Taxation Assignments

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SCDL Taxation Assignments

SCDL PGDBA 4th Sem Assignments

SCDL 4th Sem Assignments/Papers of Taxation

Multiple Choice Multiple AnswerQuestion The entertainment allowance received by the Government employeesis included in their salaries and the deduction is allowed to the extent of leastof the following amounts :-CorrectAnswerActual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of SalaryYour Answer Actual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of Salary

True/FalseQuestion Income Tax Act, 1961 recognizes Written Down Value (WDV) methodas well as straight line method for the computation of depreciation u/s 32 thisact.CorrectAnswerFalseYour Answer False

Multiple Choice Multiple Answer

Question Profits earned by an Industrial Undertaking engaged in other thaninfrastructure development is available under Section 80IB for :-Correct AnswerOperation of Ship , Hotels situated in hilly area, rural area or place ofpilgrimage , Company engaged in scientific and industrial researchYour AnswerOperation of Ship , Hotels situated in hilly area, ruralarea or place of pilgrimage

Multiple Choice Single AnswerQuestion Which of the following expenditure is in the nature of revenueexpenditure?Correct AnswerExpenditure incurred as discount on issue of debenturesYour AnswerExpenditure incurred as discount on issue of debentures

Select The BlankQuestion If sum received is net of TDS then it is ________ to include in incomefrom other sources.Correct AnswerGrossed upYour Answer Grossed up

True/False

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Question Interest paid on the loan for acquiring a capital asset will beconsidered to be a part of cost of acquisition.Correct AnswerTrueYour Answer

True

Multiple Choice Single AnswerQuestion Mr. A whose Gross Total Income, before allowing deductions underChapter VI-A is Rs. 1,45,000, wants to make the investments in the followingalternative forms Rs. 80,000 in PPF and Rs. 20,000 in Infrastructure Bonds. Theamount of rebate available to him u/s 88 is :-Correct AnswerRs. 18,000Your AnswerRs. 18,000

Multiple Choice Single AnswerQuestion Interest on specified securities or premium on redemption is exemptfor :-Correct AnswerNon resident IndianYour AnswerNon resident Indian

True/FalseQuestion As per section 2(11) of the Income Tax Act, Block of Assets includesboth tangible as well as intangible assets.Correct AnswerTrueYour AnswerTrue

Multiple Choice Multiple AnswerQuestion Deductions in respect of Certain Incomes received under Section 80Lis available in respect ofCorrect AnswerInterest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,Bank InterestYour AnswerInterest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,Bank Interest

Multiple Choice Single AnswerQuestion Tax liability of a person is based on :-Correct Answer

Residential statusYour Answer

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Residential status

Multiple Choice Multiple AnswerQuestion 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 , Perquisiteswhich are taxable only in the hands of specified employeeYour AnswerPerquisites which are taxable in case of all types of employees , Perquisiteswhich are taxable only in the hands of specified employee

Select The BlankQuestion For an individual as a citizen of India who leaves India in the relevantprevious year for the purpose of employment has to be in India for ________days or more during previous year.Correct Answer

182Your Answer182

Multiple Choice Single AnswerQuestion Income earned in previous year is subjected to tax in :-Correct AnswerAssessment yearYour AnswerAssessment year

Multiple Choice Multiple AnswerQuestion Following professional institutions have their incomes exempt fromtax :-Correct AnswerTown planning , Company secretary , Accounting

Taxation - 6

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple AnswerQuestion The entertainment allowance received by the

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Government employees is included in their salariesand the deduction is allowed to the extent of least ofthe following amounts :-Correct Answer Actual amount of Entertainment Allowance received.,

Rs. 5,000 , 1/5th of SalaryYour Answer Actual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of SalaryTrue/FalseQuestion Income Tax Act, 1961 recognizes Written Down Value(WDV) method as well as straight line method for thecomputation of depreciation u/s 32 this act.Correct Answer FalseYour Answer FalseMultiple Choice Multiple Answer

Question Profits earned by an Industrial Undertaking engagedin other than infrastructure development is availableunder Section 80IB for :-Correct Answer Operation of Ship , Hotels situated in hilly area,ruralarea or place of pilgrimage , Company engaged inscientific and industrial researchYour Answer Operation of Ship , Hotels situated in hilly area, ruralarea or place of pilgrimageMultiple Choice Single Answer

Question Which of the following expenditure is in the nature ofrevenue expenditure?Correct Answer Expenditure incurred as discount on issue ofdebenturesYour Answer Expenditure incurred as discount on issue ofdebenturesSelect The BlankQuestion If sum received is net of TDS then it is ________ toinclude in income from other sources.Correct Answer Grossed up

Your Answer Grossed upTrue/FalseQuestion Interest paid on the loan for acquiring a capital assetwill be considered to be a part of cost of acquisition.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion Mr. A whose Gross Total Income, before allowingdeductions under Chapter VI-A is Rs. 1,45,000, wantsto make the investments in the following alternative

forms Rs. 80,000 in PPF and Rs. 20,000 inInfrastructure Bonds. The amount of rebate available

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to him u/s 88 is :-Correct Answer Rs. 18,000Your Answer Rs. 18,000Multiple Choice Single AnswerQuestion Interest on specified securities or premium on

redemption is exempt for :-Correct Answer Non resident IndianYour Answer Non resident IndianTrue/FalseQuestion As per section 2(11) of the Income Tax Act, Block ofAssets includes both tangible as well as intangibleassets.Correct Answer TrueYour Answer TrueMultiple Choice Multiple Answer

Question Deductions in respect of Certain Incomes receivedunder Section 80L is available in respect ofCorrect Answer Interest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,Bank InterestYour 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 AnswerQuestion Tax liability of a person is based on :-Correct Answer Residential statusYour Answer Residential statusMultiple Choice Multiple AnswerQuestion For the purpose of income tax, the perquisites can beclassified into :-Correct Answer Perquisites which are taxable in case of all types ofemployees , Perquisites which are taxable only in thehands of specified employee

Your Answer Perquisites which are taxable in case of all types ofemployees , Perquisites which are taxable only in thehands of specified employeeSelect The BlankQuestion For an individual as a citizen of India who leaves Indiain the relevant previous year for the purpose ofemployment has to be in India for ________ days ormore during previous year.Correct Answer 182Your Answer 182

Multiple Choice Single AnswerQuestion Income earned in previous year is subjected to tax in

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:-Correct Answer Assessment yearYour Answer Assessment yearMultiple Choice Multiple AnswerQuestion Following professional institutions have their incomes

exempt from tax :-Correct Answer Town planning , Company secretary , AccountingYour Answer Town planning , Company secretary , AccountingSelect The BlankQuestion ________ of the Tax Audit Report refers to the detailsof various payments which are allowed as deductiononly if they are actually paid for.Correct Answer Section 43B Clause No-21Your Answer Section 43B Clause No-21Multiple Choice Multiple Answer

Question Short Term Capital Loss can be adjusted against :-Correct Answer Short Term Capital Gains. , Long term Capital GainsYour Answer Short Term Capital Gains. , Long term Capital GainsSelect The BlankQuestion To claim sec 10A deduction unit must be establishedin ________.Correct Answer Free Trade ZoneYour Answer Free Trade ZoneMultiple Choice Single AnswerQuestion Assessment year is the period of 12 months starting

from :-Correct Answer 1st April to 31st MarchYour Answer 1st April to 31st MarchMultiple Choice Single AnswerQuestion Combined total of five heads of income equals :-Correct Answer Gross total incomeYour Answer Gross total incomeMultiple Choice Single AnswerQuestion If an employee does not avail of this leave travelconcession or assistance during a block of four

calendar years :-Correct Answer Only one journey can be carried forward to the nextblock.Your Answer Only one journey can be carried forward to the nextblock.Select The BlankQuestion To acquire PAN, a person shall apply in ________ tothe assessing officer.Correct Answer Form No. 49AYour Answer Form No. 49A

Multiple Choice Single AnswerQuestion Deduction from Capital Gains under Section 54F is for

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Capital Gains arising from transfer of :-Correct Answer Any Long Term Capital AssetYour Answer House PropertySelect The BlankQuestion Where an assessee files or submits the returns as per

provisions of section 139 or in response to the noticeunder section 142, the assessment officer undertakes________ as per section 143(2) and section 143(3).Correct Answer Scrutiny AssessmentYour Answer Scrutiny AssessmentMultiple Choice Multiple AnswerQuestion Income of a professional association is exempt if itsobjectives are :-Correct Answer Supervision , Control , EncouragementYour Answer Supervision , Control , Encouragement

True/FalseQuestion While computing the profits from Business andprofession, the business or profession must be carriedout during the previous year.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion In respect of leave travel concession If Mr. A hasavailed the exemption only once or has not availedany 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 blockoffour years i.e. 2002-2005 provided that he avails theexemption of LTC in the first calendar year of the nextblock i.e. 2002.Your Answer He can carry over the exemption to the next block offour years i.e. 2002-2005 provided that he avails theexemption of LTC in the first calendar year of the nextblock i.e. 2002.

