CS Executive Tax Laws and Practice PYQ June 2021: Question Paper and Available Answers
CS Executive
Tax Laws and Practice
PYQS Series
June 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 (June 2021). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Determine the status of the following :-(i) Mohan Lal Sukhadia University (ii) Bhilwara Municipal Corporation.
- Which out of the following cases are capital receipt/expense ?
- The surcharge applicable to a foreign company for Assessment Year 2021-22:
- Tax liability of Raj Co-operative Society (which opts to pay tax under section 115 BAD) on the total income of ₹90,000 for F.Y. 2020-21 is :
- Where there is a decision to increase the D.A. in March, 2021 with retrospective effect from 1st April, 2019, and increased D.A. is received in April, 2021, the increased portion o
- Dividend income from England company received in England in the year 2019, brought to India during the previous year 2020-21 is taxable in the A.Y. 2021-22 in case of:
- Prabhudayal is engaged in the development and sale of computer software application. It has started a new undertaking in a Special Economic Zone. He furnishes the following informa
- Political parties are liable to pay tax on their income and they are assessed as __________.
- As per Rule 7B(1A) the __________ of income derived from the sale of coffee grown, cured, roasted and grounded manufactured in India shall be exempt from tax and remaining ________
- Raja is employed in a company at Kanpur. His monthly salary is ₹5,000. He stayed in his father's house without paying any rent up to 31st December, 2020 and thereafter he took an a
- Calculate the value of amenity of motor car provided by the employer in the following case assuming that the employee is specified one :- Free use of employer's car having engine o
- Nitesh has let out his one of the house since 1st April, 2002 at a rent of ₹10,000 per month. On 1st May, 2020 he received ₹39,000 as arrear of rent because rent was increased by ₹
- Shanti Lal has taken loan of ₹5,00,000 on 1st October, 1999 @ 10% p.a. for construction of a house which was completed on 1st October, 2019 and the house remained self-occupied thr
- Which out of the following is not considered as deemed owner of property as per section 27:
- What is the rate of depreciation that shall be allowable in case of fluidized bed type heat treatment furnaces ?
- Vinod furnishes the following particulars for Financial Year 2020-21. You are required to arrive at the deduction U/s 35 for A.Y. 2021-22, while computing the Income under head "Pr
- The requirement of audit u/s 44AB, doesn't apply to a person who declares profits/gains on a presumptive basis u/s 44AD and his total sales/turnover/gross receipts doesn't exceed _
- What is the limit of cash payment under section 40A(3), where payment made for plying, hiring or leasing goods carriages ?
- Rahim purchased house on 1st April, 2001 for ₹2,00,000 and incurred ₹3,00,000 on improvement on 1st July, 2002. He further incurred ₹4,00,000 on 1st July, 2013 for improvement. The
- As per section 48 of Income Tax Act, 1961, it is provided that where the stamp duty value does not exceed __________ of the consideration received or accruing as a result of the tr
- Mark to market loss computed in accordance with income computation and disclosure standards (ICDS) shall be allowed as deduction from the Income under __________.
- For claiming exemption u/s 54F, the amount to the extent of net consideration price is to be invested in the purchase of residential house property in India within :
- The legal heir of the deceased who receives family pension is entitled to take deduction from such family pension (where option u/s 115BAC is not exercised) received to the extent
- As per section 49 (2AA), where the capital gain arise from the transfer of specified security or sweat equity shares referred to in section 17(2)(vi), the cost of acquisition of su
- If the assessee has more than two houses that are self-occupied, the choice of houses that should be construed as self-occupied and for the others to be considered as deemed to be
- Long-term capital gains on listed securities (other than units) and Zero coupon bonds are chargeable to tax:
- For how many no. of years, losses of business mentioned in section 35AD can be carried forward? (Assessee has not opted for section 115BAC).
