Forwarded from Mission CA Final MCQs ๐
2. Abc ltd. Took on sub-lease a building from ms. Jhanvi with effect from 1.7.2022 on a rent of 20,000 per month. It also took on hire machinery from ms. Jhanvi with effect from 1.10.2022 on hire charges of 15,000 per month. Abc ltd. Entered into two separate agreements with ms. Jhanvi for sub -lease of building and hiring of machinery.
Which of the following statements is correct with reference to abc ltd. 's liability to deduct tax at source, assuming that one-month's rent was received as security deposit, which is refundable at the end of the lease period?
(a) no tax needs to be deducted at source since rent for building does not exceed 2,40,000 p. A. And rent for machinery also does not exceed 2,40,000 p. A. Security deposit refundable at the end of the lease term is not rent for the purpose of tds
(b) tax has to be deducted@10% on 2,00,000 and @2% on 1,05,000 (i. E. , rent including security deposit)
(c) tax has to be deducted@10% on 1,80,000 and @2% on 90,000 (i. E. , rent excluding security deposit)
(d) tax has to be deducted@10% on 2,00,000 (i. E. , rent including security deposit). However, no tax is to be deducted on rent of 1,05,000 (i. E. , rent including security deposit) for machinery, since the same does not exceed ` 1,80,000
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Forwarded from Mission CA Final MCQs ๐
Forwarded from Mission CA Final MCQs ๐
3. Mr. Vallish, employed as manager with abc ltd. , pays rent of 50,000 per month to his landlord.
Which of the following statements is correct?
(a) mr. Vallish is liable to deduct tax@10% u/s 194-i, since his annual rent exceeds 2,40,000
(b) mr. Vallish is liable to deduct tax@5% u/s 194-ib every month, since he pays rent of 50,000 per month
(c) mr. Vallish is liable to deduct tax@5% u/s 194-ib on the annual rent in the month of march, since he pays rent of 50,000 per month
(d) mr. Vallish is not liable to deduct tax at source
๐ต๐๐๐ โจ @Divyesh_Vaghela
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Forwarded from Mission CA Final MCQs ๐
Forwarded from Mission CA Final MCQs ๐
4. Mr. Hari is an interior decorator declaring profits under 44ADA in the P.Y.2022-23 and the earlier previous years. Mr. Hari has to pay brokerage of 10 lakhs to Mr. Lal, a broker, to buy a residential house, and 50 lakhs to Mr. Shyam, a contractor for reconstruction of the residential house.
Are TDS provisions attracted in the hands of Mr. Hari in respect of the above transactions?
(a) No; TDS provisions are not attracted in the hands of Mr. Hari in respect of payments to Mr. Lal and Mr. Shyam
(b) Yes; Mr. Hari has to deduct tax from payment to Mr. Lal and Mr. Shyam
(c) Mr. Hari does not have to deduct tax on payment to Mr. Lal but has to deduct tax from payment to Mr. Shyam
(d) Mr. Hari does not have to deduct tax on payment to Mr. Shyam but has to deduct tax from payment to Mr. Lal
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Forwarded from Mission CA Final MCQs ๐
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Forwarded from Mission CA Final MCQs ๐
5. Mr. Sanjay, a salaried individual, pays brokerage of 40 lakhs to Mr. Harish, a broker, on 5.1.2023 to buy a residential house. His father, Mr. Hari, a retired pensioner, makes contract payments of 15 lakhs, 25 lakhs and 12 lakhs on 28.9.2022, 3.11.2022 and 15.2.2023 to Mr. Rajeev, a contractor, for reconstruction of residential house.
With respect to the above payments made by Mr. Sanjay and Mr. Hari, which of the following statements is correct?
(a) Neither Mr. Sanjay nor Mr. Hari is required to deduct tax at source, since they are not subject to tax audit, on account of being a salaried individual and pensioner, respectively
(b) Both Mr. Sanjay and Mr. Hari are required to deduct tax at source under the provisions of the Income-tax Act, even though they are not subject to tax audit
(c) Mr. Sanjay is required to deduct tax at source but Mr. Hari is not required to deduct tax at source
(d) Mr. Hari is required to deduct tax at source but Mr. Sanjay is not required to deduct tax at source
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Forwarded from Mission CA Final MCQs ๐
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Forwarded from Mission CA Final MCQs ๐
๐ฏ IDT MCQ of Nov 22 Exam
A registered person who receives advance against supply of goods or services or both, where nature of supply is not determinable will issue
A registered person who receives advance against supply of goods or services or both, where nature of supply is not determinable will issue
Anonymous Quiz
22%
a) Receipt voucher treat it as intra state supply
58%
b) Receipt voucher treat it as inter state supply
7%
c) Tax invoice treat it as intra state supply
13%
d) Tax invoice treat it as inter state supply
Forwarded from Mission CA Final MCQs ๐
๐ IDT MCQ - May 22 Exam
In which of following mode of transport conveyance, export goods cannot be loaded until entry outwards is granted
In which of following mode of transport conveyance, export goods cannot be loaded until entry outwards is granted
Anonymous Quiz
54%
Vessel
11%
Aircraft
11%
Motor vehicle
24%
any mode of transport
Forwarded from Mission CA Final MCQs ๐
What is the tax treatment in respect of animal purchase for business or profession?
