CS Executive Tax Laws Question Paper with Solution

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PART-A
(Answer Q. No. 1 which is compulsory and any 3 from the rest of this part)
Question 1(a): Choose the most appropriate alternative: [1 mark each]
(i) On 5thFeb 2012 Rajat gets a gift of motor car from a relativeMadan. FMV of the car is3,60,000. The amount taxable in the of Rajat under section 56(2) is-
(a) 3,60,000
(b) 3,l0,000
(c) Nil
(d) 50,000
ANS: (c) NIL.

(ii) Which of the following may be a 'not ordinarily resident' in India
Ans: (d) Hindu Undivided Family.

(iii) Salary received in lieu of unavailed leave during service shall be
ANS: (a) Fully taxable

(iv) The net wealth computed under the provisions of the Wealth-tax ct. 1957 shall be rounded off to the nearest :
ANS: (c) Multiple of 100

(v) A person carrying on profession is, requiredget his accounts compulsorily audited by a Chartered Accountant if his gross receipts from profession for theprevious year exceed
ANS: (b) 15,00,000

Question 1(b):Rewrite the following sentence after filling the blank spaces: [1 mark each]
(i) The rate of depreciation on intangible asstes is 25%.
(ii) For the assessment year 2012-13, the basic exemption limit in case of non-resident individual, aged 66 years isRs. 1,80,000.
(iii) The aggregate amount of deduction under sections 80C, 80CCC and 80CCD cannot exceed Rs. 1,00,000.

(iv) In case the income of an individual includes any income of his minor child interms of section 64(1) such individual shall be entitled to exemption of theamount ofsuch income or Rs. 1,500, whichever is less.
(v) In the case of income in the nature of family pension, the amount deductible is33.33% of such income orRs. 15,000, whichever is less.

Question 1(c):Ramesh, aged 66 years, sold a residential house at Pune for Rs. 20,00,000 on 1stOctober, 2011. This house was acquired by his father on 1st Jan, 1979for Rs. 1,00,000. On the death of his father, he inherited the house on 5thJuly 1986. Fair market value of the house as on 1 st April, 1981 was Rs.1,40,000. He paid brokerage @1% to the real estate agent at the time of sale. He purchased a residential
house at Baramati on 7th March, 2012 for Rs.8,00,000 and on 20thApril, 2012 purchased bonds of Rs.3,00,000 (reedeemable after 3 years) of Rural Electrification Corporation ltd.
His other incomes are Rs. 50,000. He deposited Rs. 10,000 in public provident fund.
Compute the taxable income and tax liability of Ramesh for the assessment year 2012-13.
Note: Cost inflation indices -
1981-82 = 100; 1986-87 = 140; and 2011-12 = 785. [5Mark]
CS Executive Tax Laws Question Paper with Solution

