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Total questions: 70
Worksheet time: 2hrs 47mins
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
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 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
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
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
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
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 handmade 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.
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)
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)
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
Mr. Rajesh, aged 53 years, and his wife, Mrs. Sowmya, aged 50 years, are citizens of Country X. They are living in Country X since birth. They are not liable to tax in Country X. Both of them have keen interest in Indian Culture. Mr. Rajesh’s parents and grandparents were born in Country X. Mrs. Sowmya visits India along with Mr. Rajesh for four months every year to be with her parents, who were born in Delhi and have always lived in Delhi. During their stay in India, they organize Cultural Programme in Delhi-NCR. Income of Mr. Rajesh and Mrs. Sowmya from the Indian sources for the P.Y. 2022-23 is 18 lakhs and 16 lakhs, respectively. What is the residential status of Mr. Rajesh and Mrs. Sowmya for A.Y. 2023-24?
Both are resident and ordinarily resident in India
Both are non-resident in India
Mr. Rajesh is resident but not ordinarily resident in India and Mrs. Sowmya is non-resident
Mrs. Sowmya is resident but not ordinarily resident in India and Mr. Rajesh is resident and ordinarily resident in India
Who among the following will qualify as non-resident for the P.Y. 2022-23? - Mr. Bob, an Italian dancer, came on visit to India to explore Indian dance on 15.09.2022 and left on 25.12.2022. For past four years, he visited India for dance competition and stayed in India for 120 days each year. - Mr. Samrat born and settled in USA, visits India each year for 100 days to meet his parents and grandparents, born in India in 1946, living in Delhi. His Indian income is ` 15,20,000. - Mr. Joseph, an American scientist, left India to his home country for fixed employment there. He stayed in India for study and research in medicines from 01.01.2017 till 01.07.2022. Choose the correct answer
Mr. Bob and Mr. Joseph
Mr. Samrat
Mr. Bob, Mr. Samrat and Mr. Joseph
None of the three
Mr. Sushant is a person of Indian origin, residing in Canada. During P.Y. 2022-23, he visited India on several occasions and his period of stay, in total, amounted to 129 days during P.Y. 2022-23 and his period of stay in India during P.Y. 2021-22, P.Y.2020-21, P.Y. 2019-20 and P.Y. 2018-19 was 135 days, 115 days, 95 days and 125 days, respectively. He earned the following incomes during the P.Y. 2022-23: What is the residential status of Mr. Sushant for A.Y. 2023-24 and his income liable to tax in India during A.Y. 2023-24?
Non-Resident; ` 6,25,000 is liable to tax in India
Resident and ordinary resident; ` 18,25,000 is liable to tax in India
Resident but not ordinarily resident; ` 11,75,000 is liable to tax in India
Non-Resident; ` 11,75,000 is liable to tax in India
Mr. Ramesh, a citizen of India, is employed in the Indian embassy in Australia. He is a non-resident for A.Y. 2023-24. He received salary and allowances in Australia from the Government of India for the year ended 31.03.2023 for services rendered by him in Australia. In addition, he was allowed perquisites by the Government. Which of the following statements are correct?
Salary, allowances and perquisites received outside India are not taxable in the hands of Mr. Ramesh, since he is non-resident.
Salary, allowances and perquisites received outside India by Mr. Ramesh are taxable in India since they are deemed to accrue or arise in India.
Salary received by Mr. Ramesh is taxable in India but allowances and perquisites are exempt
Salary received by Mr. Ramesh is exempt in India but allowances and perquisites are taxable
Anirudh stays in New Delhi. His basic salary is 10,000 p.m., D.A. (60% of which forms part of pay) is 6,000 p.m., HRA is 5,000 p.m. and he is entitled to a commission of 1% on the turnover achieved by him. Anirudh pays a rent of 5,500 p.m. The turnover achieved by him during the current year is ` 12 lakhs. The amount of HRA exempt under section 10(13A) is –
48,480
45,600
49,680
46,800
Various taxes have been subsumed in GST to make one nation one tax one market for consumers. Out of the following, determine which taxes have been subsumed in GST. (i) Basic customs duty levied under Customs Act, 1962
(ii) Taxes on lotteries
(iii) Environment tax
(i)
(ii) and (iii)
(iii)
(i), (ii) and (iii)
Services by way of transportation of by rail from Chennai to Gujarat is exempt from GST. (i) pulses
(ii) military equipments
(iii) electric equipments
(iv) jaggery
(i) & (ii)
(i) & (iii)
(ii) & (iv)
(i), (ii), (iii) & (iv)
GST is not payable by recipient of services in the following cases:-
(i) Services provided by way of sponsorship to ABC Ltd. located in India.
