C

27
4

22
YF
22
YF
Paper / Subject Code: 21 / Taxation(Direct & Indirect)

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C0
C0

79
79

24

YF
02
YF

2
02

02

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4X

79
4X

79

FC

YF
02
22
02
22

X
0

79
Q.P. Code:00003577

X
C0

4
7
4

2
2
F
2
2
YF

0
02
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0
02

X
Taxation(Direct & Indirect)

4
79

27
4

02
2
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2
YF

2
02

0
02

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C0
[Time: 3.00 Hrs.] [ Marks: 80 ]

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9
4X

79

27

22
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2
YF
2
22

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2

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N.B. : (1) Q. no. 1 is compulsory.

79
C0

79

YF
4

02
2
YF
(2) Attempt any 3 questions from question no. 2 to 5, each carrying 20 marks.

02
2
YF

02
2

79
X
0

9
(3) Figures to the right indicate full marks.

FC

4
79

FC

F
4

02
22
2

9Y
22
02

Y
(4) Working notes should form the part of your answer.

X0

4X
Y

C0
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79
4X

27
9

4
(5) Use of simple calculator is allowed.

22
7

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2
22
YF

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2
22

0
0

X
0

79

FC
X
C0

4
9

22
7
4

2
22
F
2

Y
2
YF

0
Y

0
0
2

Q.1-A) Select an appropriate answer from the alternatives given below and rewrite the sentences: (10)

X
0

C
4X
C0

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9

27
4
79

F
1. ______________prescribes the rules for determining residential status of different types of person.

2
F

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2

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2
YF

0
2
02

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X0
2

a- Section 6 b- Section 7

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C0
4X

27
79

27
4
c- Section 8 d- Section 9

22
F

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22
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0
02

Y
22

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X
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9
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27
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7
2. Section 5 defines the scope of the total income of an assessee which includes _____________. 4

22
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02
22
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02
22
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0
a- the residential status of a person b- place and time of accrual of such income.

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0

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4X
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24
79

4
79

c-None of the above d-both of the above

2
2
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2

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22
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02
02

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0

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27
4
79

3. In India GST structure is _______________in nature

4

2
02

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22
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X0
2
02

Y
22

a-single b- dual
0
X
0

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4X

27
0

4
79

27
4

c-triple d- a & b both

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22
2
F

X0
02

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22

X0
2
9Y

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9Y

C0
4X
0

24
7
4

4. Salary includes:-___________________________________
FC

F
02
2
27

02
2

9Y
22

02
9Y
0

a- Any Gratuity; b- Any Pension or Annuity

X
9Y
X0

FC
4X
0

FC

27
24
FC

c- Any encashment of leave salary d- all of the above

27
27
24

9Y
22

X0
2
9Y
X0
9Y

C0
X0
02

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27
24
27

5. __________________________________________ is the deemed owner under section 27

24
27

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24

YF

X0
02
X0
02

a- When an individual transfers any property to his spouse or a minor child

X0
02

79

FC

24
9

24

b- The holder of an impartible estate

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27
24

2
F

02
Y
0
2
Y

c- both of the above

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02

X
9Y

C0

79

FC
9

24

d- None of the above

FC

27
24

02
27

YF

9Y
2
X0
02

4X
Y

C0
X0

79

27
79

6. GST is levied on the basis of _________________principle

FC

24

22
YF
2

X0
02

X0

a- origin b- destination
02
Y

C0
79
4X

24
79

FC

b- either a or b d- both a and b

4

YF
2
2

02
02
22

0
02
Y

4X

79

FC
4X
C0

79

FC

7. Depreciation allowed on ___________________________.

02
22
02

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a- Tangible assets; b- Intangible assets

4X
C0
4X
C0

79

27

c- None of the above d- All of the above

22
YF
02
22
F

X0
9Y

C0
4X
C0

79

24

8. ___________________petroleum products have been temporarily kept out of GST.