Anonymous Quiz
17%
It is capital expenditure therefore depreciation will be allowed
13%
It will be allowed as revenue expenditure in the year of purchase
12%
No expenditure will be allowed
58%
Actual cost Les amount release on scrap value will be allowed in the year in which animal died etc.
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Forwarded from Mission CA Final MCQs ๐
Which of the following is not a supply under the CGST Act, 2017?
Anonymous Quiz
12%
Goods supplied free of cost by X & Sons to its agent for further supply to customer at ` 5,000
17%
Import of accounting service for business purposes free of cost from dependent father residing in US
65%
An expensive watch gifted to an employee for ` 50,000
7%
A machinery disposed off free of cost on which input tax credit has been availed
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Forwarded from Mission CA Final MCQs ๐
What is the validity of challan in FORM GST PMT-06?
Anonymous Quiz
11%
A} 1 Day
14%
B} 5 Days
67%
C} 15 Days
9%
D} Perpetual
๐3
Forwarded from Mission CA Final MCQs ๐
Kidzee Ltd., a wholesaler of toys registered in Chandigarh, is renowned in the local market for the varieties of toys and their reasonable prices. Kidzee Ltd. makes supply of 100 pieces of babyโs learning laptops and chat learning phones to Nancy General Store on 25th September, 20XX by issuing a tax invoice amounting to Rs. 1,00,000. However, the said toys were returned by Nancy General Store on 30th September, 20XX.
Which document Kidzee Ltd. is required to issue in such a case?
(a) Debit Note
(b) Refund voucher
(c) Credit note
(d) Payment voucher
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๏ธ
Which document Kidzee Ltd. is required to issue in such a case?
(a) Debit Note
(b) Refund voucher
(c) Credit note
(d) Payment voucher
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Forwarded from Mission CA Final MCQs ๐
Forwarded from Mission CA Final MCQs ๐
๐ฏ IMP MCQ on May 23 Amendment
Services by way of fumigation in a warehouse of agricultural produce
Services by way of fumigation in a warehouse of agricultural produce
Anonymous Quiz
48%
Taxable
52%
Exempt
๐1
Forwarded from Mission CA Final MCQs ๐
๐ฏ V.IMP MCQ on May 23 Amendment
Services by the Department of Posts by way of post card, inland letter, book post and ordinary post is ______
Services by the Department of Posts by way of post card, inland letter, book post and ordinary post is ______
Anonymous Quiz
30%
Taxable
35%
Completely Exempt
27%
Exempt only if envelopes weighing less than 10 grams
8%
Exempt only if envelopes weighing less than 20 grams
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Forwarded from CA Divyesh Vaghela
Note : This Summary is applicable for may/nov 23 exam only.
โโโโโ โข.โฐ.โข โโโโโ
๐ Applicable for All : Whether Resident or Non Resident
0 - 250,000 0% 0
2,50,001 - 5,00,000 5% 12,500
5,00,001 - 7,50,000 10% 25,000
7,50,001 - 10,00,000 15% 37,500
10,00,001 - 12,50,000 20% 50,000
12,50,001 - 15,00,000 25% 62,500
> 15,00,000 - 30% on the income above 15 Lakhs
โ Deductions Not Allowed :
80TTA/80TTB
Professional Tax
Standard Deduction on Salaries of 50,000
80C - 80U [EXCEPT 80CCD(2) AND 80JJAA]
Interest On Housing Loan (24(b))
Children Education Allowances
LTC/LTA
HRA Exemption
Minor Child Allowances (for clubbing of income of minor child)
Helper allowances
Other special allowances under 10(14)
Exemption or deduction from other perquisites allowed for salaries
Family pension deduction
To be opted for at the beginning of the financial year.
If an individual has No Salaries but has Business income, he cannot opt-in and opt-out of 115BAC every year. It is available only for One time. If a non salaried individual opts for 115BAC and then opts out of 115BAC he cannot opt for 115BAC in future.
Loss from Self occupied House property cannot be claimed if opted for 115BAC.
However, if there's a LETOUT PROPERTY, then interest paid on housing loan can be claimed as deduction.
Other deductions under 32-37 not allowed (incase of business individual)
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Forwarded from Mission CA Final MCQs ๐
6. Mr. A generated an E โ way bill at 00: 10 hrs. on 17th September.
When shall be the first day be considered to end for validity consideration? @Mission_CA_Final_MCQs ๐
When shall be the first day be considered to end for validity consideration? @Mission_CA_Final_MCQs ๐
Anonymous Quiz
6%
a. At 11 : 50 p.m. of 17th September
72%
b. At 12 : 00 Midnight of 18th September
17%
c. At 12 : 10 am to 18th September
5%
d. None of the above
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