Multiple Choice Multiple AnswerQuestion The amount accumulated to the credit of theemployee's provident fund account is paid at the timeof :-Correct Answer Retirement , ResignationYour Answer Retirement , ResignationMultiple Choice Multiple AnswerQuestion From annual value, following deductions are allowed :-Correct Answer Standard deduction , Interest on borrowed capital ,Municipal taxes

Your Answer Interest on borrowed capital , Municipal taxesMultiple Choice Single Answer

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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 underchapter VI A are allowedCorrect Answer 80 G Donations , 80 HHB profits and gains fromprojects outside India , 80 IA profits and gains ofinfrastructure companiesYour Answer 80 G Donations , 80 IA profits and gains ofinfrastructure companiesMultiple Choice Single AnswerQuestion Annual value of any one palace in possession of aformer ruler is :-

Correct Answer ExemptYour Answer TaxableSelect The BlankQuestion If the Salary is more than Rs. 5,00,000, StandardDeduction will be Rs.________.Correct Answer 20000Your Answer 20000Multiple Choice Single AnswerQuestion The amount of accumulated interest on NSCspurchased 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 BlankQuestion Deduction u/s ________B is available for 10consequent assessment years from the year ofcommencement of production.Correct Answer 10Your Answer 10True/False

Question Income from subletting is treated as income fromhouse property.Correct Answer FalseYour Answer FalseSelect The BlankQuestion Section 80U allows the deduction in respect of the________ .Correct Answer Permanent physical disabilityYour Answer Permanent physical disabilityMatch The Following

Question Correct Answer Your AnswerDisallowable

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ExpenditureLitigation Expenses inconnection withrecovery of a debtwhich is not a trading

debtLitigation Expenses inconnection withrecovery of a debtwhich is not a tradingdebtBusiness Includes trade,commerce, orIncludes trade,commerce, or

manufacture or anyadventure or concernin the nature of trade,commerce ormanufacturemanufacture or anyadventure or concern inthe nature of trade,commerce ormanufacture

Profession Includes vocation Includes vocationCapital Expenditure Expenditure incurredby a company with theissue of rights sharesPremium onredemption ofDebenturesTrue/FalseQuestion Any recreational facility provided by the employer to agroup of employees (not being restricted to a select

few employees) is not exempt from tax.Correct Answer FalseYour Answer FalseTrue/FalseQuestion In case of deductions for medical treatment underSection 80DDB the amount of deduction will bereduced by the amount received under an insurancepolicy or the amount reimbursed by the employer.Correct Answer TrueYour Answer True

True/FalseQuestion Any advance tax paid before 31st March is treated as

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advance tax paid during the previous year.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion Municipal taxes paid is allowed as deduction from :-

Correct Answer Gross annual valueYour Answer Gross annual valueTrue/FalseQuestion Entertainment Allowance received by the employeesfrom the private sector is taxable in the hands of theemployee.Correct Answer TrueYour Answer TrueMatch The FollowingQuestion Correct Answer Your Answer

Any subscription madeto National SavingSchemeBy an individual or aHUF is eligible forrebate u/s 88By an individual or aHUF is eligible forrebate u/s 88Mr. A, a 70 years old

Senior Citizen, has theGross Total Income ofRs. 2,50,000 duringthe Assessment Year2005-2006. Heinvested Rs. 50,000 inthe tax saving bonds ofICICI on 10th June2004. His tax liabilityfor the A Y 2005-2006.

RS.12,500 RS.12,500During theAssessment Year2005-2006, Mrs. A,age 58 years, has theGross Total Income ofRs. 1,45,000 includingthe dividend fromIndian companiesamounting to Rs.

10,000. She investsRs. 50,000 in PPF

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during the saidAssessment Year. hertax liabilit isRs. 1,000 Rs. 1,000Any contribution made

to a Public ProvidentFundIs eligible for rebateu/s 88Is eligible for rebate u/s88Multiple Choice Multiple AnswerQuestion Following incomes of local authorities are exempt :-Correct Answer Capital gains , Other income , House propertyYour Answer Capital gains , Other income , House property

Multiple Choice Multiple AnswerQuestion For Deduction u/s 54EC from Capital Gains theassessee should invest the whole or part of the capitalgains in the specified assets :-Correct Answer Within six months from the date of transfer of thelongtermcapital assetYour Answer Within six months from the date of transfer of thelongtermcapital asset

True/FalseQuestion Income from partnership firms is exempt from taxationfor the partnersCorrect Answer TrueYour Answer False

Wednesday, April 2, 2008

Taxation - 5

LIST OF ATTEMPTED QUESTIONS AND ANSWERSMultiple Choice Multiple AnswerQuestion What are the factors to be considered in cluster analysis?Correct Answer Limited number of clusters due to limitation ofmarket potential , Clusters are notwater tight compartment , Evaluating the quality of cluster isdifficultYour Answer Limited number of clusters due to limitation of marketpotential , Clusters are not

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water tight compartment , Evaluating the quality of cluster isdifficultMultiple Choice Single AnswerQuestion Clarity of questions and instructions for filling the form isessential in :-

Correct Answer Mail surveyYour Answer Data analysisMultiple Choice Single AnswerQuestion The technique through which objects/ cases are classifiedinto relative homogeneousgroups or clusters is known as :-Correct Answer Cluster analysisYour Answer Cluster analysisMultiple Choice Single AnswerQuestion Mean or average value is used to estimate when data have

been collected using :-Correct Answer Interval or ratio scaleYour Answer Interval or ratio scaleSelect The BlankQuestion In ________ method the research analyst is notconcerned with cause and researchrelationship.Correct Answer DiagnosticYour Answer DiagnosticMultiple Choice Multiple Answer

Question Which are the New Delhi based Research Institutions?Correct Answer NRDC , CSIR , Cement Research Institute of IndiaYour Answer NRDC , CSIR , Cement Research Institute of IndiaMultiple Choice Single AnswerQuestion Market Research is done toCorrect Answer Explore the OpportunitiesYour Answer Explore the OpportunitiesTrue/FalseQuestion "Consumer Panel" is a specialized market researchtechnique.

Correct Answer FalseYour Answer FalseMatch The FollowingQuestion Correct Answer Your Answer"What might this be ?" Inkblot test Inkblot testAided Recall Depth Research Depth ResearchDoesnt intend to tell Projective techniques Projective techniquesEase of construction Likert scale Likert scaleTrue/FalseQuestion In regression analysis, dependent variables can be

expressed as a linear function ofimpendent variables.

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Correct Answer TrueYour Answer TrueTrue/FalseQuestion When company prepares a long range plan it isunpublished internal source of

information.Correct Answer TrueYour Answer TrueSelect The BlankQuestion Association technique is a type of ________.Correct Answer Projective techniqueYour Answer Projective techniqueMultiple Choice Single AnswerQuestion The impact of promotional slogans on the consumers canbe studied with

Correct Answer Association techniqueYour Answer Association techniqueTrue/FalseQuestion Brand image building is not important in case of industrialproduct for quality.Correct Answer FalseYour Answer FalseMultiple Choice Multiple AnswerQuestion Which publications are used for research on ChemicalIndustry?

Correct Answer Indian Chemical Directory , Chemical Industry News, Chemical & PetroChemicals JournalYour Answer Indian Chemical Directory , Chemical Industry News ,Chemical & Petro ChemicalsJournalMultiple Choice Single AnswerQuestion Spreading the sample through the entire populationfollowing a regular pattern is knownas :-

Correct Answer Systematic samplingYour Answer Systematic samplingSelect The BlankQuestion In absence of proper________ the market researchbecomes a data collection exercise.Correct Answer Problem DefinitionYour Answer AnalysisMultiple Choice Multiple AnswerQuestion Which institutions should be contacted for research onPaint Chemicals?

