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CMA Final Exam: Direct Tax Laws & International Taxation
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The syllabus (and study weightage):
A. Advanced Direct Tax Laws 50%
B. International Taxation 30%
C. Case Study Analysis 20%

CMA Final Exam: Direct Tax Laws & International Taxation
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25 Questions

1. Appeal to High court is possible if:
2. A capital asset being shares in a private company held for more than _______ months shall be a long term capital asset.
3. In case of non-corporate taxpayer, AMT is levied @ _______% of adjusted total income.
4. As per section 115QA (3), tax to credit of Government in case of distributed income of domestic company for buy-back of shares shall be deposited within _________ days from date of payment of any consideration to the shareholder on buy-back of shares.
5. In case of the Local Authority the return is verified by the _______________.
6. Tax payable by domestic companies u/s 115BA is:
7. The provision of section 80JJAA is applied to the business of manufacture of goods in a factory where workmen are employed for not less than _________ days in a previous year.
8. The loss of a speculation business of any assessment year is allowed to be set off only against the profit and gains of _________.
9. Presumptive Taxation Scheme u/s 44AD is applicable, at the option of assessee if turnover is:
10. The commissioner of IT Act (Appeal) shall dispose off the appeal within a period of _________ from the financial year in which appeal is made.
11. Generally, a domestic company is taxable @ 30%, however in one circumstances, it is taxable @ 25%
12. Pay as you earn scheme is known as
13. Mr. Xavier (age 55) a non-resident individual received dividend of ?12 lakhs from Fair Trading Co (P) Ltd. in August, 2016. He has no other income in India. His tax liability for the dividend income would be
14. As per sec. 94B, interest expenses claimed by an entity to its associated enterprises shall be restricted to _____ of its earnings before interest, taxes, depreciation and amortization (EBITDA) or interest paid or payable to associated enterprise, whichever is less.
15. When a motor car is acquired for ?12 lakhs by Mr. Johnson on 01.11.2016 by availing bank loan of ?10 lakhs for such acquisition, the car dealer selling the motor car must collect tax at source of
16. Where assessed income is more than ?2 Lakh then fees for filling an appeal with ITAT would be ______.
17. Income on which equalization levy is charged is:
18. In case of an application made by the assessee u/s 154, the income-tax authority shall rectify the order/refuse the rectification within __________ from the end of the month in which the application is received by the authority.
19. As per section 245(D)(1) on receipt of application under section 245C, the settlement commission shall within ___________ days from the date of receipt of the application issue a notice to the applicant requiring him to explain as to why the application made by him be allowed to proceed with.
20. Principal Commissioner or Commissioner of Income-tax is empowered to grant relief from penalty to tax payers in genuine cases. Such power is granted under section 273A and section _______.
21. As per section 211(1), payment of advance tax made on or before _______ shall be treated as advance tax paid during the financial year.
22. Section _____ deals with the rectification mistakes which are apparent from the record in any order passed by the assessing officer.
23. For every non corporate taxpayer to whom the provisions of AMT apply is required to obtain a report from a Chartered Accountant in Form _______ on or before the due date of filling the return of income.
24. As per section 115JB, every taxpayer being a company is liable to pay MAT, if the
Income tax payable on the total income, computed as per the provisions of the
Income-tax Act in respect of any year is less than ____________
25. XYZ (P) Ltd. decided to buy-back shares from the shareholders. It bought 30000 shares of ?10 each by paying ?40 per share. The accumulated profits of the company on the date of buy-back was ?30 lakhs. The buy-back was 30% of the total paid up capital. The tax liability on the company for buy-back of shares would be

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