MDN/KS/09 - 1877
Second Semester Master of Business Administration (M. B. A.) Examination
(New Course)
(Group - B)
Paper - I
(Corporate Taxation)
Time : Three Hours I    [ Max. Marks : 80

N. B. :(1) Attempt five questions atleast two questions from each section are compulsory. (2) All questions carry equal marks.

1. What are the different categories of Assessee divided with regard to residence : Explain the incidence of residence on tax liability.
2. The Profit and Loss Account of XYZ Ltd, for the year ended 31'1 March, 2008 shows a net profit of Rs. 15,00,000. The credits and debits in the profit and Loss account include the following items among others :­

Credits :    Rs.      
(i)    Dividend from an Indian
company (Gross)    1,00,000      
(ii)    Net Rent from House       
property (let out to outsiders) after debiting repairs Rs. 1000 and municipal . tax Rs. 3,000
Debits :
(i) Provision for Taxation _                                      20,00,000
(ii) Salary-to sales manager, @Rs.
8500 per month, cost of perquisites allowed to him
Rs. 14,000 for.the year.    1,16,000
(iii) Cost of maintenance of a liaison
office in New York for promoting
exports.    60,0()0
(iv) Legal expenses for contesting a
suit for eviction from a
premises used as a show room    3,000
(v) Expenses for obtaining a loan
from a financial institution for
acquiring new maehin--ry.    20,000
(vi) Amount embezzled b,• the
cashier of the companv,
which is irrecoverable    15,000
The company has distribution dividend Rs. 9,00,000 on 16.10.2007
Compute the income from Business of the company for the assessment year 2008-09.
3. Mr. P. Bros. Chennai running an industrial undertaken were ordered by city corporation, Chennai to shift their unit from urban area of chennai. They shifted their concern during 2007-08and in the process sold some of the assets whose details are given below.

Acquired in    P&M
Rs.    Land
June 1983
Rs.    Building
Sale proceeds    10,00,000    8,00,000    12,00,000      
W. D. V. on 1. 4. 2007                  
[cost u/s. 50(2)]    4,40,000    -    7,32,500      
Cost of acquisition    6,00,000    1,40,000    10,00,000      
Amount invested
during Dec. 2006
due to shifting    8<00,000    2,00,000    5,00,000   
Compute the taxable capital gain for the assessment year 2008-09 (C • 1• 1• for 1983-84 is 116; 198'8-89 is 161 ; 2007-08 is 551).
4. What are the provisions governing the set-off of losses ?
o. While commencing a new business what factors should be kept in mind for taking decision regarding the form of organisation so that he gets the maximum tax facilities and concessions ?

6. Explain constitutional provisions authorising the levy and collection of duties of Central Excise, Customs and Central Sales Tax.
7. What are the steps involved in classifying products in Central Excise % Explain the provisions regarding Recovery and Refund of duties.

        8. State the history objects and main features of Central Sales Tax Act       1956.
..9)     What is Value Added Tax : Explain in detail Value Added Tax on sale or       purchase of goods under State Sales 'Fax Act 1959.
10. What do you mean by `Custom duty' : Write nature and types of custom duty in India.

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