Pgdba 4th Sem Taxation Combined_0

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :Correct Actual amount of Entertainment Allowance received. , Answer Rs. 5,000 , 1/5th of Salary Your Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary True/False Question Correct Answer Your Answer

Income Tax Act, 1961 recognizes Written Down Value (WDV) method as well as straight line method for the computation of depreciation u/s 32 this act. False False

Multiple Choice Multiple Answer Question Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :Correct Operation of Ship , Hotels situated in hilly area, rural Answer area or place of pilgrimage , Company engaged in scientific and industrial research Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage Multiple Choice Single Answer Question Which of the following expenditure is in the nature of revenue expenditure? Correct Expenditure incurred as discount on issue of Answer debentures Your Answer Expenditure incurred as discount on issue of debentures Select The Blank Question If sum received is net of TDS then it is ________ to include in income from other sources. Correct Grossed up Answer

Your Answer True/False Question Correct Answer Your Answer

Grossed up

Interest paid on the loan for acquiring a capital asset will be considered to be a part of cost of acquisition. True True

Multiple Choice Single Answer Question Mr. A whose Gross Total Income, before allowing deductions under Chapter VI-A is Rs. 1,45,000, wants to make the investments in the following alternative forms Rs. 80,000 in PPF and Rs. 20,000 in Infrastructure Bonds. The amount of rebate available to him u/s 88 is :Correct Rs. 18,000 Answer Your Answer Rs. 18,000 Multiple Choice Single Answer Question Interest on specified securities or premium on redemption is exempt for :Correct Non resident Indian Answer Your Answer Non resident Indian True/False Question Correct Answer Your Answer

As per section 2(11) of the Income Tax Act, Block of Assets includes both tangible as well as intangible assets. True True

Multiple Choice Multiple Answer Question Deductions in respect of Certain Incomes received under Section 80L is available in respect of Correct Interest on Central or State Government Securities , Answer Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest

Your Answer

Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest

Multiple Choice Single Answer Question Tax liability of a person is based on :Correct Answer Your Answer

Residential status Residential status

Multiple Choice Multiple Answer Question For the purpose of income tax, the perquisites can be classified into :Correct Perquisites which are taxable in case of all types of Answer employees , Perquisites which are taxable only in the hands of specified employee Your Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Select The Blank Question For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year. Correct 182 Answer Your Answer 182 Multiple Choice Single Answer Question Income earned in previous year is subjected to tax in :Correct Assessment year Answer Your Answer Assessment year Multiple Choice Multiple Answer Question Following professional institutions have their incomes exempt from tax :Correct Town planning , Company secretary , Accounting Answer

Your Answer

Town planning , Company secretary , Accounting

Select The Blank Question ________ of the Tax Audit Report refers to the details of various payments which are allowed as deduction only if they are actually paid for. Correct Section 43B Clause No-21 Answer Your Answer Section 43B Clause No-21 Multiple Choice Multiple Answer Question Short Term Capital Loss can be adjusted against :Correct Answer Your Answer

Short Term Capital Gains. , Long term Capital Gains Short Term Capital Gains. , Long term Capital Gains

Select The Blank Question To claim sec 10A deduction unit must be established in ________. Correct Free Trade Zone Answer Your Answer Free Trade Zone Multiple Choice Single Answer Question Assessment year is the period of 12 months starting from :Correct 1st April to 31st March Answer Your Answer 1st April to 31st March Multiple Choice Single Answer Question Combined total of five heads of income equals :Correct Answer Your Answer

Gross total income Gross total income

Multiple Choice Single Answer Question If an employee does not avail of this leave travel concession or assistance during a block of four

Correct Answer Your Answer

calendar years :Only one journey can be carried forward to the next block. Only one journey can be carried forward to the next block.

Select The Blank Question To acquire PAN, a person shall apply in ________ to the assessing officer. Correct Form No. 49A Answer Your Answer Form No. 49A Multiple Choice Single Answer Question Deduction from Capital Gains under Section 54F is for Capital Gains arising from transfer of :Correct Any Long Term Capital Asset Answer Your Answer House Property Select The Blank Question Where an assessee files or submits the returns as per provisions of section 139 or in response to the notice under section 142, the assessment officer undertakes ________ as per section 143(2) and section 143(3). Correct Scrutiny Assessment Answer Your Answer Scrutiny Assessment Multiple Choice Multiple Answer Question Income of a professional association is exempt if its objectives are :Correct Supervision , Control , Encouragement Answer Your Answer Supervision , Control , Encouragement True/False Question Correct Answer

While computing the profits from Business and profession, the business or profession must be carried out during the previous year. True

Your Answer

True

Multiple Choice Single Answer Question In respect of leave travel concession If Mr. A has availed the exemption only once or has not availed any exemption at all, in the block of four years i.e. 1998-2001 then :Correct He can carry over the exemption to the next block of Answer four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002. Your Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002. Multiple Choice Multiple Answer Question The amount accumulated to the credit of the employee's provident fund account is paid at the time of :Correct Retirement , Resignation Answer Your Answer Retirement , Resignation Multiple Choice Multiple Answer Question From annual value, following deductions are allowed :Correct Answer Your Answer

Standard deduction , Interest on borrowed capital , Municipal taxes Interest on borrowed capital , Municipal taxes

Multiple Choice Single Answer Question As a general principle, the Basic Salary or Wages, Dearness Allowance and Bonus / Commission is :Correct Fully taxable. Answer Your Answer Fully taxable. Multiple Choice Multiple Answer Question From GTI of a company following deductions under chapter VI A are allowed Correct 80 G Donations , 80 HHB profits and gains from Answer projects outside India , 80 IA profits and gains of

Your Answer

infrastructure companies 80 G Donations , 80 IA profits and gains of infrastructure companies

Multiple Choice Single Answer Question Annual value of any one palace in possession of a former ruler is :Correct Exempt Answer Your Answer Taxable Select The Blank Question If the Salary is more than Rs. 5,00,000, Standard Deduction will be Rs.________. Correct 20000 Answer Your Answer 20000 Multiple Choice Single Answer Question The amount of accumulated interest on NSCs purchased in the earlier years is assumed to be reinvested :Correct And qualifies for tax rebate under section 88. Answer Your Answer And qualifies for tax rebate under section 88. Select The Blank Question Deduction u/s ________B is available for 10 consequent assessment years from the year of commencement of production. Correct 10 Answer Your Answer 10 True/False Question Correct Answer Your Answer

Income from subletting is treated as income from house property. False False

Select The Blank Question Section 80U allows the deduction in respect of the ________ . Correct Permanent physical disability Answer Your Answer Permanent physical disability Match The Following Question Correct Answer Disallowable Expenditure

Litigation Expenses in connection with recovery of a debt which is not a trading debt Includes trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture Includes vocation

Business

Profession Capital Expenditure

True/False Question Correct Answer Your Answer True/False Question

Correct Answer Your Answer

Your Answer Litigation Expenses in connection with recovery of a debt which is not a trading debt Includes trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture Includes vocation

Expenditure incurred Premium on redemption by a company with the of Debentures issue of rights shares

Any recreational facility provided by the employer to a group of employees (not being restricted to a select few employees) is not exempt from tax. False False

In case of deductions for medical treatment under Section 80DDB the amount of deduction will be reduced by the amount received under an insurance policy or the amount reimbursed by the employer. True True

True/False Question Correct Answer Your Answer

Any advance tax paid before 31st March is treated as advance tax paid during the previous year. True True

Multiple Choice Single Answer Question Municipal taxes paid is allowed as deduction from :Correct Answer Your Answer True/False Question Correct Answer Your Answer

Gross annual value Gross annual value

Entertainment Allowance received by the employees from the private sector is taxable in the hands of the employee. True True

Match The Following Question Correct Answer Any subscription made By an individual or a to National Saving HUF is eligible for Scheme rebate u/s 88 Mr. A, a 70 years old RS.12,500 Senior Citizen, has the Gross Total Income of Rs. 2,50,000 during the Assessment Year 2005-2006. He invested Rs. 50,000 in the tax saving bonds of ICICI on 10th June 2004. His tax liability for the A Y 2005-2006. During the Assessment Rs. 1,000 Year 2005-2006, Mrs. A, age 58 years, has the Gross Total Income

Your Answer By an individual or a HUF is eligible for rebate u/s 88 RS.12,500

Rs. 1,000

of Rs. 1,45,000 including the dividend from Indian companies amounting to Rs. 10,000. She invests Rs. 50,000 in PPF during the said Assessment Year. her tax liabilit is Any contribution made Is eligible for rebate u/s Is eligible for rebate u/s to a Public Provident 88 88 Fund Multiple Choice Multiple Answer Question Following incomes of local authorities are exempt :Correct Answer Your Answer

Capital gains , Other income , House property Capital gains , Other income , House property

Multiple Choice Multiple Answer Question For Deduction u/s 54EC from Capital Gains the assessee should invest the whole or part of the capital gains in the specified assets :Correct Within six months from the date of transfer of the Answer long-term capital asset Your Answer Within six months from the date of transfer of the long-term capital asset True/False Question Correct Answer Your Answer

Registration Number: Name: Subject: Assignment Statu s As On:

Income from partnership firms is exempt from taxation for the partners True False

200425352 Sarada J.H Taxation 12/02/2006 Result for this Assignment

Assignment Date Number of Correct Questions Number of Skipped Questions Number of Wrong Questions Total Questions attempted Total Marks obtained Result

11/02/2006 39 3 8 50 85 Out of 100. Pass

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer Question The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :Correct Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary Your Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary

True/False Question Income Tax Act, 1961 recognizes Written Down Value (WDV) method as well as straight line method for the computation of depreciation u/s 32 this act. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :Correct Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage

Multiple Choice Single Answer Question Which of the following expenditure is in the nature of revenue expenditure? Correct Answer Expenditure incurred as discount on issue of debentures Your Answer Expenditure incurred as discount on issue of debentures

Select The Blank Question If sum received is net of TDS then it is ________ to include in income from other sources. Correct Answer Grossed up Your Answer Grossed up

