= NOTES ON INCOME-TAX RAE ~1— Income-Tax (Common to all branches) REVENUE AUDIT EXAMINATION ASSISTANT AUDIT OFFICERS/AUDIT OFFICERSTABLE OF CONTENTS 8.No Subbjact Pages from to Syllabus for RAE 1,2,&10 i vi PART A: Notes on the provisions in the IT L 1_| Basic Concepts 1 4 2_ | Exempted incomes under Chapter Ill of the Acté& the Rules Exemptions under sections 10 to 13B 3 8 ‘Exemptions for Agricultural Income 9 10 Exemptions in Rule 2BB prescribed w/s 10(14) | 18 Heads of income 3_|ASalaries 19 | 33 4_| C.income from House Property 24 [25 3__|DProfits and Gains of Business or Profession 26 | 55 i Depreciation Tabee (Appendix I, Appendix I (old) & LA. 32 33 Presumptive Incomes 36 | 37 Certain Unexplained Incomes ~ taxation of (8.68 10 69D) _| 57 ‘Assessment of Firm and Partners 38 | 60 ‘Assessment of Association of Persons (AOP) 61 | 62 6 | E.Capital Gains @ | % Cost Infeation Judex i 7 _|Fncome from Other Sources 7 | 7 ‘Taxation of Gift Receipts 9 8_| Clubbing Provisions in the Act 80 ‘9 _| Set off and carry forward and set off of losses si | 84 10 | Chapter VIA deductions a | 93 11_| Double Taxation Avoidance 94 | 97 12_| Advance Tax and Interests payable by assesses & Government | 98 | 100 13 _| At Source Deductions (TDS) and Collections (TCS) of tax jor | 106 14 | Assessment and other procedures in the Act 307__| 108 15. | Revisory powers of the CIT, Certain incomes for which rates | 109 [Til are prescribed in the Act itself & powers of IT Authorities 16 | Settlement Commission, Advance Ruling i 17_| Supplementary notes on selected items 112 18 | Minimum Altemate Tax (MAT) 113_| 116 19 | Alternate Minimum Tax (AMT) 17 20 | AG's RA Mannat 11g | 123 Audit procedure 120. | 122 21 | Manual of Office Procedure (MOP) of IT Department 124 | 125 22__| Certain Miscellaneous Taxes brought into IT 126 [127 23_| Tax rates for various years 128 | 13324 | Some hotpfut points in applying tax rates 14 | 135 25_ | Penalties and Prosecutions 136__| 137 26 _| Brief notes on assorted subjects in the IT Act and Rules 138 | 141 27_| Some important amendments made by Finance Act 2013 142 | 144 28 | Finance Act 2014 (in fube) 145 168 29 | Some important amendments made by Finance Act 2014 69 | 172 PART B : Questions based on the IT provisions and probable Answers i Theory Question Papers of Previous RA Examinations | B.1__| B.24 2. | Series IT Multiple Choice Questions (MCQs) from INTERNET | B25 | B.91 and other sources 3 _| Series III : Teal Questions B.92_ | B.107i Syllabus for RAE 1,2, and 10° 2. Revenue Audit Examination for Assistant Audit Officers RAE-1- Income Tax (common to all Branches). ‘The following will be the syllabus and subjects: A) Books Prescribed: i. Income Tax Act 1961 (40%) ii, Revenue Audit Manual Part-I- Section land II (10%) iti, Income Rules 1962 (10%) iv. Finance Act of the Previous year (20%) v. ‘The Income Tax manual compiled by the Director of Inspection, Research. Statistics and publication Part-I and Hf (Latest Edition) (10%) vi. Manual of Office Procedure Volume- and il (Technical) Published by Directorate of Income Tax (Organisation and Management Services) CBDT-Department of Revenue, Government of India, (February 2003 Edition) (10%) B) Major areas to be covered: i. Concepts like assessee, assessment year, Capital and Revenue Expenditure, Receipts, depreciation and other allowances, preliminary and pre-operative expenses, deductions and exemptions, rebates, interest, penalties and prosecution, Tax collection and recovery procedures, refunds and special provisions on Corporate Taxations.