Correct Answer National Chemical Laboratory, Pune , IndustrialResearch & Development Center

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, Building Research InstituteYour Answer National Chemical Laboratory, Pune , IndustrialResearch & Development Center ,Building Research InstituteMultiple Choice Multiple Answer

Question The objectives ofmarketing research areCorrect Answer To understand the consumer needs and wants , Toexplore the new markets , Toanalyze the competitorsYour Answer To understand the consumer needs and wants , Toexplore the new markets , Toanalyze the competitorsMultiple Choice Single AnswerQuestion Ultra violet ink is used to disguise customer coding. Thisactivity is :-

Correct Answer A disapproved methodYour Answer A disapproved methodSelect The BlankQuestion Through cluster analysis objects/cases are classified intorelatively________ groupcalled cluster.Correct Answer HomogeneousYour Answer HomogeneousMatch The FollowingQuestion Correct Answer Your Answer

Dangler POP POPPOP Communication medium Communication mediumOpinion Polls Daily basis Daily basisCorporate Image Study Advertising research Advertising researchMultiple Choice Multiple AnswerQuestion Ethical issues to be observed while writing a report are :-Correct Answer No deliberate misinterpretations , Marketingproblems should be designed to suithidden agenda , Complete confidentiality and secrecy of dataYour Answer No deliberate misinterpretations , Marketing problems

should be designed to suithidden agenda , Complete confidentiality and secrecy of dataSelect The BlankQuestion Multiple Choice is a ________type of question.Correct Answer Close endedYour Answer Close endedMultiple Choice Single AnswerQuestion The conjoint analysis helps to enable company's to :-Correct Answer Conduct brand swot analysisYour Answer Conduct brand swot analysis

Multiple Choice Single AnswerQuestion In the Internet era, qualitative research is possible

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through :-Correct Answer Chat sessionsYour Answer Chat sessionsSelect The BlankQuestion ________is an important communication medium that

helps recall advertising.Correct Answer Point of Purchase(POP)itemsYour Answer Point of Purchase(POP)itemsTrue/FalseQuestion In the Funnel approach, specific questions come first andgeneral questions later.Correct Answer FalseYour Answer FalseMultiple Choice Multiple AnswerQuestion In resources for marketing research skilled staff plays an

important role in :-Correct Answer Maintaining data , Dealing with different situationand problems , Timelycompletion of researchYour Answer Maintaining data , Dealing with different situation andproblems , Timely completionof researchSelect The BlankQuestion Convenience Sampling is used for ________.Correct Answer Exploratory research

Your Answer Exploratory researchTrue/FalseQuestion The person conducting pharma research should be wellqualified so that not to wasteDoctors time.Correct Answer TrueYour Answer TrueTrue/FalseQuestion The limitations with regression forecasting is thatindependent variables must be

forecasted before forecasting the dependent variables.Correct Answer TrueYour Answer TrueMultiple Choice Multiple AnswerQuestion Main features of Technical Report are :-Correct Answer Minute details of planning data collection , Analysis ,InterpretationYour Answer Minute details of planning data collection , Analysis ,InterpretationMultiple Choice Single Answer

Question How people allocate their time and money to certainproducts and factors is depicted by

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Correct Answer Psychographic VariableYour Answer Psychographic VariableTrue/FalseQuestion Question phrasing and structure are eliminated inSemantic differential scale.

Correct Answer TrueYour Answer TrueTrue/FalseQuestion The popularity of Likert scale is due to its ease ofconstruction and administration.Correct Answer TrueYour Answer TrueMultiple Choice Multiple AnswerQuestion Which are the Export Promotion Councils?Correct Answer Cashew Export Promotion Council , Handloom

Export Promotion Council , Gem& Jewellery Export Promotion CouncilYour Answer Cashew Export Promotion Council , Handloom ExportPromotion Council , Gem &Jewellery Export Promotion CouncilTrue/FalseQuestion The written contract of a research should cover thepenalty clause covering deficitssuch as delays, inadequate data.Correct Answer True

Your Answer TrueMultiple Choice Single AnswerQuestion The producers in the sellers' market are also forced totake decisions based on themarket information becauseCorrect Answer The resources are scarceYour Answer The resources are scarceMultiple Choice Single AnswerQuestion Scale Intervals can be used forCorrect Answer Age

Your Answer AgeSelect The BlankQuestion Bibliography contains ________.Correct Answer Information of references and secondary dataYour Answer Information of references and secondary dataMultiple Choice Multiple AnswerQuestion Online survey methods include :-Correct Answer Email survey , HTML survey , Downloadableinteractive surveysYour Answer Email survey , HTML survey , Downloadable interactive

surveysMultiple Choice Single Answer

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Question Data of market research cannot be maintained :-Correct Answer Without experienced and educated research staffYour Answer Without experienced and educated research staffMultiple Choice Multiple AnswerQuestion Pretesting of Questionnaire includes testing of :-

Correct Answer Question content , Time taken to answer questions ,CategorisationYour Answer Question content , Time taken to answer questions ,CategorisationMultiple Choice Multiple AnswerQuestion Identification of Target Population is facilitated by :-Correct Answer Well defined research objectives , Alternative,reasonable/target populationdefinitions , Specifications for exclusion in target populationYour Answer Well defined research objectives , Alternative,

reasonable/target populationdefinitions , Specifications for exclusion in target populationSelect The BlankQuestion ________are used for National Panel Studies.Correct Answer Quota controlsYour Answer Quota controlsSelect The BlankQuestion Finding out the number of vehicles at a given junction is a________ method.Correct Answer Direct Observation

Your Answer Direct Observation

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Labels: Taxation

Taxation - 4

Taxation-------------

LIST OF ATTEMPTED QUESTIONS AND ANSWERSSelect The BlankQuestion The basic advantage of having an agent in the exportmarket is ________.Correct Answer He is knowledgeable of the marketing conditionYour Answer He is knowledgeable of the marketing conditionMultiple Choice Multiple AnswerQuestion How does the customer know about the product & isinfluenced to buy it?Correct Answer Publicity , Advertising , Sales promotion

Your Answer Publicity , Advertising , Sales promotionMultiple Choice Single Answer

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Question Which of the following is not included in foreignenvironment?Correct Answer Local dimensionYour Answer Local dimensionMultiple Choice Single Answer

Question Why should a market researcher check a country's importtariffs when he isinvestigating it as an export market?Correct Answer It can affect the competitiveness of product againstproducts made within themarketYour Answer It can affect the competitiveness of product againstproducts made within themarketMultiple Choice Multiple Answer

Question This question is based on the case study "Oriental Silk Pvt.Ltd.". What are thedistribution channels used for imports of silk products into USAmarket?Correct Answer Merchant intermediaries , Departmental storesYour Answer Merchant intermediaries , Departmental storesTrue/FalseQuestion This question is based on the case study "Oriental Silk Pvt.Ltd.". Oriental entered theUS market in 1970 with a moderate export of Rs.20 million.

Correct Answer FalseYour Answer FalseMatch The FollowingQuestion Correct Answer Your AnswerIndirect exporting Home-based merchant CopyrightBusiness dimensions Channel network Channel networkLegal dimensions Copyright Use of patentLicensing arrangement Use of patent Home-based merchantMultiple Choice Single AnswerQuestion What is important to take pricing decision?

Correct Answer CompetitionYour Answer CompetitionSelect The BlankQuestion In ________, the firm faces only one set of customers.Correct Answer Domestic marketingYour Answer Domestic marketingMultiple Choice Multiple AnswerQuestion This question is based on the case study "Oriental Silk Pvt.Ltd.". Oriental was an activemember of some councils, which are those?

Correct Answer Apparel Export Promotion Council , Woolen ExportPromotion Council

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Your Answer Apparel Export Promotion Council , Woolen ExportPromotion CouncilMultiple Choice Single AnswerQuestion 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 ABEnterprisesYour Answer Novelty is lost due to ethnic character in ABEnterprisesMultiple Choice Multiple AnswerQuestion What are the important infrastructure factors in evaluatingproduction site?Correct Answer Industrial site , Transportation & communicationYour Answer Industrial site , Transportation & communication

Multiple Choice Multiple AnswerQuestion This question is based on the case study "Oriental Silk Pvt.Ltd.". Which are the twoyears the imports of silk fabrics from Japan by USA was almostsame?Correct Answer 1982 , 1983Your Answer 1982 , 1983Select The BlankQuestion ________dimensions include customs and practicesCorrect Answer Business

Your Answer BusinessMultiple Choice Multiple AnswerQuestion What is the nature of direct export market?Correct Answer Concentrated , Large potential saleYour Answer Concentrated , Large potential saleMultiple Choice Single AnswerQuestion What does product-mix decision include?Correct Answer PackagingYour Answer PackagingMultiple Choice Multiple Answer

Question What are the internal sources of information?Correct Answer Sales record , Correspondence from salesmenYour Answer Sales record , Correspondence from salesmenTrue/FalseQuestion This question is based on the case study "Oriental Silk Pvt.Ltd.". Mr.Patnaik felt that itwas high time that he appraises his agents' performance relating tothe vast & expanding USmarket.Correct Answer True

Your Answer TrueMultiple Choice Multiple Answer

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Question This question is based on the case study "Oriental Silk Pvt.Ltd.". What were the optionsMr.Patnaik had to operate in the US market?Correct Answer Opening a branch office , A subsidiary companyYour Answer Opening a branch office , A subsidiary company

Select The BlankQuestion In indirect export channel, the market is ________.Correct Answer DispersedYour Answer DispersedTrue/FalseQuestion Strategies suggested in the Medium Term Export Planinclude product-marketpenetration strategy for existing products, product-market,diversification for new products & newmarkets.

