CS Executive Tax Laws and Practice PYQ December 2017: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
December 2017
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 2017). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- A municipal committee legally entitled to manage and control a municipal fund is chargeable to income-tax in the status of:
- Ram received ₹ 80,000 by way of gift from friends upon retirement from service in a private company. The amount of gift chargeable to income-tax would be :
- A domestic company has total income of ₹ 120 lakhs. The rate of surcharge is applicable on income-tax would be :
- Mr. Alok Chatterjee born and brought up in India since 1970, left for Singapore on 10-10-2016 for the purpose of employment. His residential status would be :
- In the case of an individual being not ordinarily resident the following income is chargeable to tax:
- Mr. Ajay (age 40) resident of India earned agricultural income of ₹ 1 lakh from land situated in Sri Lanka. His total income in India amounts to ₹ 7 lakhs. The tax liability would
- Mr. Menon having tea estate in Munnar (Kerala) earned ₹ 5 lakh by way of growing tea leaves and manufacturing tea. The income chargeable to tax would be :
- Mr. Vijay employed in ABC Ltd opted for voluntary retirement and received ₹ 12 lakhs by way of gratuity. The Payment of Gratuity Act, 1972 is applicable in his case. The monetary l
- The maximum amount eligible for exemption in respect of encashment of earned leave on retirement is:
- Mr. Murthy is employed in ABC Management Institute, Pune. He is eligible for ₹ 24,000 as allowance for the year towards academic and research work. The amount of academic and resea
- Ms. Laxmi received ₹ 60,000.by way of family pension from State Government. The amount of family pension eligible for exemption under section 10(19) is :
- Mr. Amit employed in X Co Ltd, Salem received ₹ 10,000 per month as house rent allowance in the year 2016-17. His total salary is ₹ 4 lakhs consisting of Basic pay +DA. He paid ren
- A registered trade union earned income by way of interest on fixed deposit held with State Bank of India of ₹ 5,60,000. The interest income chargeable to tax in the hands of trade
- Baby Meena (age 12) a child artist acted in feature films and earned ₹ 3,50,000. The total income of her father is ₹ 5,20,000 and mother is ₹ 4,80,000. The minor's income would be
- Ms. Pinky (age 61) pledged her residential building with State Bank of India and received ₹ 10,000 every month under reverse mortgage scheme during the financial year 2016-17. The
- Registered political parties have to maintain a record of the contributions and names and address of the persons who have made such contribution where each contribution exceeds:
- An electoral trust receiving voluntary contributions for the purpose of distributing to political parties registered under Section 29A of the Representation of the People Act, 1951
- Mr. Balan is employed in SS Ltd at Madurai. He is provided with a rent free accommodation owned by the employer. The percentage of salary to be adopted for the purpose of valuation
- Mr. Ravi employed in Cotton India Ltd as accounts manager. The employer paid ₹ 1,60,000 as contribution to approved superannuation fund to benefit the employee Ravi. The amount of
- Mr. Bobby employed in PQR Ltd was permitted to admit his only son in the school run by the employer. No fee was charged on such education provided to the son of Mr. Bobby. The cost
- When interest on employee's own contribution from unrecognized provident fund is received, it is:
- DPM Ltd constructed staff quarters and let out the same during the financial year 2016-17. Its rent received ₹ 7,50,000 by way of rent from employees during the year. The rental re
- When a house property is let out for a monthly rent of ₹ 25,000 during the financial year 2016-17 and maintenance expenses by way of salary to sweeper and watchman is ₹ 6,000 per m
- When an assessee has loss from house property, it is eligible for carry forward for the subsequent .......... assessment years.
- Vikram Mfg Co Ltd located in a backward area in the State of Andhra Pradesh acquired some machinery for ₹ 20 lakhs on 10-08-2016. It was put to use from 01-09-2016. The applicable
- Donation to university for research in Social Science is eligible for deduction at:
- When ABC Ltd incurred ₹ 10 lakhs in F.Y. 2016-17 as capital expenditure for the purpose of family planning amongst the employees, the expenditure allowable for the assessment year
- Alpha & Co is a proprietary concern owned by Vimala. The total turnover for the year 2016-17 is ₹ 52 lakhs which includes proceeds realized through banking channel before 31st
- Which of the following is not a capital asset for Mr. Rao who is employed in a public sector bank ?
- Dr. Ravi practising medicine has gross receipt of ₹ 18,40,000 for the financial year 2016-17. His presumptive income under Section 44ADA would be :
- Rahim had 5 goods carriage vehicles on 01-04-2016. He acquired and used 3 vehicles from 01-09-2016. What is the presumptive income under Section 44AE?
