-
- Role of custom duty in International trade is______
(a) Reducing imports and saving in foreign exchange.
(b) Optimizing the balance of trade and balance of payment.
(c) Implementation of foreign trade and balance of payment.
(d) All of above. - Meaning of ‘baggage” u/s 2(3) is________
(a) Such articles of a passenger which are covered by the definition of “Goods” and
(b) Which are subject to custom duty and
(c) Such articles may be carried on by the passenger with him or it may be dispatched from abroad as baggage before or after the departure of passenger.
(d) All of the above - Suitable goods (section 2 (14)) means:
(a) Any goods which are chargeable to duty and
(b) On which duty has not been paid and
(c) It is covered by the definition of “Goods” are given in section 2(22) of this Act and it is given in the custom tariff Act,also
(d) All of the above. - Which of the following is related with customs duty?
(a) Customs duty is levied on the goods imported into India or goods to be exported from India.
(b) The rates of customs duty are given in the customs tariff Act,1975
(c) There are such circumstances either in this Act or in any other law in which customs duty is not lived.
(d) All of the above. - Provisions of import duty on import of tobacco and its products are
(a) Additional duty and its products are u/s(1)
(b) Integrated goods & service tax u/s 1(1)
(c) GST compensation cess u/s 3(9)
(d) All of the above - From the following particulars calculate total custom duty payable:
(a) Assess able value of import goods Rs. 10,00,000
(b) Basic custom duty payable at 20%
(c) The imported goods are also produced in India om such goods excise duty is leviable at 12%.
(d) Social welfare surcharge at 10%. - Time limit for disposal of an appeal by the commissioner (Appeal) in custom duty Act is____
(a) 3 months
(b) 6 months
(c) 9 months
(d) 12 months - Person possessing specified goods to intimate the palace of storage and to maintain accounts if the market price of which exceeds______under custom duty Act.
(a) Rs.5,000
(b) Rs.10,000
(c) Rs.15,000
(d) Rs. 20,000 - What are the basis for levying custom duty?
(a) Specific duty
(b) Ad Valorem duty
(c) Either specific duty or Ad Valorem duty
(d) None of the above - What is the formula of computed value (Rule 5) for determination of value of export under customs valuation rules 2007?
(a) Cost of manufacture.
(b) Cost of manufacture + Brand
(c) Cost of manufacture + Brand charge + Amount towards profit.
(d) None of the above - What is the general effective rate of additional duty of customs payable u/s 3(1) of the customs tariff Act,1975
(a) 10%
(b) 12.5%
(c) 15%
(d) 20% - Which type of goods are not included in free Imports?
(a) Prohibited goods
(b) Restricted goods
(c) Import of specified goods through state trading enterprises?
(d) All of the above - Which commodities can be imported only through state trading enterprises?
(a) Agriculture products
(b) Petroleum products
(c) Urea
(d) All of the above - Definition of “Goods” does not include____under GST Act, 2017.
(a) Actionable claims
(b) Growing crops, grass and things attached to or forming part of land which are agreed to be served before supply or under a contract of supply
(c) Money and securities
(d) None of the above - Definition of “Services” does not include_____ under GST Act,2017.
(a) Facilitating or arranging transactions in securities.
(b) Conversion of a note of Rs.500 denomination for which no consideration is paid.
(c) Conversion of foreign currency into Indian currency, for which commission is payable.
(d) Issuing bank draft for exchange of money for which commission is payable. - Concept of Goods and Service Tax is
(a) It is value added tax.
(b) Burden of this tax is bone by consumer.
(c) No cascading of taxes.
(d) All of the above. - From the following activities and transactions, which shall be treated neither as a supply of service?
(a) Transfer of title of goods.
(b) Lease, tenancy and license to occupy land.
(c) Services of funeral, burial, crematorium or mortuary.
(d) Renting of immovable property. - Zero rated supply means
(a) Export of goods or services or both
(b) Supply of goods or services or both to a developer of special economic zone.
(c) Supply of goods or services or both to any unit established in a special economic zone.
