Taxation-II

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Taxation-II

5th Semester (Hons and General )Internal Examination

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1. Regular assessment means assessment made under

1 point

Section 143(3)

Section 144

Both (A) and (B) above

None of the above

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2. Which of the following is not an example of Indirect Tax

1 point

GST

Custom Duty

Security Transaction Tax

Income Tax

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3. As per Section 139( 1), an individual other than an individual of the age of 60 years or more shall have to file a return of income if

1 point

His total income exceeds ₹ 2,50,000

His total income exceeds ₹ 2,00,000

His total income exceeds ₹ 3,00,000

His total income before allowing deduction under Sections 80C to 80U exceeds ₹ 2,50,000

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4. Advance Tax shall be payable by any person whose estimated tax liability for the current year is

1 point

₹50,000 or more

₹10,000 or more

₹1,00,000 or more

None of the above

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5. Interest payable by a non-corporate assessee for deferment of advance tax is

1 point

1.03% p.m

15% p.a

18% p.a

1% p.m.

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6. Which of the following are not a Supply on the Basis of "Goods supplied in conjunction" ?

1 point

None of the other option/s is/are correct

Supply of Broadband Service by a cable operator at a monthly tariff of Rs.799/-

Supply of a Suit set comprising Shirt, trouser and tie at Rs.1499/-

Supply of LED Monitor with warranty and maintenance service for 1 year at Rs.6599/-

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7. Assertion(A): Time of Supply of Service u/s 13(2) is earlier of date of issue of invoice by supplier and date of receipt of payment.

Reasoning(R): As per section 31 the tax invoice needs to be issued before the provision of service or before the completion of 30 days (except for banking and insurance company)

1 point

Both (A) and (R) are true and (R) is the correct explanation of (A)

Both (A) and (R) are true but (R) is not the correct explanation of (A)

(A) is true but (R) is false

(A) is false but (R) is true

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8. Fill the (?) marked boxes in the below table when Total unutilised ITC available in Electronic Credit Ledger before set off CGST- 3,30,000; SGST- 3,25,000

1 point

1. Rs. 40,000; 2. Rs. 25,000; 3. Rs. 10,000

1. Rs.40,000; 2.Nil; 3. Rs. Nil

1. Nil; 2. Rs. Nil; 3.Rs. 10,000

1. Rs.10,000; 2. Rs. 25,000; 3. Rs. 40,000

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9. What are the advantages of composition scheme?

A. Lesser compliance

B. Can avail the benefit of Casual Taxable person

C. Full set off of Input Tax Credit

D. Limited tax liability

E. Taxpayer turnover can be kept below Rs 1.5 crore(except North east & Himachal Pradesh)

F. High liquidity as taxes are at a lower rate

Choose the option that consists all the correct points of advantages

1 point

A C E F

B D A E

C D B A

D F B A

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10. Find CIF Value of Import if FOB Value is 30 lakhs, Cost of transportation(by Air) Rs. 6,20,000, cost of Insurance Rs. 38,000

1 point

Rs. 36,00,000

Rs. 36,20,000

Rs. 36,38,000

Rs. 36,58,000

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