CS Executive Tax Laws and Practice PYQ December 2014: Question Paper and Available Answers

CS Executive Tax Laws and Practice PYQS Series December 2014 100 Questions Indexed

ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Executive Tax Laws and Practice PYQS (December 2014). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.

Open Interactive Practice Mode View Chapter Weightage Analysis Download PDF Question Papers

Indexed questions

As per section 2(31), the following is not included in the definition of 'person' —
The tax exemption limit for a resident senior citizen is —
AB & Co. received ₹2,00,000 as compensation from CD & Co. for premature termination of contract of agency. Amount so received is —
For a domestic company, the minimum amount of total income liable for surcharge and the rate of surcharge applicable therein are —
According to section 2(24) definition of 'income' is —
Which of the following is not included in taxable income —
Income-tax in India is charged at the rates prescribed by —
The following additional conditions are to be satisfied by a person to be resident and ordinarily resident in India —
X, an Indian citizen, who is living in Delhi since 1980, left for Japan on 1st July, 2012 for employment. He came back to India on 1st January, 2014 on a visit and stayed for 4 mon
Abhay earns the following income during the previous year ended 31st March, 2014: Interest on U.K. Development Bonds (1/4th being received in India): ₹2,00,000; profits on sale of
If Karta is resident and ordinarily resident in India but control and management of HUF is situated partly outside India in the previous year, the HUF is —
Atul is a foreign citizen. His father was born in Delhi in 1951 and mother was born in England in 1950. His grandfather was born in Delhi in 1922. Atul visited India to see Taj Mah
Income of an assessee engaged in the business of growing and manufacturing tea in India is taxable to the extent of —
If non-agricultural income is ₹2,02,000 and net agricultural income is ₹40,000, the tax liability of an individual assesee will be —
Bimal is employed in a factory at a salary of ₹2,400 per month. He also gets dearness allowance @ ₹600 per month and bonus @ ₹200 per month. He retired on 31st December, 2013 and r
Akash is entitled to get a pension of ₹6,000 per month from a private company. He gets 60% of the pension commuted and receives ₹3,60,000. He also receives ₹2,00,000 as gratuity fr
The amount deductible from family pension is upto —
Anjan joins a service in the grade of ₹15,600-39,100 plus grade pay of ₹6,000 on 01.08.2013. He also gets dearness allowance @ 107% of salary. His tax liability for assessment year
Chandan, a handicapped employee receives ₹1,500 per month as transport allowance from his employer. His actual expenditure on transport is ₹1,000 per month. The amount of transport
Joy Ltd. transfers a honda city car to its employee Happy after using it for 4 years and 10 months, for ₹2,10,000. Cost of the car is ₹10,00,000. The value of taxable perquisite in
Ramesh, an employee of Gauri & Co. of Delhi, received the following payments during the previous year ended 31st March, 2014: Basic salary ₹2,40,000 and dearness allowance: 40%
For the year ended 31st March, 2014 Paresh receives a salary of ₹2,80,000. Paresh's contribution to employees' recognised provident fund account is ₹59,000 and matching contributio
Children education allowance received by an employee from his employer is ₹80 per month per child for 3 children. Taxable education allowance will be —
Sajal is the owner of a house property covered under the Rent Control Act. Municipal value ₹30,000, actual rent ₹25,000, fair rent ₹36,000 and standard rent is ₹28,000. The gross a
Composite rent of let-out house property is taxable as —
Suresh owns two house properties. First property was used half for running his business and the other half was let-out at ₹4,000 per month. The second property was wholly used as a
Where the assessee does not himself carry on scientific research but makes contributions to an approved university, college or institution, to be used for scientific research relat
In the case of companies, capital expenditure incurred for the purpose of promoting family planning amongst the employees would be deductible to the extent —
A person carrying on profession will also have to get his accounts audited before the specified date, if gross receipts from the profession for a previous year or years relevant to
Rate of depreciation chargeable on temporary wooden structure for the assessment year 2014-15 is —
Anuj owns 6 goods carriage vehicles. Out of these 2 are heavy goods vehicle acquired by him on 15th January, 2014. His taxable income u/s 44AE will be —
Capital asset excludes all except —
On 15th November, 2013, Mohan sold 1 kg. of gold, the sale consideration of which was ₹6,00,000. He had acquired the gold on 11th December, 1978 for ₹64,000. Fair market value of 1
Sameer received the following income during financial year 2013-14: Director's fees ₹5,000, income from agricultural land in Pakistan ₹15,000, rent from let-out of land in Jaipur ₹
Akshay received a gift of ₹35,000 each on 22th May, 2013 from his three friends. The amount chargeable to tax in this case would be —
The maximum possible amount of deduction u/s 80D is —
Cost of acquisition in case of bonus shares allotted before 1.4.1981 will be —
Interest payable by a non-corporate assessee for deferment of advance tax is —
The following is not allowed as deduction u/s 80TTA —
The maximum amount of deduction u/s 80U allowed to a person with 80% or more of one or more disabilities is —
An assessee, being an individual resident in India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for an assessment year, of an
Profit earned during the year by a partnership firm is ₹1,40,000. The maximum amount of remuneration deductible from profit is —
The maximum amount of rent payment where deduction of tax at source is not required in a financial year is —
Number of years for which credit of MAT excess paid under section 115JB can be carried forward is —
Where the total income of an assessee, being a non-resident Indian includes income by way of long-term capital gains arising from transfer of unlisted securities, applicable income
In case of foreign companies having branches in India, maximum deduction (in respect of head office expenditure) allowed in computing their income under section 44C is —
Regular assessment means assessment made under section —
At what rate, will the tax be deducted at source with effect from 1st April, 2010 by a banking company, responsible for paying to a resident any income by way of interest other tha
