📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


36. Whether depreciation as per IT Act 1961, on tax component of capital goods and Plant and Machinery and
whether input tax credit is Permissible?
option (a) Yes
(b) No
(c) Input tax credit is eligible if depreciation on tax component is not availed
(d) None of the above

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


37. The maximum time limit to claim the ITC is :-
option (a) 30th Nov following the financial year
(b) Till the date of filing annual return
(c) Earliest of (a) or (b)
(d) Later of (a) or (b)

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


38. Proportionate credit for capital goods is allowed for
option (a) For taxable & exempt supply (b) For business and non-business purpose
(c) Both of the above (d) None of the above

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


39. Exempt supplies under Section 17 (apportionment of credit) includes
option (a) Exempted supplies, reverse charge supplies, Transaction in securities, sale of land, sale of building
(b) Only exempted supplies
(c) Reverse charge supplies and sale of land
(d) None of the above

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


40. An available with Banking company or Financial Institution for claiming ITC is:
option (a) Only Eligible credit (b) Eligible credit and 50% credit
(c) Eligible Credit or 50% of eligible credit (d) Only 50% Credit

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


41. Can Banking Company or Financial Institution withdraw the option of availing actual credit or 50% credit anytime
in the financial year?
option (a) Yes (b) Yes, with permission of Authorized officer
(c) No (d) Not applicable

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


42. Where a supplier of goods or services pays tax under sections 74,129 and 130 (fraud, misstatement etc.), then
receiver of goods can avail its credit:
option (a) No , Not at all
(b) Yes, since Tax paid to the department
(c) Yes, after receipt of invoice for goods or services
(d) Yes, after receipt of goods or services

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


43. Can New Registration /Voluntary Registration holder avail credit on Input services or Capital Goods held in
stock?
option (a) Yes, on Input services only (b) Yes, on capital goods only
(c) No (d) Yes

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


44. In case of Compulsory registration, input tax credit can be availed on
option (a) stocks held on the day immediately preceding the date of application of registration under the provisions of
this Act.
(b) stocks held on the day immediately preceding the date from which he becomes liable to pay tax under the
provisions of this Act, provided application for registration is filed within 30 days from the due date
(c) stocks held on the day immediately preceding the date of grant of registration under the provisions of this
Act.
(d) None of the above

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📝CA Final IDT May'24 MCQs By CA (Dr) Mahesh Gour Sir

Chap - ITC


45. In which of the following cases Voluntary Registered person can availed ITC
option (a) on stocks held on the day immediately preceding the date of grant of registration under the provisions of
this Act.
(b) on stocks held on the day immediately preceding the date of application of registration under the provisions
of this Act.
(c) on capital goods held on the day immediately preceding the date from which he becomes liable to pay tax
under the provisions of this Act
(d) None of the above

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