Correct Answer TrueYour Answer TrueMultiple Choice Multiple AnswerQuestion Why is packaging so important for product planning?Correct Answer As it enhances protection , As it gives shelf life for aproductYour Answer As it enhances protection , As it gives shelf life for aproductTrue/FalseQuestion If foreign retailers are used, the products in question are

industrial products rather thanconsumer products.Correct Answer FalseYour Answer TrueMultiple Choice Multiple AnswerQuestion How is the nature of international strategy?Correct Answer Depends on company's objectives , Varies fromcountry to countryYour Answer Depends on company's objectives , Varies fromcountry to country

Select The BlankQuestion "make site booking" is a point of checklist of ________Correct Answer Before the fairYour Answer Before the fairMultiple Choice Single AnswerQuestion What marketing technique is used to know internationalmarketing need?Correct Answer Marketing information & researchYour Answer Marketing information & researchMultiple Choice Multiple Answer

Question What are the benefits of participation in trade fair?Correct Answer To get to know about competition , To know about

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the extent of product adaptionYour Answer To get to know about competition , To know about theextent of product adaptionSelect The BlankQuestion Experience survey, which is also called as ________.

Correct Answer Key informant surveyYour Answer Key informant surveyMultiple Choice Single AnswerQuestion What is a foreign agent?Correct Answer Independent middlemanYour Answer Independent middlemanMultiple Choice Single AnswerQuestion What does political environment include?Correct Answer Legal dimensionYour Answer Legal dimension

Match The FollowingQuestion Correct Answer Your AnswerExternal factor Competitive profile Competitive profileEthnocentric orientation Overseas operation conducted from homecountry Overseas operationconducted from home countryPolycentric orientation Each market is unique Each market is uniqueTarget market Marketing strategy Marketing strategyTrue/FalseQuestion In marginal cost pricing for export, competition in foreign

markets requires quotation of alower priceCorrect Answer TrueYour Answer TrueTrue/FalseQuestion Policies or regulations regarding quality control &inspection vary considerably betweennations.Correct Answer TrueYour Answer True

Select The BlankQuestion This question is based on the case study "Oriental Silk Pvt.Ltd.". Oriental Silk PrivateLimited, is a ________ unit, was one of the leading Indianmanufacturers & exporters of silkfabrics & made-upsCorrect Answer 100% export orientedYour Answer 100% export orientedSelect The BlankQuestion This question is based on the case study "Oriental Silk Pvt.

Ltd.". The bulk of the tradewas handled by ________

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Correct Answer Central buying organizationsYour Answer Foreign agentsTrue/FalseQuestion If business is variable, the company will choose thepurchasing or subcontracting

alternatives.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion What is the meaning of offshore purchasing?Correct Answer Relationship between independent buyer & seller forexchange of good formoneyYour Answer Relationship between independent buyer & seller forexchange of good for money

Select The BlankQuestion Many companies modify their products/promotionstrategies to suit ________ of thepopulation of the different countries.Correct Answer Tastes & preferencesYour Answer Tastes & preferencesTrue/FalseQuestion Companies with smaller needs, an independent supplierwill be less active.Correct Answer False

Your Answer FalseTrue/FalseQuestion Catalogues contain a list of all competitors with productdetails.Correct Answer FalseYour Answer FalseMultiple Choice Multiple AnswerQuestion What is correct according to geocentric orientation?Correct Answer Companies view the entire world as a singlemarket , Uniform inventory

management & trainingYour Answer Companies view the entire world as a single market ,Uniform inventorymanagement & trainingTrue/FalseQuestion The area of change relates to product adaption requiresupgradation of technology andhuge investment in brands.Correct Answer TrueYour Answer True

Select The BlankQuestion This question is based on the case study "Chow Flowers

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Co. Ltd.". ________ wasThailand's second largest export market for artificial flowers, mostlypolyester or hand-wrapped.Correct Answer CanadaYour Answer Canada

Multiple Choice Single AnswerQuestion What are the similarities between domestic & internationalmarketing?Correct Answer Satisfying consumers needYour Answer Satisfying consumers needMultiple Choice Single AnswerQuestion What is the need of marketing research for export-importtrade?Correct Answer To reduce the distance between an exporter & hiscustomers in terms of

marketingYour Answer To reduce the distance between an exporter & hiscustomers in terms of marketingMultiple Choice Single AnswerQuestion What is the avenue of entry into foreign markets?Correct Answer Contract manufacturingYour Answer Contract manufacturingMultiple Choice Single AnswerQuestion What is the principal functional division of ministry ofcommerce & industry?

Correct Answer Export Industries DivisionYour Answer Export Industries Division

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Wednesday, March 26, 2008

Taxation - 3

LIST OF ATTEMPTED QUESTIONS AND ANSWERSMultiple Choice Multiple AnswerQuestion The entertainment allowance received by theGovernment employees is included in their salariesand the deduction is allowed to the extent of least ofthe 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

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

Your Answer FalseMultiple Choice Multiple AnswerQuestion Profits earned by an Industrial Undertaking engagedin other than infrastructure development is availableunder Section 80IB for :-Correct Answer Operation of Ship , Hotels situated in hilly area,ruralarea or place of pilgrimage , Company engaged inscientific and industrial researchYour Answer Operation of Ship , Hotels situated in hilly area, rural

area or place of pilgrimageMultiple Choice Single AnswerQuestion Which of the following expenditure is in the nature ofrevenue expenditure?Correct Answer Expenditure incurred as discount on issue ofdebenturesYour Answer Expenditure incurred as discount on issue ofdebenturesSelect The BlankQuestion If sum received is net of TDS then it is ________ to

include in income from other sources.Correct Answer Grossed upYour Answer Grossed upTrue/FalseQuestion Interest paid on the loan for acquiring a capital assetwill be considered to be a part of cost of acquisition.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion Mr. A whose Gross Total Income, before allowing

deductions under Chapter VI-A is Rs. 1,45,000, wantsto make the investments in the following alternativeforms Rs. 80,000 in PPF and Rs. 20,000 inInfrastructure Bonds. The amount of rebate availableto him u/s 88 is :-Correct Answer Rs. 18,000Your Answer Rs. 18,000Multiple Choice Single AnswerQuestion Interest on specified securities or premium onredemption is exempt for :-

Correct Answer Non resident IndianYour Answer Non resident Indian

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True/FalseQuestion As per section 2(11) of the Income Tax Act, Block ofAssets includes both tangible as well as intangibleassets.Correct Answer True

Your Answer TrueMultiple Choice Multiple AnswerQuestion Deductions in respect of Certain Incomes receivedunder Section 80L is available in respect ofCorrect Answer Interest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,Bank InterestYour Answer Interest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)

Interest on National Saving Scheme, 1992 (NSS) ,Bank InterestMultiple Choice Single AnswerQuestion Tax liability of a person is based on :-Correct Answer Residential statusYour Answer Residential statusMultiple Choice Multiple AnswerQuestion For the purpose of income tax, the perquisites can beclassified into :-Correct Answer Perquisites which are taxable in case of all types of

employees , Perquisites which are taxable only in thehands of specified employeeYour Answer Perquisites which are taxable in case of all types ofemployees , Perquisites which are taxable only in thehands of specified employeeSelect The BlankQuestion For an individual as a citizen of India who leaves Indiain the relevant previous year for the purpose ofemployment has to be in India for ________ days ormore during previous year.

Correct Answer 182Your Answer 182Multiple Choice Single AnswerQuestion Income earned in previous year is subjected to tax in:-Correct Answer Assessment yearYour Answer Assessment yearMultiple Choice Multiple AnswerQuestion Following professional institutions have their incomesexempt from tax :-

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

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Select The BlankQuestion ________ of the Tax Audit Report refers to the detailsof various payments which are allowed as deductiononly if they are actually paid for.Correct Answer Section 43B Clause No-21

Your Answer Section 43B Clause No-21Multiple Choice Multiple AnswerQuestion Short Term Capital Loss can be adjusted against :-Correct Answer Short Term Capital Gains. , Long term Capital GainsYour Answer Short Term Capital Gains. , Long term Capital GainsSelect The BlankQuestion To claim sec 10A deduction unit must be establishedin ________.Correct Answer Free Trade ZoneYour Answer Free Trade Zone

Multiple Choice Single AnswerQuestion Assessment year is the period of 12 months startingfrom :-Correct Answer 1st April to 31st MarchYour Answer 1st April to 31st MarchMultiple Choice Single AnswerQuestion Combined total of five heads of income equals :-Correct Answer Gross total incomeYour Answer Gross total incomeMultiple Choice Single Answer

Question If an employee does not avail of this leave travelconcession or assistance during a block of fourcalendar years :-Correct Answer Only one journey can be carried forward to the nextblock.Your Answer Only one journey can be carried forward to the nextblock.Select The BlankQuestion To acquire PAN, a person shall apply in ________ tothe assessing officer.

