ADVANCED TAX LAWS AND PRACTICE Central Excise Customs VAT and Service Tax paper
ADVANCED TAX LAWS AND PRACTICE Central Excise Customs VAT and Service Tax paper Explain the provisions of MAT under the Income Tax Act, 1961. (10 marks) (b) “Tax evasion is the result of suppression, misrepresentation, illegality and fraud”. Explain. (5 marks) Attempt all parts of either Q. No. 2 or Q. No. 2A 2. (a) What do you mean by Arm’s Length Price? What are the methods of calculating it? (5 marks) (b) The applicability of transfer pricing provision has been extended to ‘specified domestic transaction’. List down the transactions covered under section 92BA as ‘specified domestic transaction? (5 marks) (c) Write a brief note on “Foreign Direct Investment (FDI)”. (5 marks) OR (Alternate Question to Q. No. 2) 2A. (a) How foreign institutional investors are taxed on the income and the capital gains arising from the transfer of securities? Discuss. (10 marks) (b) What do you mean by ‘foreign tax credit’? Explain. What is the due date for payment of service tax and the interest on delayed payment of service tax as specified under section 75? (5 marks) (b) Discuss ‘advance ruling in service tax’. Exempted Goods and Nil Rated Goods (ii) Remission of Duty and Abatement of duty under Central Excise Act, 1944 Explain the meaning of “Baggage”. What is the relevant date for determination of rate of duty and tariff valuation in case of a baggage? (5 marks) (b) What are the clearances whose value are excluded for the purpose of calculating the Small Scale Exemption Limit (SSI) while calculating the turnover of 150/400 lakhs? (5 marks) (c) Write a short note on Adjustment of excess amount of service tax paid.
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