Tax Laws - Pre Exams Question PDF

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1. The IGST Liability is extinguished first by utilising the Input Tax Credit standing under _________, then under _____________________before the balance is paid in cash a. CGST, IGST b. IGST, CGST c. IGST, CGST and then finally SGST d. CGST, SGST 2. The headquarters of the GST Council is in? a. Mumbai b. Hyderabad c. New Delhi d. Ahmedabad 3. Buy Back Tax (BBT) was introduced with an intent to ______________ companies who were evading taxes on distribution of dividend using buy back as a mode of wealth distribution. a. Motivate b. Discourage c. Incentivise d. None of the above 4. _______________is the GST Day a. 1st April b. 1st July c. 1st January d. 1st June 5. The IGM is filed by _______________ a. Customs Authorities b. Importer c. Carrier of the goods d. Custodian 6. Section 10(2A), states that the share of profit received by a partner from a firm is exempt from tax in the hands of the partner. This is because? a. The authorities want to promote partnership firms and hence this incentive is given b. The firm is already taxed on the profits c. None of the above d. Both of the above 7. Rent received by a tenant from a sub-tenant for a land that is used for agricultural purposes will be classified as Agricultural Income and hence not included in the Gross Total Income of the assessee, as what is important is it’s use for agricultural purposes and not the ownership of the land? a. No, the ownership is necessary b. Yes, it’s the use that’s important c. Neither of (a) or (b) d. Either of (a) or (b)

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8. A person who has availed services under an invoice dated 31st July 2017 and the annual return for the same is filed on 17th Aug 2018. Input Tax Credit can be claimed within? a. 20th Oct 18 b. 31st July 18 c. 20th Sep 18 d. 17th Aug 18 9. Income earned by a LLP is taxable at the rate of: a. 0.1 b. 0.3 c. 0.2 d. None of the above 10. Section 80RRB provides deduction to the resident individual with respect to royalty received on: a. Patents b. Books c. Patents and Books d. None of the above 11. Which incomes of minor are taxable in the hands of minor himself: a. Income earned on account of any manual work b. Income of minor who is a person with disability c. Income earned on account of application of any skill, talent etc. d. All of the above 12. GSTN caters to the needs a. Administrative b. Information Technology c. Logistical d. Finance 13. Taxability in case of Sweat Equity arises on? a. The issuance Date b. The Vesting Date c. The date of exercising the option d. The Grant Date 14. Which section of CGST Act 2017 deals with the determination of time of supply when there is a change in the rate of tax in respect of goods or services or a both? a. Section 14 of CGST Act 2017 b. Section 13 of CGST Act 2017 c. Section 15 of CGST Act 2017 d. Section 16 of CGST Act 2017

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15. Mr. A, a registered person in Delhi supplies 10,000 chairs at the rate of Rs 500 each to Mr. Y, a registered person in Mumbai. In this transaction, which of the following tax will be charged by Mr. A? a. CGST b. IGST c. CGST+SGST d. SGST 16. A tax invoice must be issued a. None of the above b. Always c. No, not necessary if the value is < INR 5000 d. No, not necessary if the value is < INR 200 17. Section 10(34) exempts dividend as defined in Section 115-0 from tax in the hands of recipients thereof. However, Section 115-O, the main operative provision in the Chapter XII-D, calls upon a company declaring/distributing dividend to pay _____________ plus surcharge plus Education & Secondary and Higher Education Cess by way of Dividend Distribution Tax (DDT) on distributed profits in addition to what it is liable by way of tax on its income in the normal course. a. 0.12 b. 0.15 c. 0.1 d. 0.2 18. CBDT comprises of how many members: a. Two b. One c. Six d. Four 19. Which place will be considered as Place of Supply if goods are supplied on board of aircraft? a. Location at which such goods are consumed b. Location at which such goods are taken on board c. Location at which aircraft arrived at final destination d. Any of B or C 20. The CGST Liability is extinguished first by utilising the Input Tax Credit standing under ___________, then under ___________ before the balance is paid in cash a. IGST, CGST b. CGST, IGST c. CGST, SGST d. None of the above 21. Salary, Bonus etc. under section 40(b) is allowed to: a. Non-working partner b. None of the partners c. Working partner d. All the partners

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22. RYA Ltd., has taken a house on rent @ Rs.15,000 p.m., from Mr. G an individual. RYA Ltd., should deduct tax on account of such rent paid/credited amounting to: a. Rs.37,080 b. Rs. 18,540 c. Nil d. Rs. 9,270 23. Calculate Advance Tax Payable by Ms. Katrina from the following estimated incomes for the previous year 2017-18: - Business Income: Rs. 4,50,000; - Rent from house property: Rs. 36,000 per month; - Municipal taxes: Rs. 32,000; - Winning from games: Rs. 70,000 (net of TDS); - Life insurance premium paid for herself (where policy sum assured is Rs. 4,00,000): Rs. 30,000; a. Rs. 54,980 b. Rs. 52,500 c. Rs. 44,680 d. Rs. 54,975 24. The flat amount of deduction under section 80U is – a. Rs.75,000 and Rs. 1,10,000 b. Rs.50,000 and Rs.75,000 c. Rs.75,000 and Rs. 1,25,000 d. Rs.75,000 and Rs. 1,00,000 25. According to Hindu law, a Joint Hindu family may consist of a. Married daughters of a deceased person b. Widows of the members of the family c. Persons lineally descended from a common ancestor d. All the above 26. With effect from 9.9.2005 due to amendment of Hindu Succession Act, the daughter of a coparcener shall by birth become a coparcener. Hence, a. the daughter cannot also ask for partition. b. the daughter can also ask for partition. c. the daughter can also ask for partition only when she is unmarried d. the daughter can also ask for partition only when she is married 27. The Commissioner shall not revise the order under section 264: a. where an order has been made more than 4 years previously b. where an order has been made more than one year previously c. where an order has been made more than 6 years previously d. where an order has been made more than 2 years previously