Correct Answer Form No. 49AYour Answer Form No. 49AMultiple Choice Single AnswerQuestion Deduction from Capital Gains under Section 54F is forCapital Gains arising from transfer of :-Correct Answer Any Long Term Capital AssetYour Answer House PropertySelect The BlankQuestion Where an assessee files or submits the returns as perprovisions 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).

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Correct Answer Scrutiny AssessmentYour Answer Scrutiny AssessmentMultiple Choice Multiple AnswerQuestion Income of a professional association is exempt if itsobjectives are :-

Correct Answer Supervision , Control , EncouragementYour Answer Supervision , Control , EncouragementTrue/FalseQuestion While computing the profits from Business andprofession, the business or profession must be carriedout during the previous year.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion In respect of leave travel concession If Mr. A has

availed the exemption only once or has not availedany 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 blockoffour years i.e. 2002-2005 provided that he avails theexemption of LTC in the first calendar year of the nextblock i.e. 2002.Your Answer He can carry over the exemption to the next block offour years i.e. 2002-2005 provided that he avails the

exemption of LTC in the first calendar year of the nextblock i.e. 2002.Multiple Choice Multiple AnswerQuestion The amount accumulated to the credit of theemployee's provident fund account is paid at the timeof :-Correct Answer Retirement , ResignationYour Answer Retirement , ResignationMultiple Choice Multiple AnswerQuestion From annual value, following deductions are allowed :-

Correct Answer Standard deduction , Interest on borrowed capital ,Municipal taxesYour Answer Interest on borrowed capital , Municipal taxesMultiple Choice Single AnswerQuestion 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 AnswerQuestion From GTI of a company following deductions under

chapter VI A are allowedCorrect Answer 80 G Donations , 80 HHB profits and gains from

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projects outside India , 80 IA profits and gains ofinfrastructure companiesYour Answer 80 G Donations , 80 IA profits and gains ofinfrastructure companiesMultiple Choice Single Answer

Question Annual value of any one palace in possession of aformer ruler is :-Correct Answer ExemptYour Answer TaxableSelect The BlankQuestion If the Salary is more than Rs. 5,00,000, StandardDeduction will be Rs.________.Correct Answer 20000Your Answer 20000Multiple Choice Single Answer

Question The amount of accumulated interest on NSCspurchased in the earlier years is assumed to bereinvested :-Correct Answer And qualifies for tax rebate under section 88.Your Answer And qualifies for tax rebate under section 88.Select The BlankQuestion Deduction u/s ________B is available for 10consequent assessment years from the year ofcommencement of production.Correct Answer 10

Your Answer 10True/FalseQuestion Income from subletting is treated as income fromhouse property.Correct Answer FalseYour Answer FalseSelect The BlankQuestion Section 80U allows the deduction in respect of the________ .Correct Answer Permanent physical disability

Your Answer Permanent physical disabilityMatch The FollowingQuestion Correct Answer Your AnswerDisallowableExpenditureLitigation Expenses inconnection withrecovery of a debtwhich is not a tradingdebt

Litigation Expenses inconnection with

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recovery of a debtwhich is not a tradingdebtBusiness Includes trade,commerce, or

Includes trade,commerce, ormanufacture or anyadventure or concernin the nature of trade,commerce ormanufacturemanufacture or anyadventure or concern inthe nature of trade,

commerce ormanufactureProfession Includes vocation Includes vocationCapital Expenditure Expenditure incurredby a company with theissue of rights sharesPremium onredemption ofDebenturesTrue/False

Question Any recreational facility provided by the employer to agroup of employees (not being restricted to a selectfew employees) is not exempt from tax.Correct Answer FalseYour Answer FalseTrue/FalseQuestion In case of deductions for medical treatment underSection 80DDB the amount of deduction will bereduced by the amount received under an insurancepolicy or the amount reimbursed by the employer.

Correct Answer TrueYour Answer TrueTrue/FalseQuestion Any advance tax paid before 31st March is treated asadvance tax paid during the previous year.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion Municipal taxes paid is allowed as deduction from :-Correct Answer Gross annual value

Your Answer Gross annual valueTrue/False

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Question Entertainment Allowance received by the employeesfrom the private sector is taxable in the hands of theemployee.Correct Answer TrueYour Answer True

Match The FollowingQuestion Correct Answer Your AnswerAny subscription madeto National SavingSchemeBy an individual or aHUF is eligible forrebate u/s 88By an individual or aHUF is eligible for

rebate u/s 88Mr. A, a 70 years oldSenior Citizen, has theGross Total Income ofRs. 2,50,000 duringthe Assessment Year2005-2006. Heinvested Rs. 50,000 inthe tax saving bonds ofICICI on 10th June

2004. His tax liabilityfor the A Y 2005-2006.RS.12,500 RS.12,500During theAssessment Year2005-2006, Mrs. A,age 58 years, has theGross Total Income ofRs. 1,45,000 includingthe dividend from

Indian companiesamounting to Rs.10,000. She investsRs. 50,000 in PPFduring the saidAssessment Year. hertax liabilit isRs. 1,000 Rs. 1,000Any contribution madeto a Public Provident

FundIs eligible for rebate

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u/s 88Is eligible for rebate u/s88Multiple Choice Multiple AnswerQuestion Following incomes of local authorities are exempt :-

Correct Answer Capital gains , Other income , House propertyYour Answer Capital gains , Other income , House propertyMultiple Choice Multiple AnswerQuestion For Deduction u/s 54EC from Capital Gains theassessee should invest the whole or part of the capitalgains in the specified assets :-Correct Answer Within six months from the date of transfer of thelongtermcapital assetYour Answer Within six months from the date of transfer of the

longtermcapital assetTrue/FalseQuestion Income from partnership firms is exempt from taxationfor the partnersCorrect Answer TrueYour Answer False

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LIST OF ATTEMPTED QUESTIONS AND ANSWERSMultiple Choice Single AnswerQuestion 48 Deduction in respect of Contribution to certain pensionfunds is related to :-Correct Answer Section 80CCCYour Answer Section 80CCC

True/FalseQuestion 49 The rebate u/s 88B is allowed before the rebate u/s 88is allowed.Correct Answer TrueTAXATION9Your Answer FalseSelect The BlankQuestion 50 Expenditure incurred in connection with the localfestivals like Diwali etc. are

________ as business expenditure.Correct Answer Allowed

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Your Answer AllowedSelect The BlankQuestion 51 Deduction is available for income from foreign sourcesunder Section 80RR ifsuch remuneration brought into India in convertible foreign

exchange within aperiod of________ months from the end of the previous year.Correct Answer 6Your Answer 6Multiple Choice Multiple AnswerQuestion 52 Short Term Capital Loss can be adjusted against :-Correct Answer Short Term Capital Gains. , Long term Capital GainsYour Answer Short Term Capital Gains. , Long term Capital GainsMultiple Choice Single AnswerQuestion 53 Income from winning from lotteries / crossword

puzzles/ horse races is taxed atflat rate of :-Correct Answer 0.3Your Answer 0.35Select The BlankQuestion 54 Section 35D of the Act provides that the preliminaryexpenses can be ________over a period of 5 years commencing from the year ofcommencement ofbusiness.

Correct Answer Amortized and written off to profit and loss accountYour Answer Amortized and written off to profit and loss accountSelect The BlankQuestion 55 Section 43B of the IT Act provides that the certainpayments are allowed asdeduction only if they are ________.Correct Answer Actually paidYour Answer ReasonableMultiple Choice Multiple AnswerQuestion 56 The rebate u/s 88 is available to an :-

TAXATION10Correct Answer Individual , Hindu Undivided Family.Your Answer Individual , Hindu Undivided Family.Multiple Choice Single AnswerQuestion 57 Income from other sources covers agricultural incomefrom land situated :-Correct Answer Outside IndiaYour Answer Outside IndiaMultiple Choice Multiple Answer

Question 58 A return is considered to be defective returns undersection 139(9) unless :-

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Correct Answer The computation of income under each head, GrossTotal Income are properlyfiled in , The return is accompanied by the tax audit report undersection 44AB ,The return is accompanied by copies of required financial

statements of theassesseeYour Answer The computation of income under each head, GrossTotal Income are properlyfiled in , The return is accompanied by the tax audit report undersection 44AB ,The return is accompanied by copies of required financialstatements of theassesseeMultiple Choice Single Answer

