424: 1 :

QUESTION PAPER BOOKLET CODE :

A
424
Question Paper Booklet No.

Roll No. :

Time allowed : 3 hours Maximum marks : 100

Total number of questions : 100 Total number of printed pages : 24
Instructions :
1. Candidates should use blue/black ball point pen ONLY to fill-in all the required information in
OMR Answer Sheet and this Question Paper Booklet.
2. OMR Answer Sheet cannot be taken out from the Examination Hall by the examinees and the
same is required to be properly handed over to the Invigilator/Supervisory staff on duty and
acknowledgement be obtained for doing so on the Admit Card before leaving the Examination
Hall.
3. Candidates are required to correctly fill-in the Question Paper Booklet Code and the Question
Paper Booklet No. (as mentioned on the top of this booklet) in the OMR Answer Sheet, as
the same will be taken as final for result computation. Institute shall not undertake any responsibility
for making correction(s) at later stage.
4. This Question Paper Booklet contains 100 questions. All questions are compulsory and carry ONE
mark each. There will be negative marking for wrong answers in the ratio of 1 : 4, i.e., deduction
of 1 mark for every four wrong answers.
5. Seal of this Question Paper Booklet MUST NOT be opened before the specified time of examination.
6. Immediately on opening of Question Paper Booklet, candidates should ensure that it contains 100
questions in total and none of its page is missing/misprinted. In case of any discrepancy, the booklet
shall be replaced at once.
7. Each question is followed by four alternative answers marked as A, B, C and D. For answering
the questions including those requiring filling-in the blank spaces, candidates shall choose one most
appropriate answer to each question and mark the same in the OMR Answer Sheet by darkening
the appropriate circle only in the manner as prescribed in the OMR Answer Sheet.
8. Darkening of more than one circle corresponding to any question or overwriting/cutting any answer(s)
shall be taken as wrong answer for computation of result. Ticking/marking/writing of answer(s)
in the Question Paper Booklet shall not be considered in any circumstance for award of marks.
The Institute shall neither entertain any claim nor be liable to respond to any of the query in the
aforesaid matter.
9. Rough work, if any, should be done only on the space provided in this Question Paper Booklet.
10. The Copyright of this Question Paper Booklet and Multiple Choice Questions (MCQs) contained
therein solely vests with the Institute.
.......................................................
(SIGNATURE OF CANDIDATE)

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 2 :
Note : All questions in Part-I relate to the Income Tax Act, 1961 and Assessment Year 2022-23,
unless stated otherwise.

PART—I

1. An employer provided free refreshment to 3. Ram, aged 45 years received 12 instalments

his employee for which he incurred an amount of amount of ` 42,000 on the basis of reverse
of ` 80 per such refreshment. State the mortgage scheme during the financial year
amount which is treated as a perquisite for 2021-22. Compute the amount of tax in the
the employee and its taxable value as per hands of Ram as per section 115BAC of
the Income Tax Act, 1961 for the Assessment
sec 15BAC of the Income Tax Act, 1961
Year 2022-23 :
for the Assessment Year 2022-2023 :
(A) ` 13416
(A) ` 50
(B) ` 13832
(B) Exempt
(C) ` 12900
(C) ` 80
(D) Nil
(D) Nil
4. As per section 2(1B) of the Income Tax
2. Lalit presents you following details related to his Act, 1961, which out of the following is not
tax liability for Assessment Year 2022-23 : a requirement for amalgamation of two
Tax liability as per section 115JC ` 18 lakhs companies :
(A) All the assets are transferred from
Tax liability as per regular
amalgamating company to amalgamated
provision of Income tax Act ` 23 lakhs company
AMT credit brought forward (B) More than 50% of the directors of the
from Assessment Year 2021-22 ` 8 lakhs amalgamating company become
directors of the amalgamated company
What shall be the tax liability of Lalit for
(C) All liabilities including contingent
Assessment Year 2022-23 ? (Assessee has
liabilities are transferred from
not opted for section 115BAC)
amalgamating company to amalgamated
(A) ` 23 lakhs company
(B) ` 18 lakhs (D) Shareholders having 3/4th in value of
(C) ` 15 lakhs shares of the amalgamating company
become shareholders of the
(D) ` 10 lakhs
amalgamated company
1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 3 : 424
5. The benefit of payment of advance tax in 7. State which out of the following perquisite
one instalment on or before 15th March is
is exempt as per section 115BAC of the
available to assessees computing profits on
presumptive basis : Income Tax Act, 1961 for the Assessment

(A) Only under Section 44AD Year 2022-23 :