(d) All of the above. - If the supply of goods & service is interstate then only
(a) Integrated goods and service tax shall be imposed.
(b) State goods and service tax shall be imposed.
(c) Union territory goods and service tax shall be imposed.
(d) Central goods and service tax shall be imposed. - Provisions of section 9(1) of GST Act,2017 shall not be applicable on
(a) Sale of Alcoholic liquor for human consumption.
(b) Supply of petroleum products.
(c) Sale-purchase of shares and debentures of a company.
(d) All of the above - Ram supplied certain goods to Ganesh on sale or return basis. he removed the goods on 1st September, 2020,which reached to Ganesh on 5th September,2020 along with invoice dated 2nd September,2020. Ram received the amount of goods on 29th October, 2020. Determine the time of supply of goods by Ram to Ganesh.
(a) 2nd September,2020
(b) 5th September,2020
(c) 18th October,2020
(d) 29th October,2020 - A coaching institute provides six monthly coaching services for competitive examination. the recipient of coaching services required to pay monthly Rs.20,000 within 20 days from the date of commencement of each calendar month. coaching institute generally issues invoice at the beginning of every month. for the beginning of every month. for the month of January.2020 and coaching receiver paid the amount on 17 th January,2020. Determine the time of supply of coaching services provided by coaching institute for the month of January,2020.
(a) 1st January, 2020
(b) 13th January, 2020
(c) 17th January, 2020
(d) 20th January, 2020 - Value of taxable supplies is determined
(a) Value of taxable supply is the transaction value which has been actually paid or is payable.
(b) The supplier and recipient of supply are not related persons i.e. if they are related persons then general provisions shall not be applicable separate provisions shall apply.
(c) Price is sole consideration for the supply.i.e. if there are other factors influencing the supply then different provisions shall apply.
(d) All of the above. - From the following purchase find out that purchase on which input tax credit is admissible during the month of January 2021 of XYZ Ltd.
(a) Goods purchased without invoice.
(b) Purchase of goods not be used for business purpose.
(c) Goods purchased against valid invoice from ABC Ltd. Tax has been deposited by ABC Ltd. XYZ Ltd has made payment to ABC Ltd. for such purchases in the month of January, 2021
(d) Goods purchased from a composition dealer without valid invoice. - Compute the total input tax credit available with Bajaj Auto Ltd.,manufacturer of motor cycle,in respect of the following services availed by it in the month of march,2021 :
Sales promotion services Rs. 40,000, Market research services Rs. 30,000, and health insurance services provided to employees Rs. 20,000.
(a) Rs. 90,000
(b) Rs. 70,000
(c) Rs. 50,000
(d) Rs. 20,000 - GST was implemented in India from
(a) 1st January, 2017
(b) 1st April, 2017
(c) 1st March,2017
(d) 1st July,2017 - What does “I” in IGST stands for?
(a) Internal
(b) International
(c) Integrated
(d) Indian - Time limit for passing assessment order under section 60 of GST Act, 2017 (best judgement) and section 63 (Non- filers) is_____
(a) One year
(b) Three year
(c) Five years
(d) None of the above - Person liable to deduct tax at source under GST Act, 2017 is
(a) A department or establishment of the central government or state government or local authority.
(b) Government agencies.
(c) Such persons or category of persons as may be notified by the government on the recommendations of the council.
(d) All of the above - Period of retention of accounts from due date of furnishing annual return is
(a) 12 months
(b) 36 months
(c) 72 months
(d) None of the above - Composition scheme is not applicable on
(a) Dealers making inter-state supply.
(b) Dealers of Alcoholic liquor for human consumption.
(c) Manufacturer of Pan masala.
(d) All of the above. - Composition scheme is applicable for such small service suppliers and mixed suppliers who suppliers and mixed suppliers who satisfied the basis conditions. the rate of tax for financial year 2020-21 will be
(a) 5%
(b) 6%
(c) 12%
(d) 18% - Find out tax free commodity (goods) under GST Act,2017 out of the following:
(a) Potato and Onions
(b) Biscuits and Chocolates
(c) Waste cotton
(d) Pan masala - If any amount of tax payable by a person to the government under provisions of GST Act,2017 is not paid, the officer can recover by following modes:
(a) Recovery by deduction.