‘Assessment procedures, search and seizures, appeal and revisions, Settlement Commission, time limitation prescribed in the Act. Recent amendments and developments relating to Direct ‘Taxes in the Finance Act. ‘Computerisation in the Income Tax Department, vigilance and Training, General awareness on matters relating to Income Tax such as PAN, filing of returns through computer, eTDS, eTCS procedures ete.RAE 2- Central Excise, Customs and Service Tax (Civil/Commercial Audit) The following will be the syllabus and subjects: A). "Central Excise (40 percent) vi, Central Excise Act 1944 (Chapter II and IIA) (10 MCQs) Central Excise Rules 2002 (10 MCQs) Central Excise Tariff Act 1985 (5 MCQs) CENVAT Credit Rules 2002 (5 MCQs) Central Excise Valuation (Determination of price of Excisable Goods) Rules 2000 (5 MCQs) Central Excise Revenue Audit Manual (Chapters,20,22,23 and 24) (5 MCQs) Books Recommended: yayn R.K.Jain’s Central Excise Manual R.K.Jain’s Central Excise Tariff Revenue Audit Manual-Indirect Taxes (Central Excise) Central Credit Rules by Gunashekharan Excise Law Times (Latest Issues) B) Customs —_—_(40 percent) Customs Act 1962 (Chapter V, VI, VII, IX, X and X-A) (10 MCQs) Customs Tariff Act 1975 and Custom Tariff Working Schedule. (5 MCQs) Central Excise Act 1944 (chapter II and IIA dealing with Levy and coliction of Countervailing Duty) and Central Excise Tariff Act 1985 (5 MCQs)iv. Section 136 of the Finance Act,2001—Levy and Collection of National Calamity Contingent Duty v. Section 91,92 and 94 of the Finance (No.2) Act, 2004 for the purpose of Levy and collection of Education Cess. vi. Section 136, 137 and 139 of Finance Act 2007 for the ‘purpose of Levy and collection of Higher Education Cess. vii. Foreign Trade Policy, for Audit of export Promotion Schemes announced annually by Ministry of Commerce, Government of India. SEZ Act SEZ Rules (SI. No. iv. to viii- 10 MCQs) viii, Revenue Audit Manual Part-I] (Customs) 4" Edition (Chapter 21 and 22) Books Recommended: 6. R.K.Jain’s Customs Law Manual 7... RK Jain’s Customs Tariff 8. RK Jain’s Centrat Excise Law Manual and Tariff ©) Service Tax (20 percent) i, Chapter V of Finance Act 1994 (Section 65 to Section 96) ii, Service Tax Rules 1994 iii, Export Service Rules 2005 Books Recommended: 1. Handbook on Service Tax, Volume 1,2,é 3 by shri C. Parthasarathy anid Dr. Sanjiv Agarwal 2. Service Tax Reporter (atest issues)syliab Annexuce Reventiz Audit fxamination BAER AD, us: STATE REVENUE4Civil Audit Branch) + Coverage so Acts /Rules/Manuais: no} | } tes Tax Act, 1956 [The Whole Act tod jones ae 4 [2 TWaluessdded Tex Auditing | The Wholecvidelines i 4 Guidelines {Bsued by | CRAG Office) i [3° [indisn Stomp Act/3899 “}-chapter-2. “Short title, extent. and i Doomiimencement of the. Act, Defiriitions under the Act Chapter 2, A-Of the liability of instruments to, duty | : B- Ofstamps and the mode~of suirig 4 Ser ‘thainSection 10 only 4 ate : = Gf yaluation for duty *E “Duty by whom payable: Chapter,6 Reference atid Revision. 