CS Executive Tax Laws and Practice PYQ June 2015: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
June 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 (June 2015). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Which of the following assessee is not liable to pay advance tax under section 207 during the financial year 2014 - 15
- The total income of Atul, a resident individual, is ₹2,65,000. The rebate allowable under section 87A would be
- Under the Income-tax Act, 1961, LLP is chargeable to tax @
- The year in which the income is earned is known as
- For the previous year 2014-15, taxable income of A Ltd., a domestic company is ₹10,86,920. Its tax liability would be
- Which of the following is not a requisite for charging income-tax on capital gains
- In order to enjoy exemption under section 54EC, the resultant long-term capital gains should be invested in specified bonds within a period of ______ from the date of transfer.
- Which of the following is not correct about the approved superannuation fund
- Ashraf is an employee of Moon Public School. His daughter, Zara, is studying in the said school at a concessional fees of ₹600 per month (Actual fee: ₹4,000 per month). The amount
- Ashok took an interest-free loan of ₹15,000 from B Ltd. (the employer). Assuming that the market rate of interest on similar loan is 10%, the taxable value of the perquisite in the
- During the previous year 2014-15, Barun received a watch worth ₹20,000 from his employer. The taxable value of the watch will be
- Shyam transferred 2,000 shares of X Ltd. to Ms. Babita without any consideration. Later, Shyam and Ms. Babita got married to each other. The dividend income from the shares transfe
- Arjun has a salary income of ₹4,60,000. He also received an interest of ₹18,000 on his fixed deposit (after deducting TDS @ 10%) and ₹2,000 on his savings account with SBI. He depo
- Deduction under section 80CCG is available to an eligible resident individual whose gross total income does not exceed
- Sahil works in a technology company. On 1st January, 2013, he took a loan of ₹2,40,000 from his company for the education of his daughter. During the year 2014-15, he paid an inter
- Under the Income-tax Act, 1961, which of the following can claim deduction for any sum contributed during the previous year to a political party or electoral trust
- Under the Income-tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head
- Zen Ltd. made a payment of ₹11,00,000 to Amar, a resident transport contractor who has intimated his PAN details. The tax to be deducted at source under section 194C will be
- 'Income' under section 2(24) includes (i) The profits and gains of a banking business carried on by a co-operative society with its members. (ii) Any advance money forfeited in the
- Interest payable under section 234C is computed at
- Deduction in respect of donations to National Defence Fund is allowed under section
- Interest for default in payment of installment(s) of advance tax is levied under section
- Raman purchased a residential house property in Ahmedabad on loan for which he paid an interest of ₹50,000 during the previous year. He is working in Delhi and getting an HRA of ₹4
- The Income-tax Act, 1961 empowers the Central Government to enter into double taxation avoidance agreements with other countries under section
- Maximum penalty leviable for concealment of wealth under Wealth-tax Act, 1957 is
- Rahul has purchased an aircraft for ₹120 lakh. He has taken loan of ₹20 lakh to purchase the same. He does not own any other asset. The wealth-tax on the above asset will be
- Lalit, a resident individual of 81 years works as a consultant. If his taxable income is ₹5,20,000, the tax payable by him would be
- An Indian repatriate came to India on 1st October, 2014. Out of the balance in his non-resident external account (NREA) of ₹20 lakh, he purchased a car for ₹15 lakh. What would be
- Wealth-tax return is to be filed in
- According to Wealth-tax Rules, 1957, the notice of demand for recovery of wealth-tax shall be in
- Sarath has received a sum of ₹3,40,000 as interest on enhanced compensation for compulsory acquisition of land by State Government in May, 2014. Of this, only ₹12,000 pertains to t
- Which of the following double taxation avoidance agreement (DTAA) emphasises on residence principle
- Under section 208, it is obligatory for an assessee to pay advance tax where the tax payable is
- Which of the following cannot claim deduction for the loan taken to purchase a house property
- Rohit owns a house property in Delhi which he wants to give on rent. He seeks your help to determine the reasonable expected rent when monthly municipal value is ₹20,000, fair rent
- Under the Income-tax Act, 1961, dividend derived from the shares held as stock-in-trade are taxable under the head
- Under the Income-tax Act, 1961, 'notional profit' from speculative business is
- A person carrying specified profession will have to maintain books of account prescribed by Rule 6F of the Income-tax Rules, 1962, if gross receipts are more than ₹1,50,000 for
- If a block of assets ceases to exist on the last day of the previous year, depreciation admissible for the block of assets will be
- Under section 40A(3) which of the following payment for an expenditure incurred would not be admissible as deduction from business income
- If an individual, having a sales turnover of ₹60 lakh files his return of income for the assessment year 2015-16 after the due date, showing unabsorbed business loss of ₹23,000 and
- Sameer sold goods worth ₹50,000 at credit on 1st April, 2011. However, he has written off ₹10,000 of it as bad debts and claimed deduction for the same during the year 2013-14. On
- Under the Income-tax Act, 1961, which of the following outlays incurred by Sun Ltd. during the previous year ended 31st March, 2015 will not be admissible as deduction while comput
- Which of the following business commenced during August, 2014 will not be eligible for deduction under section 35AD
- Provisions of section 115JC are not at all applicable to
