UGC NET JRF Commerce PYQP 2025 January – Income Tax & Corporate Tax Planning

1. Bret Lee, an Australian cricket player visits India for 100 days in every financial year. This has been his practice for the past 10 financial Years. Find out his residential status for the assessment Year 2023-24.
   (a) Resident in India
   (b) Resident and ordinarily resident in India
   (c) Resident but not ordinarily resident in India
   (d) Non- resident in India
2. Match the List-1 with List-II   

   List I (Section)		List II (Ceiling limit)
   A.	Section 194 of the Income Tax Act, 1961	I.	Payment on account of repurchase of units by mutual fund
   B.	Section 194C of the Income Tax Act, 1961	II.	Payment to the non resident sportsman
   C.	Section 194E of the Income Tax Act, 1961	III.	Payment to contractor and sub-contractor
   D.	Section 194F of the Income Tax Act, 1961	IV.	Dividend

   Choose the correct answer from the options given below:
   (a) A-IV, B-III, C-II, D-I
   (b) A-I, B-II, C-III, D-IV
   (c) A-I, B-III, C-II, D-IV
   (d) A-III, B-IV, C-I, D-II

3. Identify which of the following statements are True
   A. Assessment Year means the period of 12 months commencing on the first day of April every year
   B. Rounding off of total income is defined under section 288B of the Income Tax Act, 1961
   C. Rounding off of tax is defined under section 288 A of the Income Tax Act, 1961
   D. Assessee is always a person but a person may or may not be an assessed
   E. A person may not have assessable income but may still be an assessed
   Choose the correct answer from the options given below:
   (a) B and C only
   (b) A, D, E Only
   (c) A, B, C Only
   (d) B, C, D Only
4. ‘Which of the following refers to an attempt to avoid payment of taxes by using illegal means?
   (a) Tax Management
   (b) Tax Planning
   (c) Tax Avoidance
   (d) Tax Evasion
5. ‘Which section of the Income Tax Act 1961 mentions unilateral relief?
   (a) 90
   (b) 89
   (c) 91
   (d) 92
6. Arrange the following points step by step regarding computation of Gross Total Income
   A. Computation of Gross Total Income
   B. Set off and carry forward of Losses
   C. Clubbing of Income of spouse, minor child etc.
   D. Computation of Income under each head of Income
   E. Determination of Residential Status
   Choose the correct answer from the options given below:
   (a) E, D, C, B, A
   (b) A, B, C, D, E
   (c) C, D, E, A, B
   (d) B, C, D, E, A
7. Arrange the following points in their section-wise order (Section 23 to 27) as per the Income Tax Act, 1961
   A. Deemed ownership
   B. Provision for arrears of rent and unrealized rent received subsequently
   C. Determination of annual value
   D. Treatment of income from co-owned property
   E. Deduction from (Annual Value) Income from house property
   Choose the correct answer from the options given below:
   (a) A, C, B, D, E
   (b) C, E, B, D, A
   (c) A, B, C, D, E
   (d) B, C, D, E, A
8. Identify, which of the following statements are True
   A. Commuted pension received by a government employee is fully exempted from Income Tax
   B. Section 30 of the Income Tax Act 1961 discusses deduction in respect of rent, rates, taxes, repairs and insurance of building used by the assessee for the purpose of business
   C. Section 33 of the Income Tax Act 1961, defines provision regarding depreciation of tangible assets
   D. Capital gain arises from transfer of any assets
   E. Short term Capital assets is defined under section 2(42 A) of the Income Tax Act 1961
   Choose the correct answer from the options given below:
   (a) A, B and E Only
   (b) C, D and E only
   (c) A and B only
   (d) C and D only

Answer Key