4 lindian ~ Registration “het wink a oe | Chapte y | ; 1908 lapterd Preliminary i fier Chapter2 ~The Registiation-Establishment ' Chapter3 ~ Registrable documents { ‘| Chapteré Presenting Documents for | Registration + Chapter? The Duties and Powers of 4 Registering Officers Chapteri3. The Fees for Registration, Searches tee and Copies i Chapter 14 Penalties 5 | Motor Vehicles Act, 29884 ch apter-1 - Chapter-2 Section-3,4,5,6,15/16,24,27,28 Chapter4 Section 39,40,41, 42, 43,45) 48, 50, 53, 54,55, 56,57 Chapter 5° . Section 66, 68, 69, 71, 72, 73, 74, . _ 89 and 90: Chapter6 Section 97, 103, 1077 — [oper Segion fas, 26, 128, -220)] 121122, 224, 220, 422,952, 1231 | 434 and-a28 A ; | cveptera2 Section 256,267 |p 23 seaion 27, 376,880, Bt 24, i hase ianavea | dechepterad Section 214,213, 224,2x6'and 247 | ian eae RAST pectin Porth” "National etc Paley enePlany | Patti” Generation of lectricty Pamuiv Uceising Paik, Transilsion ofeiectrcty Pat Vi Distribution of Hlecticity: cof Parti Tee, ; farxtV Offences and Pansies 7 [Ries ERR iy «gto 23 2 8434 8 | : cata ee ac anb7 cet 22,23, 738, 238,286, 24 and 30A = [ihe Eniionmnent [7 s|rsactonne,aaee {Menon i 3s forest Conservation Act, ] mre nA The whale Ack } 20 Andon Forest Ac&.39274~" | Ghopiera. Pretiminary Chepter2 . “Of Reserved Forest - Section. _“]Ghapters OF the Control over forests ard “ands riot. being the propery of Goverment. Section 35, 36, 37 and 38 ‘GhapterS Of the duty on tibet and other forest prodyce-Section 33,40 a] chepter? . ofthe conitrol of Timber and other |- Forest produce in TrensitSection AYALA AZend§3 ; 7 [Chapter 9.’ Penalties ent Procedure Section 52 5 gh 288 1. ee ae pac “cipterfi of forest officers Section 73%075 GE YRavenve Wacovpry |e wnclena | tee ys iS Tint 12 Piso Audi, 200% ef 1G" sopccagny Reak @ ROSE | TS] Regiistions Son @ud & Ganiec LL accounts 2007 haere: Ta [CAG (OPC) At, 871, Seca se15, 16 2 Obligation to furnish specifies: @ Assessing officers an assessov is liable to pay simple interest on the ‘Annual: information retum™ rests on some he pumposes of the Ineobe Tas Act are wou fed advance tax is payable under section 234 C: 234 B are applicable in sespect of assessinents for the assessment year 2090-01 aad onwards (h) Assesses 7 (@) Local authorities @ akb (@ b&e Roles for exrying, out t by (a) cBDT ~ (&) Pasiament (@) Prime Minister (6) Finance Minister Interest for deferment of: (@) Yes (b) No Under Section 234 A, amount af tax ot te Te interest payable pet month is: G@) I percent (@) 1.25 per cont (© 15 percent (4.75 per cent Provisions of Section @ Yes @) Xo Atachmient permissible means for reco (a) o) Yes Ne “Previous year” means! @ (by ©) ‘An individual total stay in India "The Calendar yerx “The financial year immet and sale of att assesseo’s immovable property 15 2 wery of tax by a TRO. sintly preceeding the assessment year “The Calendar year overlapping, with the assessment YE (a) 365 days (b) 82.days (282 days (a) 182 days The amount paid farniture fa) Deductible (uy, Not deductible fo) | Bast deductible car {So be resent in India in any previous yoar if NS during that year aggregates to at least Ze account ef eustent repairs of machinery, Plant anid ting used jn @ business is “Bs |25 26. 27. 28. 29. 30, Profits and gains of business or profession is deat with uader Section: @ 15 @) 18 e © Be e) @ 2 Which of the following heads of income are no !onger operational? (a) Salanes () Capital gains (©) Income from other sourges @) (@)_ Interest on scourities With effect from assessinent year 2006-07, the rate of depreciation admissible on aeroplanes is: (@) 20 percent () 40 per cent @) (©). 