(b) Recovery by sale of goods.
(c) Recovery through sale of movable and immovable property.
(d) All of the above - Integrated goods and service tax (IGST) is applicable on the sale of goods & services
(a) Inter state sale in India
(b) Import of goods & services from out of India
(c) Above (a) & (b)
(d) None of these - Input tax credit is allowed to
(a) Anyone who has paid tax.
(b) Any registered person.
(c) Any composite dealer.
(d) Registered dealer under GST. - GST is a matter of jurisdiction of-
(a) Central government
(b) State government
(c) Both central and state government
(d) None of the above - Auditing means
(a) To prepare accounts books.
(b) To prepare financial statements.
(c) To make adjustments in accounts.
(d) To examine the books of accounts. - The main objective of audit is
(a) Expression of opinion
(b) Detection and prevention of fraud and errors.
(c) Both (1) & (2)
(d) Depends on the type of audit. - In which type of audit checking is done on the basis of wisdom, faithfulness and economy?
(a) Continuous audit
(b) Periodical audit
(c) Propriety audit
(d) Efficiency audit - Internal control includes
(a) Internal check
(b) Internal audit
(c) above (1) & (2) both
(d) None of the above - In vouching the auditor verifies
(a) Only the right of transaction.
(b) Only certification of transaction.
(c) Right and certification of transaction, both
(d) Only arithmetical accuracy of transctions. - Verification of liabilities is done to ascertain
(a) Included in balance sheet
(b) Relation to business
(c) Shown at correct value
(d) All of the above - Audit working papers are the property of
(a) Owner of business
(b) Government
(c) Auditor
(d) Income tax department - Auditing begins where __ends.
(a) Selling
(b) Inventory valuation
(c) Accounting
(d) Purchases - Environmental audit is a part of______
(a) Auditing
(b) Accounting
(c) Accounting & Auditing both
(d) None of these - Effective data of audit documentation is
(a) 1st April,2009
(b) 1st April,2010
(c) 1st April,2011
(d) None of the above - The liability of the auditor to submit audit report of a company is stated under which section of companies Act,2013?
(a) Sec. 139
(b) Sec. 140
(c) Sec. 141
(d) Sec. 143 - According to section 2(40) of companies Act,2013 following statements is not included in financial statement of a company
(a) Balance sheet of financial year ending.
(b) Statement of profit & loss of financial year.
(c) Cash flow statements of financial year.
(d) Funds law statements of financial year. - Restriction on issue of share at discount is not applicable according is not applicable according section 53 of companies Act,2013
(a) On equity shares
(b) On preference shares
(c) On sweat equity shares
(d) All of the above - In which section of companies Act,2013 provisions of appointment of first auditor are given?
(a) Sec. 139
(b) Sec. 140
(c) Sec. 141
(d) Sec. 142 - A statutory auditor has a right of access at all times to
(a) Only books of accounts of the company
(b) Only books of accounts and documents of the company
(c) Books of accounts documents and vouchers of the company
(d) Notices and documents of the company. - Which of the following statement is not true regarding continuous audit?
(a) It may be carried out on daily basis.
(b) It is expensive
(c) A detailed checking of accounts is possible.
(d) It is needed when the organization has a good internal control system. - Balance sheet audit does not include.
(a) Routine sheet.
(b) Checking of adjustment entries.
(c) Verification of assets and liabilities.
(d) Verification of income and expenses accounts related to assets and liabilities. - Basis purpose of auditing covers
(a) Validity of accounting data.
(b) Adherence to accounting principles.
(c) Authenticity of books of accounts.
(d) All of the above - Final product of every statutory auditor is
(a) Documents of the auditor used to examine.
(b) Working papers of auditor
(c) Audit programme.
(d) Audit report. - Which statement from the following statements is wrong?
