|Total No. of Questions — 8]||[Total No. of Printed Pages — 3|
|Time Allowed : 3 Hours||Maximum Marks : 100|
|Answer all questions|
|Working notes should form part of the answer.|
|1.|| From the following details, compute the total income of Siddhant of Delhi and tax payable for the A.Y.2009–10: |
Siddhant was provided with company’s car (self–driven) also for personal use and it is not possible to determine expenditure on personal use and all expenses were borne by the employer.
Siddhant purchased a flat in a co–operative housing society for Rs.4,75,000 in April, 1990, which was financed by a loan from Life Insurance Corporation of India of Rs.1,60,000 @ 15% interest, his own savings of Rs.85,000 and a deposit from a nationalized bank for Rs.2,50,000 to whom this flat was given on lease for ten years. The rent payable was Rs.3,500 per month.
The following particulars are relevant:
|2.||(a)|| From the following particulars of Pankaj for the previous year ended 31st March, 2009, compute the income chargeable under the head "Income from other sources": |
He paid Rs.1,000 for typing the manuscript of book written by him.
|(b)|| Mr. Raman is a co-owner of a house property alongwith his brother. |
The loan for the construction of this property is jointly taken and the interest charged by the bank is Rs.25,000, out of which Rs.21,000 has been paid. Interest on the unpaid interest is Rs.450. To repay this loan, Raman and his brother have taken a fresh loan and interest charged on this loan is Rs.5,000.
The municipal taxes of Rs.5,100 have been paid by the tenant.
Compute the income from this property chargeable in the hands of Mr. Raman for the A.Y. 2009–10.
|(c)|| Compute the net taxable capital gains of Smt. Megha on the basis of the following information – |
A house was purchased on 1.5.1997 for Rs.4,50,000 and was used as a residence by the owner. The owner had contracted to sell this property in June, 2007 for Rs.10 lacs and had received an advance of Rs.70,000 towards sale. The intending purchaser did not proceed with the transaction and the advance was forfeited by the owner. The property was sold in April, 2008 for Rs.15,00,000. The owner, from out of sale proceeds, invested Rs.4 lacs in a new residential house in January, 2009.
|3.|| Mr. Rajat submits the following information for the financial year ending 31st March, 2009. He desires that you should: |
|4.||Answer any three of the following:||3x4=12|
|(a)||Explain the consequences of failure to deduct tax at source and payment of the same to the Government Account under the Income-tax Act, 1961.||(0)|
|(b)||What are the circumstances under which the Assessing Officer can make a reference to the Valuation Officer under section 55A of the Income–tax Act, 1961?||(0)|
|(c)||Explain the concept of reverse mortgage and discuss its tax implications.||(0)|
|(d)||Discuss briefly on carry forward and set off of losses in the case of change in constitution of firm or succession.||(0)|
|5.||Answer the following:||2x4=8|
|(a)||Should service tax be paid even, if it is not collected from the client or service receiver?||(0)|
|(b)||Mr. Raju is a multiple service provider and files only a single return. State with reasons whether he can do so?||(0)|
|(c)||Explain the term "Vocational Training Institute" under the provisions of service tax.||(0)|
|(d)||State with reason in brief whether the following statement is true or false with reference to the provisions of service tax: |
Mr. Salim, an architect has received the fees of Rs.4,48,500 after the deduction of income–tax of Rs.51,500. Service tax will be payable on Rs.4,48,500.
|6.||(a)|| Rosy Tours Co. has arranged three package tours during F.Y. 2008 – 09. The particulars of the services and charges are as under: |
All the charges are excluding service tax. The rate of service tax is 12% + education cess. Compute the value of taxable service and service tax payable there on.
|(b)||Answer the following:||3x3=9|
|(i)||Whether export service provided by a service provider is excluded for the purpose of payment of service tax?||(0)|
|(ii)||List the documents to be submitted along with the first service tax return.||(0)|
|(iii)||What is the due date for payment in case of e–payment of service tax?||(0)|
|7.||Answer the following:||2x4=8|
|(a)||What are the different rates under VAT system?||(0)|
|(b)||Under what circumstances registration can be cancelled under VAT?||(0)|
|(c)||Briefly explain the income variant of VAT.||(0)|
|(d)||State with reasons in brief whether the following statement is true or false with reference to the provisions of value added tax. |
The VAT rate on sale of lottery ticket is 4%.
|8.||(a)||Mr. X, a manufacturer sells goods to Mr. B, a distributor for Rs.2,000 (excluding VAT). Mr. B sells goods to Mr. K, a wholesale dealer for Rs.2,400. The wholesale dealer sells the goods to a retailer for Rs.3,000, who ultimately sells to the consumers for Rs.4,000. |
Compute the tax liability, input credit availed and tax payable by the manufacturer, distributor, wholesale dealer and retailer under invoice method assuming VAT rate @ 12.5%.
|(b)||Answer the following:||3x3=9|
|(i)||What are the different stages of VAT? Can it be said that entire burden falls on the final consumer?||(0)|
|(ii)||Discuss filing of return under VAT.||(0)|
|(iii)||List six purchases which are not eligible for input tax credit.||(0)|