- Books of account of an individual is liable for tax audit under section 44AB on mandatory basis, if the annual turnover exceeds:
- Padmaja Traders a partnership firm with turnover of ₹ 140 lakhs omitted to get the books of account audited under section 44AB. The amount of penalty leviable for failure to get th
- On 01-06-2017 Kamlesh transferred his vacant land to Rajesh for ₹ 12 lakhs. The land was acquired on 01-09-2014 for ₹ 3 lakhs. If indexation is applied, the indexed cost of acquisi
- Ranga & Co had as on 01-04-2016 plant and machinery whose written down value was ₹ 12,00,000. It acquired 2 plants on 03-11-2016 for ₹ 6 lakhs. The applicable depreciation rate
- Dr. Sam sold a vacant land to Mr. Roy for ₹ 36 lakhs. For stamp duty purpose, the value of land was ₹ 41 lakhs. The indexed cost of acquisition of land was computed at ₹ 20 lakhs.
- Ms. Anshu received dividend of ₹ 80,000 for her equity shareholding in MNO Ltd (a listed company). She paid interest of ₹ 12,500 for the amounts borrowed for investment in those sh
- Lokesh (age 62) received following gifts on the occasion of his birthday: (i) cash gift from elder brother ₹ 30,000; (ii) Gold chain from younger sister market value on the date of
- Suresh (age 65) won a prize on lottery ticket on 30-09-2016. The prize amount was ₹ 5,50,000. He had bought lottery tickets for ₹ 75,000 during the year. Assuming that he had no ot
- Mr. Siddharth is employed in a company. His income under various heads are (i) salary ₹ 5,60,000; (ii) loss from let out property ₹ 65,000; (iii) loss from business ₹ 1,10,000 and
- A company has the following: (i) current scientific research expenditure; (ii) current depreciation; (iii) unabsorbed depreciation; (iv) brought forward business loss. The order /s
- Rohan engaged in multifarious activities reports the following: (i) loss from business ₹ 80,000; (ii) loss from house property ₹ 1,20,000; (iii) long term capital loss ₹ 70,000; He
- Mr. Mithun acquired a house property for ₹ 8 lakhs and paid stamp duty and registration fee of ₹ 80,000. He borrowed housing loan and repaid principal of. ₹ 60,000 and interest of
- Mr. Uday is a resident individual having patent registered on 01-07-2012 under the Patents Act, 1970. He received ₹ 5 lakhs by way of royalty from ABC Ltd during the financial year
- Mr. Veer earns monthly rental income of ₹ 60,000 from a house property. He suffers from severe disability and has obtained certificate from the prescribed medical authority. He has
- Mr. Bala transferred his let out residential property to his wife by way of gift settlement. During the financial year 2016-17, she earned rental income of ₹ 30,000 per month. She
- Speculation loss can be carried forward for .......... subsequent assessment years.
- Mr. Baskar a person with disability referred to in Section 80U is employed in a bank. He paid ₹ 50,000 as premium on life insurance policy taken on himself and whose sum assured is
- Mr. Anand engaged in business wants to deposit in pension fund of Life Insurance Corporation of India. The maximum amount of contribution eligible for deduction from total income i
- Sudhan Ltd incorporated in April 2016 commenced commercial production from 01-06-2016. It deployed 100 employees who were employed for 260 days during the year and recruited 50 cas
- Mr. Rath borrowed loan of ₹ 10 lakhs for higher education in India in the year 2005-06. He completed the course study in 2008-09. He started repayment of the loan from April 2010.
- Mr. Ganesh gave donation by way of cheque of ₹ 40,000 and by cash ₹ 5,000 to an approved charitable trust having recognition under section 80G. His gross total income for the asses
- Murali & Co a partnership firm consisting of 3 partners is engaged in textile trade. It's Net Profit before allowing interest on capital and working partner salary to partners
- When Mr. X retired from X & Co a partnership firm on 01-01-2017, he was paid ₹ 5 lakhs for not doing a competing business for the next 5 years. The amount so received chargeabl
- The provisions of Alternate Minimum Tax (AMT) will apply only when the adjusted total income computed under section 115JC exceeds:
- Mr. Ganapathy a resident individual received ₹ 12 lakhs during the financial year 2016-17 by way of dividend from domestic companies. The companies have paid dividend distribution
- The tax rate applicable for a non-resident engaged in shipping business in India shall be:
- The amount specified in notice of demand must be paid within .......... days otherwise the assessee would be treated as assessee in default.