(B) Under section 44AD and 44ADA (A) Helper facility at the residence of
(C) Under section 44AD and 44AE employee
(D) Under section 44AD, 44ADA and (B) Laptop given to employee for the
44AE
official use ownership retained with the
6. Satish aged 45 years is having a house
employer
property at Hyderabad. The municipal
valuation is ` 12,50,000 and fair rent of the (C) Children education allowance given by
property is ` 11,00,000. The standard rent
the employer
is ` 11,50,000. He let out the property for
a rent of ` 1,05,000 per month during the (D) Uniform allowance provided to the
financial year 2021-22. Rent of March could employee
not be realised despite all efforts, as the tenant
have vacated the property. All the conditions 8. Sarad is a Karta of HUF doing business
for unrealised rent were satisfied. He had at Delhi. Sarad is residing in USA for past
paid the municipal taxes of ` 2,30,000. He
6 years and he visited India for 30 days
has paid an interest of ` 2,50,000 during
every year for filing income tax return of
the year for the amount borrowed for
construction of the property. Compute the HUF. His 3 sons and wife take care of the
income from house property for Assessment affairs of business in India. What will be the
Year 2022-23 ? (Assessee has not opted
residential status of HUF ?
for section 115BAC) :
(A) ` 3,97,500 (A) RNOR

(B) ` 4,47,500 (B) NR

(C) ` 5,21,000 (C) ROR
(D) ` 4,71,000
(D) RNOR and NR both
1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 4 :
9. A HUF is having total income of ` 22,50,000 11. As per section 12A of Income Tax Act,
for the previous year ended 31st March, 1961, trust or institution has been granted
2022. Compute the net tax liability of HUF registration under section 12AA, and,
if it opts for section 115BAC for the subsequently, it has adopted or undertaken
Assessment Year 2022-23 ?
modifications of the objects which do not
(A) ` 4,87,500 conform to the conditions of registration, then
(B) ` 4,12,500 it shall be required to make an application,

(C) ` 5,07,000 in the prescribed form and manner, within

a period of ....................... from the date
(D) ` 4,29,000
of said adoption or modification, to the
10. Kavi got the following incomes for the
Principal Commissioner or Commissioner and
Financial Year 2021-22 :
thereupon obtain fresh registration.
(i) Income derived from saplings grown
in the nursery amounting to ` 5 lakh (A) 30 days

(ii) Income derived from removing the hay (B) 60 days

from the basic grains ` 2 lakh (C) 90 days

(iii) Received rent for agriculture land of (D) Six months
` 3 lakhs which is given of seedlings
12. Section 2(22)(e) of Income Tax Act, 1961,
to Aryan
which deems certain payments as dividend,
Compute the total income that is chargeable
is applicable only to the shareholders
to tax in the hands of Kavi for the
of .......................... .
Assessment Year 2022-23 ?
(A) A Private company
(A) ` 5,00,000
(B) A widely held company
(B) ` 2,00,000

(C) ` 3,00,000 (C) A closely held company

(D) Nil (D) Nidhi company

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 5 : 424
13. Srithan grows tomatoes and he uses them 15. ABC charitable trust would like to accumulate
for the purpose of manufacturing tomato the income for the purpose of construction
ketchup in his factory. 60% of tomatoes
of school building in coming three years and
produced is sold for ` 5,00,000 and cost
therefore set apart ` 20 Lacs out of current
of cultivation is ` 3,50,000. 40% of tomatoes
year’s income. In order to exclude ` 20 lacs
produced is procured to manufacturing
ketchup the Market Value of the tomatoes from taxable income, the charitable trust is

is ` 3,00,000 and cost of cultivation was required to inform the purpose and the period
` 1,80,000. He incurred ` 1,00,000 for for which accumulation is made to the
processing and ketchup was sold for assessing officer in a prescribed form. Out
` 6,00,000 in the Financial Year 2021-22. of the following, which is the prescribed form
Compute the Agriculture and Business to be used by the trust :
Income for the Assessment Year 2022-23.
(A) Form No. 9
(A) ` 1,50,000, ` 2,00,000
(B) Form No. 8
(B) ` 3,50,000, Nil
(C) Form No. 10 A
(C) Nil, ` 3,00,000
(D) Form No. 10
(D) ` 2,70,000, ` 2,00,000

14. The Total Income tax including education cess 16. The time limit for issue of notice u/s 148,

payable in case of resident individual aged when income in relation to any asset worth
49 years, where computed total income is ` 80 lacs located outside India, chargeable
` 3,80,000 for the Assessment Year 2022-23 to tax has escaped assessment is from the
shall be ...................... . (Assessee has not
end of the relevant assessment year :
opted for section 115BAC).
(A) Upto 3 years
(A) ` 6,760
(B) Upto 4 years
(B) ` 4,260
(C) Beyond 3 years but upto 10 years
(C) Nil

(D) ` 3,380 (D) Beyond 4 years but upto 16 years

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 6 :
19. As per section 13B of the Income Tax Act,
17. The due date specified u/s 139(1) for filing
1961, the voluntary contributions received
the return of income in case of companies by an electoral trust during the year is not
included in its income :
engaged in international transactions and who
(A) When 85% of contribution is distributed
have to furnish a report u/s 92 E is : in the year

