IPCC Weekend Exam

Subject: Costing Time : 1 Hours. Date : 06.03.2011 Marks: 25 M

1. Explain about Labour Turnover? Also discuss about the reasons for Labour Turnover and preventive measures. 10 M 2. Explain (a) Time keeping and (b) Time Booking 5M 3. Write about methods of wage payment and various Incentive schemes? 5M 4. Explain the methods of calculation of Labour Turnover. 5M

IPCC Weekend Exam

Subject: TAX Time : 1 Hours. 1. Scope of total income based on Residential Status (Sec 5) ? 2. Control in management3. Income deemed to occruv or arrange in India (Sec 9) Date : 06.03.2011 Marks: 25 M 10 M 2M 13 M

IPCC Weekend Exam

Subject: VAT Time : 1 Hours. Date : 06.03.2011 Marks: 20 M

1. Compute the VAT amount payable by Mr. A who purchases goods from a manufacturer on payment of Rs. 2,25,000 (including VAT) and earn 10% profit on Cost while selling to retailers? VAT rate on purchase and sale is 12.5%. [2 Marks] 2. What is meant by Cascading effect of Tax? [2 Marks] 3. Briefly explain the Income variant of VAT? [3 Marks] 4. Briefly explain Invoice method for calculation VAT? [3 Marks] 5. What are the different stages of VAT? Can it be said that the entire burden falls on the final consumer? [2 Marks] 6. Compute the net VAT liability of Mr. Rishi from the following information: Particulars Rs. Rs. Raw Materials from foreign market 1,50,000 (Including duty paid on imports @20%) Raw material purchased from local market [Inclusive of VAT @ 4%] 2,08,000 Raw material from neighbouring state 51,000 (Includes CST @ 2%) Storage & Transportation Cost 9,000 Manufacturing Expenses 40,000 Mr. Rishi sold goods to Madan and earned profit @8% on the cost of production. VAT Rate on sale of such goods is 4%. [6 Marks] 7. Manufacturer X extracted raw produce A and raw produce B from mines and sold the same to Manufacturer Y for Rs. 40,000 and Rs. 60,000 respectively. Manufacturer Y used A and B as raw material and sold the resultant product to wholesaler Z for Rs. 3,00,000. Wholesaler Z sold the same to Retailer R for Rs. 4,50,000. The retailer R sold the same to a consumer for Rs. 5,00,000. Compute the Total VAT payable indicating VAT Payable at each stage under Invoice Method assuming that all sales are liable to VAT @ 4% and all the prices given above are exclusive of VAT. [5 Marks] 8. Briefly explain how VAT helps in a. Checking Tax evasion b. Better Revenue Collection and stability c. Bringing Transparency [3 Marks]