CS Executive Income Tax Pre Exam Test

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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?

Uncommuted pension is always taxable irrespective of whether the assessee is a Private Sector or a Public-Sector employee?

In________ the vessel after reaching an intermediate port. Transfers the goods to another vessel and the second vessel into which the goods are transferred (loaded) from the 1st vessel, carries the goods to the destination port?

There is no offset available between?

The CBDT is a statutory authority functioning under the-

The maximum period for which losses from speculative business can be carried forward:

Which are Union territories, where SGST Act, 2017 is applicable instead of UTGST Act. 2017?

MAT Credit accrues in the years in which the MAT Liability is________ the Normal Tax Liability?

ABC Ltd. has a turnover of INR 40 Crores in FY 2018-19. The Tax Rate applicable would be?

Reverse Mortgage is a transaction in which the debt increases and the home equity decreases with the passage of time. The bank / lender then sells your home when you pass away / want to sell, in order to recover the amounts being paid to you as a lumpsum I installments and fees. Section 43, exempts these lumpsum/installments in a reverse mortgage transaction?

You have availed supply of goods from a supplier registered under the Composition Levy Scheme. You can avail ITC?

If the total Income of an assessee has been computed as Rs. 1 ,25.79490. The total income after rounding off will be taken as

Any interest, salary, bonus. commission or remuneration by whatever name called which is due to or received by a partner of a firm from the firm will be chargeable to tax in the hands of the partner (to the extent allowed as deduction to the firm) under the head “profits and gains of business or profession”.

Out of the following, losses under which head cannot be carried forward unless the return of income is filed within due date

Which of the following is Supply of Services?

The responsibility for keeping proper accounts for the inputs or capital goods send to the job worker shall lie with the

The Gross Annual Value is the higher of Actual Rent and?

Mr. Amit (aged 62 years), a non-resident in India. has a total income of Rs. 25,00,000 during the previous year 202 1-22. This income includes income of Rs 6,00,000 earned from a country with which India has DTAA to avoid double taxation. Tax levied by the foreign country on that foreign income was Rs. 1.50,000, Compute the tax liability of Mr Amit in India for the FY 2021-22 (assuming assessee has not opted for section I15BAC of the Income tax Act, 1961)?

The maximum amount of deduction in respect of interest received on post office savings bank will be Rs.

Where total income assessed by the Assessing Officer was Rs. 4,50,000 and the assessee wishes to file an appeal to Income Tax Appellate Tribunal against the order of Commissioner (Appeals). The fee for filing such appeal shall be

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