(ii) Services supplied by a director (registered under GST) of Galaxy Ltd. to Mr. Krishna
(iii) Services by Department of Posts by way of speed post to MNO Ltd. located in India.
(iv) Services supplied by a recovering agent to SNSP Bank located in India.
(i) & (iii)
(i) & (iv)
(ii) & (iii)
(ii) & (iv)
Mr. X, a casual taxable person, is not involved in making taxable supplies of notified handicraft goods or predominantly hand-made notified products. Which of the following statements is true for Mr. X - a casual taxable person?
Mr. X is not required to take registration under GST under any circumstances
Mr. X is required to get registration under GST if the aggregate turnover in a financial year exceeds ` 20 lakh.
Mr. X is required to get registration under GST if the aggregate turnover in a financial year exceeds ` 40 lakh
Mr. X has to compulsorily get registered under GST irrespective of the threshold limit.
The registration certificate granted to non-resident taxable person is valid for _____days from the effective date of registration or period specified in registration application, whichever is earlier.
30
60
90
120
Mr. Jagat is an employee in accounts department of Bharat Ltd., a cellular company operating in the regions of eastern India. It is engaged in manufacturing of cellular devices. During F.Y. 2022-23, following transactions were undertaken by Mr. Jagat:
(i) He attended a seminar on “Perquisite Valuation”. Seminar fees of ` 12,500 was paid by Bharat Ltd
(ii) Tuition fees of Mr. Himanshu (son of Mr. Jagat) paid to private coaching classes (not having any tie-up with Bharat Ltd.) was reimbursed by Bharat Ltd. Amount of fees was 25,000.
(iii) Ms. Sapna (daughter of Mr. Jagat) studies in DPS Public School (owned and maintained by Bharat Ltd.). Tuition fees paid for Ms. Sapna was 750 per month by Mr. Jagat. Cost of education in similar institution is ` 5,250 per month.
What shall be the amount which is chargeable to tax under the head “Salaries” in hands of Mr. Jagat for A.Y. 2023-24?
25,000
37,500
66,500
79,000
Mr. Karan completed his MBA in April 2022 and joined XYZ Ltd from 01.05.2022. His basic salary is 2,25,000 p.m. He is paid 12% of basic salary as D.A forming part of retirement benefits. He contributed 11% of his pay and D.A. towards recognized provident fund and the company contributes the same amount. Accumulated interest on provident fund as on 31.3.2023 is 49,325. What would be the income chargeable to tax under the head “Salaries” of Mr. Karan for the A.Y. 2023-24, if he does not opt for section 115BAC?
27,26,442
27,30,884
27,22,000
` 27,71,325
XYZ Pvt. Ltd. provides a car (below 1.6 ltr cc) along with a driver to Mr. Sanjay, employee of XYZ Pvt. Ltd., partly for official and partly for personal purpose. The expenses incurred by the company are: Running and maintenance expenses – 32,000 and driver’s salary – 36,000. The taxable value of car facility for A.Y. 2023-24 will be -
21,600
10,800
32,400
39,600
Mr. Raghav has three houses for self-occupation. What would be the tax treatment for A.Y.2023-24 in respect of income from house property?
One house, at the option of Mr. Raghav, would be treated as self-occupied. The other two houses would be deemed to be let out.
Two houses, at the option of Mr. Raghav, would be treated as self-occupied. The other house would be deemed to be let out.
One house, at the option of Assessing Officer, would be treated as self-occupied. The other two houses would be deemed to be let out.