(A) 31st July (B) To the extent of 10 lakhs

(C) When 95% of contribution is distributed
(B) 31st August in the year
(D) To the extent of 50% of contribution
(C) 30th September
of ` 100 lakhs whichever is less
(D) 30th November 20. Following are the income of Sudha for the
Previous Year 2021-22 :
18. As per section 2(22A) of the Income Tax (i) Dividend from foreign company
Act, 1961, Domestic Company means : received in Tokyo ` 96,000
(ii) Profit earned from business in Indonesia
(i) An Indian Company or which is controlled in India, ` 6 lakhs,
3/4th of the profit is received in India
(ii) any other Company
(iii) Fees from technical services received
(iii) which makes the prescribed in India for technical services provided
to run a business outside India of
arrangements for the declaration and ` 9 lakhs
payment of dividends in India on which (iv) Profit not taxed previously brought into
India ` 2 lakhs
tax is deductible under Section 194 of
What is the gross total income of Sudha,
the Income Tax Act, 1961. if she is an ordinary resident and not ordinary
Resident for the Assessment Year 2022-23 ?
(A) (i) & (iii)
OR NOR
(B) (ii) & (iii) (A) 15,96,000 15,96,000
(B) 17,96,000 15,00,000
(C) (i) & (ii)
(C) 15,96,000 15,00,000
(D) (i), (ii) & (iii) (D) 15,96,000 13,50,000

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 7 : 424
21. As per section 115JB inserted vide Finance 23. Sri transferred his residential property to his

Act, 2016, where the assessee is a unit wife by way of a gift settlement. During the

located in an International Financial Services financial year 2021-22, his wife got a rental

Centre and derives its income solely in income of ` 25,000 p.m. She made a fixed

convertible foreign exchange, the rate of MAT deposit in the bank from the rental income

shall be .................... instead of ............ . and she has earned an interest income of
` 32,000. State the income taxable in the
(A) 9%, 18.5% of Taxable Profits
hand of Sri and his wife for the Assessment
(B) 9%, 18.5% of Book Profits
Year 2022-23 ?
(C) 18.5%, 9% of Taxable Profits (A) ` 3,32,000, Nil
(D) 18.5%, 9% of Book Profits (B) Nil, ` 3,32,000

22. The Assessing Officer while scrutinizing the (C) ` 32,000, ` 3,00,000
return of an assessee find under reporting
(D) ` 3,00,000, ` 32,000
of income for the reason of misreporting of
24. A non-professional firm ABC and Co. has
facts of such income and thus levied penalty
book profit of ` 12,38,000 in previous year
on such under reported income resulting from
2021-22. The admissible remuneration to
misreporting of income. The penalty to be
working partner for income tax purpose shall
imposed by the A.O. shall be at the rate
be ...................... for the Assessment Year
of tax payable on such misreported income.
2022-23.
(A) 50%
(A) ` 2,70,000
(B) 100% (B) ` 8,62,800
(C) 200% (C) ` 8,32,800

(D) 300% (D) ` 11,14,200

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 8 :

25. Rajesh pays a rent of ` 8,000 p.m. His total 27. Personal earning including income from self-

income is ` 6,00,000 for the financial year acquired property of a member of the HUF

2021-22 (i.e., Gross total income is reduced is included in the income of :

by deduction under chapter VIA except (A) HUF

section 80GG). He is also in receipt of HRA. (B) Members of HUF

He would be eligible for a deduction under (C) Individual
section 80GG of an amount of ...............
(D) None of the above
for the Assessment Year 2022-23 ? (Assessee
28. The liability to pay interest u/s 234B would
has not opted for section 115BAC).
arise when the advance tax plus TDS/TCS
(A) ` 96,000 to the credit of the assessee is less than :

(B) ` 60,000 (A) 75% of the assessed tax

(C) ` 80,000 (B) 90% of the assessed tax

(D) Nil (C) 60% of the assessed tax

(D) 100% of the assessed tax

26. Raman holds 30% of shares in RS Limited.
His Spouse is a software engineer. Now Mrs. 29. As per section 271G of the Income Tax
Act, 1961, when an assessee fails to furnish
Raman is drawing a remuneration of ` 50,000
any information relating to a specified
per month (1st April, 2021 to 31st March, 22)
domestic transaction; the quantum of penalty
from RS Limited. The salary of spouse of
as a percentage of value of the transaction
Raman will be taxable in the hands of ...... .
would be :
(A) Raman
(A) 2%
(B) Spouse of Raman (B) 1%
(C) Whosever income is higher (C) 5%

(D) As per discretion of Assessing Officer (D) 3%

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 9 : 424
30. Which out of the following incomes is exempt 32. DG & Co. of USA is maintaining and operating
u/s 10(6) of the Income Tax Act, 1961 in a branch in India for sale of its textile products.
the hands of an individual who is not a
The adjusted total income of the branch for
citizen of India :
the previous year 2021-22 prior to charge
(i) Salary received by a Non-Resident
of H.O. expenses of ` 45 lakh is of ` 250
non-citizen of India as a crew member
of foreign ship lakh. Indian branch intends to know the

