NARSEE MONJEE INSTITUTE OF MANAGEMENT STUDIES, MUMBAI-56.

(DEEMED UNIVERSITY)

 

DISTANCE LEARNING PROGRAMMES IN MANAGEMENT

 

CORPORATE TAXATION

 

DHRM / PGDHRM I / DBM / PGDBM I /

DFM / PGDFM I / DMM / PGDMM I

 

 

DATE: 11 / 5 / 2005 TOTAL MARKS: 100

 

TIME: 2 PM TO 5 PM

 

NOTE : ANSWERS TO BOTH THE SECTIONS SHOULD BE WRITTEN IN

 

SEPARATE ANSWER BOOKS .

 

SECTION I

 

DIRECT

 

INSTRUCTIONS:

 

1. Attempt any two out of four questions. All questions carry equal marks

2. All sub-questions to a main question must be together at one place.

3. Start each main question on a new page.

4. Write the Question Numbers clearly in the left margin.

5. Handwriting must be neat and legible.

6. Marks will be given for conceptual clarity and not the length of the answer.

.

 

Q.1. Explain what is meant by the Canons of Taxation ?

 

Q.2. Explain the following with examples:

a)      Exemptions from income

b)      Deductions from heads of income

c)      Deductions from Gross Total Income

 

Q.3. Explain the process of Computation of taxable income of a Company. How is it different from the audited P&L account as per the Companies Act.

 

Q.4. Explain in detail the various aspects of Depreciation Allowance under the Income Tax Act.

 

 

 

 

 

SECTION II

INDIRECT

 

 

NOTE : I. Question No I is compulsory and Answer any 3 questions

from the remaining questions.

 

II. Total no. of questions is eight.

 

III. Marks are indicated to the right of each question.

 

Q.1 Discuss the salient features of the Customs Act 1962. 14

 

Q.2 Discuss the settlement commission under Central excise Act 1944. 12

 

Q.3 Discuss the Customs Tariff Act 1975 12

 

Q.4 Discuss the salient features of service tax ( Finance Act 1994 as amended) 12

 

Q.5 Write short notes on the following ( any two ) 12

 

a) CETA 1985

b) Central Excise Valuation Rules 2000

c) Inter- state sale

d) Second and Subsequent sale.

 

Q.6 Discuss the Cenvat Credit Rules. 12

 

Q.7 Discuss briefly the following. 12

 

a) Central Excise Rules 2002

b) VAT

 

Q.8 Discuss briefly whether the following statements are true or false. 12

 

a) VAT is a multi point tax.

b) Branch transfers are exempt under CST.

c) Section 3 of CST overrides section 4

d) Goods removed from the factory for job work must come back within 180 days.

 

 

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