CS Executive Tax Laws and Practice PYQ December 2016: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
December 2016
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 2016). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Under the Income-tax Act, 1961 the term 'assessee' means a person —
- Normal rates of income-tax are prescribed in the —
- A company incorporated outside India having its control and management fully situated in India in the previous year will be treated as —
- Tax holiday under section 10AA in respect of newly established units in SEZ is allowed for a total period of —
- Pawan, employed in Magic Ltd., was eligible for transport allowance of ₹2,000 per month to meet his travel expenses from residence to office. He actually incurred ₹1,200 per month
- An employee of a public limited company received ₹3,00,000 as encashment of leave salary at the time of retirement. He has 18 months' leave to his credit at the time of retirement
- Allowances and perquisites allowed to an employee for services outside India are tax free in case of —
- If an LLP claims deduction under section 35AD, the provisions of Alternate Minimum Tax (AMT) under section 115JC will apply when the adjusted total income exceeds —
- Rajat purchased a car for his personal use for ₹5,00,000 in April, 2015 and sold the same for ₹5,50,000 in July, 2015. The taxable capital gains would be —
- A company incurred capital expenditure on scientific research viz., (i) land ₹5 lakh; (ii) building ₹10 lakh; and (iii) equipments ₹7 lakh. The amount of expenditure eligible for d
- A lady received gifts worth ₹1,00,000 from her relatives as defined under the Income-tax Act, 1961 and ₹60,000 from her office colleagues on her marriage anniversary. The taxable a
- Which of the following is not deductible while calculating taxable income from business —
- Swan (Pvt.) Ltd. acquired machinery for ₹5,75,000 which included excise duty of ₹75,000 eligible for CENVAT credit. It borrowed ₹3,00,000 from a bank for purchase of the said machi
- A company has provided laptop worth ₹50,000 to its employee for official as well as personal purposes. The taxable amount of perquisite will be —
- Ritesh, an Indian citizen, left India for U.K. on 1st September, 2015 to take up a job there. His residential status for the assessment year 2016-17 would be —
- Arul Industries got waiver of value added tax (VAT) of ₹2,20,000 for the financial year 2015-16. The amount of waiver is —
- Satish brought into India, in the previous year, past untaxed income which was earned in U.K. The income will be taxable if Satish is —
- As per section 35DDA, total expenditure in a voluntary retirement scheme is deductible in —
- Amit received ₹70,000 being winnings from lottery after deduction of tax at source. His gross winnings from lottery to be included in the total income is —
- Any capital expenditure incurred on acquiring telecom license is deductible in —
- If there is an apparent error in the intimation dated 11th June, 2016 issued under section 143(1), the time-limit for filing application for rectification under section 154 is avai
- When an advance ruling is obtained, it is applicable to —
- Provisions of section 115JB are applicable in case of —
- Assessees who are eligible to approach Dispute Resolution Panel regardless of the transfer pricing adjustment are —
- Penalty for failure to collect tax at source, as a percentage of tax to be collected is —
- Loss from speculation business is eligible for carry forward of loss for a period of -
- A survey is conducted in the premises of the assessee and assessments are reopened for some assessment years. An application for settlement could be made to the Settlement Commissi
- Income of a non-resident from shipping business in India is computed at the rate of —
- When an assessee has paid advance tax more than the tax due on the returned income and the return is filed before the 'due date' specified in section 139(1), the refund amount is e
- The liability to deduct tax at source on insurance commission will arise when the commission paid or payable to an agent for the year exceeds —
- Dividend distribution tax under section 115-O is payable by —
- The monetary limit for aggregate transactions between two enterprises to fall in the category of specified domestic transaction is —
- No loss can be set-off against —
- Varun incurred medical expenditure of ₹12,000 towards cataract surgery of his mother (aged 70 years). She also underwent a minor surgery for which he incurred an expenditure of ₹26
- A charitable trust registered under section 12AA has gross receipts of ₹40 lakh. It spent ₹28 lakh towards its objects. The total income of the trust chargeable to income-tax would
- If a person responsible for deduction of tax at source, after deduction, fails to deposit the same into the Government treasury, he will be liable to pay interest @ —
- When an assessee fails to furnish any information relating to a specified domestic transaction, the quantum of penalty as a percentage of value of the transaction would be —
- An advance pricing agreement shall not be valid for more than —
- The order of revision passed by Commissioner under section 264 is —
- Deduction available under section 80GG in respect of rent paid cannot be more than —
- The amount of depreciation not absorbed in the same year can be carried forward —
- The liability to pay interest under section 234B would arise when the advance tax plus TDS/TCS to the credit of the assessee is less than —
- A senior citizen is not liable for advance tax, if he does not get any income from —
- Loss from speculation business can be set-off against —
- When an employee makes premature withdrawal from employees' provident fund account, the requirement for tax deduction is attracted when the quantum of withdrawal exceeds —
- Quoting of PAN is not necessary in the case of —
- Any party which is aggrieved by an order passed by the Appellate Tribunal may file an appeal to High Court within —
- A registered trade union earned ₹1,00,000 by way of interest on bank deposits and ₹1,80,000 by way of rent from let-out of its premises. Total income of the trade union chargeable
- The last date for filing return by a company which is required to furnish a report referred to in section 92E is —
- Payment of advance tax on or before due date is termed as —
