CA Final Direct Tax Laws and International Taxation MTP November 2024: Question Paper and Solutions

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42 indexed questions. Open a question to read its full statement and available answer.

1. On 1.4.2023, Focus Ltd., an Indian company, borrowed 50 crores@ 9.5% p.a. from Max Inc., a US entity, thereby increasing its total borrowings to 65…
2. The Assessing Officer surveyed Surabhi & Hotels, which was within his jurisdiction, at 11:30 p.m. on 15.8.2023 for the purpose of obtaining…
3. RM Ltd., Pathankot, is a Maruti Cars dealer and also runs a service station. The sale of cars of RM Ltd. for F.Y.2022-23 is 8.40 crores. The sale of…
4. Mr. Mohit, a resident individual, starts a new business on 01-11-2023 for sale of designer suits. He obtained a valid PAN in his name and registers…
5. Mr. Aryan, a non-resident, received foreign currency equivalent to 85,000 from his friend, a resident Indian in January 2024. The same was paid by…
6. A Co Inc., a foreign company has a branch office in India. The branch has developed an online platform which facilitates online sale of various…
7. Sunshine Industries Limited, a domestic company, is engaged in the manufacturing of washing machines since 01-11-2021 in the State of Rajasthan. The…
8. The profit and loss account of the LS & Associates, a partnership firm, showed a net profit of 80 lakhs after debiting/crediting of the following…
9. Compute the total income and net tax liability after providing relief under section 91 by Mr. Gaurav aged 73 years for A.Y. 2024-25 from the…
10. A public charitable trust registered under section 12AB, for the previous year ending 31.3.2024, derived gross income of 21 lakhs, which consists of…
11. A not-for-profit trust undertakes philanthropic activities through an educational institution and a hospital. During the P.Y. 2023-24 the trust had…
12. Tip Inc., a foreign company, headquartered at Malaysia, has a branch in India. For the financial year ended 31.03.2024, the branch has shown net…
13. Mr. Mukesh, an individual carrying on retail business with turnover of 3.2 crores in the P.Y.2022-23. He made contract payment for repair of…
14. Mr. Rajesh, who gets his accounts audited under section 44AB filed his original return of income under section 139 for A.Y.2021-22 on 28.12.2021…
15. S Ltd. took on sub-lease a building from Jim, an individual, with effect from 1.9.2023 on a rent of 20,000 per month. It also took on hire machinery…
16. Mr. Sarthak is a resident in India aged 58 years. He had an impressive investment portfolio in various mutual funds. He redeemed his entire mutual…
17. XYZ Ltd. received the draft order from the Assessing Officer as per section 144C of the Income-tax Act, 1961 due to variations determined by the…
18. During search conducted on premises of an assessee, some gold bars were seized by the department from lockers of assessee. Assessee voluntarily…
19. T Ltd. filed its return of income for assessment year 2023-24 on 25th October 2023. The return is selected for regular assessment under section…
20. Explain the nexus approach recommended by OECD in BEPS Action Plan 5 which has been adopted in the Income-tax Act, 1961.
21. NI Ltd. is an Indian Company involved in manufacturing and trading in cotton garments under the brand name “COTT”. In order to expand its exports…
22. Aryan (25 years) and Aditya (32 years) are two individuals, resident in India, and they earned salary of 13 lakhs each during the previous year…
23. TI Ltd., the assessee, has sold goods on 12.01.2024 to LMP Ltd., located in notified jurisdictional area (NJA), for 9.50 crores. During the current…
24. M/s. Swift LLP filed its return of income for A.Y.2023-24, declaring total income of 18 lakhs, on 2nd December 2023. On processing of return, the…
25. A business trust, registered under SEBI (Real Estate Investment Trusts) Regulations, 2014, gives particulars of its income for the P.Y.2023-24: (i)…
26. Mr. Piyush, a resident Indian aged 77 years, gets pension of 58,000 per month from the Rajasthan State Government. The same is credited to his…
27. SNO Ltd., an Indian company, paid Interest on loan taken from a wholly owned subsidiary P Inc., UK for 35 million. The SNO identified the following…
28. Smart Inc., Country X, advanced USD 10 million on 1.06.2023 to Kite (P) Ltd., India, in foreign currency. Kite (P) Ltd accepted the loan amount…
29. STP Process Ltd, an Indian company entered into a business agreement with Gayle LLP of UK in September 2023 for export of goods to various countries…
30. Statement of Profit and Loss of SJ Industries Ltd., engaged in production and marketing of diversified products, shows a net profit of 72,00,000 for…
31. G Ltd., a domestic company, provides the following information of its Statement of Profit and Loss for the year ended on 31/03/2024. It earned…
32. Compute the total income and net tax liability of Mr. Nitin, an individual resident in India, aged 25 years for the Assessment Year 2024-25 from the…
33. The Balance Sheet of M/s SN Charitable Trust as on 31.1.2024, and its other information is given hereunder: Particulars ₹ in lakhs Liabilities…
34. STP Ltd. is an Indian company engaged in the manufacturing of supreme quality cotton bedsheets. It has total borrowings of 60 crores by way of loan…
35. Examine whether TDS provisions are attracted in the following cases: (i) Kite & Co LLP withdrew from its bank account 68 lakhs cash for buying…
36. The tax assessment of Mr. Pramod was completed on 25-12-2023 and the tax due was determined as 115 lakhs. The assessee has the following (i) Bank…
37. XYZ Ltd. provides you the Profit and loss A/c for the Financial Year 2022-23 and Financial Year 2023-24: ₹ in lakhs Particulars For the F.Y. 2022-23…
38. Answer any two out of the following three sub-parts, viz. (i), (ii) and (iii) Your answer should cover: (1) Issue involved (2) Provision Applicable…
39. Describe the three-tier structure for transfer pricing documentation mandated by BEPS Action Plan 13. Which provisions under the Income-tax Act,…
40. TMP Ltd. is engaged in transportation of building material and transportation of goods to contractors. It made payment for hiring dumpers for this…
41. SD Ltd., a pharmaceutical company incorporated in year 2000-01, purchased a new plant and machinery for 12 lakhs on 01-04-2023. The total income of…
42. Strawberry Ltd., a non-resident German company, has the following incomes in India during the year ended on 31.03.2024: (i) Dividend income of…