CS Executive Tax Laws and Practice PYQ June 2017: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
June 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 (June 2017). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Mr. Ram received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of the friends are relative. The amount liable to tax in the hands of Mr. Ram wou
- Agni (P) Ltd issued equity shares of ₹ 10 each at ₹ 40 per share. The fair market value of the share on the date of issue was ascertained as ₹ 25 per share. The company issued 1,00
- Mr. Robert aged 52 years received monthly pension of ₹ 30,000 during the financial year 2016-17. His agricultural income in India is ₹ 50,000. His net income-tax liability is:
- Mr. Rajiv, born and brought up in India left for employment in Belgium on 15-10-2016. He has never gone out of India, previously. What is his residential status for the assessment
- Mr. Ramji (age 55) is Karta of HUF doing textile business at Nagur. Mr. Ramji is residing in Dubai for the past 10 years and visited India for 20 days every year for filing the inc
- When a capital asset located in India is sold by a non-resident to another non-resident at a place outside India, the capital gain is taxable:
- Thomas Inc. of Australia borrowed money from various companies in Australia for doing business in India by name ANS Co. Ltd., Mumbai. Thomas Inc. paid interest of ₹ 500 lakhs (conv
- Mr. Vinayak derived income from sale of tea manufactured and grown in Coorg, Karnataka. His income for the previous year 2016-17 from the said activity is ₹ 20 lakhs. The amount ex
- Mr. Vijay is partner in Tools & Co., a partnership firm in Mumbai. He received ₹ 30,000 as share income from the firm for the year ended 31-3-2017. He also received interest at
- Mr. Ashwin retired on 31-10-2016 after rendering 35 years of service in PLN & Co. Ltd. He received gratuity of ₹ 18 lakhs. He is governed by Payment of Gratuity Act, 1972. The
- Mr. A is employed in ABS Transports as cabin driver. He is paid ₹ 15,000 every month in the whole of previous year 2016-17 as allowance for meeting his personal expenditure in the
- Mr. Sankar received ₹ 50,000 as educational scholarship from Nehru Memorial Trust (a charitable trust). The scholarship is to assist Mr. Sankar for pursuing M.A. (History) at Jawah
- Mr. Ramesh engaged in the business of growing and manufacturing tea in India received ₹ 2 lakhs from Tea Board towards replacement of tea bushes destroyed by forest fire. The amoun
- Mr. Chandan (age 70) received ₹ 30,000 every month during the financial year 2016-17 on reverse mortgage of his property with State Bank of India. The amount of receipt liable to t
- Ray Charitable Trust (registered under section 12AA) has total income of ₹ 20 lakhs. It applied ₹ 10 lakhs towards its objects. How much is chargeable to tax in case the trust does
- Mr. Arjun employed in KL (P) Ltd. at Mumbai was provided rent-free accommodation by the employer who owned such accommodation. The salary income of Mr. Arjun for the purpose of com
- Mr. Gupta is given a motor car with chauffeur by the employer which is used for both official and personal purpose. The entire running expenses of the car amounting to ₹ 64,800 was
- Ashwin Co. Ltd contributed 15% of the salary of the employee Virat towards recognized provident fund. The amount liable to tax as perquisite in the hands of Virat would be ________
- During the previous year, the employee was reimbursed ₹ 24,000 as medical expenses incurred by him which includes ₹ 7,000 spent in Government hospital. The taxable perquisite in th
- The employee is provided with furniture costing ₹ 1,50,000 along with house w.e.f. 1-7-2016. The value of the furniture to be included in the valuation of unfurnished house shall b
- Interest credited to statutory provident fund shall be :
- Mr. Ahmed acquired a property in April, 2016 for self-residential use. The loan interest payable to State Bank of India for the financial year 2016-17 amounts to ₹ 2,10,000. The am
- Mr. Shahu has loss from house property of ₹ 1,10,000 (computed) for the assessment year 2017-18. He can carry forward such loss for subsequent __________ assessment years.
- R has taken a house on rent and sublets the same to G. Income from such house property shall be taxable under the head :
- A borrowed ₹ 5,00,000 @ 12% p.a. on 1-4-2012 for construction of house property which was completed on 15-3-2016. The amount is still unpaid. The deduction of interest for previous
- Dr. Sen has surgical equipments whose WDV as on 1-4-2016 was ₹ 4,10,000. He acquired some more equipments in December 2016 for ₹ 3,50,000. He sold equipment in March 2017 for ₹ 2,0
- Rosy Ltd. engaged in manufacture of bio-medicines in August, 2016 converted one equipment which was used for scientific research purposes previously, for regular business use. The
- Which of the following is a 'specified business' eligible for deduction under section 35AD ?
