CS Executive Tax Laws PYQ June 2021: Question Paper and Available Answers
CS Executive
Tax Laws
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 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
- Which of the following is not a merits of Direct Taxes ?
- Which of the following is not a feature of Association of Persons (AOP) ?
- Which of the following person's income would not be taxed in the previous year itself but would be taxed in the assessment year only?
- Mr. A (age 70) being a pensioner has total income (computed) of ₹5,50,000 for the previous year ended 31.03.2021. What would be his net tax liability payable by him including Highe
- Barua & Co. is a partnership firm. The firm earned ₹8,00,000 for the year ended 31st March, 2021 from sale of coffee grown and manufactured in India. How much of the income of
- Ajit (age 62) received ₹25,000 per month from 01.07.2020 by entering into reverse mortgage transaction with State Bank of India. The property mortgaged was acquired by him on 01.01
- Mr. Y is a visually impaired person. He is employed in a public sector undertaking since 01.06.2019. He was paid ₹30,000 for the financial year ended 2020-2021 by way of transport
- Chaturvedi is employed in a company at Delhi. He was paid monthly house rent allowance of ₹15,000 during the previous year 2020-21. His Basic pay + DA (eligible for retirement bene
- State which of the following perquisite is not exempt perquisite for the assessment year 2021-22?
- Vignesh was appointed in XYZ Ltd on 01.12.2020 for a monthly salary of ₹80,000. He was not employed prior to that date during the previous year 2020-21. Compute the salary income c
- Sreelekha let out a property on rent from 01.08.2020 which was self-occupied previously for residential purposes. The actual rent was ₹30,000 per month. The municipal value was ₹35
- Rajsekar owned three identical properties. He let out one property for a monthly rent of ₹50,000 during the financial year 2020-21. The other two properties are self-occupied by hi
- Red Mfg. Ltd. purchased a new motor car for ₹14 lakhs on 01.11.2019 and used the same w.e.f. 01.12.2019. How much is the amount of depreciation allowable on the car for the assessm
- Green Ltd is located in a notified backward area in the State of Bihar. It is engaged in manufacturing activity. It acquired second-hand plant and machinery by import from Japan fo
- Browny Processors (P) Ltd paid ₹4,50,000 as contract charges to Martin. It deducted tax at source @ 1% for the expenditure incurred up to 30th April, 2020 of ₹1,50,000 and did not
- Which of the following expenditure is liable for disallowance for contravention of section 40A(3) read with rule 6ABBA ?
- Shruthi Herbals (P) Ltd engaged in manufacturing activity acquired an equipment for ₹5 lakhs meant for scientific research purposes in the financial year 2017-18. It claimed 150% o
- Mahadev (age 66) discontinued his wholesale trading business w.e.f. 10.09.2019. He wrote off a sum of ₹2,70,000 due from Sankar in the previous year 2017-18 which was allowed as de
- Dr. Kamlesh Pai is a cardiac surgeon. For the previous year 2020-21, his gross receipts from profession was ₹36,40,000. He wants to declare income as per the applicable presumptive
- Ramnath has 4 heavy goods vehicle (gross un laden weight of each vehicle was 13,000 kilograms) and 1 light vehicles (gross weight was less than 12000 kilograms). He operated the ve
- Senthil & Co. is a partnership firm consisting of 2 partners with equal share. The partnership deed provides for interest on capital @ 18% per annum on capital of ₹5 lakhs each
- Larry Games Co. Ltd. engaged in medicine manufacture acquired on 22.11.2020 a patent from Andy Roberts by paying ₹100 lakhs. This enabled Larry Games Co. Ltd. to manufacture "Garne
- Manjula (age 62) sold a vacant land for ₹45,15,000 on 05.02.2021. The said land was acquired by her on 07.01.2019 for ₹28,00,000. She deposited ₹5 lakhs in Rural Electrification Bo
- Murali (age 67) reports the following transactions and you are required to determine which of the transaction shall be regarded as transfer and liable for tax ?
- Kapil Dev is engaged in manufacturing activity. The WDV of plant and machinery as on 01.04.2020 was ₹6,88,000. The entire plant and machinery were sold on 30.03.2021 for ₹7,80,000.
- In the case of investment in eligible start-ups which of the following condition is not applicable for the purpose of allowing exemption under section 54EE ?
- Amin (age 68) sold on 12.05.2020 one vacant site at Baroda for ₹90 lakhs. The vacant site was inherited by him from his father in July 1999 as per the 'will' of his father. The FMV
- Rama Devi (age 53) sold 100 equity shares for ₹8,40,000 (STT paid) on 20.05.2020. Those shares were acquired on 21.03.2013 for ₹3 lakhs. The FMV as on 31.01.2018 was ₹5,50,000. How
- Shivsagar (age 64) is a retired pensioner with pension of ₹3,20,000 received during the previous year 2020-21. He has lottery winning of ₹6 lakhs on 23.03.2021. Compute his income
- Which of the following income is not chargeable under the head "income from other sources"?