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CS Executive Tax Laws Question Paper 2015
1. Which of the following assessee is not liable
to pay advance tax under section 207
during the financial year 2014 - 15 —
(A) A senior citizen having income
chargeable under the head 'profits and
gains of business or profession'
(B) A senior citizen not having income
chargeable under the head 'profits and
gains of business or profession'
(C) A super senior citizen having income
chargeable under the head 'profits and
gains of business or profession'
(D) A resident individual not being senior
citizen having income chargeable
under the head 'profits and gains of
business or profession'.
2. The total income of Atul, a resident
individual, is _2,65,000. The rebate
allowable under section 87A would be —
(A) _2,000
(B) Nil
(C) _1,500
(D) _1,545.
3. Under the Income-tax Act, 1961, LLP is
chargeable to tax @ —
(A) 30% plus cess and SHEC or AMT
@ 18.5% plus cess and SHEC
(B) 30% plus cess and SHEC or AMT
@ 18.5%
(C) 30% plus cess and SHEC or MAT
@ 18.5% plus cess and SHEC
(D) 30% plus cess and SHEC or MAT
@ 18.5%.
4. The year in which the income is earned is
known as —
(A) Previous year
(B) Financial year
(C) Both (A) and (B)
(D) None of the above.
5. For the previous year 2014 - 15, taxable
income of A Ltd., a domestic company is
_10,86,920. Its tax liability would be —
(A) _2,47,822
(B) _4,47,811
(C) _3,32,770
(D) _3,35,860.
6. Which of the following is not a requisite
for charging income-tax on capital
gains —
(A) The transfer must have been effected
in the relevant assessment year
(B) There must be a gain arising on
transfer of capital asset
(C) Capital gains should not be exempt
under section 54
(D) Capital gains should not be exempt
under section 54EC.
7. In order to enjoy exemption under section
54EC, the resultant long-term capital gains
should be invested in specified bonds within
a period of _________ from the date of
transfer.
(A) 36 Months
(B) 4 Months
(C) 6 Months
(D) 12 Months.
8. Which of the following is not correct about
the approved superannuation fund —
(A) Employees' contribution qualifies for
deduction under section 80C
(B) Any amount contributed by the
employer is exempt from tax
(C) Interest on accumulated balance is
exempt from income-tax
(D) Under some circumstances, payments
from the fund are chargeable to
income-tax.
9. Ashraf is an employee of Moon Public
School. His daughter, Zara, is studying in
the said school at a concessional fees of
_600 per month (Actual fee : _4,000 per
month). The amount taxable in the hands
of Ashraf will be —
(A) _48,000
(B) _7,200
(C) Nil
(D) _40,800.
10. Ashok took an interest-free loan of _15,000
from B Ltd. (the employer). Assuming that
the market rate of interest on similar loan is
10%, the taxable value of the perquisite in
the hands of Ashok will be —
(A) _150
(B) _1,500
(C) Nil
(D) None of the above.
11. During the previous year 2014-15, Barun
received a watch worth _20,000 from his
employer. The taxable value of the watch
will be —
(A) _15,000
(B) _20,000
(C) Nil
(D) None of the above.
12. Shyam transferred 2,000 shares of X Ltd.
to Ms. Babita without any consideration.
Later, Shyam and Ms. Babita got married
to each other. The dividend income from
the shares transferred would be —
(A) Taxable in the hands of Shyam both
before and after marriage
(B) Taxable in the hands of Shyam before
marriage but not after marriage
(C) Taxable in the hands of Shyam after
marriage but not before marriage
(D) Never taxable in the hands of Shyam.
13. Arjun has a salary income of _4,60,000.
He also received an interest of _18,000 on
his fixed deposit (after deducting TDS @
10%) and _2,000 on his savings account
with SBI. He deposited _50,000 in PPF
account. The net income-tax liability of
Arjun for the assessment year 2015-16
is —
(A) _16,480
(B) _15,330
(C) _16,270
(D) None of the above.
14. Deduction under section 80CCG is
available to an eligible resident individual
whose gross total income does not
exceed —
(A) _10,00,000
(B) _12,00,000
(C) _5,00,000
(D) No such limit.
15. Sahil works in a technology company.
On 1st January, 2013, he took a loan of
_2,40,000 from his company for the
education of his daughter. During the year
2014-15, he paid an interest of _26,000
towards the said loan and repaid principal
component of _10,000. The deduction
that he can claim under section 80E would
be —
(A) Nil
(B) _24,000
(C) _46,000
(D) _10,000.
16. Under the Income-tax Act, 1961, which of
the following can claim deduction for any
sum contributed during the previous year
to a political party or electoral trust —
(A) Local authority
(B) Individual
(C) Artificial juridical person
(D) None of the above.
