CS Executive Tax Laws PYQ December 2020: Question Paper and Available Answers

CS Executive Tax Laws PYQS Series December 2020 100 Questions Indexed

ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Executive Tax Laws PYQS (December 2020). 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

Cannons of taxation as propounded by Adam Smith despite the modern development of economic sciences still apply and hold good. These cannons of taxation refer to administrative asp
The Central Board of Direct Taxes (CBDT) is a statutory authority for providing essential inputs for policy and planning of direct taxes in India and is also responsible for admini
Shane Warne, an Australian Cricketer coming to India regularly for plying different league matches since April, 2012 and was staying in India in each of the financial year for 100
A company shall be said to be engaged in "active business outside India" (ABOI), if the passive income is not ----- of its total income and ----- of its total assets are situated i
Incomes not actually received by the assessee during the relevant assessment year are also included in the total income as income deemed to have been received. Find which out of th
Xavier, a resident and ordinary resident had the income computed under the salary of ₹1,20,000; agriculture income of ₹25,000 in Indonesia being invested there and income of a busi
Chirag a resident individual of 67 years of age had total income earned from different sources during the previous year 2019-20 being computed as per provisions of Income-tax Act,
Grow Green Tea Company having tea gardens in Assam engaged in growing and manufacturing of tea in India. Total profits of the company from the business of growing/plantation and ma
Charles Fried working in Coal Mines in Dhanbad was receiving 'underground allowance for working in uncongenial, unnatural climate in underground Coal Mines' of an amount of ₹2,000
Find out from the following incomes which shall not be taken as forming part of the total income of an assessee for the purpose of taxation in any assessment year as per provisions
Ramprasad engaged in turbine manufacturing business has a unit located in SEZ in Jodhpur. The unit in SEZ was in its third year of operation during the financial year 2019-20. Summ
Paresh, a Company Secretary working in Roly Poly Ltd Chennai besides Salary, HRA, DA and Bonus was also getting fixed medical allowance of ₹10,000 from the employer. He spent out o
Ramavtar, an employee of GG Carriers provides the following details of his income received from the employer for the year ended on 31.3.2020: Salary ₹1,20,000 DA ₹24,000 Leave Sala
Pushpal, a non-resident Indian in the previous year 2019-20 was in receipt of rent of the house property located in Singapore of ₹30,00,000. The amount of rent was transferred and
Find out with the help of given details/information, the gross annual value (GAV) of a house owned by Ramnath covered by Rent Control Act remained let out during the year 01-04-201
Sonu had let out a house located at Jaipur to Monu since 1.4.2018 on a rent of ₹3,000 p.m. Monu paid the rent regularly up to 30.11.18 and vacated the house on 31.3.2019 when it wa
Supreme Court in case of Chennai Properties and Investments Ltd vs. CIT (2015) has held that income from letting of properties by a company whose main object as per the Memorandum
The Income Computation and Disclosure Standards (ICDS) applicable from Asst. Year 2017-18 for the purpose of computation of Income under the head "Profits and gains of business or
Which out of the following elements shall be considered for bringing to tax the income under the head Income from Business & Profession? (i) Ownership of the business is not ne
The WDV of a block of asset of plant & machinery subject to depreciation @ 15% as on 1.4.2019 was of ₹27,50,000. One machine out of this block, was sold on 01.07.2019 for ₹4,50
Additional Investment allowance of an amount equal to ----- of the cost of the new asset acquired and installed for manufacture or production of any article or thing in any notifie
Amitav had made payment of (i) ₹60,000 to IIT, Kanpur for an approved scientific research programme; (ii) ₹90,000 revenue expenditure on in house R&D facility as approved by pr
Pink & Pink is a Proprietorship firm of Pingajee, resident in India having turnover from manufacturing and sale of Toys for the financial year 2019-20 of ₹160 lakh. The gross t
Ram, engaged in the business of plying, hiring or leasing of goods carriages as on 1st April, 2019 was having 5 trucks of gross vehicles weight of each truck of less than 12,000 Kg
Karnataka High Court in case of CIT vs. ITC Hotels Ltd. (2011) 334 ITR 109 has held that the expenditure incurred on the issue and collection of debentures including the convertibl
