CS Executive Tax Laws and Practice PYQ December 2021: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
December 2021
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 2021). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Decisions pronounced by the High Courts on Income Tax matter become judicial precedent and are binding on :
- The amount of income tax shall be increased by a surcharge at the rate of 12% of such Income tax in the case of a firm having total income exceeding :
- Section-12AA has been replaced by:
- The deduction for interest expense under section 57 of the Income tax act from dividend income shall not exceed :
- What is the percentage of Income derived from sale of coffee grown and manufactured in India, as per Rule 7B(1) of the Income Tax rules, is not taxable (exempted) from the Income T
- Under Clause 10AA of Section 10, the maximum amount of leave salary received which is not chargeable to tax for non- governmental employees is ............
- Which section of Income Tax Act, 1961 provides exemption from compensation received on account of any disaster from Central Government?
- Which among the following is false in case of "Reverse Mortgage"?
- If you have established a unit in a Special Economic Zones for manufacture or produce articles or things or provide any service during the previous year 2019-2020, what is the maxi
- What is the maximum limit prescribed by the Act for cash donation received by the Political Party registered with the Election Commission of India ?
- If you want to file income tax return for the Asst. Year 2021-22 of a Political Party registered with the Election Commission of India, which ITR form will be used for filling of I
- The rate of Income Tax is mentioned in:
- Two Children had separate income of ₹2,000 and ₹1,000 respectively which have to be clubbed to the income of their father Mr. X for the assessment year 2021-22. What amount of Inco
- Mr. Kumar owns a commercial building in Rajasthan, which is let out on 1st April, 2020 at a monthly rent of ₹30,000. He paid for municipal taxes of ₹15,000 and ₹20,000 for the fina
- If an individual opts to be taxed under the new alternative tax regime, which of following deduction will be allowed:
- Mr. A, an individual derived income of ₹1,00,000 from illegal activities related to the business during the financial year 2020-21. He has incurred expenses of ₹50,000 to earn abov
- When a car is owned or hired by the employer and its running and maintenance expenses for private use are met by the employee and if the car is used to be partly for official duty
- Mr. Prakash, a non-Governmental employee has the following salary detail for the assessment year 2021-22: Basic Salary ₹60,000 p.a., D.A. ₹24,000 p.a., Entertainment Allowance ₹3,6
- The value of the perquisite to be included in the salary of employee if interest free loan is to be given to an employee (for the purpose of medical treatment of specified diseases
- TDS u/s 194 N is to be made by a bank from an account holder for cash withdrawal exceeding ₹20 lakhs if the account holder has not furnished the return of income for last:
- Leave travel concession is given to Mr. Krishna, his wife and three children (one daughter aged 5 and twin sons aged 2). Cost of air tickets (Economy class) reimbursed by the emplo
- Y Ltd. acquired a building on 15th May 2018 for ₹4,00,000. The assessee, as a tenant, earlier used the building for industrial purpose on rent since the past 3 years and even after
- Mr. Lachwani whose business income was ₹4,50,000 received a cash gift of ₹70,000 from a charitable trust registered under section 12AA for meeting his medical expenses during the P
- Family pension received by the family member of a deceased employee from the employer is taxable under the head "Income from Other Sources". What is the standard deduction allowed
- As per section 56(2)(viii) Income by way of Interest received on compensation referred to in clause (1) of section 145B shall be chargeable to tax under.
- Suresh received a gift of ₹75,000 from a cousin of her mother on 31st December, 2020. How much amount is taxable as income from other sources for the assessment year 2021-22?
- What is the rate of depreciation charged on Gas Cylinders for industrial use under Income Tax Act, 1961?
- Which of the following statements for applicability of sec. 44AB for mandatory audit of accounts of certain person is false ?
- ABC Ltd. failed to deduct tax at source on rent payable of ₹2,50,000 to Mr. Ghanshyam, a resident during the financial year 2020-21. Mr. Ghanshyam did not pay tax on such income. W
- Under section 35D, Indian companies, resident in India, would be entitled to amortization of certain preliminary expenses incurred by them subject to the following limits:
- Maintenance of accounts and other documents are compulsory as per Income Tax Act, 1961 when every person who is carrying on business or profession whose income from business or pro
- Section 44ADA has been inserted in the Income Tax to provide for estimating the income of an assessee @ ............
- For the Financial Year 2020-21, the Gross Total Income of Mr. G, who is 70 years old was ₹8,50,000. The Gross Total Income included interest income of ₹12,000 from the savings bank
- Mr. A an individual, aged 52, deposited in PPF ₹1,70,000. He paid medical insurance premium for wife and dependent son of ₹31,000 and he earns an interest on savings bank account o
- Tax planning based on measures which circumvent the law is known as:
- If new tax regime is adopted, which of the following losses will not be carried forward in the hand of an individual :
- Section 79(b) of Income Tax Act, 1961 deals with:
- During the previous year 2020-21, Mr. Akhil has the following income and brought forward losses: (1) Short-term capital gains on sale of shares of ₹1,00,000 (2) Long-term capital l
- Compute the income from business and profession of Mr. B for the A.Y. 2021-22 from the information given below : (1) Income from business (before providing for depreciation) of ₹1,
- Computation of income on estimated basis under section 44AD is not applicable to businesses carried on by:
- The following persons are not eligible to avail benefit under section 44AD:
- Every year, the residential status of an assessee:
- Mr. Suyash, an individual received dividend of ₹15,00,000 as dividend income from listed domestic company for the Assessment Year 2021-22. What is the dividend amount chargeable to
- What is concessional rate of income tax for income from the transfer of carbon credit ?
- What percentage of surcharge is applicable to foreign companies whose total income exceeds ₹10 crore for the Assessment Year 2021-22 ?