60 per cent ~ (d)_ 10 percent With effect fiom assessment year 2006-07 the rate of depreciation admissible on “Computer so (a) 6 percent 7 (b)-20 per cent (9) (©) 40 per cent : @ 30 per cent : Depreciation under seation 32 is allowable in respect of, @ Tangible asses ats : 7 (©) Intangible assets {c) Botha&b ~ ® @ = Neithera&b Speculative transactions carried on by an assessee being of a nature to constitute a “Speculation Business” shall be considered as a part of the assessee’s main business. @ Ye © () No Carried forward depreciation is to be treated differently from current depreciation for allowing deduction @ Yes @) (b) Now Under Rule 8, an assessee engaged in the business of growing and manufécturing’ tea, subject to other conditions shall: be allowed a deduction of.. from the income for deriving, the income liable to tx. (@) 60 percent (b) 40 percent a) (©) 30 percent G (@) 20per cent BA32, 33. 36. 37, 38, 39, 3 Deduction by way of Rehabilitation allowance is admissible to an assessee under scotion: (@) 32AB ) 33B- ©) 35D @ 35a Expenditure on Scientific Researci is admissible under Section: @ 357 () 3018 (© Either a orb * @ None of the above In respect of a single assessee operating two different businesses, it may ‘be possible that oaly one of the business is eligible for deduction under section 80 JA: . @ Yes (b) No Deduction under section 80 1B is admissible in case of & Vusiness undeitukiieg fuaied by spituag up of icons already in existence, @) Yes > ) No ~ Deduction in respect of profits and gains by an undeitaking engaged in development of special Economic Zone is admissible under Section: (@) S01AB ) 10AA © Bohaad ~ @ WA ‘The amount of deduction in the case of ait undertaking deriving profits from the business of operating and maintaining a hospital in a rural area shall be...........of the profits for 5 initial assessment years. @) 50 percent ©) 60.percsat (©) 100 per cent @ 70 per cent Deduction under Section 80 Q in respect of profits from the business of publication of beoks is to be allowed on the incoine as reduced by deduction if any admissible under section 80 IB @ Yes” (b) No Deduction in respect of tak paid by an assessee in a country with which there is no DTAA shall be regulated in terms of Section: = @ 9A @) 2 © 2A @ 7 Ce) (a) (a) @) (x) (© 8 (b) (A) (ie?40. AL 42. 44, 45, 46. 47. ° Which of the following is not a method for computing arm’s length price? @ The resale price method (b) The cost plus method ~~ (c) The profit split method (@)_ The sale price mediod The total undisclosed income of the block peried determined under Section 158 BC shal be chargeable at the sate of (@) 40 per cent () 30 per cent {) 60 por cent (@)_:20 per cent IE TDS has been deducted from investment income as well. as long term Capital gains’of a non resident Indian who dors not as any other income, such essessee is: (@) Required to file a veturs ~ (b) Not required The “Tonnage Tax Scheme’ compenies. (@ Voluntary (b) Mandatory - Under the ‘Power of Survey’ an Income Tax authority can eater ‘business premises within it's jurisdiction daring any time of the day: (a) “Yes -~ cat (b) No For making eoquiry before assessment in respect of assesses who have Rhee SERENE an assessing officer can call for information by issuing a notice under Section: is, in respect of Shipping @ 390 . dap % 342 : 59 HA vene best APS, ot @ W3sr~ tha @ti)~ ™ oe In ofder to carry oul @ ‘Best judgervent assessment’ in 1 ofan assessee, the assessing officer needs to ensure Ga) Avsessce hes failed to-comply with temns.of a notice tinder Section 142. 7 ‘Awwesree has failed to comply with terms of a notice’ uniter Section 143(2) @ Botha&b @_ Bitheraorb ~~ ‘Under normal circumstances, no action is to be taken by,an assessit& officer under Section 147 after the expiry of .. from the end of the sa asset ree crow) . (be) 4years 6 Nees Yanee (©. 