(ii) Remuneration received by foreign maximum amount of H.O. expenses as

government employee from foreign allowable during the year under the Act.
government for specified training in Specify the amount :
India
(A) ` 45 lakh
(iii) Remuneration of foreign diplomats and
employee of a foreign enterprise for (B) Nil as HO is non-resident
services rendered in India (C) ` 12.5 lakh
(A) (i) & (ii)
(D) 8% of adjusted total income
(B) (i) & (iii)
33. Which of the following returns can be revised
(C) (ii) & (iii)
under section 139(5) of Income Tax Act,
(D) (i), (ii) & (iii)
1961 ?
31. The family of deceased employee is receiving
a pension of ` 12,000 p.m. from the (i) A return of income filed u/s 139(1)
employer in financial year 2021-22. Compute (ii) A belated return of income filed u/s
the income to be chargeable in the hands
139(4)
of family member and also state under which
head the income is taxable for the Assessment (iii) A return of loss filed u/s 139(3)
Year 2022-23 ? (Assessee has not opted
Choose the correct answer :
for section 115BAC).
(A) Only (i)
(A) ` 1,44,000, Income from salary
(B) ` 1,29,000, Income from other sources (B) Only (i) and (ii)

(C) ` 96,000, Income from other sources (C) Only (i) and (iii)

(D) ` 94,000, Income from salary (D) (i), (ii) and (iii)

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 10 :

34. A tax payer (an assessee) wants to prefer 36. Sanghvi purchased her first house at
Vijayawada for occupation on 10th June,
an appeal against the order of the Assessing
2020 for ` 80 Lakhs (stamp duty value being
Officer. He received the order dated 28th the same) with bank loan sanctioned on 1st
August, 2021 on 8th September, 2021. He June, 2020 she paid on interest of ` 4.5
must file an appeal before the CIT (Appeals) Lakhs during the Previous Year 2021-22.
What is the tax treatment of interest paid
under section 246A of the Income-tax Act,
by her for the Assessment Year 2022-23 ?
1961, as an e-appeal within : (Assessee has not opted for section

(A) 30 days from the date of the order 115BAC).

(A) Interest of 2 lakhs allowable u/s 24

(B) 30 days from the date of receipt of
(B) Interest of 1.5 lakhs u/s 24 and 1.5
the order of AO
lakhs allowable u/s 80EEA
(C) 45 days from the date of order (C) Interest of 2 lakhs allowable u/s 24
and 50,000 allowable u/s 80EEA
(D) 40 days from the date of receipt of
(D) Interest of 2 lakhs allowable u/s 24
order of AO
and 1.5 lakhs allowable u/s 80EEA
35. Urvish is engaged in the business of growing
37. Bhuvana transferred the rental income of
the coffee in India. He derived an income ` 1,20,000 p.m. to Sneha during the previous
from sale of coffee grown, cured, roasted year 2021-22 but she did not transfer the
property in the name of Sneha. As per
and grounded. Determine to what extent his
provision of the Income Tax Act, 1961, the
income will be taxable in India. (Assessee
rental income will be taxed in the hands of
has not opted for section 115 BAC). .............. for the Assessment Year 2022-23.

(A) 40% of such income (A) Sneha

(B) Bhuvana
(B) 25% of such income
(C) Sneha or Bhuvana, whoever is having
(C) 60% of such income higher income during the previous year
(D) 75% of such income (D) As per discretion of Assessing Officer

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 11 : 424
38. The requirement of granting the assessee a 41. Gyaan charitable trust owns a capital asset

reasonable opportunity of being heard u/s of ` 5,00,000 and 3/4th of the income from
such asset is utilized for charitable purpose.
127(1) of the Income Tax Act, 1961 is in
The asset was sold for ` 12 lakhs and from
....................... nature.
the sale proceeds, the trust brought another
(A) Recommendatory asset for ` 10 lakhs during the previous year
2021-22. The amount of capital gain deemed
(B) Mandatory
to have been applied for charitable purpose
(C) Discretionary is .................... for the Assessment Year
2022-23.
(D) Optional
(A) ` 3,75,000
39. The rate of depreciation for fluidized bed
(B) ` 5,00,000
type heat treatment furnaces is :
(C) ` 7,00,000
(A) 15%
(D) ` 10,00,000
(B) 20% 42. Priya, (Non-Government Employee) an
(C) 40% employee of S Ltd. have received the amount
of retrenchment compensation as she is going
(D) 30%
out of the company due to the retrenchment
40. Ganesh incurred short term capital loss of process. The total years she worked in the
company is 17 years. The average pay equals
` 80,000 on sale of shares during the
to 15 days is ` 30,500. You are required
previous year 2021-22 through the national
to compute the income which is chargeable
stock exchange. Such loss can be : under the head salaries in the hands of Priya.
(A) Set off against short term capital gain (Assessee has not opted for section
115BAC).
(B) Set off against short term and
(A) ` 5,18,500
long term capital gain
(B) ` 2,13,500
(C) Not be allowed to set off
(C) ` 18,500
(D) Set off against long term capital gains
(D) Nil
1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 12 :
43. PQR, an eligible assessee, following 45. Deduction u/s 80C in respect of life insurance
mercantile system of accounting, carrying on
eligible business under sec 44AD provides premium is restricted to ........... of capital
the following details. Total turnover for the sum assured in respect of policies issued on
financial year 2021-22 is ` 180 lakhs
out of the above : before 31st March, 2012 and .............. of