Question 59 If an employee does not avail of this leave travelconcession or assistanceduring a block of four calendar years :-Correct Answer Only one journey can be carried forward to the nextblock.Your Answer Only one journey can be carried forward to the nextblock.Select The BlankQuestion 60 The person who does not deduct the tax source asrequired by the Act or after

deducting fails to pay the tax as required by the Act, shall be liableto pay thesimple interest @________ % per month on the amount of such taxfrom thedate on which the tax was deductible till the date on which such taxis actuallypaid.Correct Answer 1Your Answer 1.25Multiple Choice Multiple Answer

Question 61 The assessing officer may allot the Permanent AccountNumber(PAN) to :-Correct Answer Person whose Total Income during previous yearexceeds the maximumamount, chargeable to tax , Person carrying on the business orprofessionwhose turnover exceeds Rs.5 lakhs in any previous year , Any otherperson bywhom tax is payableYour Answer Person carrying on the business or profession whose

turnover exceeds Rs.5lakhs in any previous year , Any other person by whom tax is

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payable , Anyperson not applying for permanent account number but, tax ispayable by himTAXATION11

Multiple Choice Multiple AnswerQuestion 62 The provisions for payment of gratuity is not allowedunder section 40A(7) but,under the head, profits from business and profession, the amount ofgratuity willbe allowed as deduction only when :-Correct Answer The amount of gratuity has actually become payableto the employees duringthe previous year , The provision has been made for the payment ofa sum by

way of contribution to an approval gratuity , The other than theabove twosituations, any provision made for the payment of gratuity is notallowed asdeductionYour Answer The amount of gratuity has actually become payable tothe employees duringthe previous year , The provision has been made for the payment ofa sum byway of contribution to an approval gratuity , The other than the

above twosituations, any provision made for the payment of gratuity is notallowed asdeductionMultiple Choice Multiple AnswerQuestion 63 For the purpose of taxability of perquisite a specifiedemployee means :-Correct Answer The person who is director of a company , Theemployee who has substantialinterest in the company by having 20% or more of the voting power

, Theemployee whose income under the head salaries (including all thetaxablemonetary payments of salary but excluding the value of any non-monetarybenefits or perquisites), after allowing deductions under Section 16,exceedsRs. 50,000Your Answer The person who is director of a company , Theemployee who has substantial

interest in the company by having 20% or more of the voting power, The

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employee whose income under the head salaries (including all thetaxablemonetary payments of salary but excluding the value of any non-monetarybenefits or perquisites), after allowing deductions under Section 16,

exceedsRs. 50,000True/FalseQuestion 64 Sum received under a will / inheritance is not exempt.Correct Answer TrueYour Answer FalseSelect The BlankQuestion 65 It should be noted that the tax liability of an individualhaving the total income ofless than Rs ________ is Nil u/s 88D.

Correct Answer 1,00,000Your Answer 1,00,000Match The FollowingQuestion 66 Correct Answer Your AnswerAll intangible assets likePatents, Trademarks, CopyRights, Licenses etc.Rate of depreciation is 25% Rate of depreciation is 25%Temporary Structures Rate of depreciation is 100% Rate ofdepreciation is 10%

TAXATION12Computers Rate of depreciation is 60% Rate of depreciation is 40%Containers made of glass orplastic used as refillsRate of depreciation is 40% Rate of depreciation is 60%Select The BlankQuestion 67 In case of foreign companies rate of tax is ________.Correct Answer 0.35Your Answer 0.35

Multiple Choice Single AnswerQuestion 68 Which of the following expenditure is in the nature ofrevenue expenditure?Correct Answer Expenditure incurred as discount on issue ofdebenturesYour Answer Expenditure incurred as discount on issue ofdebenturesMultiple Choice Multiple AnswerQuestion 69 For the purpose of Section 40 A (2) of the IT Act, ifassessee is a firm, the term

"Specified Persons" may include :-Correct Answer Any partner of the firm or his relative , Any person

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having the substantial interestin the business or profession of the firm or any director or partnerof suchcompany or firm or any relative of such person. , Any person whocarries on

business or profession and in his business or profession theassessee or anypartner of such firm or relative of such partner has substantialinterest.Your Answer Any partner of the firm or his relative , Any personhaving the substantial interestin the business or profession of the firm or any director or partnerof suchcompany or firm or any relative of such person. , Any person whocarries on

business or profession and in his business or profession theassessee or anypartner of such firm or relative of such partner has substantialinterest.Multiple Choice Single AnswerQuestion 70 For charging the income in the form of salaries :-Correct Answer There needs to be an employer-employeerelationship between the payer andthe payee.Your Answer There needs to be an employer-employee relationship

between the payer andthe payee.True/FalseQuestion 71 For claiming the deduction under section 80IA, theindustrial undertaking shouldbe owned by a company registered in India or a consortium of suchcompanies.Correct Answer TrueYour Answer TrueSelect The Blank

Question 72 Any expenditure incurred by the assessee for anypurpose which is ________or which is prohibited by law shall not be allowed as businessexpenditureTAXATION13Correct Answer OffenceYour Answer OffenceMultiple Choice Single AnswerQuestion 73 As a general principle, the Basic Salary or Wages,

Dearness Allowance andBonus / Commission is :-

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Correct Answer Fully taxable.Your Answer Fully taxable.True/FalseQuestion 74 Rebates as per the provisions of Section 88 of the Actare not available from the

tax on long-term capital gains.Correct Answer TrueYour Answer TrueTrue/FalseQuestion 75 MAT is applicable if there is a difference of 7.5%between net profit & bookprofit.Correct Answer TrueYour Answer FalseMultiple Choice Multiple Answer

Question 76 For the purpose of Section 40 A (2) of the IT Act, ifassessee is an individual,the term "Specified Persons" may include :-Correct Answer Any relative of such individual , Any person(individual, company, firm etc.)having a substantial interest in the business or profession of theindividual orany director or partner of such company or firm or any relative ofsuch person. ,Any person who carries on a business or profession and in his

business orprofession, the assessee himself or his relative has a substantialinterest.Your Answer Any relative of such individual , Any person (individual,company, firm etc.)having a substantial interest in the business or profession of theindividual orany director or partner of such company or firm or any relative ofsuch person. ,Any person who carries on a business or profession and in his

business orprofession, the assessee himself or his relative has a substantialinterest.Select The BlankQuestion 77 Deduction for remuneration from foreign sources forprofessors, teachers etcunder Section 80R is limited to ________% of such remunerationbrought inIndia.Correct Answer 15

Your Answer 10True/False

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Question 78 Any expenditure incurred for earning the income whichis included under thehead income from other sources will be allowed as deduction fromsuch incomeTAXATION

14provided that certain conditions are satisfiedCorrect Answer TrueYour Answer TrueMultiple Choice Multiple AnswerQuestion 79 Deduction from Capital Gains from the transfer ofresidential house propertyunder Section 54 is available to :-Correct Answer Individual , HUFYour Answer Individual , HUF , Company

True/FalseQuestion 80 Income earned & received outside India & remitted toIndia is taxable forresident & ordinary residentCorrect Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion 81 Mr X has received Rs 200000 as income from salary, Rs50000 income fromhouse property and he also received Rs 100000 income from

specified units ofthe mutual fund. What will be his total incomeCorrect Answer Rs 250000Your Answer Rs 250000Multiple Choice Multiple AnswerQuestion 82 Standard deduction takes care of :-Correct Answer Repairs & maintenance , Insurance premium ,Ground rentYour Answer Insurance premiumMatch The Following

Question 83 Correct Answer Your AnswerIndividual partners & firms Are separate taxable entities Losses areshared equallyPartnership firm Companies can be partners Are separate taxableentitiesCompany partners Can not get salaries Companies can be partnersIndividual partners Can be partners in any numberof firmsCan be partners in any numberof firms

Multiple Choice Multiple AnswerTAXATION

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15Question 84 Capital Gains arise on account of excess of transferconsideration over thefollowing amountsCorrect Answer Cost of acquisition , Cost of improvement ,

Expenditure incurred wholly andexclusively in connection with the transferYour Answer Cost of acquisition , Cost of improvement ,Expenditure incurred wholly andexclusively in connection with the transferTrue/FalseQuestion 85 Income of a mutual fund is taxable even if it isauthorized by RBI.Correct Answer FalseYour Answer False

Select The BlankQuestion 86 If sum received is net of TDS then it is ________ toinclude in income from othersources.Correct Answer Grossed upYour Answer Grossed upMultiple Choice Multiple AnswerQuestion 87 What is the tax treatment of Statutory Provident Fund?Correct Answer Employer's Contribution to PF is not liable for anytax payment , Interest

credited to the employee's account is not liable for any taxpayment. , The lumpsum received at the time of retirement or resignation or death isalso exemptunder section 10(11) and 10(12).Your Answer Employer's Contribution to PF is not liable for any taxpayment , Interestcredited to the employee's account is not liable for any taxpayment. , The lumpsum received at the time of retirement or resignation or death is

also exemptunder section 10(11) and 10(12).True/FalseQuestion 88 Interest paid on the loan for acquiring a capital assetwill be considered to be apart of cost of acquisition.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion 89 What is the manner in which Income from Salaries is

taxable?Correct Answer Due basis or 'receipt' basis whichever is earlier.

