CS Executive Tax Laws and Practice PYQ December 2018: Question Paper and Available Answers

CS Executive Tax Laws and Practice PYQS Series December 2018 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 2018). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.

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Indexed questions

An employee director of a company was paid ₹5 lakh as a lump sum consideration for resigning from the directorship by XYZ Ltd. The amount so paid shall be treated in the accounts o
The basic exemption limit in case of a non-resident individual being a senior citizen for assessment year 2018-19 is:
Contribution made or given other than by way of cash by an Indian company in the previous year to any political party or to an electoral trust shall be allowed as deduction while c
Total income-tax including education cess payable in case of a resident individual aged 58 years, whose computed total income is ₹3,40,000 for assessment year 2018-19 shall be:
Hari Krishna Vidhyut Company Ltd. engaged in the business of generation and distribution of power and electricity has opted WDV method for claiming depreciation on its assets. Open
Radhey a trader having turnover of ₹90,00,000 from textile business inclusive of turnover of ₹20,00,000 carried through banking channel by way of drafts and online payments had opt
Sardar Sukhdev Singh engaged in the business of plying, hiring or leasing of heavy goods carriages owned 6 vehicles during the period 1st April, 2017 to 31st March, 2018 which were
A capital asset purchased on 11th Sept., 2012 for ₹2,00,000 was sold for ₹3,00,000 on 18th Dec., 2017 by a Charitable Trust registered under section 12AA of the Income Tax Act. New
The base for determination of notional income arising from the operation of a ship, in case of Indian Shipping Company under section 115V to 115V2C of the Income Tax Act, 1961 is t
Which out of the following criteria determines the Place of Effective Management (POEM) in order to treat a foreign company as resident in India (resident company) during the previ
DAS Pvt. Ltd. fulfilling all the conditions as being specified in section 35AD of the Income Tax Act, 1961 has incurred capital expenditure of ₹30 lakh on purchase of land, ₹80 lak
Anand, a resident individual having computed for the previous year 1st April, 2017 to 31st March, 2018 his business loss at ₹60,000, short term capital gain on sale of gold of ₹40,
State which out of the following gifts received during the year by Girish from different persons shall be subject to tax in the assessment year 2018-19: (i) Wrist watch of ₹75,000
Kapoor gifted ₹10,00,000 to his wife Sunita Kapoor on 15th May, 2017. The amount of gift of ₹10,00,000 was invested by his wife in debentures of a company on 1st June, 2017 earning
The assessee who has filed a return of income for A.Y. 2018-19 as per section 139(1) can file revise return any time:
The time limit for filing an appeal by person denying liability to deduct tax in respect of payments payable to non-resident or a foreign company as provided in section 249(2)(a) o
The due date for e-filing of return of income by a Charitable Trust claiming exemption u/s 11 and 12 for assessment year 2018-19 is :
An application for stay of demand to be filed before the Income Tax Appeallate Tribunal (ITAT) has to be accompanied by requisite fee of:
Which planning is based on the measures which circumvent the law?
R sold a machine to H (Associated Enterprise) and in turn H sold the same machinery to N (an independent party) at sale margin of 40% for ₹6,00,000 but H has incurred ₹8,000 in sen
Income earned in the other contracting state from the operation of ships in international traffic as per Double Taxation Avoidance Agreements (DTAA), will be taxed in that contract
General Anti Avoidance Rule (GAAR) though were announced in the Finance Act, 2012 but had been deferred and been made applicable in India from :
State the relevant Form No. for filing an application to Authority for Advance Ruling by a resident having transactions with a non-resident and the amount of fees to be paid for fi
Qualification prescribed for appointment as a Chairman of Authority for Advance Ruling (AAR) as specified under the Income Tax Act, 1961 in Section 245-O is ..........
Depreciation whether to be allowed on the purchase and installation of a fire extinguisher by a practicing CS in his office, even when the same is not put to use or used during the
XYZ Pvt. Ltd. had distributed income of ₹9,00,000 to Rajesh for the reason of buyback of its shares from him on 1st March, 2018. These shares were purchased by him for ₹5,00,000 on
Radhey has sold his residential house on 11th Sept., 2017 for ₹75 lakh. Value applied by the Stamp Valuation Authority on the date of registration of the Conveyance Deed on 15th Se
DJPA, LLP, resident in India has received dividend of ₹15 lakh from R Ltd., an Indian company, on which the company R Ltd. had paid Dividend Distribution Tax (DDT) under section 11
Radha engaged in the trading business and had contributed a sum of ₹1 lakh to an approved university in July, 17 to be used for scientific research, which is not related to her bus
All income which arises or accrues to the minor child (not suffering from any disability as specified in section 80 U) shall be clubbed with the income of parent whose total income
The loss computed under the head "Income from house property" can be set-off by intra head adjustment during the same year from:
An assessee is not eligible to claim any relief under section 89 of Income Tax Act, 1961, when he is in receipt of income as arrears or in advance during the previous year from his
SJG Ltd., a manufacturer of leather goods in a factory located at Noida having an annual turnover of ₹50 crore. The company, during the year, employed 200 new regular workers in th
The quantum of deduction available to offshore Banking Units under section 80LA of Income-Tax Act, 1961 located in Special Economic Zone (SEZ) and satisfying all conditions from th
Ram & Co., a proprietorship firm has paid tax for the assessment year 2018-19 as per section 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward b
Which out of the following income is not to be clubbed while computing income of the Hindu Undivided Family (HUF) for the assessment year 2018-19 ?
