List of top Costing and Taxation Questions

Describe the advantages and disadvantages of GST.
Discuss the importance of Input Tax Credit (ITC).
Mr. Sohan, being an author and a businessman, provides the following information for the year ending 31.03.2014 :
(a) Salary ₹ 7,96,200 per year.
(b) D.A. ₹ 96,000 per year.
(c) Commission on turnover achieved by him @ 5% of ₹ 20,00,000.
(d) He is provided a car of 1·81 engine capacity with chauffeur for his official and private purposes.
(e) Bonus ₹ 20,000
(f) He is provided a rent-free furnished house and the employer pays ₹ 1,20,000 per year for the house and ₹ 50,000 per month for the furniture.
(g) Premium of mediclaim insurance taken for wife : ₹ 9,000.
(h) Royalty received on a book written for school : ₹ 3,50,000.
Explain ‘Dual GST’.
What is meant by ‘Inter-State Supply’ ?
For the following transactions from Jaipur to Delhi, fill in the blanks to find the amount of Bill : MRP ₹ 1,00,000, Discount 20%, GST = 28% Discount _____________
Selling price (discounted value) _____________
CGST _____________
SGST _____________
IGST _____________
Amount of Bill
A shopkeeper buy goods worth ₹ 10,000 and sells them at a profit of 20% to a consumer in the same state. If GST is charged at 5%, find :
(a) The selling price (excluding tax) of the goods
(b) CGST paid by the consumer
(c) SGST paid by the consumer
(d) The total amount paid by the consumer
Mr. Ravi is a Chartered Accountant. His estimated tax liability for the financial year 2023 – 24 amounted to ₹ 3,00,000. By which date should he pay advance tax and how much ?
Differentiate between CGST and IGST.
State any three points of ‘Tax Deducted at Source’ (TDS) paid to the government.
Mahesh, his wife and two sons are independently-employed persons. Mahesh and his wife are not senior citizens. Mahesh paid mediclaim insurance of ₹ 8,000 for himself, ₹ 10,000 for his wife and ₹ 9,000 each for both of his sons. He also pays ₹ 11,000 for each of his parents, who are senior citizens. Calculate the amount of deduction allowed under Section 80D.
What is meant by ‘Cell’ ?
Suresh has a salary income of ₹ 7,50,000. He took on loan from Indian Bank at 10% on 01.04.2024 a sum of ₹ 20,00,000 and purchased a residential property worth ₹ 4,00,000 on 04.04.2024. Since its acquisition, it has been used as personal residential property. He did not own any other residential have property on the date of the loan. He has made a total investment of ₹ 1,00,000 in the residential property under Section 80C. Calculate his total income.
State any two benefits of Green Jobs.
List any three parties to whom ‘Alternate Minimum Tax’ shall not be applicable.
What is Self-awareness ?
What is the Reverse Charge Mechanism (RCM) under GST ?
In how many instalments is advance tax payable ?
What is meant by ‘Self-management’ ?
Give two examples of Sin Tax.
The rate of tax on long-term capital gains on shares under Section 112A is :
List the four key skills that one needs to develop to learn a language.
Section 80E is related to deduction for :
Who headed the task force that recommended the introduction of GST ?
GST is a _________ -based indirect tax on consumption of goods and services.