(a) Auditor is not an insurer.
(b) To give advise is not duty of an auditor.
(c) Duty of an auditor is to give information.
(d) Auditor is liable to give compensation. - Which is not the duty of a company auditor on the basis of court decisions?
(a) Auditor should be honest.
(b) Auditor should check substantial accuracy.
(c) Auditor should work as a watch dog and not a bloodhound.
(d) Auditor should work with suspicion. - Who will be responsible for errors in audit report if statutory in audit relies on the work of internal auditor?
(a) Statutory auditor
(b) Management
(c) Shareholders
(d) Internal auditor - Cost audit does not cover
(a) Performance audit
(b) Propriety audit
(c) Efficiency audit
(d) Periodical audit - Central government can issue order for cost audit to those companies which are engaged in following activities under section 128 of companies Act,2013.
(a) Production, processing and manufacturing.
(b) Mining
(c) Cement,Cycle and tyre – tube
(d) All of the above - Cost audit is for the purpose of
(a) Cost control
(b) Cost reduction
(c) Proper utilization of scarce resources.
(d) All of the above - Which is not a feature of bank audit?
(a) All expenses & income have been duly accounted for and profit is correctly worked out.
(b) Reporting regarding non-performing assets is not a feature of Bank Audit.
(c) Provision of Bank Audit is in Banking Regulation Act,1949.
(d) The Auditors have to certify that balance sheet of the bank at the closure of financial year reveal true and fair view of the bank. - Of which company audit is known as balance sheet audit?
(a) Insurance company
(b) Banking company
(c) Holding company
(d) Electricity company - Which statement is incorrect about insurance audit?
(a) Vouching of income and expenditure are necessary for insurance audit.
(b) Auditor should do verification of assets and liabilities.
(c) The auditor is not be conversant with the provisions of the insurance regulatory and development Act,1999.
(d) Auditor performs an insurance audit to ensure that the customer has paid the appropriate premium for risk covered to him. - The provisions regarding audit of banks are contained in banking regulation Act of_________
(a) 1947
(b) 1949
(c) 1980
(d) 1999 - The provisions regarding maintenance of accounts and audit of insurance company are made under_____.
(a) Companies Act,2013
(b) Insurance Act
(c) SEBI Rules
(d) Insurance regulatory and development Act,1999 - Identify the incorrect statement with reference to charitable trust audit.
(a) Trust audit assures the creators of trust and those beneficiaries are reliable.
(b) In India the income tax Act,1961, provides for non-inclusion of certain incomes of public trust in their taxable income.
(c) Auditor should verify cash & Bank balance , Investments and other assets.
(d) Many public trust get their accounts audited pursuant to the requirement of income tax Act,1961. - Penalties for contravention of prescribed norms for financial statements under section 129(7) of companies Act,2013 are
(a) Imprisonment for a term upto one year.
(b) Fine from Rs. 50,000 to Rs. 5,00,000
(c) Above (1) and (2)
(d) All of the above - Under Which section of companies Act,2013 provisions for maintenance of accounts are given?
(a) Sec.128
(b) Sec.129
(c) Sec.134
(d) Sec.140 - On the which matter an auditor should focus at the time of audit of educational institution?
(a) Test of Acts and Rules
(b) Income & Expenditure of institution
(c) Assets & Liabilities of institution
(d) All of the above - In efficiency audit,audit is conducted of the following:
(a) Skill of human resources.
(b) Check the use of plant & Machinery capacity.
(c) Check the efficient use of capital.
(d) All of the above. - Identify the correct statement in reference to management audit.
(a) It is appraisal of management performance.
(b) Management audit may be define as “audit of management”
(c) Management audit is not mandatory.
(d) All of the above. - What is an important aspect for internal control in EDP audit?
(a) Administrative control
(b) System development controls.
(c) Procedural control & Organisational control.
(d) All of the above. - Performance audit is an important aspect of
(a) Management audit
(b) Cost audit
(c) Financial audit
(d) None of the above - In social audit activities of an enterprise are studied in following category:
(a) Relation with environment.
