CS Executive Tax Laws and Practice PYQ December 2015: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
December 2015
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 2015). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- A private limited company engaged in manufacturing activity had general reserve of ₹20 lakh. It granted a loan of ₹5 lakh to a director who held 13% shareholding cum voting rights
- A residential house is sold for ₹90 lakh and the long-term capital gains computed are ₹50 lakh. The assessee bought two residential houses for ₹30 lakh and ₹20 lakh respectively. T
- Kapil gets salary of ₹12,000 p.m. and is provided with rent-free unfurnished accommodation at Pune (population 20 lakh). House is owned by employer, fair rental value of which is ₹
- Residential status of an Indian company is resident and ordinarily resident for the year
- A new business was set-up on 1st July, 2014 and trading activity was commenced from 1st September, 2014, the previous year would be the period commencing from
- HUF of Ashwin consisting of himself, his wife and 2 sons is assessed to income-tax. The residential status of HUF would be non-resident, when
- Ram who was born and brought up in India left for employment in Dubai on 20th August, 2014. His residential status in respect of the assessment year 2015-16 would be
- A charitable trust acquired two air-conditioners for ₹1,40,000 on 10th June, 2014. It claimed the acquisition as application of income. The amount it can claim by way of depreciati
- The voluntary contributions received by an electoral trust during the year is not included in its income
- Alternate minimum tax under section 115JC is not applicable to
- Anil is employed in a company with annual salary of ₹8,60,000 (computed). The company paid income-tax of ₹37,000 on his non-monetary perquisites. He paid ₹1,20,000 to recognised pr
- When a house property is let-out throughout the year for a monthly rent of ₹22,000 and municipal tax paid for current year is ₹24,000 and for the earlier year paid now is ₹16,000,
- When share of each co-owner in a house property is not definite, the income from such property shall be
- Rohan retires from private service on 30th April, 2014 and his pension has been fixed at ₹1,500 p.m. He gets 1/2 of his pension commuted during January, 2015 and receives ₹75,000.
- X Marine Lines Inc., a Singapore company engaged in shipping business collected ₹150 lakh towards carrying goods from Chennai Port. Its presumptive income chargeable to tax in Indi
- Rajiv (aged 28 years) received cash gift of ₹2 lakh on the occasion of his marriage. It includes gift from non-relative of ₹80,000. His income by way of lottery winnings is ₹3 lakh
- Pawan reports net income of ₹5 lakh from the activity of growing and manufacturing rubber. How much of such income is to be treated as non-agricultural income
- Govt. of India paid salary of ₹5 lakh and allowances/perquisites valued at ₹2.20 lakh to a person who is citizen of India for the services rendered by him outside India for 5 month
- Sunil acquired a building for ₹15 lakh in June, 2012 in addition to cost of land beneath the building of ₹3 lakh. It was used for personal purposes until he commenced business in J
- X Ltd. paid ₹10 lakh to an approved college to be used for scientific research unrelated to its business. The amount eligible for deduction under section 35(1)(ii) is
- Saraswath Ltd. made provision of ₹12 lakh for bonus payable for the year ended 31st March, 2015. It paid ₹7 lakh on 31st July, 2015; ₹3 lakh on 30th September, 2015; and ₹2 lakh on
- Laxmi & Co. paid ₹6,10,000 as contract payments to Monu Ltd. during the financial year 2014-15. It did not deduct tax at source under section 194C. The amount liable for disall
- The maximum penalty leviable for failure to get accounts audited or to furnish report under section 44AB is
- When an LLP has book profit of ₹6 lakh, the maximum amount allowable towards the salary of working partners would be
- When a cash payment of ₹30,000 is made on 10th May, 2014 towards purchase of raw material effected in the earlier year, i.e., on 5th June, 2012, the amount liable for disallowance
- An order passed by the Commissioner (Appeals) should be communicated to
- When a partnership firm has total sales of ₹90 lakh, the maximum amount deductible as salary of working partners on the basis of presumptive income determined under section 44AD is
- When a person carries on the business of carrying goods for hire for the whole year with 5 self-owned and 3 leasehold heavy goods vehicles, the presumptive income chargeable to tax
- The tax on the income of non-resident can be/may be recovered : (1) By deduction of tax at source (2) From his associates (3) From his agents Select the correct answer from the opt
- When shares of a listed company held for more than 36 months are transferred privately for ₹8 lakh, with original cost of acquisition of ₹1 lakh whose indexed cost of acquisition i