- Malick & Co. engaged in trading activity could not recover ₹ 5 lakhs from a customer. It claimed the entire amount as bad debt by writing off in the books of account. The aggre
- Andhra Traders a partnership firm paid ₹ 80,000 as contract charges to AKP & Co. (firm). No tax was deducted at source for the above said payment. The amount liable for disallo
- Surabi Textiles (firm) incurred business loss of ₹ 4,40,000 for the assessment year 2017-18 before allowance of working partner salary. The firm paid working partner salary of ₹ 1,
- Ravi & Co. paid ₹ 40,000 by cash to Mr. Balu a supplier on 5-9-2016. The cash payment was made on the day on which the bank was on strike. The amount of expenditure liable for
- Where the payment of an expenditure claimed as deduction by any assessee carrying on business or profession other than who is in transport business exceeds ₹ 20,000, it should be p
- Raju succeeded to the business of his father Ramu consequent to demise of Ramu on 1-2-2017. Raju recovered ₹ 30,000 due from a customer which was written off by late Ramu as bad de
- Mr. Siraj engaged in retail trade reports a turnover of ₹ 43 lakhs for the previous year 2016-17. He deposited ₹ 30,000 in his PPF account held with SBI. His total income for the a
- Mrs. Lakshmi purchased shares of ABB Ltd. for ₹ 5 lakhs on 3rd April, 2015. The shares were sold on 5th June, 2016 for ₹ 7 lakhs. She paid STT of ₹ 700 and brokerage of ₹ 500. The
- Ms. Netra acquired 1000 equity shares of MMC Ltd. for ₹ 4 lakhs in April, 1996. She received bonus shares on 1: 1 basis in April, 2016 from the company. She sold all the shares in
- Mr. Madan sold a vacant land for ₹ 120 lakhs on 10-10-2016. The indexed cost of acquisition amounts to ₹ 18 lakhs. He deposited ₹ 50 lakhs in REC bonds in January 2017 and another
- Ms. Mala received family pension of ₹ 15,000 per month during the previous year 2016-17. Also, she was employed in a private firm where she got a monthly consolidated salary of ₹ 2
- Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as on 1-4-2016, Mr. Gautam having 30% of the equity shares and voting rights in the company receive
- Rakesh acquired a motor car for ₹ 3,00,000 from his friend (non-relative) when the fair market value of the motor car was ₹ 5,00,000. The amount liable to tax in the hands of Rakes
- Where a firm or closely held company received from any person any property being shares of closely held company without consideration :
- Mr. Shiva gifted a let-out building which fetches rental income of ₹ 10,500 per month to his son's wife on 1-11-2016. The municipal tax of ₹ 6,000 on the property was paid on 10-1-
- Mr. Hussey for the previous year has (i) business loss of ₹ 1,30,000; (ii) income from salary ₹ 2,40,000; and (iii) speculation gain of ₹ 1,10,000. His total income for income tax
- Mathur Storage (P) Ltd. engaged in chain cold storage has brought forward business loss of ₹ 12 lakhs relating to assessment year 2016-17. During the previous year 2016-17, its inc
- Raghunath repaid during previous year 2016-17 education loan of ₹ 60,000 and interest on education loan of ₹ 18,000 taken from Punjab National Bank for his son to pursue MS in Germ
- Shravan engaged in business paid monthly rent of ₹ 5,000 by cheque for his residence during the previous year 2016-17. His adjusted total income is ₹ 3,40,000. The amount eligible
- Deduction under section 80G on account of donation is allowed to :
- The provisions of alternate minimum tax under section 115JC are applicable for limited liability partnership when the adjusted total income exceeds:
- Maruti & Co. is an AOP consisting of 4 members with equal share. None of the member has income exceeding the taxable limit. The total income of the AOP is ₹ 5 lakhs. The income
- Radha Ltd. received dividend of ₹ 100 lakhs from King P. Ltd. of Singapore in December 2016. The company declared interim dividend of ₹ 200 lakhs in January 2017. The dividend dist
- Mr. Nitin after serving Lion Ltd. for 4 years resigned his job to commence a business of his own. His provident fund account consisted of his own contribution ₹ 50,000; employer's
- Mr. Ravi solved a crossword puzzle and received ₹ 84,000 after deduction of tax at source. His income from crossword puzzle chargeable to tax would be :
- For computing the Book Profit under section 115 JB, which of the following is not added back to the profits ?