The essential requirement for the incidence of tax on capital gains is the transfer of a "Capital Asset". Definition of transfer given under the Act is an inclusive definition. Fin
Moti & Sons-HUF purchased a piece of land for ₹1,05,000 in July, 2002. In July, 2006 the HUF was partitioned and one of the coparcener Manak got this piece of land. The value o
The Apex Court in case of CIT vs. Equinox Solutions Pvt. Ltd, (2017) 393 ITR 563 has held that the sale of a running business with all its assets and liabilities would be covered a
Chiranjeevi entered into an agreement for sale of his house property located at Noida to Yashashwi on 1st August, 2018 for a total sale consideration of ₹125 lakh. Yashashwi paid a
Identify out of the following income which shall be chargeable to tax as income under the head - Income from Other Sources: (i) Income of Dividend (ii) Income from composite hiring
A flat in Jaipur was booked by Aditi for ₹30 lakh with UDB Builders on 01.09.2017 and an amount of ₹10 lakh was paid by account payee cheque. The possession of flat was given by th
Revocable transfer of asset as per section 61 of the Income Tax Act, 1961 includes the transfer which gives a right to ----- of the asset or the income from such asset or assets du
Income from assets as per section 64(1)(iv) shall not be included in the income of transferor where any individual transfers directly or indirectly any asset other than house prope
Where the net result for any assessment year in respect of any source falling under any head of income is a loss; the assessee is entitled to set-off the amount of such loss agains
Pankaj, fulfilling all the prescribed conditions for claiming deduction under section 80GG having adjusted total income of ₹1,84,000 before providing such deduction and was paying
Babu Lal authored a book which is covered as per provision of section 80QQB and received an amount of royalty of ₹2,00,000 @ 20% during the year ended 31.3.2020. He had incurred an
Ram & Company constituted by 2 partners sharing profits & loss equally declared net loss of ₹20,000 after charge of salary of ₹10,000 p.m. paid to each of the working partn
The total income of the partnership firm Xavier & Company for the assessment year 2020-21 of ₹8,15,000 arrived at after claiming deduction u/s 35AD of ₹11,00,000, u/s 81-IB of
Shanti Nagar Co-operative Society had derived the following income during the previous year 1.4.2019 to 31.3.2020 : (i) Marketing of agricultural produce of its members ₹20,000 (ii
BBG Pvt. Ltd is a domestic company engaged in the business of running and maintaining of hotels in India had total turnover in Asst. Year 2019-20 of ₹180 crores declared the total
DLF Limited, an Indian domestic company received an amount of ₹15 lakh as dividend declared and distributed on 18.11.2019 by John Miller Inc of UK in which it holds 30% in nominal
ABC Ltd, a domestic company purchased on 14th October, 2019 its own unlisted shares. The consideration for the buyback of shares amounted to ₹50,00,000 which was paid by the compan
Quoting of PAN is compulsory/mandatory in respect of financial transactions undertaken during the year by an assessee. Find from the following transactions in which quoting of PAN
DAB Builders entered into a registered agreement with Lallu Ram Yadav owning a land located at Jaipur under Joint Development Agreement to develop a real estate project on such lan
CK & Company is engaged in the diversified business of sale of Indian made foreign liquor, tendu leaves, forest produce neither being timber nor tendu leaves required to collec
The return of income for the previous year 2019-20 required to be filed by an individual who is not a senior citizen as per section 139(1) of the Act by 30th September, 2020. Howev
A notice under section 148 for A.Y. 2013-14 in the case of Jockey Limited where the original assessment was completed u/s 143(3) of the Income Tax Act, 1961 and the escaped income
Income-tax Department can also file an appeal before the Income Tax Appellate Tribunal, High Court and Supreme Court only in those cases where the tax affected in appeal is exceedi
If any eligible investment fund is required to furnish statement or information or documents in respect of its activities in a financial year as per section 9A; fails to furnish su
Prosecution as per section 276CC of the Income Tax Act, 1961 for willful failure to file return of income in time under section 139(1), or in response to notice issued under sectio
The mechanism of GST Council is to ensure __________ on different aspects of GST between the Centre and the States as well as amongst the States. The Chairperson of the GST Council
GST is covered under __________ legislations whereas integrated GST, Compensation cess and Central GST are being charged by __________.