(i) 30 lakhs received by cash during the capital sum assured in value of policies taken
financial year on or after 1st April, 2012.
(ii) 80 lakhs not received till due date of
filing of the return (A) 10%, 15%

(iii) 70 lakhs received by account payee (B) 20%, 15%

draft before the date of filing of return
(C) 20%, 10%
What will be the amount of deemed profit of
PQR under section 44AD(1) of Income Tax (D) 10%, 5%
Act, 1961 for Assessment Year 2022-23 :
(A) ` 14.4 lakhs 46. B (Non-Government Employee) stays at

(B) ` 10.8 lakhs Delhi received a basic of ` 60,000 p.m. and

(C) ` 12.4 lakhs dearness allowance ` 3,000 p.m. (forming
(D) ` 13 lakhs part of salary) and he is also given a rent-
44. Sudha has to pay ` 1,20,000 to the free furnished home. The fair rent of the house
co-operative society annually against the
house allotted to her by society. She initially is ` 1,20,000 p.a. and rent of furniture is
paid a sum of ` 3,00,000 to become a ` 24,000 p.a. Compute the tax liability for
member of the housing co-operative society
the A.Y. 2022-23. (Assessee has not opted
during the previous year 2021-22. The term
of the payment was for 15 years. The amount for section 115BAC).
allowed to be deducted u/s 80C for the
previous year 2021-22 will be : (A) ` 85,800

(A) ` 1,20,000 (B) ` 84,427

(B) ` 4,20,000
(C) ` 82,500
(C) ` 1,40,000
(D) ` 1,50,000 (D) ` 81,180

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 13 : 424
47. Santhi sold a vacant land for ` 2 crores on 49. Santa, aged 50 years, provides the following
details for P.Y. 2021-22.
18th June, 2021. The cost of acquisition of
Fabric business income ` 36 lakhs
land was ` 25 lakhs in the year 2009-10.
She deposited 90 lakhs in RECL bonds in Speculative business loss ` 9 lakhs

October 2021. The amount of capital gain Fabric business loss ` 12 lakhs

liable to tax after deduction under sec 54EC Income of his son clubbed ` 4 lakhs

is .................. (Assessee has not opted for (After deduction of ` 1500)

section 115BAC). Deductions under chapter VI–A ` 3.5 lakhs

TDS ` 2 lakhs
Indexation F.Y. 2021-22=317,
Advance tax paid ` 3.6 lakhs
F.Y. 2009-10 = 148
What shall be the net tax payable (refundable)
(A) ` 56,45,270 as per regular provisions of Income Tax Act,
(B) ` 86,45,270 1961 for the Assessment Year 2022-23 for
Santa ? (Assessee has not opted for section
(C) ` 1,46,45,270 115BAC).
(D) ` 96,45,270 (A) ` 9,400

48. Sirish’s father is dependent on him and (B) ` 2,71,400

suffering with 90% disability. Sirish has (C) ` 2,09,400

incurred an amount of ` 98,000 during the (D) ` 3,83,800

financial year 2021-22 in maintaining and on 50. Where it is not clear as to whom amongst
the two persons has received the income,
medical treatment of his father. The deduction
the Assessing Officer can commence
he can claim in his income tax return for proceedings against both the assessees to
Assessment Year 2022-23 if opted for determine the question as to who is
section 115 BAC is : responsible for paying tax ? This assessment
is called as :
(A) ` 98,000
(A) Summary assessment
(B) Nil (B) Scrutiny assessment
(C) ` 75,000 (C) Protective assessment

(D) ` 1,25,000 (D) Re-assessment

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 14 :
PART—II

51. Can the taxable person under Composition 53. As per section 16 of IGST Act, ‘‘Zero Rated
Supply’’ includes :
Scheme claim input tax credit ?
(i) Export of goods or services or both
(A) Yes
(ii) Supply of goods or services or both

(B) No to SEZ developer

(iii) Supply of goods or services or both

(C) Only in some specific cases
to Special Economic Zone unit
(D) After the approval of GST Council (A) (i) & (ii)

52. When can a registration be liable to (B) (i) & (iii)

cancellation : (C) (ii) & (iii)

(D) (i), (ii) & (iii)

(i) If the person does not conduct business
54. ................. and ............... are the two Union
from the declared place of business
Territories at which UTGST Act, 2017 is

(ii) Violates the provision of Rule 86 B not applicable ?

