CS Executive Tax Laws PYQ June 2023: Question Paper and Available Answers

CS Executive Tax Laws PYQS Series June 2023 100 Questions Indexed

ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Executive Tax Laws PYQS (June 2023). 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

Deva being a person of Indian origin came to India on 5th June, 2022 and remained in India till 31st March, 2023. His income in India from business up to 31st March, 2023 is ₹17 la
Santhanam is employed as General Manager of Great Ltd. The employer gave motor car for official use of employee being self-driven by him. Entire expenses were met by employee amoun
X & Co. acquired a know-how on 10th November, 2022 for ₹5 lakh. How much is the amount of depreciation allowable under section 32 of the Income Tax Act, 1961 for the assessment
Rakesh sold his residential building for ₹300 lakh and the indexed cost of acquisition of the building was ₹120 lakh. He acquired a residential building for ₹110 lakh at Pune and a
Govind, a resident individual has following incomes: Salary ₹5,60,000; Loss from house property (let out) ₹60,000; Loss from house property (self-occupied) ₹1,80,000; and long-term
Ravi is employed in A Zone Ltd as Marketing Manager at Chennai during the financial year 2022-23. His basic pay and DA (eligible for retirement benefits) amounts to ₹15,40,000. He
Naveen is employed in a company. He wants to know which of the following perquisite is a tax-free perquisite: (i) Subsidized lunch; (ii) Personal accident insurance (iii) Interest-
Venkat and Co. engaged in trading activity gave ₹1 lakh as donation to Deference Research and Development Organisation. How much of the amount given as donation is eligible for ded
Swamy aged 83 has total income of ₹9,80,000 for the assessment year 2023-24. He has opted for section 115BAC of the Income Tax Act, 1961. How much is his income tax liability for t
Anish is employed in Global Ltd. Which of the following allowances are eligible for exemption for the assessment year 2023-24 when he has opted for section 115BAC of the Income Tax
Karthik acquired an electric motor car on 23rd April, 2022 for ₹18 lakh for which he availed loan of ₹14 lakh from State Bank of India. Interest on loan for the year ended 31st Mar
Mishra Enterprises a partnership firm paid ₹40,000 by way of interest on loan taken from one of the friends of a partner. No tax was deducted at source for the interest payment. Ho
What is the monetary limit of turnover or gross receipt for the purpose of applying Principles for Determination of Place of Effective Management (POEM) provisions?
Naresh a resident individual gives you the following information of his investments: (i) Life insurance premium of his parent paid ₹40,000; (ii) Tax Saver Deposit in his own name ₹
Hari (age 40 years) a resident individual has gross total income of ₹11,20,000 before deduction under Chapter VI-A. He has deposited ₹1,40,000 in PPF account and paid health insura
On 10th April, 2022, Gokani a practicing Company Secretary gave ₹10 lakh as gift to his wife Chandra a homemaker. On 20th August, 2022 Chandra commenced business of beauty parlour
A charitable trust registered under section 12AA has voluntary contribution of ₹46 lakh. It paid rent of ₹40,000 per month for 7 months day cash. It incurred ₹35 lakh by way of exp
Trivedi employed in Max Ltd made a premature withdrawal of ₹1,60,000 from his Recognized Provident Fund (RPF) account on 18th March, 2023. How much would be the amount of tax deduc
Allen & Co. Ltd. used to deduct tax at source promptly and remit the same within time. For the quarter ended December, 2022 what is the due date for filing statement of tax ded
Which of the following does not form part of the canons of taxation?
URG & Co. is engaged in construction and sale of residential apartments. It sold 4 identical apartments in December, 2022 for ₹110 lakh and the guideline value of the apartment
ABC Co-operative society has total income (computed) of ₹3 lakh for the previous year ended 31st March, 2023. It has opted for section 115BAD of the Income Tax Act, 1961. How much
More (P) Ltd. is engaged in manufacture of garments. Its turnover always exceeded ₹10 crore. It has not maintained books of account for the financial year 2022-23. During survey un
The scrutiny assessment of M Co. Ltd. was completed on 18th October, 2022 and the assessee has preferred appeal before CIT (Appeals). The Commissioner wants to invoke section 264 o
Mini Ltd. filed its return of income before the due date specified in section 139(1) of the Income Tax Act, 1961. The return was found to be defective by processing unit of Income
Chola & Co. is a partnership firm engaged in trade of textile goods. Which of the following payments is liable for disallowance under section 40A(3) of the Income Tax Act, 1961
Raj sold a vacant land for ₹8 lakh to Mukesh on 5th December, 2022. The guideline value of the land was ₹9,60,000. Raj and Mukesh are not relatives. What is the tax implication of
Divya earned dividend income from a company in UK ₹5,00,000. She also earned agriculture income from a land in Karnataka ₹2,40,000 and short-term capital gain on sale of shares ₹80
Assessment of Vinayak Ltd. was made on 25th September, 2022 under section 143(2) of the Income Tax Act, 1961 for the assessment year 2021-22. The assessee got the assessment order
KSR & Co., a practicing Company Secretary firm at Pune. It rendered professional service to Bond Ltd and raised a bill of ₹2,36,000 mentioning GST @ 18% separately in the bill
What is the holding period in the case of land and building for the purpose of classifying the same as long-term capital asset?