True/False Question Interest paid on the loan for acquiring a capital asset will be considered to be a part of cost of acquisition. Correct Answer True Your Answer True

Multiple Choice Single Answer Question Mr. A whose Gross Total Income, before allowing deductions under Chapter VI-A is Rs. 1,45,000, wants to make the investments in the following alternative forms Rs. 80,000 in PPF and Rs. 20,000 in Infrastructure Bonds. The amount of rebate available to him u/s 88 is :Correct Answer Rs. 18,000 Your Answer Rs. 18,000

Multiple Choice Single Answer Question Interest on specified securities or premium on redemption is exempt for :Correct Answer Non resident Indian Your Answer Non resident Indian

True/False

Question As per section 2(11) of the Income Tax Act, Block of Assets includes both tangible as well as intangible assets. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Deductions in respect of Certain Incomes received under Section 80L is available in respect of Correct Answer Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest Your Answer Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest

Multiple Choice Single Answer Question Tax liability of a person is based on :Correct Answer Residential status Your Answer Residential status

Multiple Choice Multiple Answer

Question For the purpose of income tax, the perquisites can be classified into :Correct Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Your Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee

Select The Blank Question For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year. Correct Answer 182 Your Answer 182

Multiple Choice Single Answer Question Income earned in previous year is subjected to tax in :Correct Answer Assessment year Your Answer Assessment year

Multiple Choice Multiple Answer Question Following professional institutions have their incomes exempt from tax :-

Correct Answer Town planning , Company secretary , Accounting Your Answer Town planning , Company secretary , Accounting

Select The Blank Question ________ of the Tax Audit Report refers to the details of various payments which are allowed as deduction only if they are actually paid for. Correct Answer Section 43B Clause No-21 Your Answer Section 43B Clause No-21

Multiple Choice Multiple Answer Question Short Term Capital Loss can be adjusted against :Correct Answer Short Term Capital Gains. , Long term Capital Gains Your Answer Short Term Capital Gains. , Long term Capital Gains

Select The Blank Question To claim sec 10A deduction unit must be established in ________. Correct Answer Free Trade Zone Your Answer Free Trade Zone

Multiple Choice Single Answer Question Assessment year is the period of 12 months starting from :Correct Answer 1st April to 31st March Your Answer 1st April to 31st March

Multiple Choice Single Answer Question Combined total of five heads of income equals :Correct Answer Gross total income Your Answer Gross total income

Multiple Choice Single Answer Question If an employee does not avail of this leave travel concession or assistance during a block of four calendar years :Correct Answer Only one journey can be carried forward to the next block. Your Answer Only one journey can be carried forward to the next block.

Select The Blank

Question To acquire PAN, a person shall apply in ________ to the assessing officer. Correct Answer Form No. 49A Your Answer Form No. 49A

Multiple Choice Single Answer Question Deduction from Capital Gains under Section 54F is for Capital Gains arising from transfer of :Correct Answer Any Long Term Capital Asset Your Answer House Property

Select The Blank Question Where an assessee files or submits the returns as per provisions of section 139 or in response to the notice under section 142, the assessment officer undertakes ________ as per section 143(2) and section 143(3). Correct Answer Scrutiny Assessment Your Answer Scrutiny Assessment

Multiple Choice Multiple Answer Question Income of a professional association is exempt if its objectives are :-

Correct Answer Supervision , Control , Encouragement Your Answer Supervision , Control , Encouragement

True/False Question While computing the profits from Business and profession, the business or profession must be carried out during the previous year. Correct Answer True Your Answer True

Multiple Choice Single Answer Question In respect of leave travel concession If Mr. A has availed the exemption only once or has not availed any exemption at all, in the block of four years i.e. 1998-2001 then :Correct Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002. Your Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002.

Multiple Choice Multiple Answer Question The amount accumulated to the credit of the employee's provident fund

account is paid at the time of :Correct Answer Retirement , Resignation Your Answer Retirement , Resignation

Multiple Choice Multiple Answer Question From annual value, following deductions are allowed :Correct Answer Standard deduction , Interest on borrowed capital , Municipal taxes Your Answer Interest on borrowed capital , Municipal taxes

Multiple Choice Single Answer Question As a general principle, the Basic Salary or Wages, Dearness Allowance and Bonus / Commission is :Correct Answer Fully taxable. Your Answer Fully taxable.

Multiple Choice Multiple Answer Question From GTI of a company following deductions under chapter VI A are allowed Correct Answer 80 G Donations , 80 HHB profits and gains from projects outside India , 80 IA profits and gains of infrastructure companies

Your Answer 80 G Donations , 80 IA profits and gains of infrastructure companies

Multiple Choice Single Answer Question Annual value of any one palace in possession of a former ruler is :Correct Answer Exempt Your Answer Taxable

Select The Blank Question If the Salary is more than Rs. 5,00,000, Standard Deduction will be Rs.________. Correct Answer 20000 Your Answer 20000

Multiple Choice Single Answer Question The amount of accumulated interest on NSCs purchased in the earlier years is assumed to be reinvested :Correct Answer And qualifies for tax rebate under section 88. Your Answer And qualifies for tax rebate under section 88.

Select The Blank Question Deduction u/s ________B is available for 10 consequent assessment years from the year of commencement of production. Correct Answer 10 Your Answer 10

True/False Question Income from subletting is treated as income from house property. Correct Answer False Your Answer False

Select The Blank Question Section 80U allows the deduction in respect of the ________ . Correct Answer Permanent physical disability Your Answer Permanent physical disability

Match The Following Question Correct Answer

Your Answer

Disallowable Expenditure Litigation Expenses in connection with recovery of a debt which is not a trading debt Litigation Expenses in connection with recovery of a debt which is not a trading debt

Business Includes trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture Includes trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture

Profession Includes vocation Includes vocation

Capital Expenditure Expenditure incurred by a company with the issue of rights shares Premium on redemption of Debentures

True/False Question Any recreational facility provided by the employer to a group of employees (not being restricted to a select few employees) is not exempt from tax. Correct Answer False Your Answer False

True/False Question In case of deductions for medical treatment under Section 80DDB the amount of deduction will be reduced by the amount received under an insurance policy or the amount reimbursed by the employer. Correct Answer True Your Answer True

True/False Question Any advance tax paid before 31st March is treated as advance tax paid during the previous year. Correct Answer True Your Answer True

Multiple Choice Single Answer Question Municipal taxes paid is allowed as deduction from :Correct Answer Gross annual value Your Answer Gross annual value

True/False

Question Entertainment Allowance received by the employees from the private sector is taxable in the hands of the employee. Correct Answer True Your Answer True

Match The Following Question Correct Answer Your Answer

Any subscription made to National Saving Scheme By an individual or a HUF is eligible for rebate u/s 88 By an individual or a HUF is eligible for rebate u/s 88

Mr. A, a 70 years old Senior Citizen, has the Gross Total Income of Rs. 2,50,000 during the Assessment Year 2005-2006. He invested Rs. 50,000 in the tax saving bonds of ICICI on 10th June 2004. His tax liability for the A Y 2005-2006. RS.12,500 RS.12,500

During the Assessment Year 2005-2006, Mrs. A, age 58 years, has the Gross Total Income of Rs. 1,45,000 including the dividend from Indian companies amounting to Rs. 10,000. She invests Rs. 50,000 in PPF during the said Assessment Year. her tax liabilit is Rs. 1,000 Rs. 1,000

Any contribution made to a Public Provident Fund Is eligible for rebate u/s 88 Is eligible for rebate u/s 88

Multiple Choice Multiple Answer Question Following incomes of local authorities are exempt :Correct Answer Capital gains , Other income , House property Your Answer Capital gains , Other income , House property

Multiple Choice Multiple Answer Question For Deduction u/s 54EC from Capital Gains the assessee should invest the whole or part of the capital gains in the specified assets :Correct Answer Within six months from the date of transfer of the long-term capital asset Your Answer Within six months from the date of transfer of the long-term capital asset

True/False Question Income from partnership firms is exempt from taxation for the partners Correct Answer True Your Answer False

Registration Number: Name: Subject: Assignment Status As On:

200425352 Sarada J.H Taxation 12/02/2006

Result for this Assignment Assignment Date 11/02/2006

Number of Correct Questions 39

Number of Skipped Questions 3

Number of Wrong Questions 8

Total Questions attempted 50

Total Marks obtained 85 Out of 100.

Result Pass

Taxation ------------LIST OF ATTEMPTED QUESTIONS AND ANSWERS Select The Blank Question The basic advantage of having an agent in the export market is ________. Correct Answer He is knowledgeable of the marketing condition

Your Answer He is knowledgeable of the marketing condition Multiple Choice Multiple Answer Question How does the customer know about the product & is influenced to buy it? Correct Answer Publicity , Advertising , Sales promotion Your Answer Publicity , Advertising , Sales promotion Multiple Choice Single Answer Question Which of the following is not included in foreign environment? Correct Answer Local dimension Your Answer Local dimension Multiple Choice Single Answer Question Why should a market researcher check a country's import tariffs when he is investigating it as an export market? Correct Answer It can affect the competitiveness of product against products made within the market Your Answer It can affect the competitiveness of product against products made within the market Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". What are the distribution channels used for imports of silk products into USA market? Correct Answer Merchant intermediaries , Departmental stores Your Answer Merchant intermediaries , Departmental stores True/False Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental entered the US market in 1970 with a moderate export of Rs.20 million. Correct Answer False Your Answer False Match The Following Question Correct Answer Your Answer Indirect exporting Home-based merchant Copyright Business dimensions Channel network Channel network Legal dimensions Copyright Use of patent Licensing arrangement Use of patent Home-based merchant Multiple Choice Single Answer Question What is important to take pricing decision? Correct Answer Competition Your Answer Competition Select The Blank Question In ________, the firm faces only one set of customers. Correct Answer Domestic marketing Your Answer Domestic marketing Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental was an active member of some councils, which are those?

