Quoting of Permanent Account Number is mandatory is case of a contract for sale or purchase of securities exceeding value of
A. Rs. 50,000
B. Rs. 1,00,000
C. Rs. 1,50,000
D. Rs. 2,00,000
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Income from the sale of land is a/an:
A. Non-agricultural income
B. Cost
C. Expense
D. None of these
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The depreciation is allowable expenditure subject to:
A. The asset must be tangible asset
B. The asset is used for the business purposes
C. The assesses is the owner of the assets
D. All of the above
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In case of . . . . . . . ., the profit of the . . . . . . . . will be the loss to the . . . . . . . .
A. lease, lessor, lessee
B. lease, lessee, lessor
C. hire-purchase, seller, financer
D. hire-purchase, hirer, seller
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Assessment of escaping income in known as
A. re-assessment
B. best judgement assessment
C. self-assessment
D. regular assessment
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Any profit earned from purchasing and selling standing crop is
A. house property income
B. agriculture income
C. non-agriculture income
D. All of these
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Which of the following would attract capital gains tax?
A. Special Bearer Bond, 1991
B. 6 2 1 % Gold Bond, 1977
C. Stock-in-trade
D. None of the above
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A new business which maintains accounts on Diwali to Diwali basis for the assessment year 2013-14, the previous years of the said business will be:
A. Diwali, 2013 to 31st March 2013
B. Diwali, 2012 to 31st March 2013
C. Diwali, 2011 to 31st March 2013
D. 1st April 2012 to 31st March 2013
E. 1st May 2012 to 31st March 2013
Select an option to see the answer and solution.
When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of:
A. 10%
B. 20%
C. Nil
D. None of the above
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The purpose of transfer pricing was to ensure that the profit of a non-tax holiday segment were not
A. overstated
B. understated
C. Either A or B
D. Neither A nor B
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Receiving dividend from a foreign company by a person resident in India will be tax liability in the assessment year 2005-06
A. Will get tax exemption
B. Taxes to be paid by the foreign company
C. Taxes to be paid by the resident in India
D. Taxes will be paid by the government
Select an option to see the answer and solution.
The provision for the set off and carry forward of losses in Income Tax Act, 1961 is given under:
A. Sections 65-75
B. Sections 70-80
C. Sections 80-90
D. Sections 75-80
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Any mistake apparent from record passed by the authority can be rectified within
A. 3 years
B. 4 years
C. 5 years
D. 6 years
Select an option to see the answer and solution.
Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under:
A. Section 15
B. Section 20
C. Section 17
D. Section 19
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How many types of taxes can be charged in the invoice under GST?
Select an option to see the answer and solution.
CESS is a
A. Surcharge on any tax
B. An additional tax on luxury goods
C. A temporary arrangement for receiving revenue
D. None of the above
Select an option to see the answer and solution.
Match the following.
List-I
List-II
a. Section 80DDB
1. Interest on certain securities, etc
b. Section 80G
2. Contribution to certain pension funds
c. Section 80L
3. Deduction for medical treatment
d. Section 80CCC
4. Donation to certain funds, etc
A. a-2, b-3, c-4, d-1
B. a-4, b-1, c-2, d-3
C. a-3, b-4, c-1, d-2
D. a-4, b-3, c-2, d-1
Select an option to see the answer and solution.
Agricultural income of a taxpayer shall be added to his non-agricultural income only if
A. The agricultural income of the taxpayer is more than Rs. 5,000
B. When the agricultural income of the taxpayer is Rs. 600 and the non-agricultural income is Rs. 50,000
C. Non-agricultural income of the taxpayer exceeds Rs. 50,000
D. The agricultural income of the taxpayer is more than Rs. 5,000 an the non-agricultural income is more than the minimum limit of taxable income
Select an option to see the answer and solution.
Which section of the Income Tax Act exempted incomes have been mentioned?
A. Section 80C
B. Section 80DD
C. Section 10
D. Section 2
Select an option to see the answer and solution.
Which of the following statements correctly the approach of customs authorities and direct taxation authorities, when it comes to setting a transfer price?
A. Both authorities will want to set the lowest possible transfer price
B. The customs authorities will want to set a high transfer price while the direct taxation authorities will want to set a low price
C. Both authorities will want to set the highest possible transfer price
D. The customs authorities will want to set a low transfer price while the direct taxation authorities will want to set a high price
Select an option to see the answer and solution.