- A company who discontinued a business are statutorily required to intimate to the assessing officer within ............ from the discontinuance.
- Which of the following is correct statement regarding MAT?
- Where the assessee obtained a refund out of any tax paid under section 140A, interest on such refund shall be calculated at a rate of ............ from the date of furnishing of re
- ABC Ltd. pays the following amounts to Mr. J, a resident, during the previous year 2020-21 : ₹16,000 for Professional services and ₹20,000 as royalty. What percentage of TDS is to
- Mr. R, an individual responsible for paying ₹20,000 to XYZ Private Limited by way of commission for procuring insurance business. What rate of TDS is required to be deducted by Mr.
- The tax to be collected by an authorized dealer u/s 206C(1G) on the amount of remittance exceeding ₹7 lakh from the buyer is:
- Where a return of income is furnished after due date then period for which the interest is payable under section 234 A commences from:
- An assessee, who declares his income in accordance with Presumptive taxation regime under Section 44ADA, is required to pay advance tax in :
- For TCS, Collectee shall furnish his PAN to the person responsible for collecting such tax at source. If PAN is not intimated, tax shall be collected at :
- Mr. R whose accounts are not liable to audit u/s 44AB(a)/(b) in preceding financial year is required to deduct TDS u/s 194-IB if he is responsible for paying to a resident rent for
- Withdrawal of the accumulated balance lying in a Recognized Provident Fund (RPF) account, is exempt from tax:
- What is the fee for filing an application for advance ruling ?
- SAAR stands for:
- In case of an assessee being a company, which is required to furnish a report referred to in section 92E, what is the due date ?
- J, an individual failed to keep and maintain information and document in respect of international transaction. What penalty can be imposed by AO or Commissioner (appeals) ?
- What is the minimum penalty u/s 271B in the case of Mr. S, an individual who has failed to get his accounts audited under section 44AB or furnish audit report along with return of
- Every person who has not been allotted any permanent account number, is obliged to obtain permanent account number, if:
- TCS under sub-section (1H) of section 206(c) is applicable during 2020-21 if turnover during previous year (2019-20) is :
- The time limit for passing an order for rectification of mistakes u/s 154 of Income Tax Act, 1961 is a period of ............ from the end of financial year in which the order soug
- What Form number is required to file the memorandum of appeal, statement of facts and the grounds of the appeal in duplicate and accompanied by a copy of the order appealed against
- Which of the following regarding "Dispute Resolution Panel" is false ?
- Deduction under section 80GG is allowed only to :
- Section 54F of Income Tax Act, 1961 is applicable to ............
- What is the applicability of TDS provision for ₹14,000 paid as sitting fees to director of a Company during financial year 2020-21?
- Total income of Mr. K is ₹5,80,000 for the financial year 2020-21 (Including ₹80,000 for salary after standard deduction and ₹5,00,000 for lottery winning-gross). what will be tax
- GST is a tax on:
- What is the purpose of The Union Territory Goods and Services Tax Act, 2017 (UTGST Act) which was passed by the Parliament?
- What is the limit of turnover for mandatory maintenance of the HSN/SAC code of the product or the services on the invoice?
- What is the full form of HSN?
- Exempt Supply of goods and services means:
- Activities which are neither supply of goods nor supply of services :
- Form GST CMP-04 is used for:
- Where the payment has been received before the change in rate of tax, but the invoice for the same is issued after the change in rate of tax, then what is the time of supply as per
- Where government is satisfied that it is necessary in the public interest to do so, it may, on the recommendation of the GST council, by special order in each case, under circumsta
- Inter state supply of services is mentioned in which section ?
- A GST registered manufacturing company furnished the following information for the month of December 2020: (a) Goods and services on which tax has been paid by the supplier under s
- Under which section of the CGST Act, 2017 a registered person is required to maintain proper accounts and records and keep it at his registered principal place of business?
- As per section 36 of CGST Act, 2017, the time duration for retention of accounts and records is until expiry of ............ from the ............ for the year pertaining to such a
- Which of the following is a false statement in relation to condition and procedure for registration as per CGST Act, 2017?
- Find the correct statement, in case of non- resident persons under section 27 of CGST Act, 2017?
- Determine the time of supply in the following case assuming that GST is payable under reverse charge: (1) Date of receipt of goods 1st July (2) Date of payment by recipient of good
- The proper officer may cancel the registration of a person from such date, including any retrospective date, he may deem fit, where any person who has taken voluntary registration
- Section 63 of CGST Act, 2017 is on ............
- The proper officer is required to pass final assessment order within ............ from the date of communication of order as per CGST Act, 2017.
- If a refund claimed by a Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, then what is mode of claiming
- Electronic commerce operator to collect tax not exceeding ............ of the net value and to deposit within ............ of the expiry ............ of the month in which he colle
- As per section 50 of the CGST Act, 2017 interest not exceeding ............ calculated from the next day of the due date has to be paid for delay of payment. Interest on undue or e
- ............ is required to be filed by the non-resident taxable person within ............
- In case of a continuous supply having unascertainable due date then what will be time of issue of invoice under section 31 of the CGST Act, 2017?
- Which section of the CGST Act, 2017 prohibits an unregistered person from collecting any tax ?
- IGST Act, 2017 was passed by Parliament on the basis of ............
- What is the place of supply of services, in case of services by way of admission to a culture, artistic, sporting, scientific, educational, entertainment event or amusement park or
- Section 9 of the IGST Act, 2017 defines:
- ............ of the total number of members of the GST council shall constitute the quorum at its meetings.
- The time limit for issuance of order of best Judgment Assessment under CGST Act, 2017 is:
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.