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Your Answer Due basis or 'receipt' basis whichever is earlier.Multiple Choice Single AnswerQuestion 90 Deduction from Capital Gains under Section 54F is forCapital Gains arisingfrom transfer of :-

Correct Answer Any Long Term Capital AssetTAXATION16Your Answer Any Long Term Capital AssetMultiple Choice Single AnswerQuestion 91 In case the assessee is not a company, a person(otherthan a company) who isfalling under One by Six economic criteria, the last date for filingthe return isprescribed as :-

Correct Answer 31st July of the Assessment yearYour Answer 31st July of the Assessment yearSelect The BlankQuestion 92 Registration charges in connection with the increasingof ________ sharecapital of the company is not allowed as revenue expenditure.Correct Answer AuthorizedYour Answer AuthorizedTrue/FalseQuestion 93 The amount of telephone bills (including the mobile

phone bills) of the employeereimbursed by the employer is taxable in the hands of theemployee.Correct Answer FalseYour Answer FalseMultiple Choice Single AnswerQuestion 94 As per which provision and section, every person,company or any other personshall furnish his returns of income in the prescribed form on orbefore the

specified due date?Correct Answer Section 139(1)Your Answer Section 139(2)

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TAXATION1

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LIST OF ATTEMPTED QUESTIONS AND ANSWERSSelect The BlankQuestion 1 Mr X a salaried employee has received total educationalallowance of Rs 8,000for his four children, the maximum allowance exempt is ________

u/s 10(14) ofthe IT Act.Correct Answer Rs 2,400Your Answer Rs 2,400Multiple Choice Multiple AnswerQuestion2 What is the tax treatment of the Lump sum receivedfrom unrecognizedprovident fund on the retirement or resignation or death of theemployee?Correct Answer Employee's contribution to PF is exempt from tax ,

Interest on employee'scontribution is taxable as "Income from Other Sources" , Employer'sContribution to PF and interest thereon is taxable as "Income fromsalaries"Your Answer Interest on employee's contribution is taxable as"Income from Other Sources" ,Employer's Contribution to PF and interest thereon is taxable as"Income fromsalaries" , Employee's contribution to PF is exempt from taxTrue/False

Question 3 Software technology park means set up according toSoftware Technology ParkScheme framed by Ministry of Commerce & Industries.Correct Answer TrueYour Answer TrueSelect The BlankQuestion 4 It is mandatory for ________ to file a return even ifthere is loss or the income isnil.Correct Answer A company

Your Answer Persons under "One by Six" schemeMultiple Choice Multiple AnswerQuestion 5 Following professional institutions have their incomesexempt from tax :-Correct Answer Town planning , Company secretary , AccountingYour Answer Town planning , Company secretary , AccountingMultiple Choice Multiple AnswerQuestion 6 Which of the following amounts credited to P & LAccount but not taxable fromIncome tax Purposes as Profits from Business and Profession?

Correct Answer Refund of Income tax , Capital Gains , DividendIncome

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Your Answer Refund of Income tax , Capital Gains , DividendIncomeSelect The Blank

Question 7 ________ is the tax payable on the manufacturing of

goods.Correct Answer Excise dutyYour Answer Excise dutySelect The BlankQuestion 8 The amount paid by the employer to the employee tomeet the expenditure forresidential accommodation occupied by the employee is called________.Correct Answer House rent allowanceYour Answer House rent allowance

Multiple Choice Multiple AnswerQuestion 9 Any amount deposited by an Individual or a HUF in 10year or 15 year accountunder the Post Office Saving Bank (CTD) Rules, 1959. The accountcan be inthe name of :-Correct Answer The individual himself , A minor of whom he is theguardian.Your Answer The individual himself , A minor of whom he is theguardian.

Select The BlankQuestion 10 Section 80U allows the deduction in respect of the________ .Correct Answer Permanent physical disabilityYour Answer Permanent physical disabilityMultiple Choice Single AnswerQuestion 11 Income of notified news agencies is exempt provided :-Correct Answer They apply their income for collection & distributionof newsYour Answer They apply their income for collection & distribution of

newsMultiple Choice Single AnswerQuestion 12 The total amount of rebates under Section 88, Section88B, Section 88C andSection 88D of the Act. shall :-Correct Answer Not exceed the amount of tax calculated on thetotal income.Your Answer Not exceed the amount of tax calculated on the totalincome.Multiple Choice Single Answer

Question 13 What is the treatment of Uncommuted Pension?Correct Answer It is taxable as Income from Salaries.

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Your Answer It is taxable as Income from Salaries.

Multiple Choice Multiple AnswerQuestion 14 Perquisites which are taxable only in the hands ofspecified 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 consumptionYour Answer Motor Car , Services of sweeper, gardener, watchmanor personal attendant ,Gas, electricity and water provided for personal consumptionMultiple Choice Single AnswerQuestion 15 The Central Government has introduced a new pensionscheme for the

employees employed on or after 15th January, 2004. Theseemployees arerequired to contribute 10% of their salaries to this pension scheme.How muchwill the Central Government contribute to the Fund?Correct Answer Equal amountYour Answer Equal amountTrue/FalseQuestion 16 In case of deductions for medical treatment underSection 80DDB the amount of

deduction will be reduced by the amount received under aninsurance policy orthe amount reimbursed by the employer.Correct Answer TrueYour Answer TrueMultiple Choice Single AnswerQuestion 17 If any person fails to get the accounts audited by aChartered Accountant andfails to submit the copy of such report under section 44AB, he willbe liable to

pay the penalty equal to :-Correct Answer 0.5% of sales turnover/gross receipts or Rs.1lakhwhichever is lessYour Answer 0.5% of sales turnover/gross receipts or Rs.1lakhwhichever is lessSelect The BlankQuestion 18 Section 35E of the Act applies to all the ________engaged in the business ofprospecting for or extraction or production of certain specifiedminerals.

Correct Answer Resident assesseesYour Answer Non-ordinary resident assessees

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Multiple Choice Multiple AnswerQuestion 19 Profits earned by an Industrial Undertaking engaged inother than infrastructuredevelopment 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 researchYour Answer Operation of Ship , Hotels situated in hilly area, ruralarea or place of pilgrimage, Company engaged in scientific and industrial researchTrue/FalseQuestion 20 Jewellery held by the assessee is not a Capital Asset.

Correct Answer False

Your Answer FalseSelect The BlankQuestion 21 House rent allowance is exempt from the heading________.Correct Answer Income from salariesYour Answer Income from salariesMultiple Choice Multiple AnswerQuestion 22 The various payments which are referred as deductionsunder section 43B,Clause No-21 are :-

Correct Answer Any employees contribution payable by theassessee towards any ProvidentFund or Superannuation Fund or Gratuity Fund for the welfare ofthe employees, Any sum payable by the assessee by way of tax duty, cess or fee ,Any sumpayable by the assessee as interest on any loan or borrowing madeby him fromany public financial institution or state financial corporation as perthe terms of

the agreementYour Answer Any employees contribution payable by the assesseetowards any ProvidentFund or Superannuation Fund or Gratuity Fund for the welfare ofthe employees, Any sum payable by the assessee by way of tax duty, cess or fee ,Any sumpayable by the assessee as interest on any loan or borrowing madeby him fromany public financial institution or state financial corporation as per

the terms ofthe agreement

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Select The BlankQuestion 23 The rebate u/s ________ is available to a womanassessee below the age of 65years at any time during the previous years.Correct Answer 88C

Your Answer 88BTrue/FalseQuestion 24 An deduction is allowed to an assesse as an employerin respect of contributionmade to any non-statutory fund under the section 40A(9).Correct Answer FalseYour Answer TrueTrue/FalseQuestion 25 Dividend received by the shareholder is treated asincome chargeable to tax u/s

10(34) of the IT Act.Correct Answer FalseYour Answer FalseMultiple Choice Multiple AnswerQuestion 26 The assessee is required to quote PAN in :-

Correct Answer All returns to or correspondence with the IncomeTax Authorities , All thechallans for the payment of any amount under the Act , All the

documentspertaining to purchase, sale and bank transactionsYour Answer All returns to or correspondence with the Income TaxAuthorities , All thechallans for the payment of any amount under the Act , All thedocumentspertaining to purchase, sale and bank transactionsMultiple Choice Single AnswerQuestion 27 Any person carrying on business or profession has tosubmit the Audit Report in

prescribed form, signed by Chartered Accountant before 31stOctober of theassessment year, whether the return of income is filed or not. Thisis incompliance with :-Correct Answer Section 44AB of the ActYour Answer Section 44AB of the ActMultiple Choice Single AnswerQuestion 28 In case of the individual or HUF whose Gross TotalIncome, before deductions

under Chapter VI-A, is more than Rs. 5,00,000, then :-Correct Answer No rebate will be available u/s 88.