- Dr. Kumar gifted a property fetching monthly rental income of ₹1,00,000 to his son's wife Divya on 31.05.2020 by executing a gift settlement deed. She paid municipal tax of ₹30,000
- Minor Shruti (age 13) has following incomes; (i) Net income from Dancing ₹75,000; (ii) Interest on bank fixed deposits ₹62,000 and (iii) Cash gift from friends of her parents (non-
- Padmaja has following income/loss for the previous year ended 31.03.2021: (i) income from lottery winning of ₹7,00,000; (ii) loss from non-speculation business of ₹3,00,000; and (i
- Which of the following is not eligible for carry forward and set off ?
- Which of the following condition is not applicable for allowance of deduction for start-ups under section 80-IAC of the Act?
- Ramachari (age 83) is a pensioner who received ₹7,46,000 by way of pension during the previous year 2020-21. His only other income is interest of ₹65,000 from fixed deposit held in
- In the case of a charitable trust registered under section 12AA, which of the following investment is not contained in section 11(5) of the Act for keeping the unspent incomes of t
- Sam (P) Ltd has MAT credit of ₹10.50 lakhs belonging to the assessment year 2015-16. What is the maximum time limit up to which the MAT credit can be carried forward by Sam (P) Ltd
- Ram Process (P) Ltd received ₹2,10,000 on transfer of Carbon Credit. The total income of the company is below ₹100 lakhs. How much is payable as income tax (including surcharge and
- For which of the following transactions, quoting of PAN is mandatory.
- Botham Mfg. (P) Ltd paid ₹4,25,000 to LMN Services (P) Ltd who is engaged in operation of call centre for the company for the period from 01.09.2020 to 31.03.2021. How much is the
- EXE Automobiles (P) Ltd a dealer in motor car sold one motor car to A (having PAN) for ₹12,60,000 on 05.03.2021. How much is the amount of tax collectible at source ?
- Manoj (age 45) earned ₹5,20,000 from business and ₹32,000 as interest on fixed deposits held with Canara Bank for the year ended 31st March, 2021. How much would be the amount of t
- Ramesh (age 75) engaged in business has total income of ₹8,00,000 for the year ended 31st March, 2021. How much of advance tax, he must have paid before 15th December, 2020? Ignore
- For which of the following, the filing of return of income is mandatory ?
- A return of income filed by the assessee was found defective by the CPC, Bengaluru. The assessee was intimated of the defect on 02.04.2020. What is the time limit within which the
- A assessee has admitted total income of ₹5,50,000 and filed return of income in the month of January of the assessment year (i.e. for asst. year 2020-21 in March 2021). How much is
- MNO (P) Ltd filed its return for assessment year 2021-22 on 10.05.2021. State the time limit within which a notice under section 143(2) has to serve on the assessee.
- The income tax assessment under section 143(3) of the Act of Jayant Co. Ltd. was completed by the Deputy Commissioner of Income Tax. Before whom, should Jayant Co. Ltd file its app
- X Co. (P) Ltd. having turnover of ₹220 lakhs for the previous year ended 31st March, 2021 failed to furnish tax audit report under section 44AB. How much could be levied as penalty
- Who can be the chairperson for the Goods and Service Tax Council ?
- Which of the following product is liable for Central Excise duty and not liable for GST?
- Which of the following shall not be treated as deemed supply under GST ?
- Which of the following will not fall in the category of 'supply of service'?
- Which of the following would be treated as deemed supply of goods or services?
- Soundarya & Co. sold product A, Product B and Product C as mixed supply. If sold separately the applicable GST rates are 5%, 12% and 28% respectively. What GST rate would apply
- For a trader in the State of Uttarakhand, what is the turnover limit for supply of goods in order to opt for Composition Scheme ?
- Dhoni & Co., Delhi placed order with Rahul Trade LLP., Bengaluru for supply of 40 laptops to be delivered to its branch at Chennai. The supplier Rahul Trade LLP directed its br
- Chennai Branch of BA Trainers Ltd rendered training to employees of CD Co. Ltd. of Hyderabad at Lonawala near Pune (Maharashtra). The head office of BA Trainers is located in Kolka
- Q Ltd, Kanpur supplied goods to R Ltd. of Delhi. The goods were removed on 20.10.2020 and were delivered on 23.10.2020. The invoice was issued on 02.11.2020 and the payment for sup
- What is the time of supply in the case of reverse charge mechanism ?
- What is the time of supply of service under reverse charge mechanism ?
