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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
5. The validity period of E โ way Bill is said to initiate when:
@Mission_CA_Final_MCQs ๐
@Mission_CA_Final_MCQs ๐
Anonymous Quiz
29%
a. Part A is completely filled
18%
b. Part B is completely Filled
52%
c. Both Parts are filled completely
2%
d. None of the above
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
Forwarded from Mission CA Final MCQs ๐
2) Which of the following statements is true under GST? [MTP MAY 2019 1M]
Anonymous Quiz
24%
(A) Grand-parents are never considered as related persons to their grandson/granddaughter
14%
(B) Grand-parents are always considered as related persons to their grandson/granddaughter
57%
(C) Grand-parents are considered as RP to their grandson/daughter only if they are dependent on them
5%
(D) None of the above
Forwarded from Mission CA Final MCQs ๐
4) From the following case scenario choose the appropriate answer from the question.
Ms. Riya is a multi-faceted business personality. She is registered under GST.
She supplied a package of stapler, calculator and charger at a single price of โน 300/. Rate of GST for stapler, calculator and charger is 5%, 12% and 18% respectively.
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Ms. Riya is a multi-faceted business personality. She is registered under GST.
She supplied a package of stapler, calculator and charger at a single price of โน 300/. Rate of GST for stapler, calculator and charger is 5%, 12% and 18% respectively.
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Forwarded from Mission CA Final MCQs ๐
What would be the nature of supply and the applicable rate of GST for the supply of package made by Ms. Riya ?
Anonymous Quiz
3%
(A) composite Supply & applicable rate 12%
86%
(B) mixed Supply & applicable rate 18%
9%
(C) composite Supply & applicable rate 18%
2%
(D) mixed Supply & applicable rate 12%
Forwarded from Mission CA Final MCQs ๐
Duty drawback is allowed upto --% of Duty paid on importation ..if imported goods exported without use
Anonymous Quiz
6%
96
4%
97
79%
98
11%
100
Forwarded from Mission CA Final MCQs ๐
5) Services by way of warehousing of _____is exempt from GST.
(i) processed tea
(ii) jaggery (iii) processed coffee (iv) rice [MAY 2019 MTP]
(i) processed tea
(ii) jaggery (iii) processed coffee (iv) rice [MAY 2019 MTP]
Anonymous Quiz
12%
(A) (i) & (ii)
4%
(B) (iii)
63%
(C) (iv)
21%
(D) All of the above
Forwarded from Mission CA Final MCQs ๐
Q38. What document shall a person under composition scheme issue to its customer?
Anonymous Quiz
87%
Bill of supply
6%
Tax invoice
4%
Invoice
3%
Payment voucher
Forwarded from Mission CA Final MCQs ๐
Q65. Where the supplier has paid the taxes twice on a particular supply by issuing two tax invoices. Error can be rectified :-
Anonymous Quiz
69%
By issuing credit note
20%
By issuing debit note
8%
By cancelling tax invoice
3%
Rectification not possible
Forwarded from Mission CA Final MCQs ๐
Q57. Which of the following statements is correct ?
Anonymous Quiz
5%
A person cannot issue revised invoice once he has obtain the registration certificate.
78%
A person can collect tax only when he is registered under GST.
5%
A person can collect tax even when he is unregistered.
12%
All of the above
Forwarded from Mission CA Final MCQs ๐
Q59. A person is engaged in making exempt supplies but he is non - resident in current f.y. what shall be the turnover limit for registration?
Anonymous Quiz
5%
10 lakhs
15%
20 lakhs
9%
40 lakhs
71%
Not applicable
Forwarded from Mission CA Final MCQs ๐
Divyesh Pvt Ltd. has provided following information for the month of September:
(i) Intra-State outward supply Rs. 8,00,000/-
(ii) Inter-State exempt outward supply Rs. 5,00,000/-
(iii) Turnover of exported goods Rs. 10,00,000/-
(iv) Payment made for availing GTA services Rs. 80,000/-
Calculate the aggregate turnover of Divyesh Pvt Ltd.
(a) Rs. 8,00,000/-
(b) Rs. 23,80,000/-
(c) Rs. 23,00,000/-
(d) Rs. 18,00,000/
(i) Intra-State outward supply Rs. 8,00,000/-
(ii) Inter-State exempt outward supply Rs. 5,00,000/-
(iii) Turnover of exported goods Rs. 10,00,000/-
(iv) Payment made for availing GTA services Rs. 80,000/-
Calculate the aggregate turnover of Divyesh Pvt Ltd.
(a) Rs. 8,00,000/-
(b) Rs. 23,80,000/-
(c) Rs. 23,00,000/-
(d) Rs. 18,00,000/
Forwarded from Mission CA Final MCQs ๐
CS Study Notes - Executive, Professional & Foundation
Divyesh Pvt Ltd. has provided following information for the month of September: (i) Intra-State outward supply Rs. 8,00,000/- (ii) Inter-State exempt outward supply Rs. 5,00,000/- (iii) Turnover of exported goods Rs. 10,00,000/- (iv) Payment made for availingโฆ
Forwarded from Mission CA Final MCQs ๐
Forwarded from Mission CA Final MCQs ๐
Chomu Toys is a registered supplier of goods in Delhi. It intends to attend a 7 daysโ Business Fair organised in Mumbai
(next month) where it does not have a fixed place of business. Examine which of the following statements are true for
Chomu Toys:
(a) Chomu is not required to obtain registration in Mumbai for attending a 7 daysโ Business Fair
(b) Chomu Toys has to obtain registration as a casual taxable person for attending the Business Fair.
(c) Chomu Toys has to obtain a Unique Identification Number for attending the Business Fair.
(d) None of the above
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(next month) where it does not have a fixed place of business. Examine which of the following statements are true for
Chomu Toys:
(a) Chomu is not required to obtain registration in Mumbai for attending a 7 daysโ Business Fair
(b) Chomu Toys has to obtain registration as a casual taxable person for attending the Business Fair.
(c) Chomu Toys has to obtain a Unique Identification Number for attending the Business Fair.
(d) None of the above
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Forwarded from Mission CA Final MCQs ๐
CS Study Notes - Executive, Professional & Foundation
Chomu Toys is a registered supplier of goods in Delhi. It intends to attend a 7 daysโ Business Fair organised in Mumbai (next month) where it does not have a fixed place of business. Examine which of the following statements are true for Chomu Toys: โฆ
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
10%
Aircraft
10%
Motor vehicle
26%
any mode of transport
Forwarded from Mission CA Final MCQs ๐
Forwarded from Mission CA Final MCQs ๐
Which of the following service is not exempt under GST?
(a) Loading and unloading of paddy
(b) Loading and unloading of sugarcane (c) Loading and unloading of tea bags (d) Loading and unloading of potato
(a) Loading and unloading of paddy
(b) Loading and unloading of sugarcane (c) Loading and unloading of tea bags (d) Loading and unloading of potato
Anonymous Quiz
14%
A
10%
B
63%
C
14%
D