- Aman entered into an agreement with Brij for sale of a building for ₹20 lakh in June, 2014. Aman received advance of ₹2 lakh. Subsequently, the agreement was cancelled and Aman for
- Ramesh received ₹7 lakh by way of enhanced compensation in March, 2015. A further sum of ₹2 lakh decreed by the court is due but not received till 31st March, 2015. The amount of i
- If a person is eligible to claim : (1) unabsorbed depreciation (2) current scientific research expenditure (3) current depreciation (4) brought forward business loss The order of p
- A legal entity that exists in one jurisdiction but is owned or controlled primarily by taxpayers of different jurisdiction is called
- Monetary limit for deduction in respect of royalty on patents received by a resident individual is
- A partnership firm with 4 equal partners brought forward depreciation of ₹3 lakh and business loss of ₹3 lakh relating to assessment year 2014-15. On 1st April, 2014, two partners
- Double taxation relief for incomes taxed in the countries with which no agreement exists is governed by
- A limited company declared ₹20 lakh as dividend on its paid-up capital of ₹100 lakh. The dividend distribution tax payable by it would be
- Steam (P) Ltd. reports total income of ₹20 lakh for the year ended 31st March, 2015. The total tax liability payable before 15th September, 2014 by way of advance tax is
- Interest for deferment in payment of advance tax under section 234C is calculated on the tax liability computed on
- The 'due date' specified under section 139(1) for filing the return of income in case of companies engaged in international transactions and who have to furnish a report under sect
- Authority for Advance Rulings shall not allow an application where the question raised
- A return of income when notified as defective, has to be rectified within
- Penalty for failure to file return of income before the end of the relevant assessment year is
- X, Manager of XYZ Ltd. since 2001 was terminated by the company on 1st August, 2014 by paying a compensation of ₹200 lakh. Such compensation is
- HSK, an LLP had taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th September, 2014 and an amount of ₹75 lakh was paid by the insurers
- Ramji Charitable Trust had sold a capital asset costing ₹70,000 on 13th June, 2014 for ₹1,50,000. It purchased new assets on 1st July, 2014 for ₹1,20,000. The amount taxable as cap
- Pankaj joins service on 1st April, 2010 in the grade of 15,000-(1,000)-18,000-(2,000)-26,000. He shall be paying tax for the year ended on 31st March, 2015 on the total salary of
- Ramesh let-out his house on 1st April, 2014 on rent of ₹15,000 p.m. The fair rent and the municipal value of house are ₹13,500 p.m. and ₹16,000 p.m. respectively. Municipal taxes p
- Ms. Sitara is in receipt of family pension of ₹15,000 p.m. during 2014-15. Income chargeable to tax for assessment year 2015-16 of Ms. Sitara is
- Rohit (a Chartered Accountant) is working as Accounts Officer in Raj (P) Ltd. on a salary of ₹20,000 p.m. He got married to Ms. Pooja who holds 25% shares of this company. What wil
- An individual has made investments in the schemes approved under section 80C, and 80CCD of ₹2,50,000 and ₹1,00,000 respectively during the year ended 31st March, 2015. Amount that
- Raghu's father is dependent on him and suffering with 90% disability. Raghu has incurred an amount of ₹72,500 in maintaining and medical treatment of his father. The deduction he c
- From tax point of view, a limited liability partnership (LLP) is treated as
- Where a foreign institutional investor received income in respect of securities other than income by way of dividend referred to in section 115-O or received in respect of securiti
- Income of non-resident when attributed from operations in India relating to the following is taxable in India: (1) Profits of business (2) Fee for technical services (3) Royalty (4
- The income of non-resident from the business of operation of aircraft in respect of carrying of cargo or passenger in India shall be taxable as per section 44BBA @
- The person responsible for paying any income by way of winnings from lottery an amount exceeding ₹10,000, shall deduct
- An assessee is required to make payment of interest where he failed to make the payment of demand before the expiry of 30 days from the service of notice of demand @
- The premises of an assessee within the jurisdiction of an Assessing Officer can be surveyed by such Income-tax Authority
- The order passed by the Assessing Officer when challenged before the Commissioner (Appeals) under section 246A, memorandum of appeal should be filed in
- Quoting of PAN is mandatory when a person is entering into following transactions: (1) Sale of immovable property of ₹5 lakh or more (2) Deposit of ₹50,000 or more in Post Office S
- XYZ Ltd. filed its return of income for the assessment year 2014-15 on 1st February, 2015. The return was selected for scrutiny assessment under section 143(3). The Assessing Offic
