MCQ Booklet Tax

For A.Y.2023-34, Mr. Hari, a resident Indian, earns income of ` 10 lakhs from sale of rubber manufactured from latex obtained from rubber plants grown by him in India and ` 15 lakhs from sale of rubber manufactured from latex obtained from rubber plants grown by him in Malaysia.

What would be his business income chargeable to tax in India, assuming he has no other business?

• 3,50,000

• 4,00,000

• 8,75,000

• 18,50,000

X & Co., a supplier registered under GST in Meghalaya, wants to opt for composition levy. The aggregate turnover limit for composition levy is-

• 50 lakh

• 75 lakh

• 1.5 crore

• none of the above

Ms. Sowmya has three farm buildings situated in the immediate vicinity of a rural agricultural land. In the P.Y.2022-23, she earned ` 3 lakh from letting out her farm building 1 for storage of food grains, ` 10 lakh from letting out her farm building 2 for storage of dairy products and ` 15 lakh from letting out her farm building 3 for residential purposes of Mr. Sumanth, whose food grain produce is stored in farm building 1. What is the amount of agricultural income exempt from income-tax?

• Nil

• 3,00,000

• 13,00,000

• 18,00,000

The person making inter-State supply of goods from Madhya Pradesh is compulsorily required to get registered under GST, provided such goods are not notified handicraft goods nor predominantly hand-made notified products .

• if his aggregate turnover exceeds ` 20 lakh in a financial year

• if his aggregate turnover exceeds ` 10 lakh in a financial year

• if his aggregate turnover exceeds ` 40 lakh in a financial year

• irrespective of the amount of aggregate turnover in a financial year since he is making inter-State supply of taxable goods.

The Gupta HUF in Maharashtra comprises of Mr. Harsh Gupta, his wife Mrs. Nidhi Gupta, his son Mr. Deepak Gupta, his daughter-in-law Mrs. Deepti Gupta, his daughter Miss Preeti Gupta and his unmarried brother Mr. Gautam Gupta. Which of the members of the HUF are eligible for coparcenary rights?

• Only Mr. Harsh Gupta, Mr. Gautam Gupta and Mr. Deepak Gupta

• Only Mr. Harsh Gupta, Mr. Gautam Gupta, Mr. Deepak Gupta and Miss Preeti Gupta

• Only Mr. Harsh Gupta, Mr. Gautam Gupta, Mr. Deepak Gupta, Mrs. Nidhi Gupta and Mrs. Deepti Gupta

• All the members are co-parceners

Which of the following supply of services are exempt under GST?

(i) testing of agricultural produce

(ii) supply of farm labour

(iii) warehousing of agricultural produce

• (i)

• (i) and (ii)

• (ii) and (iii)

• (i), (ii) and (iii)

Mr. Square, an Indian citizen, currently resides in Dubai. He came to India on a visit and his total stay in India during the F.Y. 2022-23 was 135 days. He is not liable to pay any tax in Dubai. Following is his details of stay in India in the preceding previous years:

What shall be his residential status for the P.Y. 2022-23 if his total income (other than income from foreign sources) is ` 10 lakhs?

• Resident but not ordinary resident

• Resident and ordinary resident

• Non-resident

• Deemed resident but not ordinarily resident

Input tax credit is not available in respect of .

(i) services on which tax has been paid under composition levy

(ii) goods given as free samples

(iii) goods used for personal consumption

• (i)

• (i) and (ii)

• (ii) and (iii)

• (i), (ii) and (iii)

Aashish earns the following income during the P.Y. 2022-23:

• Interest on U.K. Development Bonds (1/4th being received in India): ` 4,00,000

• Capital gain on sale of a building located in India but received in Holland: ` 6,00,000

If Aashish is a resident but not ordinarily resident in India, then what will be amount of income chargeable to tax in India for A.Y. 2023-24?

• 7,00,000

• 10,00,000

• 6,00,000

• 1,00,000

Subhas & Co., a registered person, supplies taxable goods to unregistered persons. It need not issue tax invoice, if the value of supply of goods to such persons is and the recipient does not require such invoice.

• 1,200

• 600

• 150

• 200