- Varun Ltd. paid fees for technical services of ₹6 lakh but omitted to deduct tax at source and such omission continued till the 'due date' for filing the return of income specified
- Revision of an order which is prejudicial to the revenue is made under —
- Two enterprises will be said to be associated if one enterprise holds voting rights in other enterprise of at least —
- As per section 271A, failure to keep, maintain or retain books of account would attract penalty of —
- Mrs. Rose derives ₹5,40,000 by way of income from sale of coffee grown and manufactured in India. The income chargeable to income-tax would be —
- An Indian company having 30% voting power in a foreign company received dividend of ₹10 lakh from the foreign company. The dividend so received by the Indian company is —
- Cost of acquisition of securities held with depository is to be computed by —
- Unabsorbed loss from house property can be carried forward for —
- Under section 80QQB, the maximum deduction in respect of royalty is allowed upto —
- A company acquired a motor car for ₹8 lakh on 30th June, 2014. It sold the said motor car to its employee, Jayant, for ₹6 lakh on 10th June, 2015. The company claimed depreciation
- A partnership firm has net profit of ₹6,20,000 before deducting interest on capital to partners @ 15% of ₹1,50,000 and working partner salary of ₹1,80,000 (as per the deed of partn
- One of the benefits of advance pricing agreement is —
- An amount upto a maximum of ₹10,000 is deductible under section 80TTA from the gross total income of —
- A member of Parliament received ₹1,50,000 per month as salary and ₹4,50,000 as daily allowances during previous year 2015-16. The taxable amount will be —
- Murali received ₹1 lakh from the HUF of which he is a coparcener. The HUF consists of four coparceners including his father who is the Karta of the HUF. The amount paid was by way
- If a payee eligible for commission exceeding ₹5,000 does not furnish his PAN to the payer, tax is deductible at source at —
- Long-term capital gains on sale of a long-term capital asset in October, 2015 is ₹105 lakh. The assessee invested ₹50 lakh in REC bonds in March, 2016 and ₹55 lakh in NHAI bonds in
- The municipal value of a property is ₹2,10,000; fair rent is ₹1,90,000; standard rent is ₹1,80,000 and the actual rent is ₹2,40,000. The gross annual value of the property would be
- Ekta (Pvt.) Ltd., engaged in manufacturing activity, acquired new plant and machinery for ₹100 lakh for its manufacturing unit located in Bihar. The acquisition and use was from 1s
- An association of persons (AOP) has paid tax at the maximum marginal rate. Yash, a member of AOP received ₹1 lakh as his share income. Such income is chargeable to tax in his asses
- As per section 66E of the Finance Act, 1994 'declared services' include —
- Service tax is applicable all over India except in the State of —
- A resident welfare association formed on 1st June, 2015 received ₹6,000 per month per member as contribution. The aggregate receipts up to March, 2016 were ₹12 lakh. It paid servic
- Where the location of recipient of service is not traceable, the location of service for the purpose of service tax would be —
- An application for registration under service tax must be submitted in Form No. ST-1 on becoming liable to pay service tax within —
- The superintendent of central excise must issue certificate of registration under service tax within 7 days of receipt of application in —
- If the payment of service tax is delayed by 4 months, the rate of interest applicable for the delayed payment is —
- A service provider received payment in advance and paid service tax also. Subsequently, after rendering 50% of the service, the relationship with service receiver got terminated. T
- In case of corporates, the due date for payment of service tax is —
- A service provider rendering services in multiple locations must apply for separate registration —
- A small service provider is not liable to pay service tax unless the value of services in a financial year exceeds —
- If a service is received outside India but consumed in India, it will be —
- In VAT regime, zero rating means —
- Under the scheme of VAT, tax credit is available for purchases made from —
- When goods purchased within the State with VAT rate of 13.5% are transferred to branch office in another State, the eligible input tax credit for the goods transferred would be —
- VAT is levied by —
- A dealer in Chennai purchased goods from a dealer in Mysore for ₹70,000 and paid central sales tax @ 2% being ₹1,400. The goods purchased were used for manufacture of a commodity l
- VAT payable on the sale of goods is ₹6,87,500. The dealer is entitled to avail tax credit on purchase of material costing ₹10,40,000 (inclusive 4% VAT). The net amount of VAT payab
- A dealer imported raw material costing ₹12,00,000 inclusive of import duty at 20% rate. He also made purchases locally in the State costing ₹1,04,000 inclusive of 4% VAT. Both the
- VAT is a —
- A unit in SEZ availed taxable service from a service provider. The value of taxable service is ₹2,40,000. The entire service is consumed inside the unit in SEZ. The service tax pay
- In 1994, the service tax was levied by the Union Government as per Article 246 of the Constitution of India vide —
- The amount of service tax, interest penalty and fine, etc. shall be rounded off to the nearest —
- If an input service distributor fails to obtain registration under section 77(1)(a) of the Finance Act, 1994, he would be liable to penalty upto —
- A person applying for registration under service tax shall pay a registration fee of —
- Rule of reverse charge is not applicable in case of —
- A small service provider completed his service on 20th August, 2015, raised invoice on 30th September, 2015 and received the amount on 10th October, 2015. The point of taxation for
- When a service provider who is required to pay service tax electronically fails to pay the tax electronically, he can be subjected to a penalty of —
- A dealer has opted for composition scheme and paid input VAT of ₹40,000. The amount of input VAT credit available to the dealer would be —
- If the last day of payment of service tax is a public holiday, payment can be made —
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