Bansal employed in a private company as general manager with salary income (computed) ₹18,60,000. He paid ₹1,00,000 to Universal College for doing research in social science which
Sankar let out a property on rent up to 30th June, 2019 and thereafter sold the property. The tenant has not paid rent for 12 months prior to 30th June, 2019. In January, 2023 base
ABC (P) Ltd. filed its return of income for the assessment year 2022-23 on 15th November, 2022 declaring total income of ₹2,10,000. What is the time limit for issue of notice for s
Preeti employed in a public sector bank parked her savings in listed equity shares of Indian companies besides borrowing for the purpose of investment in those shares. For the year
Chetan Co. (P) Ltd. commenced a new unit for manufacture of its products. The amount of preliminary expenses eligible for deduction was computed @ ₹7 lakh. In how many instalments
Marvel (P) Ltd. filed its return for the assessment year 2022-23 on 20th December, 2022 declaring total income of ₹4,70,000. How much it should pay by way of fee for the delayed fi
Menon is engaged in growing and manufacturing rubber in Kerala. His gross income from the activity is ₹8,40,000. How much his income to be considered for the purposes of income tax
Siddarth (age 50 years) paid ₹20,000 through credit card towards health insurance of himself and his wife. He incurred ₹70,000 towards medical expenditure for his mother who is not
Pankaj received on the occasion of marriage (i) cash gift of ₹1,05,000 each from his maternal and paternal uncle; and (ii) ₹1,80,000 by way of gift from office colleagues (none of
Rainbow (P) Ltd. is engaged in manufacturing of pesticides was incorporated on 01.03.2020. It has opted for section 115BAB of the Income Tax Act, 1961. Its total income for the pre
X & Co. a partnership firm who has adjusted total income of ₹28 lakh computed as per section 115JC of the Income Tax Act, 1961. How much is the tax payable under section 115JC
Yadav & Co. is engaged in wholesale trade. 98% of all receipts and expenses are through net banking. The assessee wants to know the turnover limit up to which its books of acco
CVR & Co. has speculation business loss of ₹12,40,000 for the assessment year 2023-24. For how many assessment years such loss from speculation business is eligible for carry f
Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019). She has opted for section 115BAC of the Income Tax Act, 19
Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and net banking. The balance of sale proceeds was realized in cas
Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as gratuity at the time of retirement and is covered by Payment
Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 1961. The previous year 2022-23 is the 7th year of its operati
Which of the following is a capital receipt?
Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive income is not more than 50% of its total income (ii) Less than 5
Which of the following is covered by the term "exempt supply" under section 2(47) of the CGST Act, 2017?
Madan provided legal service as advocate to MNO & Co. which fell under reverse charge basis. The services were rendered on 10th June, 2022 and Madan issued invoice on 2nd July,
Ram gave a land located in Industrial area to ABC & Co. for a lease term of 5 years for a rental of ₹ 2 lakh per month on 1st April, 2022. Ram is employed in a Nationalised Ban
Park Ltd. sent its moulds, dies, jigs and fixtures on 1st June, 2019 to job worker for use in the job work given by it. The cost of moulds, dies, jigs and fixtures was ₹ 3 lakh and
Boom Ltd purchased goods from Zoom Ltd. for ₹ 20 lakh at various points of time in the month of June, 2022. Zoom Ltd. gave tax invoice for ₹ 14 lakh in the same month. For the bala
How much a male passenger residing abroad for the last 3 years could bring gold jewellery under duty-free baggage allowance under the Customs Act, 1962?
Which of the following will be treated as inter-state supply? (i) Supplier in Delhi and supplies made to USA (ii) Goods imported by a company in Mumbai from Belgium (iii) Supply of
Manish of Mumbai is engaged in both taxable supply of goods and exempt supplies. When should Manish seek registration under GST?
X & Co. supplied goods of Y Ltd. as per the contract for the goods to be supplied. The goods were removed from the warehouse of X & Co. on 20th September, 2022 and were del
Ram & Co. sends goods to job worker on 10th August, 2021 and the value of supply was ₹ 4 lakh plus GST @ 5% thereon. The job worker returned the goods after completing the job
Mahesh Electronics Ltd. engaged in manufacture of electronic products, gifted one laptop to Suresh, CFO of the company, free of cost on the occasion of Diwali. The regular sale pri
Maurya Traders engaged in wholesale trade, made inter-state supply of ₹ 8,00,000 (without GST) in October, 2022. The rate of GST applicable is 12%. It has input tax credit viz. in
Shishir a practicing company secretary was asked to handle legal work pertaining to incorporation of LMN (P) Ltd. He incurred registration fee ₹ 20,000 and name approval fee ₹ 1,00
James Co. Ltd., Cochin solicited the catering services of Jindal Caterers of Mumbai for the silver jubilee celebrations organized at Delhi. Jindal Caterers having branch in Chennai
Invent & Co. participated in an exhibition at Pragati Maidan, Delhi to show case its products. It applied for registration as casual taxable person. For how many maximum days i
Which of the following goods is not liable for reverse charge mechanism for the recipient?
