Law of Taxation DTLP Question Paper : gujaratuniversity.org.in

University : Gujarat University
Degree : DTLP (Diploma in Taxation and Law Practices)
Subject : Law of Taxation
Document Type : Question Paper
Website : gujaratuniversity.org.in

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Gujarat University Law of Taxation Model Paper

DTLP-01 April-2007
Paper-I (Income Tax)
Time : 3 Hours
Instruction :
All questions carry equal marks.

Related : Gujarat University Factories Act, Workmen Compensation Act & E.S.I Act DLLP Question Paper : www.pdfquestion.in/5686.html

1. Which Income are included under the head salary
discuss the perquisities and valuation.
OR
Explain Long Term and ‘Short Term’ capital gain and how tax is calculated

2. State the conditions extent to which Long Term capital gains
arising from transfer of other assets is exempt.
when invested to purchase of house property of self occupation.
OR
Mention the Income which is totally exempt from tax and discuss any five in detail.

3. Discuss fully nature of agricultural income how far it is exempt from tax.
OR
What is assessment –
Discuss assessment u/s 143 (3) of the act.

4. Explain the procedure of Appeal and Revision Petition under Income Tax Act.
OR
(A) What do you meant by depreciation –
Discuss its provisions and kinds under Income Tax Act.
(B) State about time limit for submitting income tax return
What time limit for completing assessment procedure.

5. Short note (any four) :
(1) Un explained investment.
(2) Resident and an ordinary Resident.
(3) Public provident fund & national saving certificate
(4) Best Judgement Assessment.
(5) Advance payment of Income Tax.
(6) Permanent Account Number.
(7) Assessment procedure of partnership Firm.
(8) Other sources of Income.

Sales Tax Including Central Sales Tax : Paper – II :
Instructions :
(1) Attempt any two from Q. 1 to Q. 4.
(2) Attempt any two from Q. 5 to Q. 8.
(3) Attempt any one from Q. 9 to Q. 10.

Gujarat Sales Tax Act – 1969
1 Explain : (any three) 25
(a) Manufacture
(b) Recognition
(c) Appeal and Second Appeal
(d) Dealer
(e) Tax Deduction at source.

2 Explain provisions regarding penalties under Gujarat 25 Sales Tax Act.
3 Explain provisions and procedure regarding liability to 25 pay tax and registration.

4 Discuss : (any two) 25
(a) Purchase Tax
(b) Ex-Party Assessment
(c) Returns and Declaration under Gujarat Sales Tax Act.
(d) Determination of disputed questions.

Central Sales Tax Act – 1956 :
5 Explain any two : 18
(a) Form “C’ Form “H” and Form “F”.
(b) Different rates of Taxes under CST Act.
(c) Declared Goods.
(d) Appropriate State.

6 Explain with illustrations when a transaction of sales or 18 purchase – considered as a Inter State Sales or Purchase.
7 Sales in the Course of Export and Import. 17
8 Explain provisions and procedure regarding Registration 17 and voluntary Registration under CST Act.

Wealth Tax Act – 1957 :
9 Explain : (any two) 15
(a) Valuation Date
(b) Provisions relating to a Wealth of other person clubbed with the wealth of assessee.
(c) Valuation of immovable properties for Wealth Tax Purpose.
10 Which properties are included for determination of net wealth ? 15 Which properties are exempt from Wealth Tax.

General Principles of Accountancy : Paper – III :
Instructions : (1) Answer any five questions.
(2) All questions carry equal marks.
1 A and B are partners sharing profits and losses in the ratio of 3 : 2. Their Trial Balance as on 30-6-94 and adjustments are given below. Prepare Annual Accounts : Particulars Debit Credit
Rs. Rs.
Capital and Drawings : A…………………… 5,000 ……… 50,000
B…………………… 6,000 ……… 60,000
Current A/c : A …………………………………………—……….. 8,000
B …………………………………… 4,000 ……………. —
Purchases and Sales ………………………….. 80,000 …… 1,40,000
Salary (upto 31-5-94) …………………………… 2,750 ……………. —
Octroi …………………………………………………… 2,000

Adjustments :
(1) Closing stock is Rs. 50,000 of which 20% goods was having market value 50% less, 30% goods was having market value 10% more and remaining stock valued at 80% cost.
(2) Calculate 5% interest on capital, 10% int. on drawings and 10% interest on current A/c.

(3) Provide 10% Depreciation on furniture, it includes furnitures of Rs. 2,000 which was purchased on 1-1-94.
(4) Write off Rs. 2,000 as bad debts and provide B.D.R. 5% on debtors, also provide 2% discount reserve on creditors.

(5) A is to be paid 10% commission of divisible profit.
(6) Goods of the value of Rs. 5,000 was burnt by fire on 10-6-94. Insurance Co. has accepted a claim of Rs. 2,000. which was not received.
(7) Credit sales of Rs. 5,000 were unrecorded.

2 The Balance sheet of A and B Limited as on 31-3-96 are as follows :
On this date two companies decided to amalgamate and formed new co. Raj Ltd. with an authorised capital of Rs. 20,00,000 distributed in the 15,000 eq. shares and 5,000 12% pref. shares of Rs. 100 each. Both the companies had to pay off the Bills payable before amalgamation.

Fixed assets of both the companies were valued 10% high and current assets were valued at 20% less. Other assets and liabilities were valued at Book-value. Raj Ltd. had purchased a business of A Ltd. with goodwill of Rs. 1,40,000 and the business of B Ltd. with capital reserve of Rs. 1,55,000.

Both the companies were given 50% equity shares, 20% preference shares, 25% debentures of 11% and 5% cash against purchase consideration. Liquidation expenses of two companies were Rs. 10,000 and Rs. 12,000. Company’s incorporation expenses were Rs. 7,500. Raj Ltd. issued remaining shares to the public at 10% premium and received in cash full amount. Prepare necessary ledger accounts in the books of B Ltd. and B/S of Raj Co. and journal entries.