. 42,000. He paid P.tax Rs. 2,500.
b) He has his own business and the net income of that business is Rs. 1,17,500.
c) He has been given one of his house on rental basis at Rs. 2,000 p.m. Municipal value at the same house is Rs. 30,000. He paid Municipal tax Rs. 3,000/-, Ground rent Rs. 1,000/- and insurance premium Rs. 500/- on this house.
d) His investment are as follows :
i) Rs. 15,000 in 10 % debentures.
ii) Bank deposit Rs. 20,000 at 12 % rate of interest.
e) During the previous year he made the following investment :
i) Contribution to RPF Rs. 13,200
ii) Payment of the LIP Rs. 5,100
iii) Contribution U.L.I.P. Rs. 2,000
iv) N.S.C. Rs. 4,000.
f) He paid Income tax Rs. 40,000.
B/I/11/135
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Attachment: |
| Earning: Approval pending. |