(A) Delhi & Puducherry

(iii) Non-filing of returns for a continuous
(B) Delhi & Chandigarh
period of six months or for three
(C) Puducherry & Chandigarh
consecutive tax period in case of
(D) Andaman and Nicobar & Ladakh
composite dealer
55. As per Rule 50 of CGST Rules, 2017, the
(A) (i) & (ii) receipt voucher must contain :

(A) Description of goods or services

(B) (i) & (iii)
(B) Invoice reference
(C) Only (i)
(C) Full value of supply
(D) (i), (ii) & (iii) (D) None of the above

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 15 : 424
56. Bharath Ltd is engaged in making Sweets. 58. As per Section 17 of CGST Act, 2017, for

The Company on Diwali, distributed the same banking companies using inputs and input

sweets to its employees. Can the company services partly for taxable supplies and partly
for exempt supplies, which of the following
claim ITC in respect to the inputs used in
statement is true ?
making such gifts to its employees ?
(A) ITC shall be compulsorily restricted to
(A) Yes
credit attributable to taxable supplies
(B) No including zero rated supplies

(C) Yes, after approval from GST (B) 50% of eligible ITC on inputs, Capital
Commissioner goods and input service shall be
mandatorily taken in a month and rest
(D) Yes, to the extent of 50% of Inputs
shall lapse
57. Unless and until notified by the Central
(C) Either (a) or (b) at the option of
Government on the recommendation of the
banking company
Council, CGST or IGST or UTGST shall
(D) None of the above
not be levied on the following supplies :
59. A is an Air Travel agent. He collected
(i) Petroleum Crude and High Speed
` 50,000 (Basic fare domestic booking) and
Diesel
` 1,00,000 (Basic fare for International
(ii) Motor Spirit Booking). As per Rule 32 of CGST Rules,
2017, the value of supply under this case
(iii) Natural Gas and Aviation Turbine Fuel
will be :
(A) (i) only
(A) ` 2,500
(B) (i) & (iii)
(B) ` 7,500
(C) (ii) & (iii)
(C) ` 12,500
(D) (i), (ii) and (iii)
(D) ` 15,000

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 16 :

60. The First Country to implement Goods & 63. The IGST (Integrated Goods and Services)
Act, 2017 deals with :
Services Tax was ............... in early as .....
(i) Inter-State Supplies
(A) France; 1954 (ii) Import into India

(B) France; 1955 (iii) Supplies made outside India

(A) (i) & (ii)
(C) Argentina; 1954
(B) (i) & (iii)
(D) Argentina; 1955
(C) Only (i)
61. What is the time of supply of goods, in case (D) (i), (ii) & (iii)
of supplier opting for composition levy under 64. As per section 25 of CGST Act, 2017, when
employer gifts goods or services to his
section 10 of the CGST Act, 2017 ?
employees, it will not be considered as
(A) Date of issue of invoice taxable supply for the purpose of GST; if
the value of supply to an employee does
(B) Date of receipt of consideration by the
not exceed :
supplier (A) ` 5,000

(C) Latter of (A) & (B) (B) ` 20,000

(C) ` 50,000
(D) Earlier of (A) & (B)
(D) ` 1,00,000
62. What should be the treatment of tax element
65. Srikar of Hyderabad, purchased goods for
in a capital asset under CGST Act, 2017 ? ` 12,00,000 from Arnav of Mumbai and
hold the goods at the location of supplier
(A) Capitalize the same and claim
at Delhi. Which shall be the place of supply
depreciation thereon in such a case :

(B) Claim the ITC at first instance (A) Hyderabad

(B) Mumbai
(C) Either (A) or (B)
(C) Delhi
(D) Both (A) and (B) (D) Mumbai and Delhi both

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 17 : 424
66. The ISD Mechanism is based on the concept 69. Which of the following is not considered as
of ...................... . deemed supply under CGST Act, 2017 ?