In a contest, Amit wins ₹50,000 cash and a motor-cycle worth ₹50,000. The amount of tax deducted at source will be —
Calculate advance tax payable by Sumit on or before 15th September, 2013 from the following: Rent from house property ₹46,000 per month; municipal taxes paid by him ₹32,000 —
An assessee liable to pay advance tax is not liable to pay interest u/s 234B, if advance tax paid by him is not less than —
It is not mandatory for an assessee to file a return of loss, if it pertains to —
Any person who has not filed the return within the time allowed under section 139(1) or within the time allowed under a notice issued by the Assessing Officer under section 142(1),
In the case of an individual assessee, the return of income must be signed and verified by following, except —
If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may initiate proceedings of —
An exercise undertaken to minimise tax liability through the best use of all available allowances, deductions, exclusions, exemptions, etc., to reduce income-tax liability is known
The following person is not liable to pay wealth tax under the Wealth-tax Act, 1957 —
Following is not included in the definition of 'asset' under the Wealth-tax Act, 1957 —
An Indian resident patentee is entitled to a deduction u/s 80RRB to the extent of —
Incomes of two minor children are included in the income of their father. Father is entitled to exemption u/s 10(32) upto —
Mohan owns a house which is constructed on lease-hold land. This house has been let-out to Ram for ₹15,000 per month under the following terms and conditions: He will pay 40% of th
Akhil has the following assets and liabilities on the valuation date : (in lakh) (i) Commercial property 60 (ii) A farm house 15 kms. away from the local limit of Kolkata 30 (iii)
According to the Organization for Economic Co-operation and Development (OECD), the following parameters are considered to decide whether a jurisdiction is tax haven or not —
Two enterprises shall be considered as associated enterprises if at anytime during the previous year, following condition is satistied —
A professor earned ₹8,00,000 from a foreign country where no DTAA exists with that country and tax deducted at source is ₹60,000. The assessee is an Indian citizen and resides in I
According to section 2(1B), "amalgamation, in relation to companies means, the merger of one or more companies with another company or the merger of two or more companies to form o
An appeal against the order of Tribunal to the High Court shall be filed within —
The following methods as per section 92C are used in determination of arm's length prices for international transactions and specified domestic transaction except —
A sold a machine to B (associated enterprise) and in turn B sold the same machinery to C (an independent party) at sale margin of 30% for ₹4,00,000 but B has incurred ₹4,000 in sen
GAAR stands for —
The following transactions are considered to be 'declared service' except —
The following falls under the negative list as per Service Tax law —
Any provider of taxable service shall make an application for registration to the jurisdictional Superintendent of Central Excise, if aggregate value of taxable services in a finan
An architect based in Mumbai provides his service to an Indian hotel chain (which has business establishment in New Delhi) for its newly acquired property in Dubai. If Rule 5 (Prop
Ashish, a service provider located in taxable territory, supplies service to a recipient Dilip, located in non-taxable territory. Such service is taxable —
Where payment of service tax is made through internet banking, such e-payment can be made by the company by —
Every person, liable to pay the tax in accordance with the provisions of section 68 of the Finance Act, 1994 or rules made thereunder, who fails to credit the tax or any part there
Raman rendered a taxable service to a client on 26.08.2013. A bill of ₹4,49,440 was raised on 30.08.2013 of which ₹2,50,000 was received from the client on 2.10.2013 and the balanc
Rule 7C of Service Tax Rules, 1994 provides for penalty for delay in filing of service tax return. Accordingly, the amount of late fee if delay is beyond 15 days and upto 30 days w
The first State to introduced VAT w.e.f. 1st April, 2003 was —
The Central Government issued list of exempted services under mega notification dated 20th June, 2012 which came into effect from —
Which of the following is not a method of VAT computation —
Under VAT, exempted goods are same as —
X purchased goods worth ₹40,000 and paid VAT @ 5%. Later on, after processing and incurring ₹5,000 further expenses, he sold the goods for ₹60,000. VAT collected by him 4%. Input V
X, an assessee, fails to pay service tax of ₹8 lakh payable by 5th July. He pays the amount on 15th July. Interest payable by him u/s 76 will be —
The date of completion of a service is 10th April, 2013 and the date of invoice of service is 20th April, 2013. Date of payment of service tax is 30th April, 2013. From the above,
Ramesh provided taxable service to Birju on 1st August, 2014 and raised a bill of ₹4,00,000 on 31st August, 2014. Payment of the bill was received on 30th September, 2014. The date
The mechanism under which service tax is payable by the service receiver is known as —
In which of the following cases, input credit is available
The following dealers are not eligible for composition scheme under VAT —
If an air travel agent opts for composition scheme, the rates of service tax applicable to him in case of domestic booking and international booking are —
Central sales tax is levied by the Central Government but administered by —
A person providing services under a brand name, is liable to get registered, only if turnover exceeds —
Where a service consists of two or more services, it is termed as —
Sachin receives ₹10,000 as interest on delayed payment. The amount of service tax will be —
Under reverse charge system exemption is available if value of service does not exceed —
Central sales tax is not payable on the following —
If a dealer has furnished Form C, he is liable to pay central sales tax at the rate of —
Under proviso to Rule 6(2) of Service Tax Rules, 1994 e-payment of service tax is mandatory for the assessee, whose service tax payable is —
The assessee shall deposit the service tax liable to be paid by him with the bank, designated by the Central Board of Excise and Customs in Form No. —

How to Prepare for CS Executive Tax Laws and Practice

Use past questions to practise the paper format and review available answers. Check the current syllabus, applicable law and examination duration before attempting a timed paper.