I-8(BTN) Revised Syllabus |
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Time Allowed : 3 Hours | Full Marks : 100 | ||
Section I (50 marks) | |||
Question No. 1 carrying 18 marks is compulsory. | |||
2 other questions each carrying 16 marks are to be answered from Section I. Reasons must be stated for the answers. | |||
Marks | |||
1. | The following information is available regarding X Ltd, for the year ending 31st March, 2002. During the year, the company has -
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2. | X is cost accountant in ABC Ltd. at Bombay and gets Rs. 18,000 per month as salary. He owns two houses one of which is let out to ABC Ltd. and provided by the company to X as rent-free quarters. |
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Determine the total income of X for the assessment year, after taking into account the following information regarding his house properties: |
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I-8(BTN) Revised syllabus |
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3. | X Ltd. is a company carrying on business in the construction and sale of residential flats. Compute the net wealth on the basis of the following information and the wealth tax payable for the assessment year 2002-2003. |
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The company has taken a loan of Rs. 6 lakh, Rs. 7 lakh, Rs. 1,50,000 and Rs. 1,90,000 for acquiring the assets at Item nos. 3, 5, 6 & 12. |
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4. | X, Y and Z are partners of the trading firm XYZ & Co., sharing profits and losses as X: Y: Z:: 5: 3: 2, and interest and other remuneration are paid to them as per Deed of Partnership. The Profit & Loss A/c of the Firm for the year ended 31st March, 2002 is as below: |
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I-8(BTN) Revised syllabus |
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Other information:
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Section II (50 marks) | |||||||||||||||||||
Question No. 5 carrying 18 marks is compulsory. | |||||||||||||||||||
2 other questions each carrying 15 marks are to be answered out of remaining 3 questions in Section II. | |||||||||||||||||||
5. | (a) | What is deemed manufacture under the Central Excise Act, 1944? Give four examples of deemed manufacture. |
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(b) | Briefly state the salient features of the CENVAT Scheme. | 4 | |||||||||||||||||
(c) | Explain the term Related Persons' under section 4 of the Central Excise Act. | 4 | |||||||||||||||||
(d) | What are the essential elements of a valid sale under the Central Sales Tax Act. 1956? | 4 | |||||||||||||||||
6. | Explain with reference to the Customs Act, 1962, the difference between; | ||||||||||||||||||
(a) | Identical goods and Similar goods. | 5 | |||||||||||||||||
(b) | Territorial Water and Indian Customs Water. | 5 | |||||||||||||||||
(c) | Public Bonded Warehouse and private Bonded Warehouse. | 6 | |||||||||||||||||
7. | (a) | Explain how the value is to be determined for the purposes of section 4 of the Central Excise Act and Rules in the following cases:
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3x4=12 | ||||||||||||||||
(b) | Briefly describe the offences that attract the penal provisions of section 10 of the Central Sales Tax Act, 1956. |
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8. | write short notes on:
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5+5+5 | |||||||||||||||||
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