(A) Distributing the credit on common (A) Permanent transfer or disposal of

invoices pertaining to Input Services business assets where ITC has been
availed on such assets
(B) Distribution of goods (inputs or capital
(B) Import of services by a person from
goods) among the branches
a related person or from any of his
(C) Both (A) and (B) other establishments outside India
(D) Neither (A) nor (B) (C) Supply of goods by an agent to his
67. Balance in electronic credit ledger under principal where the agent undertakes
IGST can be used against which liability : to receive such goods on behalf of the
principal
(A) IGST Liability only
(D) Supply of goods by an unincorporated
(B) IGST and CGST liability only
association or body of persons to a
(C) IGST, CGST and SGST liability member thereof for cash, deferred

(D) None of the above payment or other valuable

consideration
68. In case of exports and supplies to SEZs,
70. Center Provide Compensation to the states
no tax is payable. In these cases on the inputs
for loss of revenue arising on account of
used :
implementation of the goods and service tax
(A) ITC is allowed for a period of .................. .
(B) ITC is not allowed (A) 5 years
(C) ITC is allowed provided the export (B) 10 years
results into inflow of foreign currency
(C) As decided by council in the meeting
(D) ITC @ 50% is allowed up to inflow from time to time
of foreign currency and amount from (D) For such number of years until deficit
SEZs is fully covered

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 18 :

71. In which out of the following states/UTs, 74. A goods and service tax practitioner can
the threshold limit is ` 20 lakhs instead of undertake the following activities, if
authorized by the taxable person :
` 10 Lakhs (Supplies of Goods and Services),
as per section 22(1) of CGST Act, 2017 : (i) Furnish details of inward and outward
supplies
(A) Manipur
(ii) Furnish monthly/quarterly returns
(B) Meghalaya (iii) Furnish Annual and Final returns
(C) Mizoram (A) (i) & (ii)

(D) Nagaland (B) (i) & (iii)

(C) (ii) & (iii)
72. As per section 5 of IGST Act, 2017, the
payment of tax by electronic commerce (D) (i), (ii) & (iii)

operator (ECO) who does not have 75. The ITC as self-assessed in the return of
a registered person shall be credited to :
physical presence in taxable territory in
(A) Electronic Liability Ledger
India be made by ............. .
(B) Electronic Cash Ledger
(A) ECO himself
(C) Electronic Credit Ledger
(B) His appointed representative in India
(D) Electronic Available Ledger
(C) The person who receives supply 76. As per Rule 31A of CGST Rules, 2017,
(D) Either (A) or (B) what shall be the value of supply in case
of lottery run by the state government :
73. IGST paid is available as credit as in order
(A) 100/112 of the face value of ticket
to set off against the payment of .................
(B) Price as notified in the official gazette
on output supplies.
by the organising state
(A) IGST (C) 100/114 of the face value of ticket

(B) IGST and CGST (D) 100/112 of the face value of ticket or
price as notified in the official gazette
(C) CGST and SGST
by the organising state, whichever is
(D) IGST, CGST and SGST higher
1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 19 : 424
77. Which out of following state passed first State 80. As per Schedule I of the CGST Act, 2017
GST bill in India : any kind of disposal or transfer of business
assets made by an entity on permanent basis
(A) Maharashtra
qualifies as supply, even though it is without
(B) Gujarat consideration. This provision would apply
(C) Telangana only if :

(D) Tamil Nadu (A) ITC has been availed on such assets

78. Which out of the following statements is (B) ITC has not been availed on such
TRUE regarding Composition Scheme in assets
CGST Act, 2017 : (C) ITC has been availed on other assets
(A) Composition scheme is compulsory (D) No such condition
(B) The taxable person under composition 81. Tanishqa of Delhi provides repair and
scheme can collect tax from recipients maintenance services of machinery to Harika
at nominal rate in Goa. Harika was registered in Orissa.
What shall be the place of supply in respect
(C) Composition dealer may effect inter-
of repair and maintenance services :
state supplies
(A) Delhi
(D) Composition dealer issues Bill of Supply
rather than Tax Invoice (B) Orissa
(C) Goa
79. Assessable Value (A. V.) = ` 6 lakh
(D) Goa and Orissa both
(i) BCD – 10%
82. As per section 16 of CGST Act, 2017,
(ii) IGST – 12%
whether credit on inputs can be availed based
(iii) Social Welfare Surcharge @ 10% on receipt of documents and or on receipt
Calculate the total amount of duties and of goods :
taxes : (A) Receipt of goods
(A) ` 1,38,000 (B) Receipt of documents
(B) ` 1,45,920 (C) After receipt of goods and documents

(C) ` 1,45,200 (D) Either receipt of documents or Receipt

(D) ` 1,53,120 of goods

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 20 :
85. DSR Ltd. is a manufacturer of food products
83. Which of the following is not covered under
supplied in a package consisting of chocolates
(GST Rate 12%), cakes (GST rate 18%)
section 24 of CGST Act, 2017, for
and sweets (GST Rate 28%). The price per
compulsory registration : package is ` 1,250 (exclusive of taxes). In
a month, 1,200 of such packages were
supplied by the company. What is the nature
(A) Casual Taxable Person
of supply and the amount of GST ?