Correct Answer Apparel Export Promotion Council , Woolen Export Promotion Council Your Answer Apparel Export Promotion Council , Woolen Export Promotion Council Multiple Choice Single Answer Question This question is based on the case study 'AB Enterprises'. What is the problem in adapting AB Enterprises product in the market? Correct Answer Novelty is lost due to ethnic character in AB Enterprises Your Answer Novelty is lost due to ethnic character in AB Enterprises Multiple Choice Multiple Answer Question What are the important infrastructure factors in evaluating production site? Correct Answer Industrial site , Transportation & communication Your Answer Industrial site , Transportation & communication Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Which are the two years the imports of silk fabrics from Japan by USA was almost same? Correct Answer 1982 , 1983 Your Answer 1982 , 1983 Select The Blank Question ________dimensions include customs and practices Correct Answer Business Your Answer Business Multiple Choice Multiple Answer Question What is the nature of direct export market? Correct Answer Concentrated , Large potential sale Your Answer Concentrated , Large potential sale Multiple Choice Single Answer Question What does product-mix decision include? Correct Answer Packaging Your Answer Packaging Multiple Choice Multiple Answer Question What are the internal sources of information? Correct Answer Sales record , Correspondence from salesmen Your Answer Sales record , Correspondence from salesmen True/False Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Mr.Patnaik felt that it was high time that he appraises his agents' performance relating to the vast & expanding US market. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". What were the options Mr.Patnaik had to operate in the US market? Correct Answer Opening a branch office , A subsidiary company Your Answer Opening a branch office , A subsidiary company Select The Blank Question In indirect export channel, the market is ________. Correct Answer Dispersed Your Answer Dispersed

True/False Question Strategies suggested in the Medium Term Export Plan include product-market penetration strategy for existing products, product-market, diversification for new products & new markets. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Why is packaging so important for product planning? Correct Answer As it enhances protection , As it gives shelf life for a product Your Answer As it enhances protection , As it gives shelf life for a product True/False Question If foreign retailers are used, the products in question are industrial products rather than consumer products. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question How is the nature of international strategy? Correct Answer Depends on company's objectives , Varies from country to country Your Answer Depends on company's objectives , Varies from country to country Select The Blank Question "make site booking" is a point of checklist of ________ Correct Answer Before the fair Your Answer Before the fair Multiple Choice Single Answer Question What marketing technique is used to know international marketing need? Correct Answer Marketing information & research Your Answer Marketing information & research Multiple Choice Multiple Answer Question What are the benefits of participation in trade fair? Correct Answer To get to know about competition , To know about the extent of product adaption Your Answer To get to know about competition , To know about the extent of product adaption Select The Blank Question Experience survey, which is also called as ________. Correct Answer Key informant survey Your Answer Key informant survey Multiple Choice Single Answer Question What is a foreign agent? Correct Answer Independent middleman Your Answer Independent middleman Multiple Choice Single Answer Question What does political environment include? Correct Answer Legal dimension Your Answer Legal dimension Match The Following Question Correct Answer Your Answer

External factor Competitive profile Competitive profile Ethnocentric orientation Overseas operation conducted from home country Overseas operation conducted from home country Polycentric orientation Each market is unique Each market is unique Target market Marketing strategy Marketing strategy True/False Question In marginal cost pricing for export, competition in foreign markets requires quotation of a lower price Correct Answer True Your Answer True True/False Question Policies or regulations regarding quality control & inspection vary considerably between nations. Correct Answer True Your Answer True Select The Blank Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental Silk Private Limited, is a ________ unit, was one of the leading Indian manufacturers & exporters of silk fabrics & made-ups Correct Answer 100% export oriented Your Answer 100% export oriented Select The Blank Question This question is based on the case study "Oriental Silk Pvt. Ltd.". The bulk of the trade was handled by ________ Correct Answer Central buying organizations Your Answer Foreign agents True/False Question If business is variable, the company will choose the purchasing or subcontracting alternatives. Correct Answer True Your Answer True Multiple Choice Single Answer Question What is the meaning of offshore purchasing? Correct Answer Relationship between independent buyer & seller for exchange of good for money Your Answer Relationship between independent buyer & seller for exchange of good for money Select The Blank Question Many companies modify their products/promotion strategies to suit ________ of the population of the different countries. Correct Answer Tastes & preferences Your Answer Tastes & preferences True/False Question Companies with smaller needs, an independent supplier will be less active. Correct Answer False Your Answer False

True/False Question Catalogues contain a list of all competitors with product details. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question What is correct according to geocentric orientation? Correct Answer Companies view the entire world as a single market , Uniform inventory management & training Your Answer Companies view the entire world as a single market , Uniform inventory management & training True/False Question The area of change relates to product adaption requires upgradation of technology and huge investment in brands. Correct Answer True Your Answer True Select The Blank Question This question is based on the case study "Chow Flowers Co. Ltd.". ________ was Thailand's second largest export market for artificial flowers, mostly polyester or hand-wrapped. Correct Answer Canada Your Answer Canada Multiple Choice Single Answer Question What are the similarities between domestic & international marketing? Correct Answer Satisfying consumers need Your Answer Satisfying consumers need Multiple Choice Single Answer Question What is the need of marketing research for export-import trade? Correct Answer To reduce the distance between an exporter & his customers in terms of marketing Your Answer To reduce the distance between an exporter & his customers in terms of marketing Multiple Choice Single Answer Question What is the avenue of entry into foreign markets? Correct Answer Contract manufacturing Your Answer Contract manufacturing Multiple Choice Single Answer Question What is the principal functional division of ministry of commerce & industry? Correct Answer Export Industries Division Your Answer Export Industries Division ---------LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question What are the factors to be considered in cluster analysis? Correct Answer Limited number of clusters due to limitation of market potential , Clusters are not water tight compartment , Evaluating the quality of cluster is difficult Your Answer Limited number of clusters due to limitation of market potential , Clusters are not water tight compartment , Evaluating the quality of cluster is difficult

Multiple Choice Single Answer Question Clarity of questions and instructions for filling the form is essential in :Correct Answer Mail survey Your Answer Data analysis Multiple Choice Single Answer Question The technique through which objects/ cases are classified into relative homogeneous groups or clusters is known as :Correct Answer Cluster analysis Your Answer Cluster analysis Multiple Choice Single Answer Question Mean or average value is used to estimate when data have been collected using :Correct Answer Interval or ratio scale Your Answer Interval or ratio scale Select The Blank Question In ________ method the research analyst is not concerned with cause and research relationship. Correct Answer Diagnostic Your Answer Diagnostic Multiple Choice Multiple Answer Question Which are the New Delhi based Research Institutions? Correct Answer NRDC , CSIR , Cement Research Institute of India Your Answer NRDC , CSIR , Cement Research Institute of India Multiple Choice Single Answer Question Market Research is done to Correct Answer Explore the Opportunities Your Answer Explore the Opportunities True/False Question "Consumer Panel" is a specialized market research technique. Correct Answer False Your Answer False Match The Following Question Correct Answer Your Answer "What might this be ?" Inkblot test Inkblot test Aided Recall Depth Research Depth Research Doesn’t intend to tell Projective techniques Projective techniques Ease of construction Likert scale Likert scale True/False Question In regression analysis, dependent variables can be expressed as a linear function of impendent variables. Correct Answer True Your Answer True True/False

Question When company prepares a long range plan it is unpublished internal source of information. Correct Answer True Your Answer True Select The Blank Question Association technique is a type of ________. Correct Answer Projective technique Your Answer Projective technique Multiple Choice Single Answer Question The impact of promotional slogans on the consumers can be studied with Correct Answer Association technique Your Answer Association technique True/False Question Brand image building is not important in case of industrial product for quality. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Which publications are used for research on Chemical Industry? Correct Answer Indian Chemical Directory , Chemical Industry News , Chemical & Petro Chemicals Journal Your Answer Indian Chemical Directory , Chemical Industry News , Chemical & Petro Chemicals Journal Multiple Choice Single Answer Question Spreading the sample through the entire population following a regular pattern is known as :Correct Answer Systematic sampling Your Answer Systematic sampling Select The Blank Question In absence of proper________ the market research becomes a data collection exercise. Correct Answer Problem Definition Your Answer Analysis Multiple Choice Multiple Answer Question Which institutions should be contacted for research on Paint Chemicals? Correct Answer National Chemical Laboratory, Pune , Industrial Research & Development Center , Building Research Institute Your Answer National Chemical Laboratory, Pune , Industrial Research & Development Center , Building Research Institute Multiple Choice Multiple Answer Question The objectives of marketing research are Correct Answer To understand the consumer needs and wants , To explore the new markets , To analyze the competitors Your Answer To understand the consumer needs and wants , To explore the new markets , To analyze the competitors Multiple Choice Single Answer Question Ultra violet ink is used to disguise customer coding. This activity is :Correct Answer A disapproved method Your Answer A disapproved method

Select The Blank Question Through cluster analysis objects/cases are classified into relatively________ group called cluster. Correct Answer Homogeneous Your Answer Homogeneous Match The Following Question Correct Answer Your Answer Dangler POP POP POP Communication medium Communication medium Opinion Polls Daily basis Daily basis Corporate Image Study Advertising research Advertising research Multiple Choice Multiple Answer Question Ethical issues to be observed while writing a report are :Correct Answer No deliberate misinterpretations , Marketing problems should be designed to suit hidden agenda , Complete confidentiality and secrecy of data Your Answer No deliberate misinterpretations , Marketing problems should be designed to suit hidden agenda , Complete confidentiality and secrecy of data Select The Blank Question Multiple Choice is a ________type of question. Correct Answer Close ended Your Answer Close ended Multiple Choice Single Answer Question The conjoint analysis helps to enable company's to :Correct Answer Conduct brand swot analysis Your Answer Conduct brand swot analysis Multiple Choice Single Answer Question In the Internet era, qualitative research is possible through :Correct Answer Chat sessions Your Answer Chat sessions Select The Blank Question ________is an important communication medium that helps recall advertising. Correct Answer Point of Purchase(POP)items Your Answer Point of Purchase(POP)items True/False Question In the Funnel approach, specific questions come first and general questions later. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question In resources for marketing research skilled staff plays an important role in :Correct Answer Maintaining data , Dealing with different situation and problems , Timely completion of research Your Answer Maintaining data , Dealing with different situation and problems , Timely completion of research

