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Smude Mba Semester 3 Spring 2015 Assignments MF0012
Smude Mba Semester 3 Spring 2015 Assignments MF0012
Smude Mba Semester 3 Spring 2015 Assignments MF0012
Date of
acquisition
10th February,2003
5th April, 1999
12th April, 2004
Book value (`
lakh)
30
10
40
20
The written down value (WDV) is ` 25 lakh for the machinery, and 15 lakh for the plant. The
liabilities on this Unit on 31st March, 2011 are 35 lakh.
The following are two options as on 31st March, 2011:
Option 1: Slump sale to Y Ltd for a consideration of 85 lakh.
Option 2: Individual sale of assets as follows: Land ` 48 lakh, goodwill ` 20 lakh, machinery 32
lakh, Plant 17 lakh.
The other units derive taxable income and there is no carry forward of loss or depreciation for
the company as a whole. Unit C was started on 1st January, 2005.
Which option would you choose, and why?
Rs. in Lakh
30
10
25
15
80
35
45
Answer: Service tax is a tax levied on services rendered by a person and the responsibility of
payment of the tax is cast on the service provider. It is an indirect tax as it can be recovered from the
service receiver by the service provider in course of his business transactions. Service Tax was
introduced in
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Q6. What do you understand by customs duty? Explain the taxable events for imported,
warehoused and exported goods. List down the types of duties in customs.
An importer imports goods for subsequent sale in India at $10,000 on assessable value basis.
Relevant exchange rate and rate of duty are as follows:
Particulars
Date
Exchange rate
declared by CBC & C
Rs.45/$
Rate of basic
customs Duty
8%
Rs.49/$
10%
Answer: Customs duty is a duty or tax, which is levied by Central Govt. on import of goods into,
and export of goods from, India. It is collected from the importer or exporter of goods, but its
incidence is actually borne by the consumer of the goods and not by the importer or the exporter
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