(b) Relation with product.
(c) Relation with public of different group.
(d) All of the above. - A feature of auditing is
(a) Examination of books of accounts by an independent person.
(b) Systematic examination of books of accounts.
(c) Presentation of report by an auditor.
(d) All of the above. - Who has given the complete and exhaustive definition of statistics in plural sense?
(a) Dr. Bowley
(b) Horace Scrist
(c) Yule & Kendall
(d) Webster - Data are formed by
(a) a single figure.
(b) a group of unrelated facts.
(c) a group of homogeneous facts and figures.
(d) an absolute descriptive fact. - Only in the following situation can true conclusion be drawn from statistical data.
(a) By not trusting them at all
(b) By putting excessive trust in them.
(c) By interpreting them wisely and logically.
(d) None of the above - Which average would be suitable average for size of ready made garments?
(a) Arithmetic mean
(b) Mode
(c) Median
(d) Geometric mean - In which average the effect of extreme values is the highest?
(a) Arithmetic mean
(b) median
(c) mode
(d) geometric mean - The most appropriate average to be used while constructing index number is
(a) Arithmetic mean
(b) Median
(c) Harmonic mean
(d) Geometric mean - The sum of deviations of individuals observations is zero from
(a) Arithmetic mean
(b) mode
(c) median
(d) geometric mean - Which measurement of dispersion is an ideal and scientific?
(a) Range
(b) Quartiles deviation
(c) Standard deviation
(d) None of these - Which method is used for comparison of variation in two series
(a) Coefficient of range
(b) Coefficient of quarterly deviation
(c) Coefficient of variation
(d)Any one from above - Second measure of skewness is based on
(a) Arithmetic mean, mode,median and mean deviation.
(b) Arithmetic mean, median, mode and standard deviation.
(c) Quartiles and median
(d) None of these - Sheppard’s correction is required when
(a) frequency distribution is in continuous series.
(b) frequency tapers off to zero in both directions.
(c) total frequency is not less than 1,000 approx.
(d) All of the above conditions fulfill. - For which moments Sheppard correction is necessary?
(a) Moments 1 & 2
(b) Moments 2 & 3
(c) Moments 3 & 4
(d) Moments 2 & 4 
- Fisher’s index number is called ideal index number because
(a) IT is based on fluctuating weights.
(b) Geometric mean is used in this formula.
(c) It fulfills the qualities of reversibilities – time reversal test and factor reversal test.
(d) All of the above 
- The best method of measuring the secular trend refers to a long-time tendency of time series is
(a) Free hold curve method
(b) Semi average method
(c) moving average method
(d) method of least squares - Seasonal variations are caused by
(a) Business cycle
(b) Change in climate, customs and traditions.
(c) Growth of population.
(d) Technological development. - Which algebraic method would you apply for extrapolating the population of India in year 2021,when equidistant of X variable i.e. population of 1981,1991,2001 and 2011 is given?
(a) Newton’s advancing differences method
(b) Parabolic curve method.
(c) Direct binomial expansion method.
(d) Any one from above. - Which method of interpolation and extrapolation is to be used when the number of items in a variable are loss i.e. 3 or 4 and difference in independent variable is either uniforms or is too less?
(a) Direct Binomial expansion method
(b) newton method of advancing differences
(c) Lagrange’s method
(d) Parabolic curve method - Principal of correlation prove to be very useful why?
(a) Comparative study of two or more than two related events.
(b) to examine and discuss for mutual relationship between them.
(c) to predict or forecast.
(d) All of the above - Development of the principal of correlation in the present form, the credit goes to
(a) Renowned biologist sir Francis Galton
(b) Karl Pearson
(c) Above (1) & (2) both
(d) French Astronomer Bravais - Correlation between two or more related variables can be studied under correlation analysis
(a) Find out the quantity and type of correction between two related variables.
(b) The effect of correlation is to reduce the range of uncertainty of the predictions.
(c) Predictions based on correlation analysis are quite believable and certain.