Two houses, at the option of Assessing Officer, would be treated as self - occupied. The other house would be deemed to be let out.
Vidya received 90,000 in May, 2022 towards recovery of unrealised rent, which was deducted from actual rent during the P.Y. 2020-21 for determining annual value. Legal expense incurred in relation to unrealized rent is 20,000. The amount taxable under section 25A for A.Y. 2023-24 would be -
70,000
63,000
90,000
49,000
Which of the following activities shall be treated neither as supply of goods nor as supply of services?
(i) Permanent transfer of business assets where input tax credit has been availed on such assets
(ii) Temporary transfer of intellectual property right
(iii) Transportation of the deceased
(iv) Services provided by an employee to the employer in the course of employment
(i) & (iii)
(ii) & (iv)
(i) & (ii)
(iii) & (iv)
Balance in electronic credit ledger can be utilized against payment of
output tax
interest
penalty
late fees
How is the aggregate turnover calculated for determining threshold limit for registration?
Aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis and inter-State supplies), exempt supplies and export of goods/services
Aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, export of goods/services and inter-State supplies of a person computed for each State separately.
Aggregate value of all taxable intra-State supplies, export of goods/services and exempt supplies of a person having same PAN computed for each State separately.
Aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, export of goods/services and inter-State supplies of a person having same PAN computed on all India basis and excluding taxes if any charged under CGST Act, SGST Act and IGST Act.
Within how many days a person should apply for registration under GST, apart from provisions of voluntary registration?
Within 60 days from the date he becomes liable for registration.
Within 30 days from the date he becomes liable for registration
No time limit
Within 90 days from the date he becomes liable for registration.
Kalim & Associates made an application for cancellation of GST registration in the month of March due to closure of its business. Its application for cancellation of GST registration was approved w.e.f. 4th September by the proper officer by passing an order for the same on 14th September. In the given case, Kalim & Associates is:
required to file Final Return on or before 4th December
not required to file Final Return
required to file Final Return on or before 30th September
required to file Final Return on or before 14th December
Mr. Vikas took a loan of ` 15,00,000 @10% p.a. on 1-4-2020 for the construction of residential house for self-occupation. The construction of the house began in June, 2020 and was completed on 30-6-2022. He has not repaid any amount of loan so far. The amount of interest deduction u/s 24(b) for A.Y. 2023-24 is –
1,50,000
1,80,000
2,00,000
2,10,000
Mr. X acquires an asset in the year 2016-17 for the use for scientific research for ` 2,75,000. He claimed deduction under section 35(1)(iv) in the previous year 2016-17. The asset was brought into use for the business of Mr. X in the P.Y.2022-23, after the research was completed. The actual cost of the asset to be included in the block of assets is -
Nil
Market value of the asset on the date of transfer to business
2,75,000 less notional depreciation under section 32 upto the date of transfer.
Actual cost of the asset i.e., ` 2,75,000
Mr. C aged 35 years is a working partner in M/s BCD, a partnership firm, with equal profit sharing ratio. During the P.Y. 2022-23, the firm has paid remuneration to Mr. B, Mr. C and Mr. D, being the working partners of the firm, of 2,00,000 each. The firm has paid interest on capital of 1,20,000 in toto to all the three partners and the same is within the prescribed limit of 12%. The firm had a loss of ` 1,12,000 after debiting remuneration and interest on capital. Note – Remuneration and interest on capital is authorized by the partnership deed You, being the CA of Mr. C, are in the process of computing his total income. What would be his taxable remuneration from the firm?
2,00,000
1,51,600
1,27,600
1,50,000
Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the following cash payments made throughout the year – • 12.06.2022: loan repayment of 27,000 taken for business purpose from his friend Kunal. The repayment also includes interest of 5,000. • 19.08.2022: Portable dye machinery purchased for 15,000. The payment was made in cash in three weekly instalments. • 26.01.2023: Payment of 10,000 made to electrician due to unforeseen electric circuit at shop. • 28.02.2023: Purchases made from unregistered dealer for ` 13,500. What will be disallowance under 40A(3), if any, if Mr. Shahid opts to declare his income as per the provisions of section 44AD?