Mantri & Co. applied for refund of GST on 22nd December, 2022 and an order for refund under section 54 was issued on 27th December, 2022. What is the time limit within which th
BMC Enterprises made supply of goods to LPT & Co. for ₹ 6,00,000. Tax levied by municipal authorities on such sale ₹ 30,000. CGST and SGST chargeable on supply was 6% each. Pac
When a tax invoice is not required to be issued?
A registered dealer under GST obtained supply of goods from another registered dealer. He has: (i) Invoice issued by supplier of goods (ii) Invoice issued by unregistered supplier
Gautam & Co. has ₹ 2,15,000 in electronic credit ledger as on 1st January, 2023. For the month of January, 2023 it has input credit of ₹ 60,000 and output tax for supplies of ₹
PQR Agency of Delhi is engaged in supply of services in relation to booking of tickets for travel by air. During the month of December, 2022, it had booked tickets for domestic tra
Sakura & Co. is engaged in trade who commenced business on 10th October, 2021. Its turnover exceeded the threshold limit on 10th March, 2022 and it applied for registration on
When is the raising of e-invoice mandatory in the case of registered person?
Ashok enterprises consisted of 4 partners with equal share. 2 partners retired from the firm on 10th December, 2022. Within how many days the change in constitution is to be intima
Moon Ltd purchased cotton from agriculturists in respect of which it has to pay GST under reverse charge mechanism. It received the goods on 15th April, 2022. The payment was made
M & Co. purchased raw material 500 kgs @ ₹ 60 per kg plus GST @ 12% thereon. It manufactured a product which is exempt from GST. How much M & Co. can claim ITC in respect o
A person registered under GST made supply of goods during the financial year 2022-23. He wants to know the maximum period within which the recipient must make payment failing which
Manju & Co. applied for registration under GST on 20th September, 2022. The proper officer called for some particulars stated in the application for registration. Those clarifi
Which of the following is a supply liable for GST? (i) Supply between two non-taxable parties (ii) Gift by employer to employee value above ₹ 50,000 (iii) Gift of motor car by rela
FG Co. Ltd. imported goods and paid customs duty earlier. In which of the following situation it can seek refund of import duty paid by it?
Madan (P) Ltd. has annual taxable turnover which always exceeded ₹ 500 lakh. How many digits of HSN code to be mentioned in the tax invoice?
Good stay is a three-star hotel. It provides both accommodation and boarding facility combined together for a rent to its guests. What would you call the provision of accommodation
Verma is a retail trader of textile goods at Puducherry. His turnover was ₹ 90 lakh for the financial year 2022-23. He has opted for composition scheme under GST. How much is the a
Rosy & Co. became liable to pay GST from 1st October, 2022 and obtained registration on 25th October, 2022. From which date it is eligible to take ITC in respect of raw materia
Priya Co. Ltd. imported goods from a foreign country and the goods were kept in the private warehouse licensed under section 58 of the Customs Act, 1962. What is the time period to
Mega Ltd, of Mumbai solicited the services of Jai & Co. of Delhi being the interior decorators for the new office building located at Chennai. The branch of Jai & Co., Kolk
Leather & Co. of Kanpur commenced business on 10th August, 2022 applied for registration on 20th August, 2022 voluntarily. The supply is liable for GST @ 12%. For the month of
Vineet acquired a machinery for ₹ 5 lakh on 1st July, 2021 and used it for manufacture of goods being exempt supply. GST paid on machinery was @ 18%. The goods so manufactured beca
The drawback allowed for goods if returned after using of goods more than 12 months but less than 15 months is:
Rajini & Co. is engaged in supply of taxable goods. It issued a credit note to Laxman & Co. on 05th June, 2022 in respect of supply made in April, 2022. What is the maximum
Ramesh purchased a plant and machinery before commencement of business for ₹ 5 lakh on which GST payable was @ 12% being ₹ 60,000. He commenced business 2 months later. How much is
Which country is the first to introduce goods and services tax?
Which of the following product is 'nil' rated in GST?
Ravi Associates a practicing Company Secretary rendered service to Solomon Ltd. in April, 2022. The service was completed on 25th April, 2022. What is the maximum time limit for is
Advance Ruling under GST can be sought for:
What is the rate of tax under GST applicable for gold jewellery?
Mani & Co. a registered dealer under GST supplied goods to Rupesh (P) Ltd being a developer of SEZ. The supply made by Mani & Co. to Rupesh (P) Ltd shall be called as:
MC (P) Ltd. acquired 4 motor cars meant for directors use and for use of the company. The GST paid thereon amounts to ₹ 6,20,000. How much of the GST paid is eligible for input tax
Mayur Hotel in Jaipur opted for composition scheme under GST for the financial year 2022-23. Its turnover for the year was ₹ 120 lakh. How much is the amount of GST payable by Mayu

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