17. Under the Income-tax Act,1961, interest on
capital received by a partner from a
partnership firm is chargeable under the
head —
(A) Profits and gains of business or
profession
(B) Income from other sources
(C) Capital gains
(D) None of the above.
18. Zen Ltd. made a payment of _11,00,000
to Amar, a resident transport contractor who
has intimated his PAN details. The tax to
be deducted at source under section 194C
will be —
(A) _10,000
(B) _200
(C) Nil
(D) _11,000.
19. 'Income' under section 2(24) includes —
(i) The profits and gains of a banking
business carried on by a co-operative
society with its members.
(ii) Any advance money forfeited in the
course of negotiations for transfer of
capital asset.
Choose the correct option with reference
to the above statements —
(A) Both (i) and (ii)
(B) Only (i)
(C) Only (ii)
(D) Neither (i) nor (ii).
20. Interest payable under section 234C is
computed at —
(A) Compound interest @ 1% per month
(B) Simple interest @ 1% per annum
(C) Compound interest @ 1% per annum
(D) Simple interest @ 1% per month.
21. Deduction in respect of donations to
National Defence Fund is allowed under
section —
(A) 80G
(B) 80CCG
(C) 80C
(D) None of the above.
22. Interest for default in payment of
installment(s) of advance tax is levied
under section —
(A) 234A
(B) 234B
(C) 234C
(D) 234D.
23. Raman purchased a residential house
property in Ahmedabad on loan for which
he paid an interest of _50,000 during the
previous year. He is working in Delhi and
getting an HRA of _4,000 per month. He
can claim exemption/deduction for —
(A) Only HRA
(B) Only interest paid
(C) Either interest paid or HRA but not
both
(D) Both HRA and interest paid.
24. The Income-tax Act, 1961 empowers the
Central Government to enter into double
taxation avoidance agreements with other
countries under section —
(A) 87
(B) 88
(C) 90
(D) None of the above.
25. Maximum penalty leviable for concealment
of wealth under Wealth-tax Act, 1957 is —
(A) 100% of tax avoided
(B) 300% of tax avoided
(C) 500% of tax avoided
(D) None of the above.
26. Rahul has purchased an aircraft for
_120 lakh. He has taken loan of _20 lakh
to purchase the same. He does not own
any other asset. The wealth-tax on the above
asset will be —
(A) _70,000
(B) _90,000
(C) _1,00,000
(D) None of the above.
27. Lalit, a resident individual of 81 years
works as a consultant. If his taxable income
is _5,20,000, the tax payable by him
would be —
(A) _22,660
(B) Nil
(C) _2,060
(D) _12,460.
28. An Indian repatriate came to India on
1st October, 2014. Out of the balance in his
non-resident external account (NREA) of
_20 lakh, he purchased a car for _15 lakh.
What would be tax treatment under the
Wealth-tax Act, 1957 —
(A) Both car and balance in NREA will
be exempt
(B) Both car and balance in NREA will
be taxable
(C) Only car will be taxable
(D) Car will be exempt but balance in
NREA will be taxable.
29. Wealth-tax return is to be filed in —
(A) Form BA
(B) Form BB
(C) Form AB
(D) Form AA.
30. According to Wealth-tax Rules, 1957, the
notice of demand for recovery of wealthtax
shall be in —
(A) Form C
(B) Form BB
(C) Form A
(D) Form B.
31. Sarath has received a sum of _3,40,000 as
interest on enhanced compensation for
compulsory acquisition of land by State
Government in May, 2014. Of this, only
_12,000 pertains to the current year and
the rest pertains to earlier years. The amount
chargeable to tax for the assessment year
2015-16 would be —
(A) _12,000
(B) _6,000
(C) _3,40,000
(D) _1,70,000.
32. Which of the following double taxation
avoidance agreement (DTAA) emphasises
on residence principle —
(A) UN Model
(B) US Model
(C) OECD Model
(D) Andean Model.
33. Under section 208, it is obligatory for an
assessee to pay advance tax where the tax
payable is —
(A) _10,000 or more
(B) _20,000 or more
(C) _5,000 or more
(D) _8,000 or more.
34. Which of the following cannot claim
deduction for the loan taken to purchase a
house property —
(A) Karta, in respect of property
purchased by HUF
(B) An individual, in respect of property
purchased by him
(C) Partner, in respect of property
purchased by the firm
(D) Spouse of an individual, in respect of
property purchased jointly by the
individual and his/her spouse.
35. Rohit owns a house property in Delhi
which he wants to give on rent. He seeks
your help to determine the reasonable
expected rent when monthly municipal
value is _20,000, fair rent _25,000 and
standard rent _22,000. The reasonable
expected rent will be computed with
reference to following amount per month—
(A) _22,000
(B) _20,000
(C) _25,000
(D) None of the above.
36. Under the Income-tax Act,1961, dividend
derived from the shares held as stock-intrade
are taxable under the head —