(d) All of the above - Who propounded the theory of regression in statistics?
(a) Karl Pearson
(b) Sir Francis Galton
(c) Bowley
(d) Walis and Roberts - Regression lines are used to known
(a) The best estimates.
(b) Degree and directions of correlation.
(c) Above (1) & (2) both
(d) None of the above - In multiple regression following matter are studies:
(a) Multiple linear regression is studies to estimate the best valve of dependent variable on definite value of two or more independent variable.
(b) Detailed shape of simple linear regression is called multiple linear regression.
(c) Above (a) & (B)
(d) None of these - A detailed study about the size, composition and growth of human population for any country may be following method
(a) Population census
(b) Registration of Vital Statistics
(c) Adhoc demographic surveys
(d) All of the above - Vital statistics covers
(a) Motion pictures of changes in population during a particular period of time.
(b) It presents records of vital events.
(c) Fertility, deaths and reproductions are analyzed.
(d) All of the above - Notations used for positive and negative attributes are
(a) A,B,C
(b) a,b,c
(c) Alpha,Beta,Gama
(d) All of them - Matter of association of attributes is
(a) Statistics of variable
(b) Statistics of attributes
(c) Above (a) and (b)
(d) None of these - Which technique is used in decision making under certainty?
(a) Linear programming
(b) Input output analysis and inventory models.
(c) Cost volume profit analysis
(d) All of the above - Which decision criterion is used in decision making under uncertainly?
(a) Maxi – Max criterion
(b) Maxi – Min criterion
(c) Mini – Max regret criterion
(d) All of the above - Theoretical frequency distribution are prepared under
(a) Certain hypothesis
(b) Following assumption
(c) following probability rules
(d) Any one from the above - Which theoretical frequency distribution is continuous frequency distribution?
(a) Binomial distribution
(b) Poisson distribution
(c) Normal distribution
(d) None of the above - In which area “design of experiments” was used first?
(a) Agriculture
(b) Industries
(c) Administration
(d) Transport - Which important terms are used in design of experiments?
(a) Experiment
(b) Design
(c) Above (a) & (b)
(d) None of these - Who propounded and developed concept related with design of experiments?
(a) Karl pearson
(b) Prof.R.A. Fisher
(c) Bowely
(d) Sir Francis Galton - In the leap year what is the probability to be 53 Mondays?
(a) 1/7
(b) 2/7
(c) 3/7
(d) 7/7 - What decision are to be taken in statistical Quality control:
(a) Specification of articles to produced.
(b) how the articles actually produced.
(C) Articles produced resemble with predetermined standards or not.
(d All of the above - What are the techniques of statistical quality control?
(a) Process control charts.
(b) Product control charts.
(C) Both (a) & (b)
(d) None of these - Which programming is used in transportation sector?
(a) Graphical method
(b) Simplex method
(C) Transportation method
(d) Above (b) & (c) - What is the size of large sample?
(a) If its size exceeds 10.
(b) If its size exceeds 30.
(C) If its size exceeds 100.
(d) None of the above. - Which tests of significance for attributes are discussed in large sampling?
(a) Tests for number of successes.
(b) Tests for proportion of successes.
(c) Tests for difference between proportions.
(d) All of the above. - Assumptions of t-test are
(a) The population from which small sample has been selected is normal.
(b) The samples are taken by random sampling method.
(c) The standard deviation of population is unknown.
(d) All of the above. - F-test ,T-test are relate to
(a) Significance test of small sample
(b) Significance test of large sample
(c) Both (a) & (b)
(d) None of these - Which parts are to be studied at the time of analysis of variance in two-way classification?
(a) Sum of squares between columns- SSC
(b) Sum of squares between rows – SSR
(c) Sum of squares of the residual -SSE
(d) All of the above - What are the techniques of network analysis?
(a) Programme evaluation and review technique
(b) Critical path method
(c) GERT
(d) All of the above - What are the type of replacement situations?
(a) Replacement of items deteriorating gradually with use and time.