18,500
28,500
13,500
Nil
Mr. A, an eligible assessee, following mercantile system of accounting, carrying on eligible business u/s 44AD provides the following details: ♦ Total turnover for the F.Y.2022-23 is 130 lakh ♦ Out of the above: 25 lakh received by A/c payee cheque during the F.Y.2022-23; 50 lakh received by cash during the F.Y.2022-23; 25 lakh received by A/c payee bank draft before the due date of filing of return; ` 30 lakh not received till due date of filing of return. What shall be the amount of deemed profits of Mr. A under section 44AD(1) for A.Y. 2023-24?
10.4 lakh
7.0 lakh
5.5 lakh
9.4 lakh
Xylo & Co. has three branches, in Jalandhar, Amritsar and Ludhiana, in the State of Punjab. Amritsar and Ludhiana branches are engaged in supply of garments and Jalandhar branch engaged in supply of shoes. Which of the following options is/are legally available for registration to Xylo & Co.? (i) Xylo & Co. can obtain single registration for Punjab State declaring any one of the branches as principal place of business and other two branches as additional place of business. (ii) Xylo & Co. can obtain separate GST registration for each of the three branches - Amristar, Jalandhar and Ludhiana. (iii) Xylo & Co. can obtain one GST registration for shoe business (Jalandhar branch) and another GST registration which is common for garments business (Amritsar and Ludhiana).
(ii)
Either (i), (ii) or (iii)
Either (i) or (ii)
Either (ii) or (iii)
What is the validity of the registration certificate granted under GST for a normal tax payer?
One year
Two years
Valid till it is cancelled
Five years
Within how many days an application for revocation of cancellation of registration can be made provided no extension to said time-limit has been granted?
Within 7 days from the date of service of the cancellation order
Within 15 days from the date of the cancellation order.
Within 45 days from the date of the cancellation order.
Within 30 days from the date of service of the cancellation order
Can a registered person under composition scheme collect GST on his outward supplies from recipients?
Yes, in all cases
Yes, only on such goods as may be notified by the Central Government
Yes, only on such services as may be notified by the Central Government
No
Which of the following activities is a supply of services? (i) Transfer of right in goods/ undivided share in goods without transfer of title in goods (ii) Transfer of title in goods (iii) Transfer of title in goods under an agreement which stipulates that property shall pass at a future date upon payment of full consideration as agreed.
(i)
(iii)
(i) and (iii)
(i), (ii) and (iii)
A building was acquired on 1.4.1995 for 20,00,000 and sold for 80,00,000 on 01.06.2022. The fair market value of the building on 1.4.2001 was 25,00,000. Its stamp duty value on the same date was 22,00,000. Determine the capital gains on sale of such building for the A.Y. 2023-24? CII for F.Y. 2001-02: 100; F.Y. 2022-23: 331
` 7,18,000
` 13,80,000
` 60,00,000
(` 2,75,000)
In P.Y. 2022-2023, Mr. A has transferred the following assets: Mr. A bought a new residential house property on 01.04.2021 for 1 crore and on 28.02.2023 deposited 3 crores in a capital gains deposit account scheme. On 30.07.2023, Mr. A has withdrawn 3 crores from capital gains deposit account and acquired a residential house property worth 2.5 crore. What would be the capital gains in the hands of Mr. A for A.Y. 2023-24, if the expenses in connection with transfer of jewellery were ` 2,00,000?
80,50,000
81,55,705
98,00,000
48,00,000
Mr. Vishal and Mr. Guha sold their residential house property in Pune for` 3 crore and ` 4 crore, respectively, in January, 2023. The house property was purchased by them 25 months back. The indexed cost of acquisition is 1 crore and 1.75 crore, respectively. Mr. Vishal purchased two residential flats, one in Delhi and one in Agra for 70 lakhs and 80 lakhs, respectively, in April, 2023. On the same date, Mr. Guha also purchased two residential flats, one in Mumbai and the other in Pune, for 80 lakhs and 75 lakhs, respectively. Both of them invested 30 lakhs in bonds of NHAI in March, 2023 and 30 lakhs in bonds of RECL in April, 2023. What is the income taxable under the head “Capital Gains” for A.Y.2023-24 in the hands of Mr. Vishal and Mr. Guha?