Select The Blank Question Convenience Sampling is used for ________. Correct Answer Exploratory research Your Answer Exploratory research True/False Question The person conducting pharma research should be well qualified so that not to waste Doctors time. Correct Answer True Your Answer True True/False Question The limitations with regression forecasting is that independent variables must be forecasted before forecasting the dependent variables. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Main features of Technical Report are :Correct Answer Minute details of planning data collection , Analysis , Interpretation Your Answer Minute details of planning data collection , Analysis , Interpretation Multiple Choice Single Answer Question How people allocate their time and money to certain products and factors is depicted by Correct Answer Psychographic Variable Your Answer Psychographic Variable True/False Question Question phrasing and structure are eliminated in Semantic differential scale. Correct Answer True Your Answer True True/False Question The popularity of Likert scale is due to its ease of construction and administration. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Which are the Export Promotion Councils? Correct Answer Cashew Export Promotion Council , Handloom Export Promotion Council , Gem & Jewellery Export Promotion Council Your Answer Cashew Export Promotion Council , Handloom Export Promotion Council , Gem & Jewellery Export Promotion Council True/False Question The written contract of a research should cover the penalty clause covering deficits such as delays, inadequate data. Correct Answer True Your Answer True Multiple Choice Single Answer Question The producers in the sellers' market are also forced to take decisions based on the market information because Correct Answer The resources are scarce Your Answer The resources are scarce

Multiple Choice Single Answer Question Scale Intervals can be used for Correct Answer Age Your Answer Age Select The Blank Question Bibliography contains ________. Correct Answer Information of references and secondary data Your Answer Information of references and secondary data Multiple Choice Multiple Answer Question Online survey methods include :Correct Answer Email survey , HTML survey , Downloadable interactive surveys Your Answer Email survey , HTML survey , Downloadable interactive surveys Multiple Choice Single Answer Question Data of market research cannot be maintained :Correct Answer Without experienced and educated research staff Your Answer Without experienced and educated research staff Multiple Choice Multiple Answer Question Pretesting of Questionnaire includes testing of :Correct Answer Question content , Time taken to answer questions , Categorisation Your Answer Question content , Time taken to answer questions , Categorisation Multiple Choice Multiple Answer Question Identification of Target Population is facilitated by :Correct Answer Well defined research objectives , Alternative, reasonable/target population definitions , Specifications for exclusion in target population Your Answer Well defined research objectives , Alternative, reasonable/target population definitions , Specifications for exclusion in target population Select The Blank Question ________are used for National Panel Studies. Correct Answer Quota controls Your Answer Quota controls Select The Blank Question Finding out the number of vehicles at a given junction is a ________ method. Correct Answer Direct Observation Your Answer Direct Observation 45.

a)

b)

Any loans or deposits borrowed or repaid under section 269SS of the Act provides that the said provisions will not apply to the loans or deposits accepted by :-

Government Government company Banking company including cooperative bank and post office savings bank

c)

Insurance company

d)

Marks : 2

49.

a)

Any amount paid by an individual as tuition fees to any educational institution in India for the purpose of full time education of the individual's children. The maximum allowable limit is :-

Rs. 12,000 per child per annum

b)

Subject to the maximum of two children. Rs.10,000 per child per annum

c)

Subject to the maximum of three children.

d)

Marks : 2

50.

Combined total of five heads of income equals :-

a)

b)

Gross total income Gross taxable income Net income

c)

Tax amount

d)

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer Question The amount of advance tax payable by non corporate assessees before 15th December of Previous year is :Correct Answer 60% of advance tax payable Your Answer 60% of advance tax payable

Select The Blank Question The aggregate amount of all the expenditure falling under the head preliminary expenses incurred under section 3________, for an Indian company the aggregate of all the expenditure can be 5% of the cost of project or 5% of capital employed whichever is higher. Correct Answer 5% of the cost of project or 5% of capital employed Your Answer 5% of the cost of project or 5% of capital employed

Multiple Choice Multiple Answer Question Condition for deduction from Capital Gains arising from transfer of House property under Section 54 is :Correct Answer Assessee must have purchased another residential property one year before or within two years after the date on which transfer took place , Assessee must have constructed another residential property within, three years after the date on which the transfer took place. Your Answer Assessee must have purchased another residential property one year before or within two years after the date on which transfer took place , Assessee must have constructed another residential property within, three years after the date on which the transfer took place.

True/False Question Rebates as per the provisions of Section 88B of the Act are not available from the tax on long-term capital gains. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :Correct Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research

Select The Blank Question If a person, other than an individual or a HUF, is responsible to pay the rent to any person in excess of ________ during the financial year. Correct Answer Rs. 1,20,000 Your Answer Rs. 1,00,000

Multiple Choice Multiple Answer Question The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following

amounts :Correct Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance received. Your Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance received.

Select The Blank Question As per the Clause N0-30 of the Act ________ requires company engaged in production, mining, and manufacturing activities should maintain proper books of accounts showing the particulars of utilization of material, labour or any other item. Correct Answer Section 209 of the Companies Act,1956 Your Answer Section 209 of the Companies Act,1956

Multiple Choice Multiple Answer Question Under the clause No-32 of the Act, in the Tax Audit Report, the Auditor is required to give the accounting calculation in ratios of :Correct Answer Gross profit/turnover , Net profit/turnover , Stock in trade/turnover Your Answer Gross profit/turnover , Net profit/turnover , Stock in trade/turnover

Multiple Choice Single Answer Question The losses incurred in the current Assessment Year :Correct Answer Can be carried forward to the subsequent Assessment Years Your Answer Can be carried forward to the subsequent Assessment Years

Multiple Choice Multiple Answer Question Standard deduction takes care of :Correct Answer Ground rent , Repairs & maintenance , Insurance premium Your Answer Repairs & maintenance , Insurance premium , Ground rent

True/False Question Loss under the head Profits from Business or Profession can be adjusted against the Income from Salaries. Correct Answer False Your Answer False

Multiple Choice Single Answer Question Assessment year is the period of 12 months starting from :Correct Answer 1st April to 31st March Your Answer 1st April to 31st March

True/False Question If assessee owns more than one house properties, for his self occupation, annual value of any one of the house property of his own choice is treated as nil & another house as rented out.

Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question The specified assets for the purpose of claiming exemption from Capital Gains u/s 54EC mean the bonds redeemable after 3 years issued by the following institutions Correct Answer National Bank for Agriculture and Rural Development (NABARD) , Rural Electrification Corporation Limited , Small Industries Development Bank of India Your Answer National Bank for Agriculture and Rural Development (NABARD) , Rural Electrification Corporation Limited , Small Industries Development Bank of India

Select The Blank Question In case of foreign companies rate of tax is ________. Correct Answer 0.35 Your Answer 0.3

Multiple Choice Multiple Answer Question Which of the following expenses should be debited to P & L Account, but disallowed for Income tax purpose? Correct Answer Wealth Tax , Personal expenditure , Income Tax Your Answer Wealth Tax , Revenue expenditure , Personal expenditure

True/False Question Any Employer's Contribution payable by the assessee towards any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of the employees, if they are actually paid, allowed as deduction. Correct Answer True Your Answer True

Multiple Choice Single Answer Question Maximum Deduction u/s 80D in respect of medical insurance premium for a person who is a Senior Citizen is Rupees :Correct Answer 15000 Your Answer 15000

Select The Blank Question The rate of TDS is ________ in case of advertising work. Correct Answer 0.01 Your Answer 0.01

Multiple Choice Single Answer Question Income earned in previous year is subjected to tax in :Correct Answer Assessment year

Your Answer Accounting year

Select The Blank Question The rebate u/s 88B is available to an individual who has attained the age of ________ or more at any time during the previous year. Correct Answer 65 Your Answer 65

Select The Blank Question Unabsorbed business loss can carried forward and set off in the subsequent Assessment Years subject to the time limit of ________ Assessment years. Correct Answer 8 Your Answer 8

Multiple Choice Single Answer Question Previous year always ends on :Correct Answer 31st March Your Answer 31st March

Multiple Choice Single Answer Question Gross Annual Value can not exceed :-

Correct Answer Standard rent Your Answer Standard rent

True/False Question For being resident of India, a person must be citizen of India. Correct Answer False Your Answer True

True/False Question Sales tax and expenses in connection with the proceedings for the assessment of sales tax are allowed as business expenditure. Correct Answer True Your Answer True

Match The Following Question Correct Answer Your Answer

Perquisites Indicate benefits or amenities provided by the employer to the employee, either free of cost or at the concessional rate Indicate benefits or amenities provided by the employer to the employee, either free of cost or at the concessional rate

House Rent Allowance

This indicates the amount paid by the employer to the employee to meet the expenditure for residential accommodation occupied by the employee This indicates the amount paid by the employer to the employee to meet the expenditure for residential accommodation occupied by the employee

Retrenchment Compensation Compensation received by a worker at the time of retrenchment Compensation received by a worker at the time of retrenchment

Traveling Allowance Any allowance granted to meet the cost of travel on tour or on transfer of duty. assistance received or due to an assessee from his employer, for himself and his family for proceeding on leave to any place in India or to any place in India after the retirement or termination of his service

Multiple Choice Single Answer Question Foreign allowance received by an Indian national is exempt if it is paid by :Correct Answer Government of India Your Answer Foreign government

Multiple Choice Multiple Answer Question Following news agencies are specified by the Central Government as specified news agencies :Correct Answer PTI , UNI Your Answer PTI , P TV , NDTV

Multiple Choice Single Answer

Question Annual value of any one palace in possession of a former ruler is :Correct Answer Exempt Your Answer Reduced from income from house property

True/False Question Income tax paid is allowed as deduction while calculating profit from business or profession. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Section 35CCA of the Act applies to any expenditure incurred by the assessee by way of payment of any sum to :Correct Answer The National Fund for rural development set up by the central government , Any association or institution used for carrying out any programs of rural development , The National Urban Poverty eradication fund set up by the central government Your Answer The National Fund for rural development set up by the central government , Any association or institution used for carrying out any programs of rural development , The National Urban Poverty eradication fund set up by the central government

Select The Blank Question No tax is required to be deducted if the amount paid or credited in pursuance of any contract does not exceed a certain amount. However, if the aggregate of such amounts paid or credited to a payee exceeds ________ the tax is required to be deducted under this Section.