- Paresh, a software engineer at ABC Ltd. left India on 10th August, 2014 for the treatment of his wife. For income-tax purpose, his residential status for the assessment year 2015-1
- A non-professional firm M/s Bright has book profits of ₹9,36,000. The admissible remuneration to working partners for income-tax purpose shall be
- MAT credit in respect of excess taxes paid under section 115JB can be carried forward for
- Provisions of section 44AD for computation of presumptive income are not applicable to
- A partnership firm whose sales turnover is ₹90 lakh has derived income from an industrial undertaking entitled to deduction under section 80-IB. The due date for filing the return
- An individual having income from proprietary business is required to file the return of income in
- Which of the following additional incomes will not be treated as agricultural income under the Income-tax Act, 1961
- In terms of section 2(42A), listed securities are treated as long-term capital asset, if they are held for a period of more than
- Yash owns a house built on land area of 420 sq. meters. The value of the house is ₹35,00,000. Under the Wealth-tax Act, 1957, assuming that it is an 'asset' as per section 2(ea), t
- Vaibhav, deriving business income, owns a car whose WDV as on 1st April, 2013 was ₹3,00,000. This is the only asset in the block of assets with rate of 15%. It is estimated that on
- For claiming exemption under section 54G, an assessee has to invest the resultant capital gains within a specified period. Which of the following is not eligible for such investmen
- Long-term capital gains on zero coupon bonds are chargeable to tax
- Section 50C makes special provision for determining the full value of consideration in cases of transfer of
- Which of the following income will be taxable as income from other sources
- Hemant holds 100 shares of Gold Ltd., a domestic company. He has been paid dividend of ₹10,000 during the year 2014-15. Dividend distribution tax payable under section 115-O will b
- During the year 2014-15, Basu won ₹4,00,000 from a motor car rally out of which he deposited ₹1,50,000 in his PPF account. He does not have any other income. Net tax payable by Bas
- Loss from the activity of owning and maintaining race horses could be set-off
- An HUF, not subject to tax audit in the earlier year, paying fees of ₹35,000 to a Practising Company Secretary shall
- John, engaged in fertiliser trade, received rent by sub-letting a building. This will be taxable under the head
- Under section 115E, the tax rate applicable for long-term capital gains referred to therein, for a resident as envisaged by section 115C, is
- The time-limit for revision by Commissioner of Income-tax (CIT) under section 264 is
- As per transfer pricing provisions, an advance pricing agreement (APA) is valid for
- Under the Wealth-tax Act, 1957, clubbing provisions relating to wealth-tax are contained in
- Rules for valuation of assets under the Wealth-tax Act, 1957 are stated in
- In order to be entitled to concessional rate of tax for dividend received from a foreign company, the Indian company should have the following minimum shareholding in such foreign
- Declared Services are
- Negative list of services is contained in the Finance Act, 1994 under
- The main rule of the Place of Provision of Services Rules, 2012 is
- Services by the Reserve Bank of India are not chargeable to service tax because
- Services rendered to World Health Organisation (WHO) are not chargeable to service tax because
- For certain services under service tax, a specified percentage of discount allowed is known as
- Which of the following services provided to an individual is not covered under mega exemption notification
- Rounding-off of service tax should be done to the nearest
- The Superintendent of central excise is bound to grant a certificate of service tax registration within
- A small scale service provider shall make an application for service tax registration when the aggregate value of taxable services provided in a financial year exceeds
- Which of the following service is not notified as continuous supply of service
- If Prem has paid ₹15 lakh as service tax in the year 2013-14, the due date for the payment of service tax for the quarter ended 31st March, 2015 will be
- Access Ltd. was required to pay service tax by 5th October, 2014, but made the payment on 1st April, 2015. The company paid service tax of ₹32 lakh in the financial year 2013-14. I
- There was a delay of 22 days in the filing of service tax return by a partnership firm. The penalty or late fee payable for such delayed filing is
- There was a delay of 10 days in payment of service tax of ₹5 lakh by Vijay, an assessee. The penalty payable for delayed payment is
- Any person who is liable to pay service tax or required to take registration, fails to take registration shall be liable to pay a penalty which may extend to
- An application for service tax registration should be submitted in
- The application for registration shall be made within a period of ______ of commencement of business/service by an input service provider
- The gross amount charged by a service provider on 12th February, 2015 for rendering taxable service is ₹1,57,304. The value of taxable services would be
- India follows which approach for levying service tax at present
- Which of the following is not eligible for input tax credit
- Under ______ method of VAT levy in India, the rate of tax is applied to the difference between the value of output and the cost of input
- Under VAT levy, in respect of local purchases of business inputs, a dealer pays
- Which of the following is true with regard to conducting VAT audit
- VAT is
- Which of the following is not a rate of VAT as per the White Paper on VAT
- Which of the following is a method of computation of VAT
- VAT was first introduced at international level in
- Ms. Vivitha, a registered dealer in Tamil Nadu, bought 10 units of raw material-A from another registered dealer in the same State for a sum of ₹73,500 inclusive of 5% VAT. She sol
- The correctness of self-assessment under VAT is checked through a system of
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