- A Co Ltd made payments to B Co Ltd towards contracts executed during the financial year 2016-17. They are (i) contract -1 ₹ 15,000 on 15-06-2016; (ii) contract -2 ₹ 22,000 on 29-09
- P & Co a partnership firm whose turnover was ₹ 42,60,000 in the previous year 2015-16 and ₹ 1,01,30,000 in the previous year 2016-17 paid brokerage of ₹ 21,000 to Mr. Ashwin du
- Mr. Rajan (a trader in furniture items) acquired a motor car for ₹ 11 lakhs by availing loan from a nationalized bank. The amount was paid by demand draft. The amount of tax collec
- Mandatory filing of return of income by individuals will apply when the total income before deduction under the following section exceeds the basic limit chargeable to tax.
- Mr. Bimal received assessment order passed by the Assessing Officer on 10-01-2016. What is the time limit within which the appeal has to be filed to CIT (Appeals) in case the asses
- When the international transaction involves transfer of unique intangibles, the method to be applied for the purpose of determining arm's length price would be :
- Mr. Sridhar employed in KL Ltd took voluntary retirement in December 2016 and received ₹ 2,00,000 from National Pension System Trust. The amount so received chargeable to income-ta
- A domestic company whose turnover for the previous year 2014-15 ₹ 4.20 crore; for previous year 2015-16 ₹ 8 crore and for previous year ₹ 2016-17 ₹ 12 crore. Its total income (comp
- In the case of non-resident Indian having income by way of long term capital gains, the rate of tax on such income would be:
- Quoting of Permanent Account Number (PAN) mandatory when the cash deposit in a bank account exceeds :
- The provisions of specified domestic transactions will apply where the aggregate of transactions covered by criteria as given in section 92BA exceeds:
- The advance pricing agreement is valid for not more than .......... consecutive previous years.
- Which of the following countries was the first to introduce GST?
- All decisions of GST Council must have .......... majority in order to implement the same.
- A service would be called as "continuous supply of service", if the service under a contract is provided continuously or on recurrent basis exceeding :
- Which law will govern the inter-state supply of goods or services ?
- Which of the following has been kept out of the GST levy ?
- Threshold limit of turnover for levy of GST in the case of a person carrying on business in Gujarat is:
- Abhijit Sen is engaged in running a textile showroom at Gangtok (Sikkim). In order to avail composition scheme under GST law, his "aggregate turnover" in the preceding financial ye
- When employer gifts goods to his employees, it will not be considered as taxable supply for the purpose of GST if the value of supply to an employee does not exceed :
- Which of the following incomes / activities is liable for GST?
- Which of the following represents composite supply?
- In the case of a manufacturer who opts for composition scheme the rate of GST (including CGST and IGST) is:
- Who among the following is eligible for availing composition scheme under GST?
- Mr. Ram supplied goods to Mr. Laxman. The invoice is dated 30-07-2017. Payment was received for the supply on 30-10-2017. The goods were dispatched on 05-08-2017. What is time of s
- Mani gave goods for processing by Murali. While Mani is registered in GST, Murali is not registered in GST. Both are at Chennai. The processing is liable for GST @ 5%. The goods we
- Which of the following though shown in Bill will not be included in determining the value of supply for the purpose of GST ?
- Which of the following expenditure is eligible for input tax credit ?
- XYZ Co Ltd registered under GST has to maintain accounts and records until the expiry of .......... months from the due date of furnishing the annual return for the year.
- Debit note is issued by the supplier of goods when:
- Madhan is located in Chennai. He has a branch office in Cochin. He wants transfer goods. His turnover was always below ₹ 10 lakhs. His registration under GST is:
- A taxable person whose registration has been cancelled or surrendered must file the final return of GST within :
- Who must perform the function of Tax Collection at Source (TCS) under GST ?
- When a person liable to pay tax under GST claims excess input tax credit or excess reduction in output tax liability, he shall pay interest not exceeding :
- When a special audit is directed under GST with the prior approval of Commissioner the audit report signed and certified must be submitted within .......... days.
- When a person evades GST or avails input tax credit exceeding ₹ 500 lakhs he is liable for the following punishment :
- Online information and database access or retrieval service does include the following:
- Refreshments were supplied on board in an aircraft proceeding from Chennai to Delhi. It had a stop at Hyderabad. The refreshments were taken on board at Hyderabad. The place of sup
- For the purpose of calculating the compensation payable to the States under the Goods and Service Tax (Compensation to States) Act, 2017 the base year for reckoning the Revenue is
- Which of the following GST model is adopted in India ?
- For the purpose of deciding 'aggregate turnover' in order to determine the GST payable under composition scheme, which of the following is to be excluded ?
- Export of service does not include:
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