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 Direct Tax Laws & International Taxation 30% QP
Time – 1.30 Hrs. Marks – 50

MCQ’s (1 Mark Each) (5 Marks)

1) Samraat, a resident Indian, has earned an income of US dollars equivalent to

RS. 4 lakh in the P.Y.20XX- XX by way of lump sum consideration for
copyright of a book, being a work of literary nature, from a publisher in
Country E, with which India does not have a DTAA. The same has been taxed
at a flat rate of 5% in Country E. The amount has been remitted to India in
March, 2022. His gross total income as per the Income-tax Act, 1961 for
A.Y.20XX- XX is RS. 7 lakhs. The deduction available under section 91 for
A.Y.20XX- XX would be –

(a) RS. 20,000

(b) RS. 7,725
(c) RS. 1,950
(d) Nil

2) As per section 80CCE deduction u/s 80C, 80CCC and 80CCD cannot exceed:

(a) RS. 1,00,000 including employer’s contribution to notified pension scheme

referred to in section 80CCD
(b) RS. 1,00,000 exclusive of employer’s contribution to notified pension scheme
referred to in section 80CCD
(c) RS. 1,50,000 including employer’s contribution to notified pension scheme
referred to in section 80CCD
(d) RS. 1,50,000 exclusive of employer’s contribution to notified pension scheme
referred to in section 80CCD

3) Deduction under section 80C in respect of terms deposit with a scheduled

bank is allowed if the term deposit is for a period:

(a) Not less than 3 years

(b) Not less than 5 years
(c) Not less than 7 years
(d) Not less than 10 years

4) Which of the following individuals would be entitled to opt for presumptive

taxation schemes under the Income-tax Act, 1961 for A.Y.20XX-XX?

(i) A retail trader having turnover of RS. 2 crore during the previous year 20XX-XX.

(ii) A practicing chartered accountant having gross receipts of RS. 92 lakhs during
the previous year 20XX-XX.
(iii) A wholesale trader having turnover of RS. 1.96 crore during the previous year
20XX- XX.

(iv) A doctor having gross receipts of RS. 50 lakhs during the previous year 2021-22.

(v) An individual owning 8 goods carriages as on 1.4.20XX. He sold 2 goods

carriages on 1.5.20XX and purchased 4 goods carriages on 1.7.20XX.

The correct answer is –

(a) Only (iii)

(b) (iii) & (v)
(c) c. (i), (iii), (iv) & (v)
(d) d. (i), (ii), (iii), (iv) & (v)

5) Mr. Arvind, engaged in the business of wholesale trade, has a turnover of RS.
90 lakhs for P.Y.2021-22 and RS. 210 lakhs for P.Y.20XX-XX. In the
P.Y.20XX-XX, he paid salary of RS. 3 lakhs to Mr. Hari, a resident, without
deduction of tax at source and commission of RS. 51 lakhs to Mr. Rajesh, a
resident, without deduction of tax at source. The disallowance under section
40(a)(ia) while computing business income of A.Y.20XX-XX would be –

(a) RS. 54,00,000

(b) RS. 16,20,000
(c) RS. 15,30,000
(d) Nil

Q. 1) Mr. Binu holds shares carrying 33% voting power in Yamma (P) Ltd. Mrs. Babita is
working as an accountant in Yamma (P) Ltd. getting income under the head salary
(computed) of ` 3,60,000 without any qualification in accountancy. Mr. Binu also
receives ` 32,000 as interest on securities.
Mrs. Babita owns a house property which she has let out. Rent received by tenants
is ` 6,500 p.m. Compute the gross total income of Mr. Binu and Mrs. Babita for the
A.Y. 2024-25.
(5 Marks)

Q. 2) XYZ (P) Ltd., engaged in manufacturing business, furnishes the following particulars:

Particulars Rs
Opening WDV of plant
and machinery as on
(1) 1.4.2023 (i.e., WDV as on 30,00,000
31.3.2023 after reducing
depreciation for P.Y.
2022-23)
 New plant and
(2) machinery purchased 20,00,000
and put to use on
08.06.2023
New plant and
(3) machinery acquired 8,00,000
and put to use on
15.12.2023
Computer acquired and
(4) installed in the office 3,00,000
premises on 2.1.2024

Compute the amount of depreciation and additional depreciation as per the Income-tax
Act, 1961 for the A.Y. 2024-25. Assume that all the assets were purchased by way of
account payee cheque and that the company does not opt for section 115BAA/115BAB.
(5 Marks)

Q. 3) ABC Ltd. is a company having two units – Unit A carries on specified business of
setting up and operating a warehousing facility for storage of sugar; Unit B carries on
non-specified business of operating a warehousing facility for storage of edible oil.

Unit A commenced operations on 1.4.2022 and it claimed deduction of ` 100 lakhs

incurred on purchase of two buildings for ` 50 lakhs each (for operating a
warehousing facility for storage of sugar) under section 35AD for A.Y. 2023-24.
However, in February, 2024, Unit A transferred one of its buildings to Unit B.

Examine the tax implications of such transfer in the hands of ABC Ltd.
(5 Marks)

Q. 4) What is the need for the constitution of the Dispute Resolution Committee (DRC)?
Can an assessee make an application before DRC against an order which is based
on information received under an agreement referred to in section 90 or section 90A?
(5 Marks)

Q. 5) Mr. X would like to furnish his updated return for the A.Y. 2022-23. In case he
furnished his updated return of income, he would be liable to pay ` 2,50,000
towards tax and ` 35,000 towards interest after adjusting tax and interest paid at
the time of filing the earlier return. You are required to examine whether Mr. X can
furnish an updated return-

1. as on 31.3.2024
2. as on 28.2.2025
3. as on 31.5.2025

If yes, compute the amount of additional income tax payable by Mr. X at the time of
filing his updated return.

Would your answer be different with respect to filing of updated return in case of (ii)
 above, where he has received a notice under section 147 for the said A.Y. 2022-23 on
23.7.2024?
(5 Marks)

Q. 6) The concept of Permanent Establishment is one of the most important concepts in

determining the tax implications of cross border transactions. Examine the
significance thereof, when such transactions are governed by Double Taxation
Avoidance Agreements (DTAA).
(5 Marks)

Q. 7) Examine the following statements with regard to the provisions of the Income-tax
Act, 1961:

1. For grant of deduction u/s 80-IB, filing of audit report in prescribed form is a
must for a corporate assessee; filing of return within the due date laid down in
section 139(1) is not required.
2. Filing of a belated return under section 139(4) of the Income-tax Act, 1961 will
debar an assessee from claiming deduction under section 80-IE.
(5 Marks)

Q. 8) What is the General Rule of Interpretation under Vienna Convention of Law of Treaties?
(5 Marks)

Q. 9) Mr. Arjun has a total income of ` 16,00,000 for P.Y.2023-24, comprising of income
from house property and interest on fixed deposits. Compute his tax liability for
A.Y.2024-25 assuming his age is –

(a) 52 years

(b) 64 years

(c) 83 years

Assume that Mr. Arjun has exercised the option to shift out/ opt out of the default
tax regime.
(5 Marks)
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Foundation:  30%  70%  100A  100B
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Final:  30%  70%  100A  100B

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