27

F
2
22
F

02
9Y
0

a- One b- two c- three d- four

9Y
0

4X
C0

FC
4X

27
27

22
F

9Y
22

X0

9. GST was introduced in India in __________________________

9Y
X0

C0

27
4

a- 01-04-17 b- 01-05-17 c- 01-06-17 d- 01-07-17

27
24

22
F

X0
9Y
X0
2

C0
C0

24

10. “Income from Other Sources” doesn’t include _____________________________________

27
24

F
YF

02
9Y
X0
2
C0

FC
79

27
24
YF
02

9Y
X0
2
C0
79

27
24
F
02

X0
02

X0279YFC0224X0279YFC0224X0279YFC0224X0279YFC0224
9Y
 C

27
4

22
YF
22
YF
Paper / Subject Code: 21 / Taxation(Direct & Indirect)

X0

C0
C0

79
79

24

YF
02
YF

2
02

02

C0
4X

79
4X

79

FC

YF
02
22
02
22

X
0

79
a- Dividends

X
C0

4
7
4

2
2
b- Any winnings not earned from lotteries, crossword puzzles, races including horse races, card games,

F
2
2
YF

0
02
9Y
0
02

X
etc.

4
79

27
4

02
2
YF
c- interest received on compensation or enhanced compensation referred to in sec. 145A (b).

2
YF

2
02

0
02

4X
C0
d- Income from sub-letting;

4X

9
4X

79

27

22
YF
Q.1-b) Select whether the following statements are True or False: (10)

2
YF
2
22

X0
2

C0
X0

79
C0

79

YF
1. INCOME Under section 10(1), agricultural income is exempt from the Tax.

02
2
YF
02
2
YF

02
2
2. Stamp duty is included in GST

79
X
0

FC

4
79

FC

F
4
3. GST is not levied on goods & services

02
22
2

9Y
22
02

Y
X0

4X
Y
4. “I” stands for “Integrated” in IGST

C0
C0

79
4X

27
9

4
5. HSN stands for harmonized system of the nation

22
7

YF
2
22
YF

X0
2
22

0
0
6. GST is levied on immovable property

X
0

79

FC
X
C0

4
9

22
7
7. Salary involves 2 parties?
4

2
22
F
2

Y
2
YF

0
Y

0
0
2

8. Definition of a person include a Firm and HUF?

X
0

C
4X
C0

24
9

27
4
79

F
9. The incidence of tax on a taxpayer depends on:- his residential status, and the place and time of

2
F

02
2

9Y
2
YF

0
2
02

9Y
X0
2

accrual or receipt of income.

4X
C0

FC
C0
4X

27
79

27
4
10. Standard deduction of salary amounts to be Rs 10000?

22
F

9Y
22
YF

0
02

Y
22

4X
C0
X
C0

9
4X

27
C0

79

7
Q.2-A) P of Pune places an order to Reliance, Surat (Gujarat) for the purchase of mobile phone goods 4

22
YF
02
22
F

X0
02
22
YF

0
ex-factory. What is the place of supply and which GST will be applicable? (05)

X
0

79

FC
4X
C0

24
79

4
79

2
2
F

02
2

9Y
22
YF

X0
02
02

9Y
0

Q.2-B) Raju of Mumbai places an order for a watch on Snapdeal (an e-commerce operator) manufactured

FC
X
C0

FC
4X

27
4
79

by Foss Ltd., Bengaluru (registered with Snapdeal) to be delivered to Rakhi, his sister in Delhi.
4

2
02

9Y
22
YF

X0
2
02

Y
22

What is the place of supply and which GST will be applicable? (05)
0
X
0

FC
4X

27
0

4
79

27
4
FC

22
2
F

X0
02

9Y
22

X0
2
9Y

Q.2-C) Mahesh comes to India, for the first time, on April 16, 2020. He stays in Chennai up to April 29, 2021,
C0
9Y