The assessee opting to pay tax under the provisions of section 44ADA is not be required to maintain books of accounts as per section 44AA and gets the accounts audited under sectio
The lock in period under the scheme of presumptive taxation based on the tonnage of the ship, in case of Shipping Company, under the provisions of sections 115 to 115 V2C is:
Which of the undermentioned incomes of a Co-operative Society is not eligible for deduction under section 80 P of the Income Tax Act, 1961 when the gross total income of the societ
Tax shall be charged on the total income of the AOP at the maximum marginal rate under the provisions of section 167B of Income Tax Act, 1961:
Income tax on the income from the transfer of Carbon Credit under section 115BG of Income Tax, 1961 derived/earned during the previous year 2017-18 shall be taxable :
Income Tax Act, 1961 distinguished a closely held company from widely held company significantly from the viewpoint of:
While calculating Book Profits under section 115 JB of Income Tax Act, 1961, which of the following is not to be added ?
While calculating book profits under section 115 JB of Income Tax Act, 1961 which of the following is not to be deducted ?
Income of a non-resident from airline business under section 44BBA of Income Tax Act, 1961 is calculated at the rate of .......... percentage of the aggregate amounts specified, on
Royalty of ₹105 lakh received by a foreign company from an Indian concern in pursuance of an agreement approved by the Central Government in the previous year 2017-18. The amount o
Nargis during the previous year 1st April, 2017 to 31st March, 2018 had donated the amount of ₹50,000 each in Africa Fund, National Children Fund, National Illness Assistance Fund
Payment of ₹2,00,000 was made to Krishna Roadways Pvt. Ltd. owning nine heavy goods carriages and having PAN which was furnished by them to the payer of freight GG Carriers. The am
State whether tax is required to be collected at source (TCS) under the provision of section 206C of Income Act, 1961 by a person making ..........
It is obligatory for an assesse to make payment of tax under section 208 of Income Tax Act, 1961 ..........
Interest is payable to an assesse on the amount of refund under the Income Tax Act, 1961 where the amount of refund is
Any person who has not filed the return within the time allowed under section 139(1) may file a belated return :
The self-assessment tax computed u/s 140 A by an individual assessee is ₹1,50,000 which includes ₹15,000 as interest for late filing of return as per section 234A. The assessee has
The assessee can file an application for rectification of mistake as per section 154 of the Act when it is (i) a mistake of fact (ii) a mistake of law (iii) glaring obvious or appa
The time limit for completion of Assessment/ Re-assessment under section 143 and 144 of the Income Tax Act, 1961 is
What are the items taken into consideration by Assessing Officer (AO) while processing a return at Centralised Processing Centre (CPC) ?
The maximum penalty leviable for under reporting of income which results from misreporting of income by the assessee is:
The rationale behind power of revision of orders prejudicial to the interest of revenue conferred on the Commissioner of Income Tax under section 263 of Income Tax, Act, 1961 is th
The Patna High Court following the decision laid down by the Bombay High Court in the case of Mahindra Sintered Products Ltd. held that to claim special deduction u/s 80 J, the ass
The provisions of "deemed dividend" under section 2(22)(e) of the Income Tax Act, 1961, in respect of advances or loans to shareholders, or any payment on behalf of shareholders or
The benefit of carry forward and set-off of losses under section 79 of Income Tax Act, 1961, by a closely held Indian company which is a subsidiary of a foreign company as a result
A resident individual can avail the benefit of rebate of ₹2,500 or 100% of Income Tax whichever is less under section 87A of Income Tax Act, 1961 for the assessment year 2018-19 on
Surcharge on the amount of tax is to be levied at specified percentage when an individual is having income exceeding specified limits:
D an individual resident of India, aged 62 years, received after TDS of professional fees of ₹2,50,000 on 1st July, 2017 and ₹3,00,000 on 1st March, 2018 for rendering services in
The equalization levy would be applicable from a non-resident having permanent establishment in India, on gross consideration payable for a "specified service" at a specified perce
Engineering Instruments Ltd. is a 100% Indian subsidiary of a USA company. The parent company sells one of its products to the Indian subsidiary at a price of $200 per unit. The sa
How the relief of double taxation is allowed when a person resident in India, in any previous year, has paid tax in any country with which India has no bilateral agreement under se
Which amongst the following is not a power of Authority for Advance Ruling (AAR)?