Correct Answer Rs. 50000 Your Answer Rs.100000

Multiple Choice Single Answer Question Income from winning from lotteries / crossword puzzles/ horse races is taxed at flat rate of :Correct Answer 0.3 Your Answer 0.3

Multiple Choice Single Answer Question The provisions regarding set off and carry forward of loses are contained in :Correct Answer Sections 70 to 80 of the Income Tax Act, 1961. Your Answer Sections 70 to 80 of the Income Tax Act, 1961.

Select The Blank Question Section 80U allows the deduction in respect of the ________ . Correct Answer Permanent physical disability Your Answer Permanent physical disability

Multiple Choice Single Answer

Question Any premium paid by the assessee by Cheque as an employer to effect or keep in force an insurance on the health of his employees is :Correct Answer Allowed as expenses while calculating profits from business and profession Your Answer Allowed as expenses while calculating profits from business and profession

True/False Question Rebates as per the provisions of Section 88 of the Act are not available from the tax on long-term capital gains. Correct Answer True Your Answer False

True/False Question Jewellery held by the assessee is not a Capital Asset. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question To get deduction of Rs 150000/- as interest on borrowed capital assessee needs to satisfy conditions i.e. :Correct Answer Borrowal is after 1st April 1999 , Construction is completed in 3 years Your Answer

Deduction can be for principal portion also , Borrowal is after 1st April 1999 , Construction is completed in 3 years

Multiple Choice Single Answer Question The return of income required to be filed in the form by the Non-Corporate Assessee not claiming the exemption under the provisions of section 11 of the Act and not having income from business and profession is :Correct Answer Form No. 3 or 2D(saral) Your Answer Form No. 2 or 2D(saral)

Multiple Choice Single Answer Question Salary paid by any partnership firm to its working partners is taxable as :Correct Answer Income from Business and Profession Your Answer Income from Business and Profession

True/False Question The payments made u/s 43B of the Income Tax Act are allowed as deductions only if they are actually paid. Correct Answer True Your Answer True

Match The Following Question Correct Answer

Your Answer

Containers made of glass or plastic used as refills Rate of depreciation is 40% Rate of depreciation is 40%

All intangible assets like Patents, Trademarks, Copy Rights, Licenses etc. Rate of depreciation is 25% Rate of depreciation is 25%

Temporary Structures Rate of depreciation is 100% Rate of depreciation is 100%

Computers Rate of depreciation is 60% Rate of depreciation is 60%

Select The Blank Question Deduction for remuneration from foreign sources for professors, teachers etc under Section 80R is limited to ________% of such remuneration brought in India. Correct Answer 15 Your Answer 15

Select The Blank Question If the asset sold or transferred by the employer to employee is in the form of computers an electronic items, the wear and tear will be calculated @ ________ %.

Correct Answer 50 Your Answer 20

Score Card

Registration Number: Name: Subject: Assignment Statu s As On:

200404214 Manpreet Malhotra Taxation 19/03/2006

Result for this Assignment Assignment Date 18/03/2006

Number of Correct Questions 31

Number of Skipped Questions 4

Number of Wrong Questions 16

Total Questions attempted 51

Total Marks obtained 69 Out of 100.

Result Pass

Click here to view the list of attempted question and answers.

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer Question Foreign allowance received by an Indian national is exempt if it is paid by :Correct Answer Government of India Your Answer Government of India

Multiple Choice Multiple Answer Question For the purpose of section 80IA, the term eligible business means :Correct Answer Developing, maintaining or operating any infrastructure facility where the term infrastructure facility means a road (including a toll road, a bridge or a rail system) or a highway project or a water supply project. , Developing, maintaining or operating an industrial park or special economic zones notified by the Central Government , Generation or distribution of power Your Answer Developing, maintaining or operating an industrial park or special economic zones notified by the Central Government , Generation or distribution of power , Developing, maintaining or operating any infrastructure facility where the term infrastructure facility means a road (including a toll road, a bridge or a rail system) or a highway project or a water supply project.

True/False Question For being resident of India, a person must be citizen of India. Correct Answer False Your Answer False

Multiple Choice Single Answer Question The due date prescribed for filing the returns of income in Form No. 2C is Correct Answer 31st October of the respective Assessment year Your Answer 31st October of the respective Assessment year

Multiple Choice Single Answer Question The amount of accumulated interest on NSCs purchased in the earlier years is assumed to be reinvested :Correct Answer And qualifies for tax rebate under section 88. Your Answer And qualifies for tax rebate under section 88.

True/False

Question A person who is a Senior Citizen who has attained the age of 65 years is not entitled to the rebate u/s 88 of the Act. Correct Answer False Your Answer False

Multiple Choice Single Answer Question The total amount of rebates under Section 88, Section 88B, Section 88C and Section 88D of the Act. shall :Correct Answer Not exceed the amount of tax calculated on the total income. Your Answer Not exceed the amount of tax calculated on the total income.

True/False Question A company is resident of India if in any previous year it is an Indian Company even though control & management are situated outside India. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question From GTI of a company following deductions under chapter VI A are allowed

Correct Answer 80 G Donations , 80 HHB profits and gains from projects outside India , 80 IA profits and gains of infrastructure companies Your Answer 80 G Donations , 80 HHB profits and gains from projects outside India , 80 IA profits and gains of infrastructure companies

True/False Question Clause N0-30 of the Tax Audit requires that, if the cost Audit of the company carried out, the report of such audit should be enclosed to the Tax Audit Report. Correct Answer True Your Answer True

Match The Following Question Correct Answer Your Answer

Deductions of Rent, Rates, Repairs, Taxes and Insurance on Buildings are available u/s 30 u/s 30

Deduction of Depreciation is available u/s 32

u/s 32

General deductions are allowed as deductions while calculating profits from business and profession u/s 37 u/s 37

Deductions of Repairs & maintenance of machinery, plant & furniture are available u/s 31 u/s 31

Multiple Choice Single Answer Question In case of any contribution made by an individual or a HUF to notified units of any approved mutual fund or of Unit Trust of India in accordance with a notified scheme (Equity Linked Savings Scheme) :Correct Answer The maximum allowable limit is Rs. 10,000 Your Answer The maximum allowable limit is Rs. 10,000

True/False Question The value of benefit resulting from the payment made by the employer in a club for any expenditure incurred by the employee shall be taken as perquisites unless the said expenses are incurred wholly and exclusively for official purposes.

Correct Answer True Your Answer True

Multiple Choice Single Answer Question What is the treatment of principal amount of loan borrowed for the purchase or construction of a residential house? Correct Answer Rebate u/s 88 for such amount not exceeding Rs. 20,000 Your Answer Rebate u/s 88 for such amount not exceeding Rs. 20,000

True/False Question Rebates as per the provisions of Section 88 of the Act are not available from the tax on longterm capital gains. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Following specific incomes are taxable under the heading income from other sources :Correct Answer Winning from betting , Interest on securities of local authority , Bonus from key man insurance policy

Your Answer Winning from betting , Interest on securities of local authority

True/False Question Deductions available as per the provisions of Chapter VI of the Act are not available for the long-term capital gains. Correct Answer True Your Answer True

True/False Question Income earned & received outside India & remitted to India is taxable for resident & ordinary resident Correct Answer True Your Answer True

Multiple Choice Single Answer Question What is the due date for filing Annual return for TDS from Salaries? Correct Answer 30th June of Assessment Year Your Answer 30th June of Assessment Year

Multiple Choice Multiple Answer Question The least of the following is the exemption available to an employee if he is in receipt of house rent allowance :Correct Answer 50% of the Salary where such accommodation is situated in Mumbai, Kolkata, Chennai and Delhi and 40% of the Salary when the accommodation is situated at any other place. , Actual amount of HRA received by the employee. , Excess of rent paid over 10% of the Salary. Your Answer 50% of the Salary where such accommodation is situated in Mumbai, Kolkata, Chennai and Delhi and 40% of the Salary when the accommodation is situated at any other place. , Actual amount of HRA received by the employee.

Select The Blank Question If the CC of the engine is more than 1..6 liters and the motor car is owned or hired by the employer and is used partly of official and partly for personal purposes and if running and maintenance expenses are borne by the employee then the value of perquisite will be Rs.________ per month plus Rs.600 if car is chauffer driven car. Correct Answer 600 Your Answer 600

Multiple Choice Single Answer Question As a general principle, the Basic Salary or Wages, Dearness Allowance and Bonus / Commission is :-

Correct Answer Fully taxable. Your Answer Fully taxable.