C0
4X
0

24
7
4

and thereafter shifts to Mumbai. He departs from Mumbai for his native country on October 5,
FC

F
02
2
27

02
2

9Y
22

02
9Y
0

2022. Determine his residential status for the assessment year 2023-24 (10)
X
9Y
X0

FC
4X
0

FC

27
24
FC

27
27
24

9Y
22

X0
2
9Y
X0

Q.3-A) Gas supplied by a recipient. Supply is to be made for a period of 1 year. Monthly payments are to
9Y

C0
X0
02

C0

27
24
27

be made by the recipient as per contract. They are made as follows

24
27

YF
24

YF

X0
02
X0
02

July 5, August 5, and Sept 5 = Payment of 2lacs each month.

X0
02

79

FC

24
9

24

Determine the time of supply. (05)

FC

27
24

2
F

02
Y
0
2
Y
X0
02

X
9Y

C0

79

FC
9

24

Q.3-B) Determine the Place of supply under each situation (05)

FC

27
24

02
27

YF

9Y
2

i) A U.S. Architect makes designs and plans for Trump Tower in Pune.
X0
02

4X
Y

C0
X0

79

27
79

ii) A bridal makeup artist from Mumbai goes to provide service at weddings in Delhi.
FC

24

22
YF
2

X0
02

X0
02
Y

C0
79
4X

24
79

FC

Q.3-C) R, a Chartered Accountant was appointed as Finance Manager with ABC Bank on 01/04/2018 in the
4

YF
2
2

02
02
22

0
02

Salary grade of Rs. 16000 pa.

Y

4X

79

FC
4X
C0

79

FC

He was entitled to Leave Travel Concession for proceeding on leave of Rs. 4000. His actual
02
22
02

9Y
22
YF

expenditure on this account amounted to Rs. 5000.

4X
C0
4X
C0

79

27

As the bank is situated at a place where home food is available, R was offered Tiffin Allowance
22
YF
02
22
F

X0

Rs. 6000.
9Y

C0
4X
C0

79

24

Reimbursement of medical expenses for the treatment of R and his family in a private clinic was
27

F
2
22
F

02
9Y
0

Rs. 50,000. His actual expenses amounted to Rs.15,000.

9Y
0

4X
C0

FC
4X

27

The Bank has provided a free unfurnished flat in Mumbai (rent paid by Bank: Rs.80,000). However,
27

22
F

9Y
22

X0

the perquisite value of that Flat was Rs. 30000.

9Y
X0

C0

27

The employer provided two watchmen (salary Rs. 2000 per month each).
4
27
24

22
F

X0

Free use of car for official use, car can be used for journeys between office and residence
9Y
X0
2

C0
C0

24

Free refreshments are provided at the place of work (Rs. 100 per day for 200 days).
27
24

F
YF

02
9Y
X0
2
C0

FC
79

27
24
YF
02

9Y
X0
2
C0
79

27
24
F
02

X0
02

X0279YFC0224X0279YFC0224X0279YFC0224X0279YFC0224
9Y
 C

27
4

22
YF
22
YF
Paper / Subject Code: 21 / Taxation(Direct & Indirect)

X0

C0
C0

79
79

24

YF
02
YF

2
02

02

C0
4X

79
4X

79

FC

YF
02
22
02
22

X
0

79
Compute Salary Income for the assessment 2023-24 (10)

X
C0

4
7
4

2
2
F
2
2
YF

0
02
9Y
0
02

X
X

4
79

27
4

02
2
YF
2
YF

2
02

0
02

4X
C0
Q.4-A) From the given Trading and P & L A/c of Ram Ltd for the year ended 31st March 2023, compute the

