Paper 7 Direct Taxation | CMA Intermediate Match the following

CMA INTERMEDIATE EXAMINATION

Paper - 7 : DIRECT TAXATION




Paper 7 Direct Taxation Match the following with answers

Sufficient to give the corresponding item in column 3 for column 1; reproducing columns 2 and 4 are not required

A. Match the following                                                     

1

2

3

4

(i)

ICDS IX.

A

Quoting of Aadhaar number.

(ii)

Section 139AA.

B

Rs. 1500 per child u/s 10(32).

(iii)

Minor son/daughter clubbing.

C

Borrowing cost.

(iv)

Sec 45(2).

D

Exempted from tax u/s 10(17).

(v)

Any allowance received by MP/MLA.

E

Conversion of Capital asset into Stock in trade.

 Answer:

1

2

3

4

(i)

ICDS IX.

C

Borrowing cost.

(ii)

Section 139AA.

A

Quoting of Aadhaar number.

(iii)

Minor son/daughter clubbing.

B

Rs. 1500 per child u/s 10(32).

(iv)

Sec 45(2).

E

Conversion of Capital asset into Stock in trade.

(v)

Any allowance received by MP/MLA.

D

Exempted from tax u/s 10(17).


B. Match the following:                                                           

(i)

Alternate minimum tax.

(A)

Section 44AD.

(ii)

Return by whom to be verified.

(B)

Section 263.

(iii)

Revision by commissioner.

(C)

Section 140.

(iv)

Presumptive tax.

(D)

Section 80EE.

(v)

Rs. 50,000.

(E)

Section 115JC.

Answer:

(i)

Alternate minimum tax.

(E)

Section 115JC.

(ii)

Return by whom to be verified.

(C)

Section 140.

(iii)

Revision by commissioner.

(B)

Section 263.

(iv)

Presumptive tax.

(A)

Section 44AD.

(v)

Rs. 50,000.

(D)

Section 80EE.


C. Match the following :                                                        

1

2

3

4

(i)

Depreciation on patents

(A)

40%

(ii)

Amount received by an individual as a loan in a reverse mortgage

(B)

Valuation of inventories

(iii)

Interest partner on capital

(C)

25%

(iv)

Depreciation on solar power generating system

(D)

Exempted, since there is no transfer

(v)

ICDS II

(E)

Allowed up to 12% p.a.

 

 Answer:

1

2

3

4

(i)

Depreciation on patents

(C)

25%

(ii)

Amount received by an individual as a loan in a reverse mortgage

(D)

Exempted, since there is no transfer

(iii)

Interest partner on capital

(E)

Allowed up to 12% p.a.

(iv)

Depreciation on solar power generating system

(A)

40%

(v)

ICDS II

(B)

Valuation of inventories

 

D. Match the following:                                                         

(i)

Additional depreciation for plant used for more than 180 days.

(a)

60%.

(ii)

Basic exemption limit of income for resident individual being senior citizen.

(b)

Rs. 3,500.

(iii)

Rate of tax for LLP.

(c)

Rs. 3,00,000.

(iv)

Deprecation for computers.

(d)

30%.

(v)

Exemption in respect of Post office SB interest.

(e)

20%.

 Answer:

(i)

Additional depreciation for plant used for more than 180 days.

(e)

20%.

(ii)

Basic exemption limit of income for resident individual being senior citizen.

(c)

Rs. 3,00,000.

(iii)

Rate of tax for LLP.

(d)

30%.

(iv)

Deprecation for computers.

(a)

60%.

(v)

Exemption in respect of Post office SB interest.

(b)

Rs. 3,500.


 

E. Match the following:                                                                               

(i)

Section 87A

(A)

Rs. 5,000.

(ii)

Section 80GG

(B)

Rs. 5000 (or) Actual Tax (w.e.l.).

(iii)

Sukanya Samrudhi Scheme

(C)

Rs.1500.

(iv)

Minor child exemption

(D)

30% deduction.

(v)

Arrears of rent

(E)

Section 80C

 Answer:

(i)

Section 87A

(B)

Rs. 5000 (or) Actual Tax (w.e.l.).

(ii)

Section 80GG

(A)

Rs. 5,000.

(iii)

Sukanya Samrudhi Scheme

(E)

Section 80C

(iv)

Minor child exemption

(C)

Rs.1500.

(v)

Arrears of rent

(D)

30% deduction.