- The Commissioner of Income-tax is empowered to revise the assessment order of the Assessing Officer when the same is erroneous and pre-judicial to the interest of revenue. Such pow
- Tax planning is honest and right approach to attain the maximum benefit of taxation laws within its framework only. Objectives of tax planning are: (1) Productive investment (2) Un
- The provisions of transfer pricing are applicable with effect from 1st April, 2012 to specified domestic transactions entered into by the assessee in the previous year in aggregate
- A partnership firm having 9 trucks engaged in the business of plying these trucks on hire is to file its return of income for the assessment year 2015-16 on the basis of provisions
- XYZ has sold a machine to ABC (associate enterprise) for ₹3 lakh which was sold by ABC to PQR, an unrelated party, on the sale margin of 30% for ₹5,00,000 and has also incurred an
- ABC Ltd. entered into international transactions with Allen Inc. of USA during the year ended on 31st March, 2015 totalling ₹1,000 lakh, but failed to keep and maintain the informa
- The advance ruling pronounced by the Authority for Advance Ruling as per section 245 is binding : (1) In respect of transaction for which ruling has been sought (2) On income-tax a
- 'Service' means an activity which constitutes
- As per service tax law, the activities in relation to delivery of goods on hire-purchase come under
- Raj let-out a building consisting of both residential and commercial units. He received rent ₹55,000 per month for residential units and ₹85,000 per month for commercial units. The
- On the basis of which of the following entry of the Union list, the service tax is levied
- The certificate of registration is to be issued from the date of filing of application for registration by the service provider within
- Manish gave his 3 buses on hire to State transport undertaking for a monthly rent of ₹1 lakh. It was given on hire for full 2 months. The service tax liability would be
- Any amount payable or refundable under Service Tax Laws shall be rounded off to the nearest
- When service provider is located in a non-taxable territory and the service receiver is in a taxable territory, the service tax liability must be discharged by
- The time-limit for filing application for registration under service tax in the case of a taxable service is
- When rendering of service was completed on 15th July, 2014; the invoice was raised on 25th August, 2014 and the payment was received on 31st August, 2014, the point of taxation wil
- The due date for e-payment of service tax for the quarter ended 30th September would be
- Sale price under the Central Sales Tax Act, 1956 does not include
- In case where the location of service recipient is not available, the 'place of provision of service' would be
- What would be the value of taxable service, if the gross amount charged by a service provider on 10th March, 2015 is ₹42,000
- For delay in filing the service tax return by 28 days under Rule 7(c) of the Service Tax Rules, 1994, the penalty to be paid is
- Anil of Chennai made sale of goods to B Ltd. of Mumbai who bought the same to meet pre-existing export order. The sale by Anil to B Ltd. is
- X purchased goods from a manufacturer on payment of ₹4,16,000 (including VAT) and earned a profit of 20% on purchase price. VAT rate on both purchase and sale is 4%. The net VAT pa
- X & Co. purchased goods during the month of January, 2015: (i) ₹1,20,000 at 4% VAT (ii) ₹2,50,000 at 12.5% VAT Sold goods during the month: (i) Sale of ₹3,50,000 at 4% VAT (ii)
- Under which method of computation of VAT, the tax rate is applied to the difference between the value of output and the cost of input
- Services by way of training or coaching in recreational activities relating to arts, culture and sports is covered under
- The revenue neutral rate of VAT means the rate of
- For goods transferred between branches located in other State, the input tax credit for goods transferred is reduced by
- Which of the following service comes under the purview of 'continuous service'
- 'Zero rate' sale is advantageous than 'exempt sale' in VAT, since the zero rate sale is
- Balaji bought raw material by paying VAT of ₹20,000. He produced a different commodity which is exempt from VAT. He is eligible for refund of VAT paid on raw material to the extent
- (i) Input tax credit availed during the month of April, 2015 is ₹20,500 (ii) Output tax payable for April, 2015 is ₹16,000 (iii) CST payable on inter-State sales for April, 2015 is
- If Lakshman has collected any amount of service tax from Ramu which is not required to be collected, Lakshman shall pay the amount so collected to
- Under section 77 of the Finance Act, 1994, any person who issues invoice with incorrect or incomplete details or fails to account for an invoice in his books of account, shall be l
- E-payment of service tax is compulsory in the case of assessee
- Which method of VAT computation is generally adopted by the Indian States
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