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28. The rates of Customs Duty for imports, alongside the classification are laid down in the schedule a. Fourth b. Second c. First d. Third 29. X Ltd. has its Head Office (HO) at Mumbat and branches across India. The HO collects the Input Tax Credit on all purchases made and distributes it to all the recipients (branches) under different heads, like CGST, SGST, UTGST, IGST etc. The HO exhibits a type of entity in the example? a. None of the above b. Distinct Person c. Input Service Distributor d. Taxable Entity 30. Composition Levy tax payers have to file a quarterly return, by? a. 18th of the following month b. 10th of the following month c. 20th of the following month d. 15th of the following month 31. Tobacco attracts both? a. Excise & GST b. Excise & Customs c. None of the above d. GST & Customs 32. Alternative Minimum Tax (AMT) is applicable if adjusted Total Income of individual, AOP, artificial juristic person, Firm etc. exceeds: a. 15 lakhs b. 10 lakhs c. 20 lakhs d. 25 lakhs 33. Inputs should be either brought back to the principal OR alternatively sold from the job-worker’s premises within in case of capital goods a. 18 months b. 36 months c. 12 months d. 24 months 34. Indian GST has a Tier rate structure a. 3 b. 5 c. 6 d. 4

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35. In arriving at C.l.F. Value, the insurance can be taken at actuals, capped to? a. 1.125% of C.I.F. b. 20% of C.l.F c. 20% of F.O.B. d. 1.125% of F.O.B. 36. The below prescribed rates are for? The rates are as follows: a) For Manufacturers @1% (CGST + SGST) b) For Food & Restaurant business @5% (CGST + SGST) c) For Traders @1% (CGST + SGST) a. Mixed Supply b. Composite Supply c. Composition Levy d. None of the above 37. No. of days in a month for purposes of computing taxable Gratuity in case the employee is covered under the Payment of Gratuity Act, 1972, are? a. 31 b. 25 c. 30 d. 26 38. Basic exemption for a co-operative society for the assessment year 2018-19 is: a. 15000 b. Nil c. 10000 d. 20000 39. Mr. A, a supplier of fabric, is registered person in Delhi. Mr. A exported 1000 metres of clothes to Mr. B located in France. Which is the place of Supply in this situation? a. Delhi b. PrincipIe of place of Supply as mentioned in GST Act 2017 does not apply in the given situation c. India d. France 40. Mr. Rocky, qualified as resident and ordinary resident (ROR) in India for the Financial Year 201718, has a taxable income of Rs. 50,000. Aditionally, He also owns a house property in the US. Whether Mr. Rocky is required to file its return of Income in India for the Financial Year 201718? a. No, as the taxable income does not exceeds the maximum amount not chargeable to tax. b. Yes, as he is ROR in India during the previous year. c. None of the above. d. Yes, as he is ROR in India during the previous year and owns a house property outside India.

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41. Mr. Y citizen of Sri Lanka, came to India as a tourist and stayed in India for 1 months. After 1 months of his stay in India he returned to Sri Lanka. One day before his departure, he bought a camera with the purpose to carry it to Sri Lanka, along with him. In this given scenario Choose correct statement: a. He cannot claim refund of IGST paid on camera at the time of departure/leaving India b. He can take refund of IGST paid on camera at the time of departure/leaving India c. There is not any provision for claiming refund by tourist in GST Law d. Both B&C 42. If an assessee fails to pay advance tax as required under the Income Tax Act, or the advance tax paid by him is less than _____________ of the assessed tax, he shall be liable to pay interest u/s 234B: a. 0.9 b. 0.3 c. 0.5 d. 0.6 43. An Indian company got sponsorship contract from a foreign company and signed a contract for payment in Indian Rupee. Select the right option on the bases of given information: a. Contract is not Considered as Export of Service b. Contract is Considered as Export of Service c. Contract is illegal d. None of the above is Correct statement 44. In which of the following cases, income of previous year is assessable in the previous year itself: (i) Assessment of persons leaving India (ii) A person who is into illegal business (iii) A person who is running a charitable institution a. (i),(ii)and (iii) b. (i) only c. (i) and (iii) only d. (i) and (ii) only 45. The fundamental cannons of taxation by Adam Smith are: a. Canons of Equity b. Canons of Certainty c. Canons of Economy d. AIl of the above 46. Goods under the act constitute? a. Money b. Securities c. Immovable Property d. None of the above 47. Section 115JB deals with? a. Dividend Distribution Tax (DDT) b. Corporate Tax and Marginal Relief c. Minimum Alternate Tax d. None of the above

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48. The following taxes have now been subsumed under GST? a. Excise b. CST c. VAT d. All of the above 49. It is levied to ensure that the Indian Manufacturers don’t suffer owing to import of cheaper goods from outside and therefore aims to create a level playing a field for the Indian Manufacturers and Importers, thereby with the intent of safeguarding the national interest a. Safeguard Duty b. Anti-Dumping Duty c. Either d. Neither 50. Clubbing provisions will be equally applicable for losses. a. Only some losses b. Loss from business only c. TRUE d. FALSE

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