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Your Answer Rebate will be available u/s 88Multiple Choice Single AnswerQuestion 29 If firm fails to submit copy of deed along with return ofincome :-Correct Answer It will not constitute a separate taxable entity

Your Answer It will not constitute a separate taxable entityMultiple Choice Single AnswerQuestion 30 In order to avoid the cases of tax evasion on the partof the assessees, the Acthas provided for :-Correct Answer Tax deduction at sourceYour Answer Tax deduction at sourceMultiple Choice Multiple AnswerQuestion 31 Which of the following expenditures are expresslydisallowed to be deducted

while computing the profits from business and professionCorrect Answer Income Tax , Wealth TaxYour Answer Income Tax , Wealth TaxTrue/FalseQuestion 32 Section 80QQB is applicable to the individual residentwho is an author of textbooks.Correct Answer FalseYour Answer False

Select The BlankQuestion 33 Section 35AC of the Act applies to any sum paid by theassessee to a publicsector company or a local authority or an association approved bythe nationalcommittee for ________ for carrying out any project in upliftmentof public.Correct Answer Promotion of social and economic welfareYour Answer Promotion of social and economic welfareMultiple Choice Single Answer

Question 34 Income from sub-letting of a house property is incomefrom :-Correct Answer Other sourcesYour Answer SublettingMultiple Choice Multiple AnswerQuestion 35 Income of a professional association is exempt if itsobjectives are :-Correct Answer Supervision , Control , EncouragementYour Answer Supervision , Control , EncouragementMultiple Choice Multiple Answer

Question 36 Choose capital expenditure from the following list :-Correct Answer Purchase of Building , Purchase of machinery

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Your Answer Purchase of Building , Construction of temporarystructures , Purchase ofmachineryTrue/FalseQuestion 37 Loss under the head Profits from Business or Profession

can be adjustedagainst the Income from Salaries.Correct Answer FalseYour Answer FalseSelect The BlankQuestion 38 Deduction u/s 10A is ________ of export proportion ofprofits.Correct Answer 0.9Your Answer 0.9True/False

Question 39 Rebates as per the provisions of Section 88C of the Actare not available fromthe tax on long-term capital gains.Correct Answer False

Your Answer FalseTrue/FalseQuestion 40 Dividend received from domestic company to itsshareholders is taxable in thehands of the shareholder.

Correct Answer FalseYour Answer TrueMatch The FollowingQuestion 41 Correct Answer Your AnswerSuper Annuation Fund This is an employee welfarescheme which is usuallyapplicable in case of verysenior employeesThis is an employee welfarescheme which is usually

applicable in case of very senioremployeesStatutory Provident Fund This is set up as per theprovisions of Provident FundAct, 1925. This is maintainedby Government organizations,local authorities, universitiesand educational institutions.This is set up as per theprovisions of Provident Fund

Act, 1925. This is maintained byGovernment organizations, local

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authorities, universities andeducational institutions.Recognised Provident Fund This is the provident fund towhich the provisions ofEmployees Provident Fund and

Miscellaneous Provisions Act,1952 apply.This is the provident fund towhich the provisions ofEmployees Provident Fund andMiscellaneous Provisions Act,1952 apply.Unrecognised Provident Fund The provident fund which is notrecognized by the income taxauthorities is called as

unrecognized provident fund.The provident fund which is notrecognized by the income taxauthorities is called asunrecognized provident fund.Multiple Choice Single AnswerQuestion 42 Tax liability of a person is based on :-Correct Answer Residential statusYour Answer Residential statusSelect The Blank

Question 43 The amount of compensation received or receivable bythe employee from theemployer at the time of termination of his employment or at thetime ofmodification of terms and conditions in connection with theemployment is calledas ________.Correct Answer Terminal compensation.Your Answer Terminal compensation.Match The Following

Question 44 Correct Answer Your AnswerIntangible Capital Asset Tenancy Rights Tenancy RightsExcluded from ambit of termCapital AssetStock in Trade Land held for a period of 36months or moreShort Term Capital Asset Equity Shares held for a periodof Less than 36 monthsStock in Trade

Long Term Capital Asset Land held for a period of 36months or more

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BuildingMultiple Choice Multiple AnswerQuestion 45 The entertainment allowance received by theGovernment employees isincluded in their salaries and the deduction is allowed to the extent

of least ofthe following amounts :-Correct Answer Rs. 5,000 , 1/5th of Salary , Actual amount ofEntertainment Allowancereceived.Your Answer Rs. 5,000 , 1/5th of Salary , Actual amount ofEntertainment Allowancereceived.True/FalseQuestion 46 Annual premium paid by the employer for the accident

insurance policy taken bythe employer in the name of the employee is chargeable to tax.Correct Answer FalseYour Answer FalseMultiple Choice Single AnswerQuestion 47 Following condition needs to be satisfied for claimingthe exemption underSection 54F :-Correct Answer The assessee is an individual or a HUFYour Answer The assesse is Firm

Multiple Choice Single AnswerQuestion As a general principle, the Basic Salary or Wages,DearnessAllowance and Bonus / Commission is :-Correct Answer Fully taxable.Your Answer Fully taxable.Select The BlankQuestion If assessee owns more than one house properties, he canget benefitof nil annual value for any one house property ________.Correct Answer As per his choiceYour Answer As per his choiceTrue/FalseQuestion Any recreational facility provided by the employer to a

group ofemployees (not being restricted to a select few employees) is not

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exempt from tax.Correct Answer FalseYour Answer FalseMultiple Choice Multiple AnswerQuestion What are the types of Provident Fund?

Correct Answer Statutory Provident Fund , Recognized ProvidentFund ,Unrecognized Provident FundYour Answer Statutory Provident Fund , Recognized ProvidentFund ,Unrecognized Provident FundMultiple Choice Multiple AnswerQuestion The least of the following is the exemption available to anemployee ifhe is in receipt of house rent allowance :-

Correct Answer 50% of the Salary where such accommodation issituated in Mumbai,Kolkata, Chennai and Delhi and 40% of the Salary when theaccommodation is situated at any other place. , Actual amount ofHRA received by the employee. , Excess of rent paid over 10% oftheSalary.Your Answer 50% of the Salary where such accommodation issituated in Mumbai,Kolkata, Chennai and Delhi and 40% of the Salary when the

accommodation is situated at any other place. , Actual amount ofHRA received by the employee. , Excess of rent paid over 10%oftheSalary.Multiple Choice Multiple AnswerQuestion To get deduction of Rs 150000/- as interest on borrowedcapitalassessee needs to satisfy conditions i.e. :-Correct Answer Borrowal is after 1st April 1999 , Construction iscompleted in 3 years

Your Answer Borrowal is after 1st April 1999 , Construction iscompleted in 3 yearsMultiple Choice Multiple AnswerQuestion The entertainment allowance received by the Governmentemployeesis included in their salaries and the deduction is allowed to theextentof least of the following amounts :-Correct Answer Rs. 5,000 , 1/5th of Salary , Actual amount ofEntertainment

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

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EntertainmentAllowance received.Select The BlankQuestion Section 35AC of the Act applies to any sum paid by theassessee to

a public sector company or a local authority or an associationapproved by the national committee for ________ for carrying outany project in upliftment of public.Correct Answer Promotion of social and economic welfareYour Answer Promotion of social and economic welfareMultiple Choice Single AnswerQuestion The provisions under section 44AB of the Act, is applicableto theperson carrying on the profession and whose gross receipts inprofession :-

Correct Answer Exceeds Rs.10 lakhs in any previous yearYour Answer Exceeds Rs.40 lakhs in any previous yearMultiple Choice Multiple AnswerQuestion As per the provision of section 143(2) and 143(3) scrutinyassessment made by assessing officer in order to ensure that :-Correct Answer Assessee has not understated the income ,Assessee has notoverstated the loss , Assessee has under paid the taxesYour Answer Assessee has not understated the income , Assesseehas not

overstated the loss , Assessee has under paid the taxes , Assesseehas not been allotted the PANMultiple Choice Single AnswerQuestion Annual value of any one palace in possession of a formerruler is :-Correct Answer ExemptYour Answer ExemptTrue/FalseQuestion Interest paid on the loan for acquiring a capital asset willnot be

considered to be a part of cost of acquisition.Correct Answer FalseYour Answer TrueMultiple Choice Single AnswerQuestion Previous year always ends on :-Correct Answer 31st MarchYour Answer 31st MarchMultiple Choice Multiple AnswerQuestion Perquisites which are taxable only in the hands of specifiedemployee

include the following categories of perquisites :-Correct Answer Motor Car , Services of sweeper, gardener,

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watchman or personalattendan