Find out from the following, when shall an arrangement be deemed to be lacking in commercial substance so as to invoke provisions of General Anti Avoidance Rule (GAAR) under the In
An application for Advance Pricing Agreement (APA) was filed on 28th Feb., 2015 covering a period from financial years 2015-16 to 2019-20. The applicant applies for roll back of su
Find out from the following, who will be the member in GST Council on behalf of each of the State :
The assessee is required mandatorily to mention the Harmonized System Nomenclature (HSN) or Service Accounting Code (SAC) on the tax invoice of the product or service supplied unde
GST Council is being constituted for making recommendation on various issues relating to policy making, formulation of principle and implementation of policies relating to CGST Act
Exempt supply means supply of any goods or services or both which may be wholly exempt from tax under section 11 or under section 6 of the IGST Act and includes (i) Non-taxable sup
The exception to the general rule that "normally, the supplier of goods and services is liable to pay tax on supply, even if he does not collect from his customer i.e. recipient of
Mr. S, a manufacturer of medicines, whose turnover for financial year 2017-18 was of ₹70 lakh opted to pay tax under GST as per composition scheme from 1st April, 2018. His turnove
A supply made by a taxable person to a recipient of goods being buyer consisting of two or more taxable supplies of goods or services or of both or any combination thereof which ar
Taxable person whose registration has been surrendered or cancelled is required to file the return within 3 months of the date of cancellation or date of cancellation order whichev
The payment of tax by electronic operator who does not have physical presence in taxable territory in India be made by
The time of supply "where goods or services or both have been supplied in a situation where the invoice issued before the change in the rate of tax but payment received after the c
State the "Base Year" and "Projected Growth Rate" for the purpose of calculating the compensation amount payable by the Centre on account of revenue loss to the States as specified
The limit of nautical miles from base line of sea coast into the sea in order to determine the supply in territorial water as per section 9 of the IGST Act, 2017 is:
Which of the following called the Union territory as being covered under Union Territory Goods and Service Tax Act, (UTGST), 2017?
Subsidy given by the Central Government or a State Government while determining value of taxable supply under Goods and Service Tax (GST) as per section 15 of the CGST Act, 2017:
Patel of Surat, Gujarat supplied goods to Patil of Mumbai, Maharashtra for ₹1,20,000 (excluding GST) but after adding 30% profit margin (on cost). Patil is also a taxable person. I
The stipulated time limit within which inputs and capital goods sent to a job worker in a job work, shall be brought back and beyond that period it will be treated as supply and ta
The credit of tax paid on input services used by more than one supplier be distributed as per provisions of the CGST Act, 2017
The GST Council for ensuring single interface has distributed the administrative control of tax payers of certain percentage with Central Tax Administration :
The time duration for retention of accounts and records under Goods and Services Tax (GST) as per section 36 of the CGST Act, 2017 is:
Find out from the following, who are the persons not liable for registration under section 30 of the CGST Act, 2017:
Maximum validity period of certificate of registration issued to a casual and non-resident taxable person as per section 27 of the CGST Act, 2017 is:
The quantum of punishment "where any person convicted of an offence under section 132(2) of the CGST Act, 2017 and again convicted of an offence under this section" is:
The validity period specified for an e-way bill or a consolidated e-way bill under E-way rules as specified in rule 138 for
Grounds which leads a commissioner to order for a special audit in case of a registered person by a communication in writing for getting his records including books of accounts exa
State the default committed on the part of a registered person which attracts an action by the proper officer to make best judgement assessment and also state the time limit within
Section 51 of the CGST Act, 2017 mandates deduction of tax at source (TDS) at a specified percentage by the Government or Local Authorities from the payments made or credited to th
Who is authorized under Integrated Goods and Service Tax (IGST) Act, to levy tax:
State which shall be taken as the effective date of registration as per CGST Act, 2017 where the aggregate turnover of Madhur Company engaged in supply of taxable services in the s
Consumer Welfare Fund has been constituted by the Government of India and as per section 57 of the CGST Act, 2017, the following amounts will be credited to this fund : (i) amount
The available balance of input tax credit in the electronic ledger of the registered person on account of Union territory tax shall be utilized as per section 9 of UTGST Act, 2017

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