CS Executive Tax Laws PYQ December 2021: Question Paper and Available Answers

CS Executive Tax Laws 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 PYQS (December 2021). 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

A company shall be deemed to be one as per section 2(18) of the Income Tax Act, 1961 in which public are substantially interested and is owned by the Government or Reserve Bank of
'Assessee' as per section 2(7) of the Income Tax Act, 1961, means a person by whom income tax or super tax or any other sum of money is payable under this Act and includes:
Income tax as per section 4(1) of the Income Tax Act, 1961 shall be charged on the total income of the previous year of every person. The definition of person given in section 2(31
Tax as per provisions of Income Tax Act, 1961 is charged both on revenue and capital receipts by taking them as income. Find and state from the following items of receipts, which i
Pankaj Kumar, a citizen of India having salaried employment received amount of ₹42,725 from a Canadian Company credited in his bank account in Canada in March 2020. The amount of d
The residential status of Raghav, born in Delhi and a citizen of India, who was staying in India during the period September, 2020 to March, 2021 for 125 days, for the A.Y. 2021-22
Total income computed under the head of Salary of ₹6,50,000 and of other sources of Sevak Kumar, who have attained the age of 60 years on 01.04.2021 for the year ended on 31.03.202
The tax liability of Raja Co-operative Society (does not opt to pay tax under section 115BAD) on the total income of ₹1,20,000 for P.Y. 2020-21, is:
The total Income earned and derived by an agriculturist Vijay Kumar during the P.Y. 2020-21 comprises of: (i) from growing flowers and creepers (ii) from growing of bamboos (iii) f
Certain income derived and earned by a Sikkimese individual are being exempt as per section 10(26AAA) of the Income Tax Act, 1961. Find which out of the following income, would be
Simran Products Ltd having registered Office at Mumbai has setup two manufacturing Units, one unit at Special Economic Zone (SEZ) and other unit at Domestic Tariff Area (DTA). The
Harsh (age 45 Years) is appointed as Vice-President in High Hope India Ltd, Mumbai on 1/02/2020. He has been provided a car of 2000 cubic capacity (CC) which is exclusively used by
Compute the gross total income (GTI) of Prashant, Resident of Mumbai for the A.Y. 2021-22, from the information given below by taking that Prashant has not opted to pay tax on his
No. of days in a month for purposes of computing taxable Gratuity in case the employee is covered under the Payment of Gratuity Act, 1972, are:
Manoj a salaried employee, provides the following information regarding his income for the period 01.04.2020 to 31.03.2021 where he was employed by Ram Company up to 31st May, 2020
Siddharth has 3 houses in different buildings in Mumbai kept and used for self-occupation. Treatment to be given in respect of income under the head house property relating to thes
Rajneesh and Amarjeet are the co-owners of a house located at Delhi having 50% share each, which is being used by both of them as self-occupied property. The house was purchased in
A House owned by Meghna and located at Jaipur was on rent till it was sold out in the month of March, 2020. She received an amount of ₹45,000 as arrears of rent from the tenant in
Samode Power Generation Ltd an electricity company charging depreciation on straight line method (SLM) on each asset separately, sells one of its machinery in June, 2020 for ₹3,40,
Narendra Singh, engaged in Retail Cloth business purchased furniture for Shop on 10.04.2020 for ₹7,500 in cash and again on 15.04.2020 for ₹30,000 and ₹50,000 by a bearer cheque an
The W.D.V. of a block (Plant and Machinery, rate of depreciation 15%) as on 1.4.2020 is ₹5,00,000. A second hand machinery costing ₹1,00,000 was acquired on 15.11.2020 through acco
According to section 35 (2AA) of the Income Tax Act, 1961, the amount of deduction to be claimed for the sum paid to a National Laboratory for carrying out scientific research unde
HSP, an eligible assessee, following mercantile system of accounting and carrying on eligible business as specified in section 44AD of the Act provides the following details relati
