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WorksheetsMCQ Booklet Tax
Total questions: 28
Worksheet time: 14mins
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
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.
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
(ii)
(ii) and (iii)
(iii)
(i), (ii) and (iii)
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
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)
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
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. 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.
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.
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
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
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)
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
Balance in electronic credit ledger can be utilized against payment of ________________.
output tax
interest
penalty
late fees
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
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.
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
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.