GST Council is the __________ constituted under __________ for making recommendations on various issues relating to policy making, formulation of principles and implementation of p
Supply of goods by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal and supply of goods by an agent to his principal where the ag
Two or more taxable supplies of goods/services/both, being supplied in conjunction with each other, are deliberately bundled, a single price is charged for the supply and none of t
Few activities as specified in Schedule-III of CGST Act, 2017 shall be neither treated as supply of goods nor supply of services. Find out from the following activities which shall
Section 2(30) of CGST Act, 2017 defines Composite Supply made by a taxable person to a recipient and the tax under GST on such composite supply is to be charged at the rate which i
Section 10 of the CGST Act, 2017 contains the provisions regarding composition levy having objective to reduce compliance cost for the small tax payers who are having an annual tur
A combo pack of cosmetic products comprising of items of (i) Hair Dryer of value of ₹1,500 taxable under GST @ 28%, (ii) Tooth-paste of value of ₹500 taxable @ 12% and (iii) differ
A person opting to pay tax as per section 10 of the CGST Act, 2017 under composition levy shall as required in Chapter-II of Central Goods and Service Tax Rules, 2017 within 90 day
The Government being satisfied that in the public interest it is necessary so to do, it may on the recommendation of the Council grant exemption from tax as per section 11 of the C
The liability to pay GST would depend on the mechanism the transaction aligns to the supplier who is not registered under GST, neither issues a tax invoice nor collects the GST. Ta
The exempt supply has been defined as supply of any goods/services/both, which attract a Nil rate of tax, or which may be wholly exempt from tax, and therefore, also includes non-t
The supply of Goods/Services/both under the CGST Act, 2017 and the UTGST Act, 2017, where location of supplier and the place of supply are in the different State or in different Un
Ramiz Ahmed, unregistered person based in Lucknow engages the services of an Event Management Company based in Delhi for his son marriage planned as a destination wedding at a Pala
The place of supply (POS), in the case of passenger transportation services as defined in section 12(9) of the IGST Act, 2017 provided to a registered person shall be the _________
ATOZ Ltd supplied goods from its factory at Bikaner to PQR Ltd under a contract for the goods to be delivered at the factory of PQR Ltd located at Udaipur. The goods were removed o
The time of supply (TOS) as per CGST Act, 2017 under Reverse Charge Mechanism (RCM) shall be __________.
