MCQ Portal

1. Mrs Parul is engaged in the business of growing and manufacturing rubber in India. Her income from this activity for the Financial year 2023-24 is ₹2,50,000. As per the Income Tax Act, 1961, her agriculture income will be:

₹2,50,000 ₹1,87,500 ₹1,62,500 ₹1,50,000

2. Ganesh (aged 45 years), employed in Moses Ltd., has received children education allowance of ₹2,000 per month. He has 3 school-going children. How much of education allowance is taxable under the Income Tax Act, 1961 for the assessment year 2024-25?

₹24,000 ₹13,200 ₹21,600 ₹20,400

3. R acquired an asset for ₹5,22,000 which includes ₹72,000 as GST for which R has claimed input tax credit. The actual cost of acquisition to be included in the block of asset under The Income Tax Act, 1961 for the assessment year 2024-25 shall be:

₹5,22,000 ₹4,50,000 ₹5,94,000 NIL

4. Mr Radhe is a working and Mr Shyam is a non-working partner of M/s Sun-Shine partnership firm. M/s Sun-Shine partnership firm is subjected to tax audit under section 44AB of the Income Tax Act, 1961 for the previous year 2023-2024. What is the due date for filing return of income for Mr Radhe and Mr Shyam for the assessment year 2024-2025?

31st July, 2024 for both Mr Radhe and Mr Shyam 31st July, 2024 for Mr Radhe and 31st October, 2024 for Mr Shyam 31st July, 2024 for Mr Shyam and 31st October, 2024 for Mr Radhe 31st October, 2024 for both Mr Radhe and Mr Shyam

5. Amount received by the nominee at the time of closure or opting out of National Pension System (NPS) referred to in section 80CCD of the Income Tax Act, 1961 due to death of assessee is exempt upto assessment year 2024-25. What percentage of total amount payable is exempt?

100% 40% 30% 25%

6. Mr Jiyansh sold his capital asset on 16th July, 2023 and tax payable on long-term capital gain is ₹1,25,000. What will be the advance tax payable by him on 15th September, 2023?

₹18,750 ₹37,500 ₹31,250 ₹56,250

7. What is the monetary limit for gifts given by the employer to employee in a financial year so that it is not treated as supply under GST law?

₹1,00,000 ₹50,000 ₹25,000 NIL

8. Who will levy and administer IGST?

CBIC State Government Union Territory Central Government

9. What is the monetary limit for generating E-way bill under the GST law?

₹50,000 or more ₹1,00,000 or more More than ₹50,000 More than ₹25,000

10. Which of the following statements is incorrect?

Power to levy GST on alcohol for human consumption remains with the state government. Along with GST, additional excise duty is levied by the state government on tobacco. For petrol and diesel, the GST council has to decide the date from which GST will be applicable. Crude oil and natural gas are not taxable under GST law.

11. Under GST, due date of filing of GSTR-7 (Return for authorities deducting tax at source) is (Assume there is no extension).

10th day of the following month 13th day of the following month 18th day of the following month 20th day of the following month

12. Mr Raja supplied a machinery to Mr Ranka on 28th July, 2023. The applicable rate of GST on that day was 12%. With effect from 1st August, 2023, the GST rate for such machinery was revised to 18%. Mr Raja issued an invoice for the sale of that machinery to Mr Ranka on 4th August, 2023. He received the payment for the same on 10th August, 2023. What will be the time of supply and applicable rate of GST in such a case?

28th July, 2023 and at 12% 4th August, 2023 and at 18% 4th August, 2023 and at 12% 10th August, 2023 and at 18%

13. A credit note is issued by the supplier for reducing the tax/ taxable value. It is a document accepted for GST purposes.

Supplier, for increasing the tax/ taxable value Supplier, for reducing the tax/ taxable value Recipient, for increasing the tax/ taxable value Recipient, for reducing the tax/ taxable value

14. On which of the following values IGST cannot be levied under the Customs Tariff Act, 1975?

Assessable value of imported article plus Basic Customs Duty plus Social Welfare Surcharge. Basic Customs Duty plus Anti-dumping Duty. Basic Customs Duty plus Compensation Cess. Assessable value plus Basic Customs Duty plus Anti-dumping Duty plus Safeguard Duty.

15. Under the Customs Tariff Act, 1975, Safeguard Duty shall cease to have effect on the expiry of (unless revoked earlier) from the date of its imposition. However, the Central Government may extend the period of levy to:

5 years; 10 years 4 years; 10 years 3 years; 5 years 1 year; 5 years

June 24 Direct & Indirect Tax Paper