- Zeet & Co. is a partnership firm whose turnover for the previous year 2016-17 was ₹ 220 lakhs. The 'due date' for filing the return of income of the firm is :
- Chatterjee filed his return of income for the assessment year 2017-18 on 10-6-2017. He is eligible to revise his return :
- A fixed deposit of ₹ 90,000 made by Mr. P on 5-11-2011 was detected on 7-9-2016. The time limit for issue of notice u/s 148 is :
- An apparent error in the assessment order passed u/s 143(3) dated 15-11-2016 was noticed by the assessee in February, 2017. The time limit for seeking rectification of mistake is a
- Mr. Balwant received assessment order passed under section 143(3) on 10-1-2017. He wants to prefer an appeal before CIT (Appeals) against the assessment order. The time limit for p
- An assessment order under section 143(3) dated 15-9-2016 was served on the assessee on 25-9-2016. The Commissioner wants to make a revision of the order passed under section 143(3)
- Mr. Rajan did not appear before the Assessing Officer in response to a notice issued under section 143(2). He repeatedly absented from appearing before the Assessing Officer. How m
- A Co. Ltd. has business loss and unabsorbed depreciation of ₹ 10 crores. B Co.Ltd. is profit making company. B Co. Ltd. wanted to acquire A Co. Ltd. with the benefit of set off of
- Tax heaven does not have the following feature:
- Mr. Anuj (Age 65) resident of India has total income in India of ₹ 6 lakhs. His income from a foreign country with which there is no DTAA between India and that country, was ₹ 2 la
- Which of the following is not a requirement for amalgamation of two companies ?
- Which of the following powers is not vested with the Transfer Pricing Officer ?
- The monetary limit for international transaction for getting exemption from documentations prescribed in Section 92D is :
- Penalty for failure to furnish report under Section 92E is :
- Which of the following persons is not eligible to seek advance ruling ?
- General Anti Avoidance Rules (GAAR) is applicable from the assessment year :
- Which of the following is not a feature of service ?
- Which of the following is not a declared service ?
- Which of the following is not in the negative list of services ?
- Recognized sports body in the negative list of services does not include the following:
- The monetary limit of declared tariff for a hotel to fall in the negative list of services is :
- ABC Transport gave its buses on hire. It is exempt from service tax where it is given on hire to :
- A resident welfare association received ₹ 12,40,000 towards electricity and water bill to be paid for the consumption of its members. It is not a small service provider. Assuming t
- Which of the following intermediate production process is not covered in the negative list of service ?
- Mr. Ashish an architect in Jammu rendered his service to Mr. Brijesh a resident of Kashmir for construction of a commercial complex in Delhi. Is the service liable for service tax
- Vinod Contractors (Service Provider) agreed to provide service by way of works contract to Ahuja & Co. Ltd. (Service Receiver) for consideration of ₹ 60 lakhs. The service tax
- A service provided by Abdul & Co. became a taxable service consequent to its removal from the negative list of service. Within how many days from date of commencement of servic
- When the date of completion of service is 10th November and the date of invoice is 20th November and 50% of the payment is received on 30th November and the balance on 10th Decembe
- When there is change in rate of service tax and the invoice is issued before the change in rate and payment is also received before the change but the service is provided after the
- India Mobiles Ltd. is engaged in telecommunication service. It raised the invoice on the 10th of every month for the service rendered for the previous month. For the month of Decem
- A mega exemption notification which covered a service was removed and thus became taxable from 1-3-2016. One service provider rendered the service on 20-2-2016 and received the pay
- Bhalla & Co. is not a small service provider who is engaged in providing a taxable service in the State of Rajasthan. It raised invoice for ₹ 15 lakhs showing separately servic
- Ghanshyamji engaged in providing taxable service from April 2015 wants to know the 'due date' for filing service tax return. The due date is:
- Srinivas Catering Services delayed filing of service tax return by 27 days. The penalty for the delayed filing would be :
- Raghav Services Ltd. delayed the payment of service tax of ₹ 10 lakhs by 10 days. It has paid interest for the delayed payment. If it is liable for penalty, how much is payable by
- Jai Hanuman Ltd. engaged in service of repair and maintenance of generators has service tax collections (output) of ₹ 2,00,000. During the period it paid excise duty on machineries
- Dwivedi commenced business on 1-1-2016. He must obtain VAT registration :
- Murali Medical Stores is a retail trader who opted for composition scheme of VAT payment. Its turnover was ₹ 40 lakhs and no VAT was collected. It purchased medicines for ₹ 30 lakh
- By nature the Value Added Tax (VAT) is a :
- Mr. Richard Mega Mall a dealer in electrical and electronic goods, gave gifts on the eve of new year sale. It gave 100 pieces of mixers which cost ₹ 1,000 each with VAT paid on pur
- Purohit Traders purchased raw materials from outside the State and paid CST of ₹ 40,000. Its output credit on VAT due to sales within state amounts to ₹ 2,40,000. Its input VAT cre
- SKT Exports purchased raw materials on which it paid VAT of ₹ 1,60,000. The entire goods were exported to a country in Africa. It has another unit were is output VAT credit is ₹ 3,
- The term 'sale' under the Central Sales Tax does not include :
- The term 'sale price' under the CST Act does not include :
- Laxman Traders paid ₹ 70,000 as VAT at 5% on raw materials purchased within the State. It manufactured finished goods and transferred 50% of the finished goods to its branch locate
- In which of the following States can a practicing company secretary conduct VAT audit ?
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