- On 31.10.2020, Raju (Minor child) gets a gift of ₹15,00,000 from his father's friend. On the same day, the amount is deposited as fixed deposit in Raju's bank account. On the said
- According to section 80, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of section 139(3), shall be carried forward. The exc
- Heena is a self-employed lady. Her business income is ₹9,00,000 and other income is ₹2,00,000. She contributes ₹20,000 per month towards National Pension Scheme. Besides, she depos
- Rupam has computed his gross total income of ₹5,60,000 for the Asessement Year 2021-22 which includes ₹4,70,000 on account of long-term capital gain from sale of equity shares whic
- Ram is a resident individual and suffers from severe disability certified by the appropriate authority. He is mainly dependent on his father Karan. Karan has to spend ₹4,000 per mo
- Maximum deduction available u/s 80 QQB in respect of royalty income of authors of certain books other than text-books are: (Assuming assessee has not opted for section 115BAC)
- Compute tax payable by Rajkumar for the Previous Year 2020-21: Taxable income of Rajkumar by normal rates of income tax is ₹2,10,000, Long-term capital gain (with indexing benefit)
- Taxable income of Mohan Singh from different sources during the previous year was ₹10,41,000. His agriculture income for the period was ₹42,000. Find his tax liability for the A.Y.
- In order to rationalize the presumptive taxation scheme and to reduce the compliance burden of the small tax payers having income from profession and to facilitate the ease of doin
- Which of the ITR Form is used by association of persons (AOP) for filling income tax return ?
- Which out of the following is the false statement for computation of income of the Hindu Undivided Family (H.U.F.)?
- Excess of 12% interest on capital received by a partner from the firm is taxable in the hands of partner under the head:
- Compute taxable income of a trading firm from the following details relating to the previous year 2020-21: Net loss before interest and salary paid to partners ₹11,000 Interest pai
- There are three individual members Raja, Harshil and Gopal in an association of persons (AOP) sharing profits and losses in equal proportion. AOP earned total taxable income ₹9,00,
- Alternate minimum tax (AMT) credit can be carried forward up to __________ immediately succeeding the assessment year in which such credit become allowable.
- As per section 6(3) of the Act, a company is said to be resident in India (resident company) in any previous year if :
- What is the tax rate applicable for the manufacturing companies incorporated in India on or after 1st October, 2019, where it opted for section 115BAB?
- What is the decision of Supreme Court in the case of Apollo Tyres Ltd. V. CIT (2002) 255 ITR 273(SC) that regarding the power of Assessing Officer to examine correctness of net pro
- For computing the book profit under section 115JB which of the following is not added back to the profits ?
- As per section 194N, if any assessee withdraw the amount of from banks, post office or co-operative society engaged in banking business more than __________ during the previous yea
- As per section 192A, where amount is payable to the employees from the Employee Provident fund, 1952 and such payable amount or aggregate amount which has become due is more than b
- From the following information compute the amount of interest payable by the income tax department u/s 244A : Tax paid by way of advance tax and tax deducted at source up to 31.03.
- Compute the advance tax payable by Banshi (not a senior citizen) for the Assessment year 2021-22, if he has not been assessed to tax previously. His estimated taxable income for th
- Who is entitled to refund in case of insolvency of the assessee ?
- The person responsible for paying to any person any amount referred to in section 80CCA(2)(a) shall, at the time of payment thereof, deduct income-tax at the rate of 20%. No deduct
- The estimated gross total income of Raja is ₹7,70,000 which includes ₹80,000 on account of long-term capital gain earned on 16.09.2020. Compute the advance tax payable including lo
- Mohan Singh filed ITR for the A.Y. 2021-22 on 31st May, 2021. Intimation under section 143(1) may be sent up to:
- An assessee can file a revised return of income at any time before the completion of assessment or before expiry of the following period, whichever is earlier.
- What is the time limit to get issued notice under section 147, if income escaping from return is less than by ₹1,00,000 ?
- The self-assessment tax computed u/s 140A by Gaurav is ₹65,000 which includes ₹30,000 as interest for late filing of return. The assessee deposited ₹35,000 as self-assessment tax.
- As per section 249(1) of Income Tax Act, 1961 the appeal should be filed in the prescribed form and verified in the prescribed manner. What is rate of fees when the assessed income
- Which of the Form number requires that the memorandum of appeal, statement of facts and the grounds of the appeal must be in duplicate and should be accompanied by a copy of the or
- Which out of the following is the false statement regarding payment of tax before filing appeal?