4X

9
4X

79

27

22
YF
taxable income of the firm for the assessment year 2023-24 (10)

2
YF
2
22

X0
2

C0
X0
Particulars Rs Particulars Rs

79
C0

79

YF
4

02
2
To Opening Stock 75,000 By Sales 20,00,000

YF
02
2
YF

02
2

79
To Purchases 15,00,000 By Closing Stock 85,000

X
0

FC

4
79

FC

F
4

02
22
To gross profit 5,10,000

9Y
22
02

Y
X0

4X
Y

C0
Total 20,85,000 Total 20,85,000

C0

79
4X

27
9

22
7

YF
2
22
YF

X0
2
22

0
0

X
0

79
To salaries 2,50,000 By Gross Profit 5,10,000

FC
X
C0

4
9

22
7
4

2
22
F
To sales commission 40,000 By Bad Debts Recovery 25,000
2

Y
2
YF

0
Y

0
0
2

X
0

C
4X
To sales tax 35,000
C0

24
9

27
4
79

F
2
F

02
2

9Y
2

To general expenses 5,000

YF

0
2
02

9Y
X0
2

4X
C0

FC
C0

To advance income tax 54,000

4X

27
79

27
4

22
F

9Y
22
YF

0
To Interest on Loan 42,000
02

Y
22

4X
C0
X
C0

9
4X

27
To Interest on capital 18,000
C0

79

7
4

22
YF
02
22
F

X0
02
22

To Depreciation on Furniture & Fittings 4,000

YF

0
X
0

79

FC
4X
C0

24
79

To advertisements 16,000
C

4
79

2
2
F

02
2

9Y
22
YF

X0
To Free Distribution of Samples 3,000
02
02

9Y
0

FC
X
C0

FC
4X

27
To Insurance premium on Life of Partners 8,500
4
79

7
4

2
02

9Y
22
YF

X0
2
02

Y
22

To Printing & Stationery 3,500

0
X
0

FC
4X

27
0

4
79

To Net Profit 56,000

C

27
4
FC

22
2
F

X0
02

9Y
22

X0

Total 5,35,000
2
9Y

C0
9Y

C0
4X
0

24
7
4
FC

F
02
2
27

02
2

9Y
22

02

Additional information:
9Y
0

X
9Y
X0

FC
4X
0

FC

27
24

i. Salaries include Rs. 40,000/- paid to partners, as per partnership deed and well within the limits
FC

27
27
24

9Y
22

X0
2
9Y

under section 40(b).

X0
9Y

C0
X0
02

C0

27
24

ii. General Expenses are incurred for the pleasure tour of partners with their family members to Goa.
27
24
27

YF
24

YF

X0
02
X0

iii. Income Tax includes Rs. 14,000 paid for the partners.
02
X0
02

79

FC

24
9

iv. Bad Debts recovered were earlier allowed as a deduction.

24
FC

27
24

2
F

02
Y
0

v. Interest on Capital to partners is in excess of limits specified under section 40(b) by Rs. 1,500/- but
2
Y
X0
02

X
9Y

C0

79

FC
9

as per the partnership deed.

24
FC

27
24

02
27

YF

9Y
2

vi. Cash expenses over Rs 35,000 for carriage of Rs. 40,000.

X0
02

4X
Y

C0
X0

79

27
79

FC

24

22
YF
2

X0
02

Q.4-B) Following is the summary of GST payable and ITC available to Ramesh (05)
X0
02
Y

C0
79
4X

24
79

Tax Output Tax Liability ITC

FC

YF
2
2

02
02
22

IGST 15,000 54,000

02
Y

4X

79

FC
4X
C0

79

FC

CGST 36,000 12,000

02
22
02

9Y
22
YF

SGST 36,000 12,000

4X
C0
4X
C0

79

27

Calculate net tax payable under GST.

