CS Professional Advanced Tax Laws and Practice PYQ December 2016: Question Paper and Available Answers
CS Professional
Advanced Tax Laws and Practice
PYQS Series
December 2016
40 Questions Indexed
ICSI Examination Archive & Suggested Answers: This directory contains indexed questions from the paper for CS Professional Advanced Tax Laws and Practice PYQS (December 2016). Open the source paper and available answers. Older sessions follow the syllabus and statutory provisions applicable to their examination year.
Indexed questions
- Global Ltd. is a widely-held company engaged in power generation in Assam. At present, the company is having a capital of ₹10 crore in fully paid equity shares. The company is cons
- Karan purchased a plot in 1987-88 for ₹2,10,000. He sold the plot on 7th February, 2016 for ₹24,00,000 (stamp duty value ₹25,40,000). He paid a brokerage of 5% on selling price to
- Brisk Ltd. incurred ₹52.75 lakh during the period April, 2015 to June, 2015 on advertisement, professional fees, administration cost, etc. for the purpose of public issue of ₹555 c
- Explain in brief the treatment as to the taxability and/or allowability, in the context of provisions contained under the Income-tax Act, 1961 for the assessment year 2016-17, in t
- Explain in brief the treatment as to the taxability and/or allowability, in the context of provisions contained under the Income-tax Act, 1961 for the assessment year 2016-17, in t
- Distinguish between 'tax planning' and 'tax avoidance'.
- When can uncontrolled transactions be taken as comparable to international transactions? Which data can be used for the comparability of an uncontrolled transaction with an interna
- Mohan owns a house located in Varanasi. The construction of the house was completed in July, 2011. One-fourth floor area of the house is utilised by him for his own residence. He i
- Arvind, a textile merchant and resident Indian is doing business in India and abroad. During the previous year 2015-16, he disclosed the following information: ₹ Income from busine
- Nandita Traders, engaged in manufacturing activity, was in receipt of sales-tax subsidy of ₹5 lakh from State Government as its manufacturing unit was located in a backward area. T
- Zebra Ltd. is engaged in the manufacture of various types of machines. It had supplied one machine to Tiger & Co. at a price of ₹17,00,000 (excluding taxes and duties). Following a
- Rajan Textiles Ltd., a large scale industry in Mumbai, purchased a machine used for pollution control on 1st October, 2013 for a cum duty price of ₹9,00,000. Excise duty was levied
- Nathan Ltd. gives a works contract to Samy Ltd. for a gross consideration of ₹12,00,000 (excluding all taxes). As per the terms of the contract, all the materials and labour requir
- Rohan is a trader selling raw materials to manufacturers for using the material to make finished products. He procures the material of his stock-in-trade from other States as well
- Zuhi Ltd. has imported a machine to be used for providing a taxable service. The assessable value of imported machine as approved by customs is ₹5,00,000. Customs duty @ 10% is pay
- Zuhi Ltd. has imported a machine to be used for providing a taxable service. The assessable value of imported machine as approved by customs is ₹5,00,000. Customs duty @ 10% is pay
- Neon Ltd. classified one of the products manufactured by it as per the Central Excise Tariff Act, 1985 as a 'nil' rate product. The excise department classified the same product un
- While conducting search and seizure in the premises of Alpha Ltd., the officials recovered large quantity of chemicals. It was found that the chemicals were imported into India wit
- Raj Sugars Ltd. is a manufacturer of sugar. The sugar manufactured by the company is sold to government for free supply and in the open market. The Government, to meet the market d
- Nargis Agro Ltd., having a manufacturing unit situated in Jodhpur, made total clearances in the financial year 2014-15 of the total value of ₹525 lakh. The break-up of clearances s
- Examine whether service tax is leviable in the context of provisions of the Finance Act, 1994 when services are provided in a vessel stationed at a distance of 54 nautical miles fr
- State, with reason in brief, whether the following are liable to service tax: Penal interest charges
- State, with reason in brief, whether the following are liable to service tax: Services by an independent journalist
- State, with reason in brief, whether the following are liable to service tax: Technical testing of new drugs.
- What are the demerits of VAT?
- Who can make an application for settlement under the Central Excise Act, 1944? Can such an application be withdrawn?
- State the relevant dates for determination of the rate of duty and tariff value for imports.
- Lion Traders, a registered dealer having stock of goods worth ₹60,000 purchased from outside the State, wishes to opt for Composition Scheme under the State VAT Act. Advise whether
- Vakil & Vakil, a firm of lawyers and solicitors rendered legal advice to Bipin, an architect and NPA Ltd., an advertising agency, during the month of October, 2015. Both Bipin and
- Explain briefly how the terms 'warehouse', 'warehoused goods' and 'warehousing station' are defined in the Customs Act, 1962.
- Which was the first country to introduce Goods and Services Tax (GST) and when? What are the functions of the GST Council in India?
- Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Rohit purchased goods from a registered dealer. H
- Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Ankit purchased some capital goods. The final pro
- Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Mohit purchased goods from Sohan which are to be
- Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Smile & Co. purchased goods from Manav Enterprise
- Give reason in brief, in the context of provisions of VAT, whether following purchases are eligible for availing input tax credit: Sahil purchased goods from Ganesh. Ganesh has not
- State the allowability or otherwise of the following with respect to the provisions of the Customs Act, 1962: Goods up to ₹10,000 per passenger per visit can be purchased against r
- State the allowability or otherwise of the following with respect to the provisions of the Customs Act, 1962: Bona fide baggage is exempt from duty.
- State the allowability or otherwise of the following with respect to the provisions of the Customs Act, 1962: Total customs duty on baggage is 30%.
- State the allowability or otherwise of the following with respect to the provisions of the Customs Act, 1962: Gifts through courier from abroad, not being prohibited goods, up to ₹
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