Multiple Choice Multiple Answer Question Under the clause No-32 of the Act, in the Tax Audit Report, the Auditor is required to give the accounting calculation in ratios of :Correct Answer Gross profit/turnover , Net profit/turnover , Stock in trade/turnover Your Answer Gross profit/turnover , Net profit/turnover , Stock in trade/turnover

Multiple Choice Single Answer Question If taxable income is less than 7.5% of book profit, income tax is payable @ of :Correct Answer 0.1 Your Answer 0.1

Select The Blank Question In case of foreign companies rate of tax is ________. Correct Answer 0.35 Your Answer

0.2

True/False Question Interest is payable by the assessee for not paying the Advance tax or if the Advance tax paid by the assessee is less than 80% of the Assessed tax after adjusting the amount of TDS and Advance tax Paid Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question For the purpose of income tax, the perquisites can be classified into :Correct Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Your Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee

Multiple Choice Single Answer Question Loss from owning and maintaining race horses can be adjusted against :Correct Answer Only the income arising out of the same activity Your Answer Only the income arising out of the same activity

Multiple Choice Single Answer Question Municipal taxes are payable on :Correct Answer Municipal valuation Your Answer Municipal valuation

True/False Question Dividend received from domestic company to its shareholders is taxable in the hands of the shareholder. Correct Answer False Your Answer False

Select The Blank Question Company means any ________ Company. Correct Answer Indian Your Answer Domestic Company

Multiple Choice Multiple Answer

Question Section 35D applies to the preliminary expenses incurred by a company, which consists of :Correct Answer Expenditure in connection with the preparation of feasibility/project report, engineering services, or conducting market survey , Legal charges and fees for registering the company as per the provisions of company Act, 1956 , Charges in connection with drafting and printing of memorandum of association and Articles of Association Your Answer Expenditure in connection with the preparation of feasibility/project report, engineering services, or conducting market survey , Legal charges and fees for registering the company as per the provisions of company Act, 1956 , Charges in connection with drafting and printing of memorandum of association and Articles of Association

Multiple Choice Multiple Answer Question Perquisites which are taxable only in the hands of specified employee include the following categories of perquisites :Correct Answer Motor Car , Services of sweeper, gardener, watchman or personal attendant , Gas, electricity and water provided for personal consumption Your Answer Motor Car , Gas, electricity and water provided for personal consumption , Amount spent on training of employees or fees paid for refresher management course

Select The Blank Question Loss under the head Income from Capital Gains, to the extent it is long term capital loss can be carried forward and set off in the subsequent Assessment Years against the ________ subject to the limit of 8 Assessment years. Correct Answer

Long term Capital Gains Your Answer Long term Capital Gains

Multiple Choice Single Answer Question For charging the income in the form of salaries :Correct Answer There needs to be an employer-employee relationship between the payer and the payee. Your Answer There needs to be an employer-employee relationship between the payer and the payee.

True/False Question The amount of telephone bills (including the mobile phone bills) of the employee reimbursed by the employer is exempt from tax. Correct Answer True Your Answer True

True/False Question The amount of expenses including membership fees and annual fees incurred by the employee on credit card and which are paid by the employer shall be added as the perquisites unless the said expenses are incurred wholly and exclusively for official purposes. Correct Answer

True Your Answer True

Multiple Choice Single Answer Question The amount of advance tax payable by corporate assessees before 15th September of Previous year is :Correct Answer 45% of advance tax payable Your Answer 45% of advance tax payable

Multiple Choice Single Answer Question As per which provision and section, every person, company or any other person shall furnish his returns of income in the prescribed form on or before the specified due date? Correct Answer Section 139(1) Your Answer Section 139(1)

Select The Blank Question ________ is the tax payable on the manufacturing of goods. Correct Answer Excise duty Your Answer

Sales tax

Multiple Choice Single Answer Question The return of income is required to be filed by all the companies, except those covered under section 25 of the companies Act,1956 in the :Correct Answer Form No. 1 Your Answer Form No. 1

Match The Following Question Correct Answer Your Answer

Disallowable Expenditure Litigation Expenses in connection with recovery of a debt which is not a trading debt Litigation Expenses in connection with recovery of a debt which is not a trading debt

Business Includes trade, commerce, nature of trade, commerce Includes trade, commerce, nature of trade, commerce

or or or or

manufacture or any adventure or concern in the manufacture manufacture or any adventure or concern in the manufacture

Profession Includes vocation Includes vocation

Capital Expenditure Expenditure incurred by a company with the issue of rights shares Expenditure incurred by a company with the issue of rights shares

Multiple Choice Single Answer Question The sum total of all the heads of income clubbed together gives the amount of :Correct Answer Gross Total Income Your Answer Gross Total Income

Select The Blank Question Short term Capital Gains is taxed at ________. Correct Answer Normal Tax rates Your Answer Normal Tax rates

Multiple Choice Multiple Answer

Question From annual value, following deductions are allowed :Correct Answer Standard deduction , Interest on borrowed capital , Municipal taxes Your Answer Standard deduction , Interest on borrowed capital , Municipal taxes

Multiple Choice Multiple Answer Question The rebate u/s 88 is available to an :Correct Answer Individual , Hindu Undivided Family. Your Answer Individual , Hindu Undivided Family.

Taxation-Saroj2 Select The Blank Question For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year. Correct Answer 182 Your Answer 182 Multiple Choice Single Answer Question The due date prescribed for filing the returns of income in Form No. 2C is Correct Answer 31st October of the respective Assessment year Your Answer 31st October of the respective Previous year Multiple Choice Single Answer

Question The payments for claiming the rebate u/s 88 should :Correct Answer Be made out of the income chargeable to tax. Your Answer Be made out of the income chargeable to tax. Multiple Choice Single Answer Question As per which provision and section, every person, company or any other person shall furnish his returns of income in the prescribed form on or before the specified due date? Correct Answer Section 139(1) Your Answer Section 139(1) Select The Blank Question Mrs. X of 45 years has received salary of Rs 5,50,000 she can claim tax rebate of ________u/s 88C of the IT Act. Correct Answer Rs. 5,000 Your Answer Nil Multiple Choice Multiple Answer Question Rebate is allowed on any subscription made to National Saving Scheme by :Correct Answer An individual , A HUF Your Answer An individual , A HUF , Partnership Firms Multiple Choice Multiple Answer Question For the purpose of taxability of perquisite a specified employee means :Correct Answer The person who is director of a company , The employee who has substantial interest in the company by having 20% or more of the voting power , The employee whose income under the head salaries (including all the taxable monetary payments of salary but excluding the value of any non-monetary benefits or perquisites), after allowing deductions under Section 16, exceeds Rs. 50,000 Your Answer The person who is director of a company , The employee who has substantial interest in the company by having 20% or more of the voting power , The employee whose income under the head salaries (including all the taxable monetary payments of salary but excluding the value of any

non-monetary benefits or perquisites), after allowing deductions under Section 16, exceeds Rs. 50,000 Multiple Choice Multiple Answer Question Following professional institutions have their incomes exempt from tax :Correct Answer Town planning , Company secretary , Accounting Your Answer Town planning , Company secretary , Accounting True/False Question Deduction u/s 80E for repayment of loan taken for higher education is available if the loan must have borrowed by the assessee himself or his Father Correct Answer False Your Answer False True/False Question The consideration for transfer of Capital Asset is received by the transferor is not material while Capital gain chargeable to tax. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Any loans or deposits borrowed or repaid under section 269SS of the Act provides that the said provisions will not apply to the loans or deposits accepted by :Correct Answer Banking company including cooperative bank and post office savings bank , Government , Government company Your Answer Government , Government company , Banking company including cooperative bank and post office savings bank Match The Following Question Correct Answer Your Answer Employee stock option plan

ESOPS

ESOPS

Uncommuted Pension Indicates the periodical payment of pension Indicates the periodical payment of pension Commuted Pension Indicates the lump sum received in lieu of the periodical Indicates the lump sum received in lieu of the periodical Treatment of Perquisite Taxed in the hands of employee as taxable salary Taxed in the hands of employee as taxable salary

True/False Question A person who is a Senior Citizen who has attained the age of 65 years is not entitled to the rebate u/s 88 of the Act. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question For Deduction u/s 54EC from Capital Gains the assessee should invest the whole or part of the capital gains in the specified assets :Correct Answer Within six months from the date of transfer of the long-term capital asset Your Answer Within six months from the date of transfer of the long-term capital asset Select The Blank Question Unabsorbed business loss can carried forward and set off in the subsequent Assessment Years subject to the time limit of ________ Assessment years. Correct Answer 8 Your Answer 3 Multiple Choice Single Answer Question Mr. A whose Gross Total Income, before allowing deductions under Chapter VI-A is Rs. 2,40,000 wants to make the investments in the

following alternative forms Rs. 50,000 in PPF and Rs. 50,000 in Infrastructure Bonds. The amount of rebate available to him u/s 88 is :Correct Answer Rs. 15,000 Your Answer Rs. 15,000 Multiple Choice Single Answer Question Annual value of any one palace in possession of a former ruler is :Correct Answer Exempt Your Answer Exempt Match The Following Question Correct Answer Your Answer Any subscription made to National Saving Scheme By an individual or a HUF is eligible for rebate u/s 88 HUF is eligible for rebate u/s 88

By an individual or a

Mr. A, a 70 years old Senior Citizen, has the Gross Total Income of Rs. 2,50,000 during the Assessment Year 2005-2006. He invested Rs. 50,000 in the tax saving bonds of ICICI on 10th June 2004. His tax liability for the A Y 2005-2006. RS.12,500

RS.12,500

During the Assessment Year 2005-2006, Mrs. A, age 58 years, has the Gross Total Income of Rs. 1,45,000 including the dividend from Indian companies amounting to Rs. 10,000. She invests Rs. 50,000 in PPF during the said Assessment Year. her tax liabilit is Rs. 1,000

Rs. 1,000

Any contribution made to a Public Provident Fund Is eligible for rebate u/s 88

Is eligible for rebate u/s 88

Select The Blank Question To claim sec 10A deduction unit must be established in ________.