John Miller & Co. of UK is maintaining and operating a branch in India for sale of its garment products. The adjusted total income of the Indian branch for the year ended on 31
Net Profit of Honey Sugar Ltd Jalgaon for the year ended 31.03.2021 is ₹8,60,000 after charge of the following expenses to Profit and Loss account: (i) Interest on loan payable to
Which out of the following transactions shall not be regarded as transfer as per provision of section 47 of the Income Tax Act, 1961 for the purpose of working of amount of Capital
Ganesh has sold a piece of land located at Jaipur for a consideration of ₹25 lakhs to Ram on 15-5-2020. Ram paid stamp duty of ₹3,00,000 @ 10% of the value determined by the Stamp
Whenever there is a transfer of a capital asset by a partner to the firm by way of capital contribution or otherwise, the consideration of such transferred capital asset as per Inc
Geeta aged, 66 years received dividend of ₹15,00,000 from ABC Ltd in P.Y. 2020-21. Share of the company were purchased by her by taking loan of ₹50,00,000 from a financial institut
Mrs. Vinita has reported the following transactions: (i) Received Cash gifts on the occasion of her marriage on 23.01.2021 of ₹2,25,000. It includes gift of ₹30,000 received from n
Pinky (a minor child of age 5 years) gets a gift on 20.11.2020 of ₹10,00,000 from her father's friend. On the same day, the amount of ₹10,00,000 was deposited as fixed deposit for
The details of income/loss of Keshav engaged upto 30.10.2020 in salaried employment and thereafter in different businesses computed under various heads of income for the previous y
Deduction in respect of profits and gains from certain newly undertaking other than Infrastructure Development Undertaking as per section 80-IB is allowed to an assessee whose gros
Ankita gave a donation on 15.8.20 of ₹1,00,000 to PM Cares Fund by way of RTGS transfer, on 11.9.20 of ₹25,000 to Rajiv Gandhi Foundation by account payee cheque and on 21.2.21 a c
Narendra has purchased a house in Ajmer for self-residence on 10.04.2020 for ₹45 lakh. (Stamp duty value also the same). The house was purchased with assistance of bank loan which
Xavier, citizen of India a resident individual engaged in salaried employment in Ahmedabad purchased 3000 shares on 03.07.2020 in CD Ltd, @₹75 per share. On 10.07.2020, these 3000
B Gifted debentures of a company to Miss G on 15.09.2017. Miss. G married B's son M on 11.04.2018. Interest on debentures for the P.Y. 2020-21 paid by the company is ₹4,00,000. Suc
R & S are 2 partners of RS & Co. (a partnership firm). The firm was constituted on 01.04.2020 after the death of M (father of R & S) to continue the business of M. M ca
Utpal Dutt an individual assessee engaged in the business of Gold/Silver Jewellery at Kolkata presents the following information and asks you to state the amount of tax required to
Every person engaged in carrying on business is mandatorily required to apply for allotment of PAN, in case the total sales exceed of ₹............ during the previous year.
The notice of demand after completion of assessment as per section 156 of the Income Tax Act, 1961 in respect of tax payable on the income of the transferred asset to be clubbed in
As per section 192A of the Income Tax Act, 1961 premature withdrawal made from recognized P.F. would attract TDS at the rate of:
Tax deducted is deemed to be income received for the purpose of computing the income of an assessee as per section 198 of the Income Tax Act, 1961. However, tax deducted ..........
Payment of advance tax is to be made in four installments on or before 15th June, 15th Sept., 15th Dec. and 15th March by the assessee. However the benefit of payment of advance ta
Star Ltd in whose case the due date of filing the return of income for the A.Y. 2020-21 was 30.09.2020 failed to file its return of income despite of notices issued by the A.O. The
The person responsible for paying the income/ amount which is subject to TDS/TCS is under obligation to deduct/collect the Tax at Source and therefore, as per provisions under the
Quarterly return of TDS in Form No. 24Q, 26Q or 27Q is required mandatory to be filed as E-TDS return in electronic media only where __________.