(B) Non-Resident Taxable Person (A) Composite; ` 4,20,000

(B) Composite; ` 1,80,000
(C) Input Service Distributor (C) Mixed; ` 1,80,000
(D) Mixed; ` 4,20,000
(D) Persons making any Intra-State taxable
86. In case of compulsory registration under
supply CGST Act, 2017, input tax credit can be
availed on :
84. What is the objective behind the levy of (A) Stocks held on the day immediately
preceding the date from which he
Cess through GST (Compensation to States) becomes liable to pay tax under the
provisions of this Act, provided
Act, 2017 : application for registration is filed within
30 days from the due date
(A) To generate surplus resources to cater
(B) Stocks held on the day immediately
preceding the date of grant of
the welfare needs of Nation
registration under the provisions of
this Act
(B) To discourage the use of Sin and
(C) Stocks held on the day immediately
Luxury Goods and Services preceding the date of application of
registration under the provisions of
(C) To provide compensation to the state this Act
(D) Stocks held on the day immediately
for loss of revenue arising due to GST preceding the date from which he
becomes liable to pay tax under the
(D) To provide compensation to the centre provisions of this Act, provided
application for registration is filed within
for loss of revenue arising due to GST
60 days from the due date

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 21 : 424
89. Rule 30 of the CGST Rules, 2017, inter alia
87. Under section 15 of UTGST Act, 2017, who
provides value of supply of goods or services
is empowered to constitute Authority for or both based on cost shall be
.......................... % of cost of production
Advance Ruling :
or manufacture or the cost of acquisition of

(A) Central Government such goods or the cost of provision of such

services.
(B) State Government
(A) 100

(C) Union Territory Government (B) 10

(C) 110
(D) GST Council
(D) 120

88. In respect of which item mentioned below, 90. Sathvik has received the goods in 5 lots in
respect of a single invoice. Which of the
the provisions of CGST Act, 2017 are NOT
following is in accordance with the first

applicable as the related provisions are given proviso to section 16(2) of CGST Act,
2017 :
in UTGST Act, 2017 itself ?
(A) 100% ITC can be taken on receipt

(A) Scope of supply of 1st lot

(B) 50% ITC can be taken on receipt of

(B) Levy and Collection of UTGST
each lot

(C) Registration (C) 100% ITC can be availed upon receipt

of last instalment of the lot
(D) Returns
(D) None of the above

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 22 :

91. Maximum validity period of certificate of 93. The liability to pay GST would depend on
the mechanism the transaction aligns to the
registration issued to a Casual Taxable
supplier who is registered with GST, issues
person and Non-Resident Taxable person a tax invoice, collects the GST and pays
it to the Government. This mechanism under
as per section 27 of the CGST Act, 2017
GST is known as :
is : (A) Forward charge mechanism

(A) 90 days from the effective day of (B) Reverse charge mechanism

registration (C) Composition levy mechanism

(D) Taxable supply mechanism
(B) 180 days from the effective date of
94. Shakthi limited purchases an aircraft for the
registration purpose of transportation of goods
manufactured by it. ITC shall be .............
(C) 365 days from the effective date of
for the GST paid on the aircraft.
registration (A) allowed

(D) 60 days from the effective day of (B) blocked under Section 17(5)
(C) allowed to the extent of 50%
registration
(D) blocked under section 17(5) to the
92. The Integrated Tax, collected by the Central extent of 50%
Government is : 95. Principal entitled for input tax credit on capital
goods sent for job work in CGST Act, 2017 :
(A) Retained by Central Government
(A) If goods sent are returned within one
(B) Given to State Government year
(B) If goods sent are returned within three
(C) Apportioned between the Union and
years
State Government equally (C) If goods sent are returned within six
months
(D) Apportioned between the Union and
(D) If goods sent are returned within nine
State Government in the ratio 60 : 40
months
1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A
 : 23 : 424
96. For refund of import duty paid, the refund
99. The application by exporter to customs officer
application must be filed :

(A) Within 2 years from the date of payment for clearance of goods for exportation is
of duty
known as :
(B) Within 6 months from the date of
import (A) Shipping Bill
(C) Within 1 year from the date of payment
of duty (B) Bill of Export

(D) Within 1 year from the date of import

(C) Bill of Lading
97. Which amongst the following is not true about
private bonded warehouse : (D) Either (A) or (B) above
(A) Owned and managed by private entities

(B) Availability of space certificate from 100. When the goods consist of more than one

warehouse keeper would be required

material or substance, then the heading which
(C) Only dutiable goods can be warehoused
provides the most specific description shall
(D) Not generally allowed where the public
bonded warehouses are available be preferred to headings providing a mere
98. Determine the rate of drawback, if period
general description. It is the application of
between date of clearance for home
consumption and the date when the goods
rule :
are placed under Customer Control for export
more than 6 months but not more than 9 (A) Essential Character Principle
months :

(A) 95% (B) Specific over General

(B) 85%
(C) Akin rule
(C) 75%

(D) 65% (D) Latter the better

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED P.T.O.
A
424 : 24 :
Space for Rough Work

1/2022/TL ANSWERS MARKED IN THE OMR ANSWER SHEET SHALL ONLY BE EXAMINED Contd. .....
A