Direct & Indirect Taxes Question Paper 2017 [Gauhati University BCom 4th Sem FYUGP NEP]

In this post, we have shared the Gauhati University Direct & Indirect Taxes Question Paper 2017 (Non-CBCS). This question paper is highly beneficial for FYUGP NEP 4th Semester students across all Major specializations.It is particularly useful for students pursuing Accountancy Major, Finance Major, HRM Major, and Marketing Management Major, as the syllabus for Direct & Indirect Taxes under both Non-CBCS and NEP patterns shares significant similarities.

We strongly recommend studying this Gauhati University FYUGP NEP B.Com 4th Sem Direct & Indirect Taxes question paper from 2017 to boost your preparation for the FYUGP NEP 4th Semester Honours Course. This previous year’s Non-CBCS question paper will serve as a valuable resource for understanding key topics and improving performance in all major courses under the FYUGP NEP 4th-semester syllabus

2017

DIRECT TAXES

PART - A

Full Marks: 80

Time: 3 hours

(The figures in the margin indicate full marks for the questions)

1. (a) State whether the statements are True or False:                              1x5=5

1)     An Indian citizen is always considered as ‘resident and ordinarily resident’ in India.

2)     If a company is incorporated in India, it is considered as resident in India.

3)     Income of all private Nursing Homes is exempted from Income Tax.

4)     All types of companies are liable to pay wealth tax.

5)     In India, Wealth Tax Act of 1957 has been made effective from 1st April, 1956.

(b) Fill in the blanks with appropriate word:                                           1x5=5

1)     The present Income Tax Act came into force with effect from _______, _______.

2)     Rent of agricultural lands is _______ income.

3)     _______ of an assessee has no relation with the concept of residential status.

4)     Perquisites _______ be given in monetary form.

5)     Interest on capital received by a partner of a farm engaged in agricultural operation is _______ income.

2. Write short answers to the following in about 50 words each:                       2x5=10

a)     State the meaning of ‘Previous year’ as per the Income Tax Act.

b)     State the meaning of ‘Perquisite’ as per Income Tax Act.

c)      Who is a ‘Resident but not ordinarily resident’ individual?

d)     Define ‘Net Wealth’ under the Wealth Tax Act.

e)     Mention two specific incomes under the head ‘Income from other sources’.

3. Describe briefly any four of the following:                                            5x4=20

a)     Explain the meaning of ‘Short-term capital gain’.

b)     How is the ‘residential’ status of a company determined?

c)      Mention the items of General Income under the head ‘Income from other Sources’.

d)     What is Annual value of a house property under Income Tax Act?

e)     What are the various modes of assessment of Income tax as per Income Tax Act, 1961?

f)      Define ‘Agricultural Income’. Give examples of incomes which are related to land, but are not agricultural income.

4. Answer any four from the following:                                                 10x4=40

(a) Mr. Hazarika is employed in a private limited company in Guwahati. During the previous year 2015-16, he received the following payments from his employer:

Rs.

1)  Basic salary 2)  Dearness allowance 3)  Entertainment allowance 4)  Servant allowance 5)  Bonus for the year  6)  Commission received 7)  Free furnished accommodation to him for which the employer, paid a rent of 7,000 p.m. 8)  Employer’s contribution to Recognized Provident Fund @ 13% p.a. on basic. 9)  During the year (previous) his employer deduction Rs. 2,800 as Professional tax from his salary.

25,000 p.m. 20,000 p.m. 3,000 p.m. 1,000 p.m. 1,00,000 50,000

Compute his income from salary for the relevant assessment year.

(b) Mr. Rajib Sharma is the owner of a house property in Tinsukia. The house is let out at a rent of Rs. 20,000 p.m. Its municipal valuation is Rs. 1,80,000 p.a. and standard rent is Rs. 2,10,000 p.a. The fair rent of the house is Rs. 2,20,000. The house remained vacant for one month and rent for two months is outstanding and there is no chance of its recovery as per rules.

Municipal tax paid by the tenant Rs. 8,000 and by the owner Rs. 6,000.

Compute the Net Annual Value for the assessment year 2015-16.

(c) What is meant by ‘Assessment of Income’? State the procedure of filing of return by an individual assessee.

(d) Define ‘asset’ as per Wealth Tax Act, 1957. Explain the items of assets included for ascertaining the net wealth of a person.

(e) Write short notes on:

1)     House rent allowance.

2)     Medical facility.

(f) State the deductions available from Gross Total Income under Section 80C of Income Tax Act, 1961.

(g) Describe briefly the procedure of ascertaining the income under the head “Profits and gains of business or profession.”

INDIRECT TAXATION

PART - B

Answer either in English or Assamese

The figures in the margin indicate full marks for the questions

1. Answer the following as directed:                                   1x10=10

a)  The rate of Central Sales Tax on inter-state is _____ %. (Fill in the blank)

b)  If a dealer has more than one place of business within the same state, he has to get only one registration. (Write true or false)

c)   Where the registered dealer has to pay Central Sales Tax levied under CST Act?

d)  The Central Excise Act, 1944 applied to whole of India other than Jammu and Kashmir. (Write True or False)

e)  Who is responsible to pay Central Excise duty on manufactures goods?

f)   Write the duties that are leviable under Central Excise Act.

g)  The general rate of basic customs duty on non-agricultural goods is _____%.

h)  What are ‘protective duties’ under Customs Act?

i)        Who is the ultimate bearer of VAT?

j)        Who is a ‘registered dealer’ under Assam VAT Act, 2003?

2. Answer the following questions in brief:                      2x5=10

a)  “Place of business” according to Central Sales Tax Act.

b)  Meaning of ‘Factory’ according to Central Excise Act.

c)   ‘Prohibited goods’ as per Customs Act.

d)  Mention different types of VAT.

e)  ‘Export duty’ as per the Customs Act.

3. Describe briefly any four of the following:                                 5x4=20

a)  Meaning and significance of ‘Appropriate State’ as per Central Sales Tax Act.

b)  Circumstances leading to the levy of Central Sales Tax.

c)   Types of customs duties as per Customs Act.

d)  Meaning of ‘excisable goods’ as per Central Excise Act.

e)  Salient features of VAT.

f)   TIN and its objectives as per Assam VAT Act.

4. Discuss the procedure of payment of Central Sales Tax by the dealer to the Government.                 10

Or

Discuss the procedure for obtaining registration under CST Act.                                 10

5. Discuss the scope of Central Excise Act, 1944.                                             10

Or

Define ‘Sales’ and ‘Purchase’ under Central Excise Act. Who are the persons requiring registration under this Act?

6. What are the different methods of valuation for customs duty under Customs Act? Discuss the duties of the officers of customs.                                   5+5=10

Or

Write short notes on the following as per Customs Act:                                    2½+4=10

a)  Coastal goods.

b)  Exports goods.

c)   Importer.

d)  Green channel.

7. Explain the different methods of registration under Assam VAT Act. Explain the advantages of VAT.           5+5=10

Or

Discuss the different types of VAT. What are the goods covered under VAT.?       5+5=10

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