- Which of the following will not be included in the value of taxable supply?
- When the value of supply is not determinable, the value as per Rule 30 of CGST Rules, 2017 shall be :
- Manked & Co. Delhi made supplies of ₹4,15,000 to Gupta & Co. of Noida (UP). Besides, it charged ₹10,000 towards packing charges. Mankad & Co. received ₹25,000 as subsid
- A banking company has ₹52,000 by way of input tax credit for the month of January, 2021. How much of input tax credit it can avail and how much would lapse ?
- Purchase invoices beyond what period are not eligible for input tax credit ?
- Balaram has made purchase of raw material vide invoice dated 11.01.2021 which has IGST of ₹24,000 (18%). Up to which date, he is entitled to take input tax credit?
- Chand & Co. bought a machine for ₹3 lakhs on 01.04.2019 plus GST @ 18% was charged on it. The goods manufactured became chargeable w.e.f. 01.08.2020. How much of input tax cred
- Rex Ltd. purchased a machine for ₹5 lakhs plus GST 12% on 01.05.2019. It availed input tax credit and used the machine for manufacture of goods. On 12.12.2020, the machine was sold
- Trade LLP sent raw materials to a job worker on 01.06.2020. The raw materials were processed and became finished product. Within how many days the finished goods is either be broug
- Alpha Ltd dispatched on 10.09.2019 raw material to Beta Ltd for conversion into finished product. Beta Ltd manufactured and supplied finished goods to Alpha Ltd on 10.01.2021. The
- Which of the following utilization of input tax credit is not permitted ? (i) ITC of IGST against CGST (ii) ITC of SGST against CGST (iii) ITC or IGST against SGST (iv) ITC of UTGS
- The amount available in electronic credit ledger cannot be used for payment of which of the following:
- Which of the following persons need not obtain registration under GST on mandatory basis ?
- Bimal commenced proprietary business on 01.05.2020. His total value of supply exceeded the limit for mandatory registration on 05.09.2020. Within how many days, he is liable to get
- When the application seeking registration under GST is deficient and the proper officer has sought some details, within how many days of such intimation the applicant should furnis
- What is the time limit for issuing tax invoice in case of taxable supply of service ?
- Mark & Co. LLP is a registered person under CGST Act. It has maintained books of FY 2018-19 and the GST annual return was also filed before the due date. Up to what period, the
- What is the validity period of an e-way bill when the goods travel 500 kilometers between place of dispatch and place of destination of such goods ?
- Atul & Co. is a partnership firm engaged in manufacturing activity. For the outward supplies made in the month of January, 2021, what is the due date for filing GSTR-1?
- Ramji Medicals is a retail trader of medicines covered by composition levy of GST. For the financial year 2020-21, what is the 'due date' for filing annual return GSTR-4?
- What is the monetary limit beyond which a certificate in GST-RFD-1 by a Chartered Accountant or a Cost Accountant must be submitted along with the refund application?
- A & Co. has output tax of IGST of ₹50,000; CGST ₹60,000 and SGST ₹90,000. It has input tax credit by way of IGST ₹90,000, CGST ₹30,000; SGST ₹38,000. How much is the net tax li
- What is the frequency and due date for filing GSTR-8 by e-commerce operator ?
- What is the highest rate of tax applicable under IGST?
- What is the highest applicable approved rate prescribed under UTGST?
- To which of the following Union Territory the provisions of UTGST Act, 2017 will not apply?
- Which of the following is not covered by exempt supply under UTGST Act, 2017?
- Which GST law would apply when goods are imported from foreign country?
- What is the base year for the purpose of calculating the compensation under GST (Compensation to State) Act, 2017?
- Albert Co. Ltd, Chennai imported machinery from Germany for its unit located in EOU. The machine reached Chennai Port on 20.02.2021. The undertaking has deferred manufacture of art
- Beta Ltd, Mumbai imported machinery from Denmark. After using the machinery for 16 months, it was sold to Gama Inc. Canada. How much of the custom duty paid is eligible for refund
- Geo Ltd, Ahmedabad exported its machinery to EXE Co. Inc. of UK. It paid export duty of ₹21 lakhs. After using them for 12 months it was returned by Exe Inc. UK to Geo Ltd. How muc
- Which of the following imported goods is not liable for confiscation?
- The Authority for Advance Ruling (AAR) must give its ruling within..........days of the application.
- Beyond what time if the Duty drawback is not refunded, it becomes eligible for interest ?
- What is the rate of social welfare surcharge which is levied on Basic Customs Duty ?
- When goods cannot be classified in accordance with Rules 1, 2 or 3, how is it classified by applying which of the residuary principle?
- In determination of FOB value of import what is the presumptive rate of cost of transport, if the actual cost is not ascertainable ?
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