(A) Income from other sources
(B) Income from profits and gains of
business or profession
(C) Capital gains
(D) Either capital gains or income from
profits and gains of business or
profession.
37. Under the Income-tax Act,1961, 'notional
profit' from speculative business is —
(A) Taxable under the head 'income from
profits and gains of business and
profession'
(B) Taxable under the head 'income from
other sources'
(C) Taxable either as income from other
sources or as income from profits and
gains of business and profession
(D) Not taxable.
38. A person carrying specified profession will
have to maintain books of account
prescribed by Rule 6F of the Income-tax
Rules, 1962, if gross receipts are more than
_1,50,000 for —
(A) All preceding 5 years
(B) Any of the preceding 5 years
(C) All preceding 3 years
(D) Any of the preceding 3 years.
39. If a block of assets ceases to exist on the
last day of the previous year, depreciation
admissible for the block of assets will be—
(A) Nil
(B) 50% of the value of the block of assets
on the first day of the previous year
(C) The total value of the block of assets
on the first day of the previous year
(D) 50% of the value of the block of assets
on the last day of the previous year.
40. Under section 40A(3) which of the
following payment for an expenditure
incurred would not be admissible as
deduction from business income —
(A) _15,000 paid in cash to a transporter
(B) _15,000 paid in cash to a dealer in
the morning and _10,000 paid in cash
to the same dealer in the evening
(C) _40,000 sent through NEFT to the
bank account of the dealer for goods
purchased
(D) _19,000 paid through bearer cheque
to the dealer for goods purchased.
41. If an individual, having a sales turnover of
_60 lakh files his return of income for the
assessment year 2015-16 after the due date,
showing unabsorbed business loss of
_23,000 and unabsorbed depreciation of
_45,000, he can carry forward to the
subsequent assessment years —
(A) Both unabsorbed business loss of
_23,000 and unabsorbed depreciation
of _45,000
(B) Only unabsorbed business loss of
_23,000
(C) Only unabsorbed depreciation of
_45,000
(D) Neither unabsorbed business loss of
_23,000 nor unabsorbed depreciation
of _45,000.
42. Sameer sold goods worth _50,000 at credit
on 1st April, 2011. However, he has written
off _10,000 of it as bad debts and claimed
deduction for the same during the year
2013-14. On 4th April, 2014, the defaulting
debtor made payment of _45,000. The
taxable amount of bad debts recovered for
the year 2014-15 would be —
(A) _5,000
(B) _50,000
(C) _45,000
(D) _10,000.
43. Under the Income-tax Act,1961, which
of the following outlays incurred by
Sun Ltd. during the previous year ended
31st March, 2015 will not be admissible as
deduction while computing its business
income —
(A) Contribution to a political party in
cash
(B) Interest on loan taken for payment of
income-tax
(C) Capital expenditure on advertisement
(D) All of the above.
44. Which of the following business
commenced during August, 2014 will not
be eligible for deduction under section
35AD —
(A) Setting-up and operating a cold chain
facility
(B) A production unit of fertilizer in India
(C) Operating of a 1 star hotel in a village
(D) Building a hospital of 200 beds.
45. Provisions of section 115JC are not at all
applicable to —
(A) LLPs
(B) Companies
(C) Partnership firms
(D) Individuals.
46. Paresh, a software engineer at ABC Ltd.
left India on 10th August, 2014 for the
treatment of his wife. For income-tax
purpose, his residential status for the
assessment year 2015-16 will be —
(A) Resident
(B) Non-resident
(C) Not ordinarily resident
(D) Cannot be determined from the given
information.
47. A non-professional firm M/s Bright has
book profits of _9,36,000. The admissible
remuneration to working partners for
income-tax purpose shall be —
(A) _6,51,600
(B) _6,81,600
(C) _2,70,000
(D) None of the above.
48. MAT credit in respect of excess taxes
paid under section 115JB can be carried
forward for —
(A) 7 Assessment years
(B) 10 Financial years
(C) 10 Assessment years
(D) 7 Financial years.
49. Provisions of section 44AD for computation
of presumptive income are not applicable
to —
(A) Limited liability partnership
(B) Partnership firm
(C) Resident Hindu Undivided Family
(D) Resident individual.
50. A partnership firm whose sales turnover is
_90 lakh has derived income from an
industrial undertaking entitled to deduction
under section 80-IB. The due date for filing
the return of income for the assessment year
2015-16 will be —
(A) 31st July, 2015
(B) 30th September, 2015
(C) 31st October, 2015
(D) None of the above.

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