70 lakhs and ` 95 lakhs, respectively
60 lakhs and ` 85 lakhs, respectively
Nil and ` 95 lakhs, respectively
Nil and ` 20 lakhs, respectively
Mr. Ram, an Indian resident, purchased a residential house property at Gwalior on 28.05.1999 for 28.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was 33.5 lakhs and 32.4 lakhs, respectively. On 05.02.2012, Mr. Ram entered into an agreement with Mr. Byomkesh for sale of such property for 74 lakhs and received an amount of ` 3.9 lakhs as advance. However, as Mr. Byomkesh did not pay the balance amount, Mr. Ram forfeited the advance. What would be the indexed cost of acquisition of Mr. Ram if he sells the property in F.Y. 2022-23? Cost Inflation Index for F.Y. 2001-02: 100; F.Y. 2022-23: 331
1,10,88,500
1,07,24,400
97,97,600
94,33,500
Mr. X, aged 61 years, earned dividend of 12,00,000 from ABC Ltd. in P.Y. 2022-23. Interest on loan taken for the purpose of investment in ABC Ltd., is 3,00,000. Income includible in the hands of Mr. X for P.Y. 2022-23 would be -
12,00,000
9,60,000
9,00,000
2,00,000
‘P’ Ltd. has its registered office, under the Companies Act, 2013, in the State of Maharashtra from where it ordinarily carries on its business of taxable goods. It also has a warehouse in the State of Telangana for storing said goods. What will be the place of business of ‘P’ Ltd. under the GST law?
Telangana
Maharashtra
Both (a) and (b)
Neither (a) nor (b)
An exempt supply includes- (i) Supply of goods or services or both which attracts Nil rate of tax (ii) Non-taxable supply (iii) Supply of goods or services or both which are wholly exempt from tax under section 11 of the CGST Act or under section 6 of IGST Act
(i)
(i) and (ii)
(ii) and (iii)
(i), (ii) and (iii)
Which of the following services are exempt from GST?
Services by an artist by way of a performance in classical art forms of painting/sculpture making etc. with consideration thereof not exceeding ` 1.5 lakh.
Services by an artist by way of a performance in modern art forms of music/ dance/ theatre with consideration thereof not exceeding ` 1.5 lakh.
Services by an artist by way of a performance in folk or classical art forms of music/ dance/theatre with consideration thereof exceeding ` 1.5 lakh.
Services by an artist by way of a performance in folk or classical art forms of music/ dance / theatre with consideration thereof not exceeding ` 1.5 lakh.
Services by way of admission to ______________ is not exempt from GST.
Museum
National park
Tiger reserve
Recognised sporting event where the admission ticket costs ` 600 per person.
Discount given after the supply has been effected is deducted from the value of taxable supply, if – (i) such discount is given as per the agreement entered into at/or before the time of such supply (ii) such discount is linked to the relevant invoices (iii) proportionate input tax credit is reversed by the recipient of supply
(i)
(i) and (ii)
(ii) and (iii)
(i), (ii) and (iii)
Mr. Vikas transferred 600 unlisted shares of XYZ (P) Ltd. to ABC (P) Ltd. on 15.12.2022 for 3,50,000 when its fair market value was 5,15,000. The indexed cost of acquisition of shares for Mr. Vikas was computed at ` 4,25,000. Determine the income chargeable to tax in the hands of Mr. Vikas and ABC (P) Ltd. in respect of the above transaction.
` 90,000 chargeable to tax in the hands of Mr. Vikas as long-term capital gains and nothing is taxable in the hands of ABC (P) Ltd.
` 75,000 chargeable to tax in the hands of Mr. Vikas as long-term capital gains and nothing is taxable in the hands of ABC (P) Ltd.
90,000 chargeable to tax in the hands of Mr. Vikas as long-term capital gains and 1,65,000 is taxable under the head “Income from other sources” in the hands of ABC (P) Ltd.