Correct Answer Free Trade Zone Your Answer Free Trade Zone Select The Blank Question Non resident individual satisfies ________ of the basic conditions. Correct Answer None Your Answer Any one Multiple Choice Single Answer Question Deduction from Capital Gains under Section 54 is for Capital Gains arising from transfer of :Correct Answer House Property Your Answer House Property Select The Blank Question Deduction for remuneration from foreign sources for professors, teachers etc under Section 80R is limited to ________% of such remuneration brought in India. Correct Answer 15 Your Answer 15 Select The Blank Question Relief under section 89 is available to an employee in respect of the amount of salary received ________. Correct Answer In advance or in arrears Your Answer In the immediately succeeding year. Select The Blank Question AOP id formed when two or more ________ come together to earn income. Correct Answer Persons Your Answer Persons Multiple Choice Multiple Answer Question Capital Gains arise on account of excess of transfer consideration over the following amounts Correct Answer Cost of acquisition , Cost of improvement , Expenditure incurred wholly and exclusively in connection with the transfer

Your Answer Cost of acquisition , Cost of improvement , Expenditure incurred wholly and exclusively in connection with the transfer Multiple Choice Multiple Answer Question Which of the following amounts credited to P & L Account but not taxable from Income tax Purposes as Profits from Business and Profession? Correct Answer Refund of Income tax , Capital Gains , Dividend Income Your Answer Refund of Income tax , Capital Gains , Dividend Income True/False Question Rebates as per the provisions of Section 88 of the Act are not available from the tax on long-term capital gains. Correct Answer True Your Answer True Select The Blank Question If assessee owns more than one house properties, he can get benefit of nil annual value for any one house property ________. Correct Answer As per his choice Your Answer As per his choice Multiple Choice Single Answer Question What is the treatment of principal amount of loan borrowed for the purchase or construction of a residential house? Correct Answer Rebate u/s 88 for such amount not exceeding Rs. 20,000 Your Answer Rebate u/s 88 for such amount not exceeding Rs. 20,000 Multiple Choice Multiple Answer Question The provisions for payment of gratuity is not allowed under section 40A(7) but, under the head, profits from business and profession, the amount of gratuity will be allowed as deduction only when :Correct Answer The amount of gratuity has actually become payable to the employees during the previous year , The provision has been made for the payment of a sum by way of contribution to an approval gratuity , The other

than the above two situations, any provision made for the payment of gratuity is not allowed as deduction Your Answer The amount of gratuity has actually become payable to the employees during the previous year , The provision has been made for the payment of a sum by way of contribution to an approval gratuity Multiple Choice Multiple Answer Question If the Salary is less than Rs. 5,00,000, Standard Deduction will be the least of the following :Correct Answer 40% of the Salary , Rs. 30,000 Your Answer 40% of the Salary , Rs. 30,000 Multiple Choice Single Answer Question The amount of advance tax payable by non corporate assessees before 15th December of Previous year is :Correct Answer 60% of advance tax payable Your Answer 100% of advance tax payable Select The Blank Question It should be noted that the tax liability of an individual having the total income of less than Rs ________ is Nil u/s 88D. Correct Answer 1,00,000 Your Answer 1,00,000 True/False Question If assessee owns more than one house properties, annual value of any one of the house property can be treated as nil, and such option can be changed year on year basis. Correct Answer True Your Answer True True/False Question Income from subletting is treated as income from house property. Correct Answer False Your Answer False Multiple Choice Multiple Answer

Question Following persons are deemed to be an assessee :Correct Answer Legal heir of deceased person , Parents of minor assessee , Agent of NRI Your Answer Legal heir of deceased person , Parents of minor assessee , Agent of NRI Multiple Choice Single Answer Question Income of notified news agencies is exempt provided :Correct Answer They apply their income for collection & distribution of news Your Answer They apply their income for collection & distribution of news Select The Blank Question The rebate u/s 88B is available to an individual who has attained the age of ________ or more at any time during the previous year. Correct Answer 65 Your Answer 65 Multiple Choice Multiple Answer Question What is the tax treatment of the Lump sum received from unrecognized provident fund on the retirement or resignation or death of the employee? Correct Answer Employee's contribution to PF is exempt from tax , Interest on employee's contribution is taxable as "Income from Other Sources" , Employer's Contribution to PF and interest thereon is taxable as "Income from salaries" Your Answer Employee's contribution to PF is exempt from tax , Interest on employee's contribution is taxable as "Income from Other Sources" , Employer's Contribution to PF and interest thereon is taxable as "Income from salaries" True/False Question Any advance tax paid before 31st March is treated as advance tax paid during the previous year. Correct Answer True Your Answer True

True/False Question A woman assessee below the age of 65 years is also entitled to rebate u/s 88. Correct Answer True Your Answer True Multiple Choice Single Answer Question Rent for other amenities like lift, electricity, telephone etc. is taxed under the heading :Correct Answer Income from other sources Your Answer Income from salaries Multiple Choice Single Answer Question The amount of advance tax payable by non corporate assessees before 15th June of Previous year is :Correct Answer Nil Your Answer 100% of advance tax payable Multiple Choice Multiple Answer Question The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :Correct Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance received. Your Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance received. True/False Question Loss from house property can be adjusted against the income from any other house property. Correct Answer True Your Answer True True/False Question Annual premium paid by the employer for the accident insurance policy taken by the employer in the name of the employee is chargeable to tax. Correct Answer False Your Answer True

Multiple Choice Single Answer Question Annual return for TDS from Salaries is to be filed in :Correct Answer Form No. 24 Your Answer Form No. 24

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Select The Blank Question Monetory Limit for deduction for royalty income of authors under Section 80QQB is Rs.________. Correct Answer 300000 Your Answer 300000

Multiple Choice Single Answer Question Income from winning from lotteries / crossword puzzles/ horse races is taxed at flat rate of :Correct Answer 0.3 Your Answer 0.3

Multiple Choice Single Answer

Question Income earned in previous year is subjected to tax in :Correct Answer Assessment year Your Answer Assessment year

Multiple Choice Single Answer Question Mediclaim premium u/s Section 80D should be paid by Correct Answer Cheque Your Answer Cheque or Cash

True/False Question Any sum payable by the assessee by way of tax, duty, cess or fee is allowed as deduction even though they are not actually paid. Correct Answer False Your Answer True

True/False Question As per section 2(11) of the Income Tax Act, Block of Assets includes both tangible as well as intangible assets.

Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question What is the tax treatment of Statutory Provident Fund? Correct Answer Employer's Contribution to PF is not liable for any tax payment , Interest credited to the employee's account is not liable for any tax payment. , The lump sum received at the time of retirement or resignation or death is also exempt under section 10(11) and 10(12). Your Answer Employer's Contribution to PF is not liable for any tax payment , Interest credited to the employee's account is not liable for any tax payment. , The lump sum received at the time of retirement or resignation or death is also exempt under section 10(11) and 10(12).

Select The Blank Question The aggregate amount of all the expenditure falling under the head preliminary expenses incurred under section 3________, for an Indian company the aggregate of all the expenditure can be 5% of the cost of project or 5% of capital employed whichever is higher. Correct Answer 5% of the cost of project or 5% of capital employed Your Answer 5% of the cost of project or 7% of capital employed

Multiple Choice Single Answer

Question Combined total of five heads of income equals :Correct Answer Gross total income Your Answer Gross total income

Multiple Choice Single Answer Question Previous year always ends on :Correct Answer 31st March Your Answer 31st March

Multiple Choice Single Answer Question Rates of income tax are prescribed by :Correct Answer The Finance Act Your Answer Ordinance

Select The Blank Question If assessee owns more than one house properties, he can get benefit of nil annual value for any one house property ________. Correct Answer

As per his choice Your Answer House which is first purchased

Multiple Choice Single Answer Question Tax liability of a person is based on :Correct Answer Residential status Your Answer Gross total income

Multiple Choice Multiple Answer Question Choose capital expenditure from the following list :Correct Answer Purchase of Building , Purchase of machinery Your Answer Purchase of Building , Construction of temporary structures , Purchase of machinery

Multiple Choice Multiple Answer Question Rebate is allowed on any subscription made to National Saving Scheme by :Correct Answer An individual , A HUF Your Answer An individual , A HUF

Multiple Choice Single Answer Question In respect of leave travel concession If Mr. A has availed the exemption only once or has not availed any exemption at all, in the block of four years i.e. 1998-2001 then :Correct Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002. Your Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002.

True/False Question Loss under the head Profits from Business or Profession can be adjusted against the Income from Salaries. Correct Answer False Your Answer False

Multiple Choice Single Answer Question The amount paid by the employer to the employee on his retirement is taxed as :Correct Answer Income from Salaries

Your Answer Income from Salaries

Select The Blank Question For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year. Correct Answer 182 Your Answer 182

True/False Question Bad Debts recovered not allowed as deduction in earlier years is not taxable in any year. Correct Answer True Your Answer False

Multiple Choice Multiple Answer Question Short Term Capital Loss can be adjusted against :Correct Answer Short Term Capital Gains. , Long term Capital Gains Your Answer Long term Capital Gains , Short Term Capital Gains.

Multiple Choice Single Answer Question The amount of advance tax payable by non corporate assessees before 15th March of Previous year is :Correct Answer 100% of advance tax payable Your Answer 100% of advance tax payable

Multiple Choice Multiple Answer Question An assessee can claim deduction under section 35 in relation to the expenditure incurred on scientific research in the field of natural gas or applied sciences if :Correct Answer Any revenue expenses incurred by the assessee for carrying out the scientific research provided that such research is related to his business , Any capital expenses incurred by the assesse himself for carrying out the scientific research provided that such research is related to his business , The assesse is a company engaged in the business of bio-technology or any other notified product a weighted deduction of 150% is allowed in respect of in-house research and development expensed, till 31st March, 2005 Your Answer Any revenue expenses incurred by the assessee for carrying out the scientific research provided that such research is related to his business , The assesse is a company engaged in the business of bio-technology or any other notified product a weighted deduction of 150% is allowed in respect of in-house research and development expensed, till 31st March, 2005

Select The Blank Question

Registration charges in connection with the increasing of ________ share capital of the company is not allowed as revenue expenditure. Correct Answer Authorized Your Answer Issued

True/False Question If a person is required to quote the PAN and he quotes or intimates a false number then he may be liable to pay a penalty of Rs. 25000. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question What is the tax treatment of the Lump sum received from unrecognized provident fund on the retirement or resignation or death of the employee? Correct Answer Employee's contribution to PF is exempt from tax , Interest on employee's contribution is taxable as "Income from Other Sources" , Employer's Contribution to PF and interest thereon is taxable as "Income from salaries" Your Answer Employee's contribution to PF is exempt from tax , Interest on employee's contribution is taxable as "Income from Other Sources"

Select The Blank Question

If the person responsible for deducting the tax at source and paying the same to the credit of Central Government has not been allotted the Tax Deduction Account Number (TAN), he shall within ________ from the end of the month in which the tax was deducted, apply for the allotment of TAN Number. Correct Answer One month Your Answer Fifteen days