(b) Replacement of items breaking down suddenly.
(c) Replacement of human beings.
(d) All of the above. - Game theory is applicable on
(a) Games & Sports
(b) Business, Industry, Politics and economics
(c) Military operations
(d) All of the above - What are the causes of non sampling errors?
(a) Defective methods of data collection and tabulation.
(b) Incomplete coverage of the population or sample.
(c) Faculty planning, inadequate and inconsistent objectivity.
(d) All of the above. - What are the types of sampling errors?
(a) Biased errors.
(b) Unbiased errors.
(c) Above (a) & (b)
(d) None of the above - On which incomes deductions under section 80 C to 80 U shall not be allowed?
(a) Long term & short term capital gain.
(b) Casual gain
(c) Income of undisclosed sources.
(d) All of the above. - From the following on which income no deduction in respect of any expenditure, no loss is to be set off against any income and no deduction under section 80C to 80U from such income is given?
(a) Capital gain
(b) Casual income
(c) Salaries
(d) None of these - A new section 115 BAC has been inserted from assessment year 2021-22 through this section a new taxation system has been introduced. this section is applicable on.
(a) Individual and HUF
(b) Firm and AOP
(c) Companies
(d) All of the above - Life insurance premium paid is not allowed u/s 80 C on the policy of
(a) Assessee’s life
(b) Spouse’s life
(c) Father’s life
(d) Children’s life - Which income is taxable is taxable in the hands of HUF from the following incomes?
(a) Income from property transferred to the family after 31st December 1969 by member.
(b) Income from impartible estate.
(c) Income from investments of the family.
(d) Salary income given to a member of family. - Following item is not to be deducted when “Book profit” of firm is to be calculated:
(a) Interest received on government securities.
(b) Allowable interest paid to partners.
(c) Business losses carried forward.
(d) Unabsorbed depreciation. - Tax rate on association of persons is applicable of personal income of any member or partner is more than exemption limit
(a) Maximum marginal rate of 42.744%
(b) Rates of normal slab
(c) 30%
(d) None of the above - Following deductions from gross total income are permissible to a company under income tax Act,1961:
(a) Section 80 C to 80 U
(b) Section 80 G to 80 LA
(c) Section 80 C,80 D, 80 DD and 80 EE
(d) None of the above - Minimum Alternate tax (MAT) at 18.5% is applicable on company’s_____
(a) Book profit
(b) Gross total income
(c) Total income
(d) None of the above - From Assessment year 2020-21 balance amount of incomes will be taxable under section 115 BA at
(a) 20%
(b) 25%
(c) 30%
(d) 60% - Effective rate of tax on income from undisclosed source is_______u/s Sec. 115 BBE for the Assessment year 2020-21.
(a) 60%
(b) 75%
(c) 77.25%
(d) 78% - Under self-assessment sec.140A the assessee himself shall deposit the amount of tax calculated on the basis of the income shown in the return after deducting the amount of_____
(a) Advance payment of tax
(b) Deduction of tax at source
(c) Amount of tax credit allowed under other provisions
(d) All of the above - On what basis regular assessment under section 143 is done?
(a) On the basis of return of income.
(b) On the basis of evidence in support of the income.
(c) Above (a) and (b) both
(d) None of the above - Under sec. 143(1), the Assessing officer can complete the assessment without passing a regular assessment order. the assessment is completed on the basis of return submitted by the assessee. such type of assessment if known as______
(a) Self-assessment
(b) Regular assessment
(c) Summary assessment
(d) None of the above - When assessee has not adopted regular system of accounting and. assessment officer is not satisfied from accuracy and completeness of books of accounts presented by assesse. In this case assessing officer will do___________.