An advance of ₹75,000 was received on 25th August, 2019 against the services rendered on 12th September, 2019 for the total value of ₹3,00,000. Invoice was also issued on the same
Nandita buys a voucher from Shoppers Stop on 14 February, 2020 for a value of ₹11,000 for giving as a gift to her brother having validity of the voucher for encashment till 03 Marc
A machine which is taxable under GST at the rate of 18% was supplied on 10-06-2019 for which invoice was issued by the supplier on 03-08-2019 and payment was received on 10-08-2019
Section 15 of the CGST Act read with CGST Rules states that the value of taxable supply under GST is the transaction value. Further section 15(3) of the CGST Act defines items not
Dhanvarsha is a lottery, authorized on 21 March, 2020 by the Rajasthan Government having face value of the ticket of ₹500 each. The draw of the lottery is scheduled to be held on t
Toyota Innova Car purchased by Babu Lal for ₹17.50 lakh on 01.01.2019 with the financial assistance taken by way of a term loan from Bank of Baroda was repossessed on 01.01.2020 by
Mishra Enterprises of Ahmedabad had made supplies of ₹3,50,000 to Beeta Enterprises of Ahmedabad. Municipal Authorities of Ahmedabad on such supplies levied the tax @ 10% of ₹35,00
Baba Automobiles had supplied the goods to Gogia Automobiles in the month of March, 2020 of the invoice value of ₹4,72,000. The supply so made was inclusive of tax charged as CGST
Input tax credit (ITC) as per section 16 of the CGST Act, 2017 be available to a registered person on fulfillment of certain conditions. Find from the following which are such cond
A registered person shall not be entitled to take input tax credit (ITC) as per section 18(1) of the CGST Act, 2017 in respect of any supply of goods or services or both after the
Chetan Prasad purchased a machine of value of ₹2,50,000 on which GST at the rate of 18% was charged in invoice dated 03-04-2018. This machine was used by him in manufacturing of ex
Inox Ltd engaged in manufacture of electrical appliances provides the details of the GST paid on various items during the month of January, 2020 and asks you to find out the amount
Section 24 of the CGST Act, 2017 specifies the list of persons who are required for taking of compulsory registration under the CGST Act, 2017. Find out from the following list who
A non-resident taxable person as per Rule-13 of the CGST Rules, 2017 shall submit an application in form number __________ with a valid passport at least __________ prior to the co
The registered person shall submit an application as per Rule 19 of the CGST Rules, 2017, where there is any change in the particulars furnished in the application of registration,
As per Rule-23 of the CGST Rules, 2017 where the proper officer is satisfied for the reasons to be recorded in writing that there are sufficient grounds for revocation of cancellat
A registered person as per section 35 of the CGST Act, 2017 is required to maintain proper accounts and records and keep at his registered, principal place of business. Find out fr
As per section 36 of the CGST Act, 2017 a registered person who is party to an appeal/any other proceedings before any authority/tribunal shall have to maintain the accounts and bo
A registered person/tax payer opting under composition levy as per provisions contained under CGST Act, 2017 is required to file an annual return in form number __________ by _____
Electronic Cash Ledger as per section 49(1) of the CGST Act, 2017 shall be maintained for each person on the common portal for crediting the amount deposited and for debiting the p
Section 49(7) of the CGST Act, 2017 read with Rule-85 mandate and require to maintain the __________ in GST form number __________ for each person liable to pay tax, interest, pena
In case where the refund under GST arises because of an appeal and the same is not being refunded within __________ from the date of receipt of application, interest shall be payab
Special audit of accounts as per section 66 of the CGST Act, 2017 shall be carried out by the __________ as nominated by the Commissioner; who shall submit the audit report duly si
The Central Government shall by notification as per section 16 the UTGST Act, 2017 constitute an Appellate Authority for Advance Ruling for Goods and Services Tax for hearing appea
The projected revenue of a concerned State for the base year 2015-16 calculated as per section 5 of GST (compensation to state) Act, 2017 is ₹100; then the projected revenue for th
As per Rule 3(1) under the Customs Act, 1962, when the goods are imported, the CIF value has to be considered. CIF value for this purpose means to be equal to: __________.
Customs duty under the Customs Act, 1962 on the imported goods is to be paid on transaction value adjusted in accordance with provision of Rule-10 which is known as CIF value. Calc
Ascertain the assessable value in USD of the consignment of machine imported in India from US on the basis of information/ particulars given below: (i) Cost of Machine at the facto
Ascertain the total value including the import duty and other chargeable taxes paid on the consignment of Pan Masala imported into India by ABC Imports Limited. CIF value of the co
The custodian allows the clearance of goods from the customs area on the basis of __________ and where the goods are not cleared within __________ of unloading; demurrage charges a
A conveyance/vessel may reach a port but may not unload the goods at that port. Such a phenomenon of temporary stay at a port other than the destination port where the goods remain
Duty Drawback under section 74 of the Customs Act, 1962 is admissible where the imported goods are not put to use after its import at the rate of __________.

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