As per section 153(1)(b), time limit of completion of assessment in respect of the assessment year relevant to the previous year in which search is conducted under section 132 or r
An appeal against the order passed by the Assessing Officer under section 143(3) read with section 148 of the Income Tax Act can be filed by an aggrieved assessee before the:
The Chief Commissioner or Commissioner or an assessee aggrieved by an order passed by the Appellate Tribunal may file an appeal to the High Court within __________ of the date on w
GST is one of the biggest taxation reforms of Independent India being implemented with the aim of enhancing the overall growth of the Nation. It is a comprehensive __________ indir
India has adopted a dual model of GST where tax is charged concurrently by the Centre and the States. Therefore, for on intrastate sale, the GST as per CGST Act, 2017 is charged eq
The uniform policy recommended by the GST Council on e-way bill being to be implemented all over the country be totally __________.
A supply made by a taxable person to a recipient consisting of two or more taxable supply of goods or services or both or any combination thereof which are naturally bundled and su
Ashoka Enterprises appoints Babulal to procure certain goods for them. Babulal identifies various suppliers who can provide such goods and asks Chetna Enterprises to send the goods
Various taxes levied under different Acts were sub-summed under CGST Act, 2017 on the objective of one nation one tax. However, certain items still continue to be taxed both under
Under model of GST adopted by India taxes paid on the inward supplies made by a registered person is available as Input Tax Credit (ITC), which can be utilized for making payments
As per provision of CGST Act, 2017, supply comprising of two or more individual supplies of goods or services deliberately bundled by a taxable person for a single price that attra
A registered person can opt under Composition Levy only in respect of one out of his two or more business verticals having same Permanent Account Number (PAN) as per provisions of
Schedule -II of the CGST Act, 2017 lists various activities or transactions which are to be treated as supply of goods or supply of services. Find and state which out of the follow
Section 10 of the CGST Act, 2017 contains the provisions regarding composition levy. Section 10(2A) has enhanced the scope of composition levy primarily for small service providers
Services provided to an educational institution are being notified as exempt from the levy of tax under GST. Find, from the following services provided to an educational institutio
Import of services under the provisions of GST is to be treated as __________ and would be subject to tax which is to be charged under__________.
JCC Professional Services is a firm constituted by Company Secretaries having office at Jaipur has been engaged by PQR International Ltd Mumbai for providing training to its employ
Supplies made under the CGST Act, 2017 to SEZ be treated as __________ and the supplies which are taxable but do not attract GST and for which ITC cannot be claimed be treated as _
Surya Enterprises received advance amount of ₹2,00,000 on 12-09-2020 from Ravi Kant against which invoice for the value of goods of ₹1,90,000 was issued on 16-09-2020. Balance amou
Ajay Chandra an agriculturist supplies raw-cotton to Bhilwara Textiles, manufacturers of Cotton Shirts. Details of events with date taken place in this transaction are: Event Date
Madhu Sudan of Kota an unregistered person engages Wedding Event Company registered at Delhi for a destination marriage of her daughter Radhika to be solemnized in November, 2021 a
Ashok supplies goods to Bhanu who further supplies such goods to Chetan on behalf of Ashok. The consideration for such supply was guaranteed by Bhanu if not paid by Chetan. State t
Rajasthan State Government runs a Lottery "Dhan Varsha" draw of which to be made on Diwali, 2021. The tickets having face value of ₹100 each were supplied to agents for ₹95 each wh
"Goods or Services or both together are often supplied in combination and that's when it may not be simple enough to distinguish supplies and identify separately, as each of them m
Generally the supplier of goods or services is liable to pay GST. However, in specified case the liability may be cast on the recipient under the reverse charge mechanism (RCM). Fi
In case of Goods Transport Agency (GTA) services, tax under CGST Act, 2017 is to be paid under forward charge basis where:
Find from the following which inward supplies are not eligible under section 17(5) of the CGST Act for input tax credit (ITC) in case of a company who is engaged in manufacturing o