(a) Compulsory best judgement assessment u/s sec.144
(b) Assessment u/s sec.145(2)
(c) Reassessment u/s sec.147
(d) None of these - An assessee is not liable to pay advance payment of tax if_____-
(a) Age of the assessee is 60 years or more and he has no taxable income from business or profession head
(b) Amount of tax payable in any financial year is less than Rs.10,000
(c) Above (a) & (b)
(d) None of the above - Provisions of deduction of tax at source are not applicable if interest. is payable to_______
(a) Central government or state government
(b) A statutory corporation whose income is exempted from income-tax
(c) Reserve bank of India
(d) All of the above - On Which income, 30% rate is applicable for deduction of tax at source?
(a) Winnings from lotteries,cross word puzzles and horse races.
(b) Income from salaries.
(c) Income from dividends.
(d) Income from interest. - What is the reason of refund of tax?
(a) Deduction of tax at source and advance payment of tax is more than tax liability on regular assessment.
(b) Tax liability is reduced due to rectification of errors.
(c) Entitled for relief of double taxation.
(d) All of the above. - From which rate of tax, relief of double taxation is to be given to the assessee if average rate of Indian income tax is 21.4% and average rate of foreign income tax is 24.6%?
(a) 30%
(b) Whichever is higher
(c) whichever is lower
(d) No relief will be given. - Find out the correct statement from the following:
(a) tax avoidance is legal whereas tax evasion is illegal.
(b) tax avoidance reduce the tax liability in legal framework.
(c) tax avoidance is not an offence whereas tax evasion is an offence.
(d) Above all statements are correct. - The purpose of tax planning is
(a) To reduce the tax liability
(b) to increase the tax liability
(c) No change in tax liability
(d) None of the above - Tax planning salaried employee can be done by
(a) Perquisites rather than taxable allowances should be priority.
(b) Dearness allowance, dearness pay, Commission at a fixed percentage of turnover should be under terms of employment.
(c) Makes optimum use of section 80 C of Indian income tax Act,1961.
(d) All of the aboveAnswer Key
1 (d) 2 (d) 3 (d) 4 (d) 5 (d) 6 (a) 7 (b) 8 (c) 9 (c) 10 (c) 11 (a) 12 (d) 13 (d) 14 (c) 15 (b) 16 (d) 17 (c) 18 (d) 19 (a) 20 (d) 21 (a) 22 (b) 23 (d) 24 (c) 25 (b) 26 (d) 27 (c) 28 (c) 29 (d) 30 (c) 31 (d) 32 (b) 33 (a) 34 (d) 35 (c) 36 (d) 37 (c) 38 (d) 39 (c) 40 (c) 41 (c) 42 (c) 43 (d) 44 (c) 45 (c) 46 (a) 47 (a) 48 (d) 49 (d) 50 (c) 51 (a) 52 (c) 53 (d) 54 (a) 55 (d) 56 (d) 57 (d) 58 (d) 59 (a) 60 (a) 61 (d) 62 (d) 63 (b) 64 (b) 65 (c) 66 (b) 67 (d) 68 (a) 69 (d) 70 (a) 71 (d) 72 (d) 73 (d) 74 (d) 75 (a) 76 (d) 77 (d) 78 (b) 79 (c) 80 (c) 81 (b) 82 (a) 83 (d) 84 (a) 85 (c) 86 (c) 87 (c) 88 (d) 89 (d) 90 (c) 91 (d) 92 (b) 93 (d) 94 (b) 95 (c) 96 (d) 97 (d) 98 (c) 99 (d) 100 (b)101 (c) 102 (c) 103 (d) 104 (d) 105 (d) 106 (b) 107 (d) 108 (d) 109 (d) 110 (c) 111 (a) 112 (c) 113 (b) 114 (b) 115 (d) 116 (c) 117 (b) 118 (b) 119 (d) 120 (d)121 (a) 122 (d) 123 (d) 124 (d) 125 (d) 126 (d) 127 (c) 128 (d) 129 (b) 130 (a) 131 (c) 132 (c) 133 (c) 134 (a) 135 (b) 136 (a) 137 (b) 138 (d) 139 (d) 140 (c) 141 (c)142 (b) 143 (c) 144 (d) 145 (a) 146 (d) 147 (c) 148 (d) 149 (a) 150 (d)
- Role of custom duty in International trade is______