75,000 chargeable to tax in the hands of Mr. Vikas as long-term capital gains and 1,65,000 is taxable under the head “Income from other sources” in the hands of ABC (P) Ltd.
Mr. Vikas received a gold ring worth 60,000 on the occasion of his daughter’s wedding from his best friend Mr. Vishnu. Mr. Vishnu also gifted a gold chain to Kavya, daughter of Mr. Vikas, worth 80,000 on the said occasion. Would such gifts be taxable in the hands of Mr. Vikas and Ms. Kavya?
Yes, the gift of gold ring and gold chain is taxable in the hands of Mr. Vikas and Ms. Kavya, respectively
Such gifts are not taxable in the hands of Mr. Vikas nor in the hands of Ms. Kavya
Value of gold ring is taxable in the hands of Mr. Vikas but value of gold chain is not taxable in the hands of Ms. Kavya
Value of gold chain is taxable in the hands of Ms. Kavya but value of gold ring is not taxable in the hands of Mr. Vikas
If the converted property is subsequently partitioned among the members of the family, the income derived from such converted property as is received by the spouse of the transferor will be taxable -
as the income of the karta of the HUF
as the income of the spouse of the transferor
as the income of the HUF.
as the income of the transferor-member
Ram owns 500, 15% debentures of R Industries Ltd. of 500 each. Annual interest of 37,500 was payable on these debentures for P.Y. 2022-23. He transfers interest income to his friend Shyam, without transferring the ownership of these debentures. While filing return of income for A.Y. 2023-24, Shyam showed ` 37,500 as his income from debentures. As tax advisor of Shyam, do you agree with the tax treatment done by Shyam in his return of income?
Yes, since interest income was transferred to Shyam, therefore, after transfer, it becomes his income
No, since Ram has not transferred debentures to Shyam, interest income on the debentures is not taxable income of Shyam. It would be included in the hands of Ram.
Yes, if debentures are not transferred, interest income on debentures can be declared by anyone, Ram or Shyam, as taxable income depending upon their discretion
No, since Shyam should have shown the income as interest income received from Mr. Ram and not as interest income earned on debentures.
Mrs. Shivani, wife of Mr. Anurag, is a partner in a firm. Her capital contribution is 5 lakhs to the firm as on 1.4.2022 which includes 3.5 lakhs contributed out of gift received from Anurag. The firm paid interest on capital of 50,000 and share of profit of 60,000 during the F.Y.2022-23. The entire interest has been allowed as deduction in the hands of the firm. Which of the following statements is correct?
Share of profit is exempt but interest on capital is taxable in the hands of Mrs. Shivani
Share of profit is exempt but interest of 39,286 is includible in the income of Mr. Anurag and interest of 10,714 is includible in the income of Mrs. Shivani.
Share of profit is exempt but interest of 35,000 is includible in the income of Mr. Anurag and interest of 15,000 is includible in the income of Mrs. Shivani.
Share of profit to the extent of 42,000 and interest on capital to the extent of 35,000 is includible in the hands of Mr. Anurag.
Which of the following statements are correct? (i) Revocation of cancellation of registration under SGST/UTGST Act shall be deemed to be a revocation of cancellation of registration under CGST Act. (ii) Cancellation of registration under SGST/UTGST Act shall be deemed to be a cancellation of registration under CGST Act. (iii) Revocation of cancellation of registration under SGST/UTGST Act shall not be deemed to be a revocation of cancellation of registration under CGST Act. (iv) Cancellation of registration under SGST/UTGST Act shall not be deemed to be a cancellation of registration under CGST Act.
(i) and (ii)
(i) and (iv)
(ii) and (iii)
(iii) and (iv)
If the goods are received in lots/instalment, _________________
50% ITC can be taken on receipt of 1st lot and balance 50% on receipt of last lot
ITC can be availed upon receipt of last lot.
100% ITC can be taken on receipt of 1st lot.
Proportionate ITC can be availed on receipt of each lot/instalment.
For banking companies using inputs and input services partly for taxable supplies and partly for exempt supplies, which of the following statement is true?