Match The Following Question Correct Answer Your Answer

Deduction in case of permanent physical disability Section 80U Section 80U

Deductions for Donations Paid Section 80G Section 80G

Deduction for Rent Paid Section 80GG Section 80GG

Deduction in respect of Interest on Bank Deposits Section 80L

Section 80L

True/False Question If the capital asset becomes the property of the assessee by virtue of gift or will, the period for which the capital asset is held by the previous owner should be excluded while deciding the holding period. Correct Answer False Your Answer True

True/False Question Amount paid by the employer in respect of any leave standing to the credit of the employee after the date of furnishing return of income, this sum was payable in the previous year is allowed as deduction. Correct Answer False Your Answer False

Select The Blank Question Under section 43B, Clause N0-21 provides that the details of various payments are allowed as deductions only if they are actually paid but, where if the assessee follows the ________, the payments can be claimed on due basis. Correct Answer

Mercantile system of accounting Your Answer Cash system of accounting

True/False Question A woman assessee below the age of 65 years is also entitled to rebate u/s 88. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Income received by following assesses is taxable in India :Correct Answer Resident , Non resident , Resident but not ordinary resident Your Answer Resident , Resident but not ordinary resident

Multiple Choice Single Answer Question Any premium paid by the assessee by Cheque as an employer to effect or keep in force an insurance on the health of his employees is :Correct Answer Allowed as expenses while calculating profits from business and profession Your Answer Is allowed as a deduction under Section 80G

Select The Blank Question Where an assessee files or submits the returns as per provisions of section 139 or in response to the notice under section 142, the assessment officer undertakes ________ as per section 143(2) and section 143(3). Correct Answer Scrutiny Assessment Your Answer Scrutiny Assessment

Multiple Choice Multiple Answer Question Assessee gets deduction of interest paid on borrowed capital even if he :Correct Answer Takes possession later on , Acquires later on Your Answer Takes possession later on , Acquires later on

Match The Following Question Correct Answer Your Answer

Perquisites Indicate benefits or amenities provided by the employer to the employee, either free of cost or at the concessional rate Indicate benefits or amenities provided by the employer to the employee,

either free of cost or at the concessional rate

House Rent Allowance This indicates the amount paid by the employer to the employee to meet the expenditure for residential accommodation occupied by the employee This indicates the amount paid by the employer to the employee to meet the expenditure for residential accommodation occupied by the employee

Retrenchment Compensation Compensation received by a worker at the time of retrenchment Compensation received by a worker at the time of retrenchment

Traveling Allowance Any allowance granted to meet the cost of travel on tour or on transfer of duty. Any allowance granted to meet the cost of travel on tour or on transfer of duty.

Select The Blank Question Mrs. X of 45 years has received salary of Rs 5,50,000 she can claim tax rebate of ________u/s 88C of the IT Act. Correct Answer Rs. 5,000 Your Answer Rs. 20,000

Multiple Choice Single Answer Question Assessment year is the period of 12 months starting from :Correct Answer 1st April to 31st March Your Answer 1st April to 31st March

Multiple Choice Single Answer Question If notified news agency distributes its income amongst its members then :Correct Answer Whole of its income will be taxable Your Answer It will have to pay tax on distributed profits

Multiple Choice Single Answer Question Deduction in respect of Contribution to certain pension funds u/s 80CCC is available to :Correct Answer Individuals Your Answer Individuals

True/False Question Income from subletting is treated as income from house property.

Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question In case of Payment of Interest on Securities no tax is required to be deducted under the following circumstances :Correct Answer If the debentures are issued by a widely held company and the debentures are listed on a stock exchange and if the amount of interest does not exceed Rs. 2,500 during the financial year. , If the interest paid is on State or Central Government Securities , If the debentures are issued by an institution, authority, Public Sector Company or cooperative society as the Central Government may notify. Your Answer If the interest paid is on State or Central Government Securities , If the debentures are issued by a widely held company and the debentures are listed on a stock exchange and if the amount of interest does not exceed Rs.5,000 during the financial year.

Select The Blank Question Expenditure incurred by an assessee on advertisement in any brochure, tract, pamphlet or like published by a ________shall not be allowed as business expenditure. Correct Answer Political party Your Answer Company

) Match The Following Question Correct Answer Your Answer Intangible Capital Asset Tenancy Rights Equity Shares held for a period of Less than 36 months Excluded from ambit of term Capital Asset Stock in Trade Land Short Term Capital Asset Equity Shares held for a period of Less than 36 months Stock in Trade Long Term Capital Asset Land held for a period of 36 months or more Land held for a period of 36 months or more Select The Blank Question Long term Capital Gains is taxed at ________. Correct Answer 0.1 Your Answer 0.1 Select The Blank Question Free meals provided by the employer during the office hours provided that the value per meal does not exceed Rs. ________. Correct Answer 50 Your Answer 25 True/False Question Professional Tax paid by a person carrying on the business is allowed as business expenditure. Correct Answer True Your Answer True Match The Following Question Correct Answer Your Answer Retrenchment Compensation Exemption can be claimed u/s 10(10B) of the Income Tax Act Terminal Compensation Salary or wages for the purpose of calculating Death-Cum -Retirement Gratuity. Basic Salary plus Dearness allowance Basic Salary plus Dearness allowance Any amount of compensation received or receivable by the employee from the employer at the time of termination of his employment or at the time of modification of terms and conditions in connection with the employment. Terminal Compensation Treated as income from other sources. Any Death-Cum-Retirement Gratuity received Treated as income from salary Treated as income from salary True/False Question Dividend received by the shareholder is treated as income chargeable to tax u/s 10(34) of the IT Act. Correct Answer False Your Answer False

Select The Blank Question The valuation of perquisites in the case of interest free loans or the loans at the concessional rate of interest will be the sum equal to the interest calculated at the rate charges by State Bank of India, on the first day of the relevant previous year in respect of the loans for the same purpose. Such interest is calculated on the ________ monthly balance. Correct Answer Maximum outstanding Your Answer Minimum outstanding Multiple Choice Multiple Answer Question For the purpose of calculating the value of perquisite of residential accommodation the term salary does not include :Correct Answer Dearness Allowance , Employer's contribution to Provident Fund , Allowances which are exempt from tax Your Answer Dearness Allowance , Employer's contribution to Provident Fund Multiple Choice Multiple Answer Question Following incomes are deemed to have accrued or arisen in India :Correct Answer Salary earned in India even if paid outside India , Salary paid by Government to Indian national for services rendered outside India , Tax deducted in India Your Answer Salary earned in India even if paid outside India , Salary paid by Government to Indian national for services rendered outside India , Income from any capital asset situated outside India True/False Question Any sum payable by the assessee as interest on any loan borrowed by him from any state financial corporation as per the terms on the agreement is not allowed as deduction from profit as per P & L account, if they are actually paid before the due date of furnishing return of income. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question What is the treatment of the perquisite in the form of Gas, electricity and water supplied to the employee? Correct Answer If the facility of gas, electricity and water is supplied by the employer to the employee purchasing the same from an outside agency, the valuation of perquisite will be the charges paid by the employer to the outside agency supplying gas, electricity and water. , If the facility in the form of gas, electricity and water is supplied by the employer out of his own resources, the valuation of perquisite will be the manufacturing cost per unit incurred by the employer. Select The Blank Question Dividends from the ________ is an exempt income and hence will not be included in the Taxable income. Correct Answer Indian Companies Your Answer Indian Companies Multiple Choice Multiple Answer Question The various payments which are referred as deductions under section 43B, Clause No-21 are :Correct Answer Any employees contribution payable by the assessee towards any Provident Fund or Superannuation Fund or Gratuity Fund for the welfare of the employees , Any sum payable by the assessee by way of tax duty, cess or fee , Any sum payable by the assessee as interest on any loan or borrowing made by him from any public financial institution or state financial corporation as per the terms of the agreement Multiple Choice Single Answer Question If the capital gains arise on account of compulsory acquisition of the capital asset under any law and any compensation is paid for such acquisition :-

Correct Answer The capital gains liability will be computed in the previous year in which the compensation or the part thereof is first received Multiple Choice Multiple Answer Question What is the tax treatment of the Lump sum received from unrecognized provident fund on the retirement or resignation or death of the employee? Correct Answer Employee's contribution to PF is exempt from tax , Interest on employee's contribution is taxable as "Income from Other Sources" , Employer's Contribution to PF and interest thereon is taxable as "Income from salaries" Multiple Choice Single Answer Question The head of income in the form of Income from Salaries is applicable in respect of the :Correct Answer Remuneration received by an employee from the employer Your Answer Remuneration received by an employee from the employer Select The Blank Question As per the Clause N0-30 of the Act ________ requires company engaged in production, mining, and manufacturing activities should maintain proper books of accounts showing the particulars of utilization of material, labour or any other item. Correct Answer Section 209 of the Companies Act,1956 Your Answer Section 209 of the Income Tax Act, 1961 Multiple Choice Multiple Answer Question A domestic company has following features :Correct Answer It is an Indian Co. , It can be any other Co. , Has made prescribed arrangements for declaration and payment of dividend Multiple Choice Single Answer Question For filing the returns of income, Form No. 2C is to be filled in by :Correct Answer Persons falling under One by Six Scheme Multiple Choice Multiple Answer Question For the purpose of Section 40 A (2) of the IT Act, if assessee is a firm, the term "Specified Persons" may include :Correct Answer Any partner of the firm or his relative , Any person having the substantial interest in the business or profession of the firm or any director or partner of such company or firm or any relative of such person. , Any person who carries on business or profession and in his business or profession the assessee or any partner of such firm or relative of such partner has substantial interest. True/False Question Refund of Income tax is taxable as Income from other sources. Correct Answer False Select The Blank Question Prior period interest is calculated from the date of ________ to the date of completion. Correct Answer Borrowing Your Answer Borrowing

Question Capital Gains are chargeable to Income Tax if there is any profit or gain arising from the transfer of a :Correct Answer Capital Asset