22
YF
02
22
F

X0
9Y

C0
4X
C0

79

24

Q.4-C) Explain the liability for Advance Tax Payment by Nilesh Ltd. whose income is estimated at Rs.
27

F
2
22
F

02
9Y
0

18,00,000 during the financial year 2022-23. (05)

9Y
0

4X
C0

FC
4X

27
27

22
F

9Y
22

X0

Q5) Write short notes on (any 4) (20)

9Y
X0

C0

27
4

a) Benefits of GST
27
24

22
F

X0
9Y

b) Income from other sources

X0
2

C0
C0

24

c) Conditions for residential status

27
24

F
YF

02
9Y
X0
2
C0

FC
79

27
24
YF
02

9Y
X0
2
C0
79

27
24
F
02

X0
02

X0279YFC0224X0279YFC0224X0279YFC0224X0279YFC0224
9Y
 02 22 YF X0 02
79 4X C0 27 24
YF 0 27 22 9Y X0
C0 9Y 4X FC 27
02
79 2 24 F 02 02 9Y
X0 C0 79 24 FC
YF
C0 27 22 Y FC
X0 0 22
9Y 4X 27
2 02 9Y 4X
e)
F d)
24 02 24 02
9Y X0 C0 79 FC
F C0 27 22 YFC
X0 022
79
YF
9Y 4X 27
224 F 02 02 9Y 4X C0
X0 C0 79 24 FC 02 22
27 22 Y FC
X0 0 22
79
YF 4X
02 9Y 4X 27 02
24 F 02 02 9YF 4X C0 79
X0 C0 79 24 02 22 YF
27 22 Y FC
X0 C0
C0 22
79
YF 4X
9Y 4X 27 22 02
02 Y
F
4X 02 79 9 4X C0
C0 79 2 4 F C 0 2 22 YF
X0
27 22 YF X0 02 7 9Y 4X C0 02
79
9Y 4 2 24 F 02 2 2
FC
X0
27
C0
22
79
YF X0 C 0 79 4X
YF
C0
22 0
Person under Income Tax Act

4X 27 YF
02 9Y
0
C0 9Y 4 X 27 22
24 F 2 2 F 0
C0
2 9Y 4X
X0 C0 79 24
X0 C0 2 79 2 4X FC 02
27 22 YF 2 Y 0 79
9Y 4X C0 27 2 4 F 0 2 22 YF
FC 02 2 9Y X 02
C0 7 9 4 C0
79 24 FC 22 YF X0
7
Cancellation of Registration under GST Act

02 YF X 0 02 9Y 4 C0 279 22
4X
24 2 2 4 F
X0
2 22
X0 C0
22
79 X0 C 0 7 9 4X
YF
C 02
27 4X
YF
27 22 Y F 02 02 79
9Y C0
2 9 Y 4 X C 79 2 4
YF
C
FC 02
79 24 FC 0 27 0 22 YF X
02
24 Y X 02 02 9Y 4X0 C 02
79
FC 7 2 4 F C 2 02
2 YF
X0
27 02 9Y X 02 0 7 9 4 X C0
24 FC 22 YF 0
9Y X0 0 7 9 4X C 2 7 22
4
FC 27 2 2 Y F 0 0 2 9 Y
02 9Y 4 X0 C0 279 2 4X FC
24 F 2 2 2 Y 0 02
4

X0279YFC0224X0279YFC0224X0279YFC0224X0279YFC0224
X0 C0 79 X FC 27 24
Paper / Subject Code: 21 / Taxation(Direct & Indirect)

27 22
4
YF 0 2 02
2
9Y X0
9Y X0 C0 79 4 F C 27
FC 27 22 YF X0
27 0 22
02 9Y 4X
24 FC 0 27
C0
22 9 YF 4X
4 C 02
X0
27 0 22 9 Y X 02 79
4X FC 02 2 YF
9Y
0 0 22
79 4X
FC 27 YF 02
02 9Y 4X C0 79
24 F C 02 2 2 YF
X0 0 79 4 X C0
27 22
4
YF 0 2 22
9Y X0 C0 79
FC 27 22 YF
02 9Y 4X C0
24 F 02 2