XYZ Ltd of Jaipur purchased on 1.8.2019 a machine for ₹10 lakh and paid IGST @ 12%. The ITC of the capital goods used in business was claimed till the machine was sold on 5.12.2020
Chandra Prakash acquired a capital asset on 1st April, 2019 which was used for manufacturing and production of goods/ supplies which are exempt under CGST Act, 2017. However, the G
Aryan Ltd has its head office (HO) at Mumbai and branches located at different places in different states across India. The HO collects the ITC on all purchases made and distribute
Section 10 of the CGST Act, 2017 contains the provisions regarding composition levy with the objective to bring simplicity and to reduce the compliance cost for the small tax payer
Tax payers who are required to pay tax for the supply of goods or services or both on the basis of reverse charge (RCM) under GST have to get registered themselves when they cross
Furnishing of details of outward supplies and of inward suppliers as per section 37 and 38 of CGST Act, 2017 are not applicable on a person paying tax under composition scheme. How
Electronic Liability Register (ELR) specified in section 49(7) shall be maintained as per Rule 85 in form __________ for each person liable to pay tax, interest, penalty, late fee
Vikas Ltd provides following information and details for the month of November 2020: (a) Intra-state outward supply ₹9 Lakhs (b) Inter-state exempt outward supply ₹6 Lakhs (c) Turn
Any amount paid by the taxpayer will be reflected in the electronic cash ledger. To initiate a payment, taxpayers should generate a challan online using form __________ which will
JC & Co., Chartered Accountants operating at Mumbai provided services to a client and issued the bill as under: (i) Professional Fees ₹1,00,000 (ii) Out of pocket Expenses ₹10,
Services provided by way of warehousing of certain specified goods are exempt under CGST Act, 2017. Find out from the following which in this context are exempt: (i) Processed Tea
Compute the value of taxable service in the context of provisions of CGST Act, 2017 and rules framed thereunder from the following transactions made available by Anand Agro Ltd eng
Ascertain and find out as per provisions of CGST Act, 2017 and the notification issued thereunder which of the following is a correct statement? (i) Services provided by government
As per section 16 of the CGST Act, 2017 relating to eligibility and conditions for taking Input Tax Credit (ITC); state when the Input Tax Credit (ITC) be available where the goods
Taxes paid under GST by a registered person are covered both as Input Tax and Output Tax. State as per provisions of CGST Act, 2017, which out of the following are covered in the d
Kuber, a registered person under GST as the proprietor of M/s Natraj Restaurant died on 15.07.2020 and left behind his wife & son. His son wants to continue the business of the
Electronic Credit Ledger (ECL) shall be maintained in GST-PMT-2 by each registered person. State which out of the following are debited to the Electronic Credit Ledger :
A person other than Casual/non-resident taxable should apply for registration as per provisions of section 25 of the CGST Act, 2017 within __________ days from the date, he becomes
Every registered person as per section 35 of the CGST Act, 2017 required to maintain the necessary accounts and other records at the __________ and all such records could be electr
As per Rule 138 of the CGST Rules, 2017 stipulates that E-way Bill under the GST laws required to be generated when the registered person causes movement of goods of the consignmen
The self assessed input tax credit (ITC) in the return filed in form GSTR-3B of the registered person shall be credited to his __________ in accordance with section 41 or section 4
The rates of Customs duty alongside the Classification (groups/sub-groups) are being given in the :
Value of Insurance when not ascertainable while making valuation of the imported goods for the purpose of charge of custom duty is to be taken :
Find from the following list which are to be treated as Port under the provisions of the Customs Act, 1962: (i) Sea Port (ii) Inland Railway Depot (iii) Inland Container Depot (iv)
The importer of goods as per section...........of the Customs Act, 1962 needs to submit duly signed "Bill of Entry" containing the details and the particulars of the goods.
An application for refund of import duty paid under the Customs Act, 1962 where the goods are found to be defective or not in conformity with the specification; importer does not c

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