Emailing Income Tax MCQ Question Bank Nov 2022.pdf

GST Question for Today:- A resolution is passed in GST council which is unanimously supported by all State Finance Ministers but Union Finance Minister representing Central Government has opposed such resolution. Which of the following is true about the legality of the above resolution:-

a) Resolution shall be null and void since every resolution in GST Council has to be passed by 3/4th of majority and Centre’s vote has a weightage of 1/3rd
b) Resolution is absolutely valid since all the States have passed it and only Centre is opposing it
c) Resolution is null and void since it has not been passed with 100% majority
d) Resolution will be valid if it is signed by President and Prime Minister of India

Income Tax Question for Today:- Raman, a citizen of India, was employed in Hindustan Lever Ltd. He resigned on 27.09.2021. He received a salary of Rs. 40,000 p.m. from 1.4.2021 to 27.9.2021 from Hindustan Lever Ltd. Thereafter he left for Dubai for the first time on 1.10.2021 and got salary of rupee equivalent of Rs. 80,000 p.m. from 1.10.2021 to 31.3.2022 in Dubai. His salary for October to December 2021 was credited in his Dubai bank account and the salary for January to March 2022 was credited in his Mumbai account directly. He is liable to tax in respect of

(a) income received in India from Hindustan Lever Ltd.
(b) income received in India and in Dubai.
(c) income received in India from Hindustan Lever Ltd. and income directly credited in India.
(d) income received in Dubai

GST Question for Today:- M/s. Vishu Megamart, operating a store located and registered in Rajasthan, has come out with big discount offers at the time of Diwali on various gift items. In order to attract more customers, it has decided to supply a gift pack containing 5 packets of Haldiram’s Namkeen (200 gram each) taxable @ 12%, 1 packet of Roasted Smoked Almonds (100 gram) taxable @ 18%, 1 packet of Bournville Chocolate (50 mg) taxable @ 28% and 1 bottle of Real Fresh Juice (1 litre) taxable @ 18% in a single basket for a single price of Rs. 1,000/. State the type of supply and the tax rate applicable on the same.

a) Composite supply; Tax rate of the principal item, i.e. Namkeen @18%
b) Composite supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates
c) Mixed supply; Tax rate of principal item, i.e. Namkeen @18%
d) Mixed supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates

Income Tax Question for Today:- Who among the following will qualify as non-resident for the previous year 2021-22?
- Mr. Joey, an Italian designer, came on visit to India to explore Indian handloom on 03.09.2021 and left on 15.12.2021. For past four years, he visited India for fashion shows and stayed in India for 100 days each year.
- Mr. Sanjay born and settled in Canada, visits India each year for three months to meet his parents and grandparents, born in India in 1946, living in Mumbai. His Indian income is ` 15,20,000.
- Mr. Chang, a Korean scientist, left India to his home country for fixed employment there. He stayed in India for study and research in medicines from 01.01.2017 till 01.07.2021.
Choose the correct answer:
(a) Mr. Joey and Mr. Chang
(b) Mr. Sanjay
(c) Mr. Sanjay and Mr. Chang
(d) Mr. Chang

Test no. 2 of GST would be on 26th Sep and rest of the schedule will remain the same

GST Question for Today:- Mr. Avishkar is a painter registered under GST in Delhi. He sends his artwork for exhibition in Mumbai. At what point of time, supply is considered to have been made under GST?
(a) When painting is completed.
(b) When painting is sent for exhibition in Mumbai.
(c) When painting is displayed at the exhibition in Mumbai.
(d) When painting is purchased by one of the visitors in the exhibition

GST Question for Today:- Mr. Dev Anand is engaged in providing services of facilitating sale and purchase of securities to various clients. He is also engaged in trading of securities. His turnover details are as follows:
Trading of securities Rs. 40,00,000/-
Brokerage on account of facilitating transactions in securities Rs. 30,00,000/-
You are required to ascertain aggregate turnover of Mr. Dev Anand under GST:
(a) Rs.30,00,000/-
(b) Rs.40,00,000/-
(c) Rs. 70,00,000/-
(d) Rs. NIL.

Income Tax Question for Today:- Mr. William, an Indian citizen and a Government employee, left India for the first time on 28.02.2021 on account of his transfer to High Commission in United Kingdom. During P.Y. 2021-22, he visited India only for a week on occasion of his brother marriage. During F.Y. 2021-22, his income composition includes salary, foreign allowances, rent from property in Singapore and interest earned from fixed deposits maintained with SBI. His taxable income for P.Y. 2021-22 will include:
(a) All of them, since Mr. William is a resident in India, hence his global income will be taxable
(b) Only interest earned from fixed deposits maintained in India
(c) No income shall be taxable since Mr. William is a non-resident in India for P.Y. 2021-22
(d) Salary and interest income of fixed deposits with SBI

The correct answer to above question would be (d). Since he visited India only for a week, he shall be non-resident. Salary received by him from Indian Government shall be deemed to accrue in India and hence taxable but allowances & perquisites shall be exempt u/s 10(7). Further, Interest rom FD in India shall also be deemed to accrue in India as per Sec 9.

GST Question for Today:- Mr. Manjot Singh Sidhu is a trader supplying goods from his firm M/s. Singh Traders. The office of the firm is located in Delhi whereas the godowns are located in the State of Uttar Pradesh, Punjab and Jammu & Kashmir (J & K).
M/s. Singh Traders made intra-State supplies from different States during the period from 1-Jul-2017 to 31-March-2018 as follows:
(i) Delhi-Taxable supplies: Rs. 21,00,000/-.
(ii) Punjab–Exempted supplies: Rs. 6,00,000/-.
(iii) Uttar Pradesh–Taxable and exempted supplies: Rs. 3,00,000/- each respectively.
(iv) J & K–Taxable and exempted supplies: Rs. 8,00,000/- and Rs. 3,00,000/- respectively.

Being a GST expert, Mr. Manjot Singh Sidhu seeks your advice to correctly ascertain the States in which he is required to take registration under GST:

a) Delhi, Punjab, Uttar Pradesh and J & K
b) Delhi, Uttar Pradesh and J & K
c) Delhi and Uttar Pradesh
d) Delhi