- What is the quantum of penalty under section of 272A(1)(d), in case of failure to comply with a notice under section 142(1) or 143(2) or fails to comply with a direction issued und
- __________ is a method of evading tax liability by dishonest means like suppression, showing lower incomes, conscious violation of rules, inflation of expenses etc.
- What is the legal implication of Tax Aviodance?
- Which planning is based on the measures which circumvent the law :
- Place where there is no tax on income or it is taxed at low rate; individuals or corporate entities move from jurisdiction of high rates of taxes to the region of low tax in order
- Deduction under section 80GG is allowed only to:
- Under the scheme of Advance Ruling, the power of giving advance ruling has been entrusted by the __________ to an independent adjudicatory body designated as Authority for Advance
- Form No. __________ is applicable to resident/non-resident who seeks advance ruling in respect of impermissible avoidance arrangement ?
- In addition to GAAR there also exists SAAR which specifically aim at certain arrangements of tax avoidance. What is the full name of "SAAR"?
- How much is the fee for filing an application for advance ruling ?
- In the GST Council, a decision will be taken by a __________ majority with the Centre having a __________ vote and the States remaining __________ vote.
- Different countries follow different model of GST based upon their own legislative and administrative structure and their requirement. Kelkar-Shah Model is based on __________.
- As per structure of the anti-profiteering mechanism in the GST regime, complaints of local nature will be first sent to the State-level __________ while those of national level wil
- Under Section 2(6) of the UTGST Act, 2017, "Government" means the Administrator or any authority or officer authorized to act as Administrator by the __________.
- What is the Full Form of "NAA" under GST?
- According to Rule 6 of CGST Rules, upon receipt of the reply to the show cause notice issued under sub-rule (4) from the registered person in FORM __________ ---, the proper office
- Activities which are not covered under Schedule III under CGST Act, 2017:
- Section 2(6) defines "aggregate turnover" as the aggregate value of __________.
- Section 2 of the CGST Act, 2017 contains the definitions of various terms used at several places in the Act, What is the correct definitions of "Exempt supply" and "Non-Taxable sup
- Determine the time of supply from the following particulars : 7th May Booking of banquet hall, sum agreed ₹25,000 advance of ₹4,000 received 16th September Function held in banquet
- XYZ Bank Limited a scheduled commercial bank, has furnished the following details for the month of August, 2020: Particulars Amount (in crore) (excluding GST) Extended housing loan
- Which out of the following is a correct statement regarding collection of composition tax from customers ?
- Out of the following manufacturer/producer/service provider, who cannot avail composition scheme ?
- Which out of the following is the false statement regarding eligibility and conditions for taking input tax credit as per section 16 of CGST Act ?
- Section 17 of CGST Act, 2017 where a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposit
- The maximum time limit for availing Input Tax Credit (ITC) in CGST Act, 2017:
- Under GST regime, when goods are sent from a taxable person to a job worker it shall be treated as supply and will be liable to GST if the goods so sent are not received back withi
- The due date for filling of GSTR 6 as per GST Act:
- Refund of unutilized input tax credit is allowed where:
- What will be maximum rate of interest, if a taxable person who makes an undue or excess claim of input tax credit or undue or excess reduction in output tax liability?
- Who is required to Furnish Form GSTR-10?
- Special Audit under GST signed and certified by the appointed __________ is required to be submitted within __________ although this period can be extended to 90 days.
- A return under GST in form __________ is required to be filed by a Tax Deductor by __________.
- Which out of the following persons is not liable for registration under GST law ?
- As per section 132(2) of CGST Act, 2017 where any person convicted of an offence under this section is again convicted of an offence under this section; then, he shall be punishabl
- The highest applicable approved rate of UTGST has been prescribed at __________.
- As per section 10 of CGST Act, 2017, the proceeds of the cess and such other amounts as may be recommended by the Council, shall be credited to a non-lapsable Fund known as the ___
- Section 9 of the IGST Act, 2017 defines:
- If the goods so seized are of perishable or hazardous nature, such goods can be released by an order under GST INS-05 only after taxable person pays an amount equivalent to the ___
- Mrs. Mallick, an unregistered person, from Mumbai, has an account with a bank at Mumbai. She is on a vacation in Rajasthan and visits a bank for getting a demand draft made. The pl
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.