Q1.
Q2.
Answer- Correct answer is 'D'. As general rate of PTS under section 44AD is 8%. However, if turnover/ gross receipts realised by Account Payee Cheque/. Demand Draft/ Electronic payment through Bank Account upto due date of Return filling then rate will be 6%.
Q3.
Answer- Correct answer is 'C', as you can claim rebate u/s 87A against STCG u/s 111A & LTCG u/s 112 but you can't claim it against LTCG u/s 112A.
Q4.
Answer- Correct answer is 'A'. Once your aggregate turnover exceeds the threshold limit on PAN India basis. You become liable for GST registration in all the states from where you are making supply within 30 days from the date on which you have crossed the threshold limit.
Q5.
Answer- The correct answer is 'C'. GST registration is valid till it is canceled either on sou-moto or by proper officer on account of breach of any compliance of GST law.
Answer- The correct answer is 'A'
Q7.
Answer- The correct answer is 'C'
Q8.
Answer- The correct answer is 'D'
Q9.
Answer- The correct answer is 'D'. In 38th Council Metting held on 18th December, the first time since the commencement of this Tax the council has taken a decision through the voting route.
Q10.
Answer- The correct answer is 'A'. As the basic exemption of Rs.3,00,000 is only applicable for RESIDENT senior citizens. Since Mr. John is non-resident he will get a basic exemption of Rs.2,50,000 only.
Q11.
Answer- The correct answer is 'D'.
Q12.
Answer- The correct answer is 'A' as a deduction of remuneration to partner under Income tax is allowed on Book Profit basis. For Book Profit up to Rs.300,000, maximum amount allowable as a deduction is higher of 90% of book profit or Rs.150,000. Assuming Rs. 1,40,000 is book profit and therefore maximum amount allowed will be Rs.1,50,000.
Q13.
Answer- The correct answer is 'C' as under Finance Act, 2018, a new provision has been inserted under charging section of PGBP, section 28, that any compensation or other payment due to or received by any person at or in connection with the termination or modification of the terms & condition of any contract relating to its business shall be taxable as business income.
Q14.
Answer- The correct answer is 'C', as deduction of interest is allowed to all partners including non-working partners, subject to an upper limit of 12%. However, the deduction of remuneration is allowed only in respect of working partners.
Q15.
Answer- The correct answer is 'A'
Q16.
Answer- The correct answer is 'A'
Q17.
Answer- The correct answer is 'B' as there is no Employer-Employee relationship between Customers & Shivam.
Q18.
Answer- The correct answer is 'D'
Q19.
Answer- The correct answer is 'B', as for Rs.5000, he is only acting as a pure agent.
Q20.
Answer- The correct answer is 'A'
Answer- The correct answer is 'A', although GSTR-9 is mandatory for all assessee who is registered under the regular scheme, however, the Government made it optional for the taxpayers having turnover up to 2 crores.
Q21.
Q22.
Answer- The correct answer is 'C'
Q23.
Answer- The correct answer is 'D', think twice before depositing undisclosed cash in the bank.
Q24.
Answer- The correct answer is 'B',
Q25.
Answer- The correct answer is 'D'
Q26.
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