ITC shall be compulsorily restricted to credit attributable to taxable supplies including zero rated supplies
50% of eligible ITC on inputs, capital goods, and input services shall be mandatorily taken in a month and the rest shall lapse.
Banking company can choose to exercise either option (a) or option (b)
ITC shall be compulsorily restricted to credit attributable to taxable supplies excluding zero rated supplies.
A supplier takes deduction of depreciation on the GST component of the cost of capital goods as per Income- tax Act, 1961. The supplier can-
avail only 50% of the said tax component as ITC
not avail ITC on the said tax component
avail 100% ITC of the said tax component
avail only 25% of the said tax component as ITC
Warehousing services of is exempt from GST. (i) Wheat (ii) Apples (iii) Pulses (iv) Potato
i, ii, iii and iv
i and iii
ii, iii and iv
iii
Mr. Arvind gifted a house property to his wife, Mrs. Meena and a flat to his daughterin law, Mrs. Seetha. Both the properties were let out. Which of the following statements is correct?
Income from both properties is to be included in the hands of Mr. Arvind by virtue of section 64.
Income from property gifted to wife alone is to be included in Mr. Arvind’s hands by virtue of section 64
Mr. Arvind is the deemed owner of house property gifted to Mrs. Meena and Mrs. Seetha
Mr. Arvind is the deemed owner of property gifted to Mrs. Meena. Income from property gifted to Mrs. Seetha would be included in his hands by virtue of section 64.
Pankaj gifted an amount of 3,00,000 to his wife, Pinky and 2,00,000 to his daughter, Rinky aged 20 years, on 1st April 2019. Both Pinky and Rinky invested the amounts on the same date in Government of India 11% Taxable Bonds. The interest accrues yearly and is reinvested in the same bonds. Determine what will be the amount taxable in hands on Pinky for A.Y. 2023-24
4,473
12,132
33,000
36,630
According to section 80, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of section 139(3), shall be carried forward. The exceptions to this are -
Loss from specified business under section 73A
Loss under the head “Capital Gains” and unabsorbed depreciation carried forward under section 32(2)
Loss from house property and unabsorbed depreciation carried forward under section 32(2)
Loss from speculation business under section 73
Brought forward loss from house property of 3,10,000 of A.Y. 2022-23 is allowed to be set-off against income from house property of A.Y. 2023-24 of 5,00,000 to the extent of –
2,00,000
3,10,000
2,50,000
1,00,000
4,40,000
3,20,000
1,60,000
4,80,000
Which of the following services received, in the course or furtherance of business, without consideration amount to supply? (i) Import of services by a person in India from his son well-settled in USA (ii) Import of services by a person in India from his brother wellsettled in Germany (iii) Import of services by a person in India from his brother (wholly dependent on such person in India) in France (iv) Import of services by a person in India from his daughter (wholly dependent on such person in India) in Russia
i, iii and iv
ii, iii and iv
ii and iii
i and ii
Which of the following persons engaged in making intra-state supplies from Uttar Pradesh, as prescribed below, is not eligible for composition levy under sub-sections (1) and (2) of the CGST Act, 2017 even though their aggregate turnover does not exceed ` 1.5 crore in preceding FY?
A person supplying restaurant services
A person supplying restaurant services and earning bank interest
A person trading in ice cream
A person supplying service of repairing of electronic items
The time of supply of service in case of reverse charge mechanism is:
Date on which payment is entered in the books of account of the recipient
Date immediately following 60 days from the date of issue of invoice
Date on which the payment is debited in the bank account of recipient
Earlier of (a), (b) or (c)
Which of the following services does not fall under reverse charge provisions as contained under section 9(3) of the CGST Act?
Services supplied by arbitral tribunal to business entity located in Ladakh
Sponsorship services provided to a partnership firm located in Jammu & Kashmir
Sponsorship services provided to a body corporate located in Kerala
Service of renting of motor vehicle for passengers provided to a recipient other than body corporate
Which of the following services are exempt from GST?
Admission to a circus where entry ticket costs ` 550 per person
Interest charged on outstanding credit card balances
Services by an organiser to any person in respect of a business exhibition held in India
Services by a foreign diplomatic mission located in India