6years yehlia oe (4) Bye - ye (@) 8 years wait Gh) IS & te HS YA 1338: 4 0) SubSel 4 wi (a) (A) Vey48. 49, 50. si. 52, 54. 35 56 A firm shall be assessed as one if: 7 (@)__ The pastnership is evidenced by an inshument (b) The individual shares of the paitners are specified in that instrument. (© Either a or b @ Botha&bv ‘Quoting one’s PAN is mandatory in course of correspondence with any Income Tax Authority. (a) Yes @) No ‘TRP stands for (2) Tax Refund Procedure (@) Tax Review Plan (©), Tox Return Preparer @ Total Refund Processed TIN has been hosted ontine by: (a) IT Department (b) NSDL ~~ (oe) NIC (@®_ APTECH. With effect from June 1, 2003 filing eTDS ret 2) Government deductors (©) ” Corporate deductors (©All deductors TCS retum is to be filed in: is mandatory for: (@) Form 24 @) Form 27” (©) Fom27Av~ (@) Form27B TIN Facilitation Centres are meant for. (a) Issuing PAN Cards () Accepting Tax Payments (c) Accepting eTDS Returns ~~ (@ Accepting W.T. Returns For the assessment year 2007-08, return for Fringe benefits is to be filed in (@) TR -2 @) ITR-4 © iR-6" () ITR-8 “Sampark-2004” refers to: (a) A Software prepared by IT Department (b) A Training programme of the IT Department (©) Anawareness campaign of the TT Department ta a er le Ke (a) (x) 0 (A)57 62. 64 TAN staré for : (a) ‘Tax Heduciton Avcosmt Number © a (bo) ‘Tax Audit Neworks (c) Tax Affected Notionally Paper TDS reiums ace digitized by NSDL @ Yew @) No Securities Trews fa) Finanee Act 2003 fo) Financ: Act 2004 fe) Finance Act 2005 jon Tax Rules have been framed under (a) _ Finance Aes 2006 The following Section bas been inserted vide Finance 4 @) 139 (ey 9A (139 B = FAO fom 1-6 00 @ 39C ~TRoF Lb 0b ale 1990. CO cetion 10 A Gh ckuhe UT Actas per Finanex Ack 1995, a sui ot: Te edingss =. of expenditure exceoding RS.20,000 mae oshonwise than an Ascoumt payce cheque/DD shall be allowed as deduction {@) 1 percent sano 7 (0) 20 perceatat ue () ‘BOpercent~ (@) “100 per cen" * : (Osa reference ty 0.61 above, the admissible deduction subject co thes aeanditions has boon amended (0... ....- ough Finance Act 2007, @) Nil- (bo) 30 per cent (©) 40 pereent (@ _ 60 percent Section 80 QQB was inserted by’ (@) Finance Act 2001 (b) Finaitce Act 2002 (©) Finance Act 2003 (@_ Finance Act 2004 Finance Act 2005 has inserted Section: fa) BA @) 8B (BC id) 80D [Bs (<) ©65. 66. 67. 68. 69. 10, n. 72, 9 Ta respect of tax in the case of block assessment of search cases, Finance Act 2002 has enab\rd the levy of (@) Surcharge {b) Educational cess ©) _ Interest Section 206 CA, inserted by Finance Act 2002, deals with (TAN (b) PAN () TCAN ©) None ‘Which of the ibllowing application system is a part of the ‘computerisation plan of the Income Tax Department? (a) AIS (be) TAS " () IRLA (@_ Allof the above ~~ a Set MOPL AST means: (a) Assessce lnfumnutivn Systeas (0) Assessment Information System Perv 3-4 (©) Assessment Softwife Technique (@ __None of the sbove Which of the following is true in respect of the Retum Receipt Register? (@) It is genereted on line where nctwork is available-< (b) It is prepared by using a separate software when network is not mort available a (©) Botha&b 7 @__ None: Which of the foliowing is correct in’ respect of objectives of the computerisation plan? (a) To provide better services to the taxpayers (b) To reduce the cost of collection (© Botha&ba (@) Onlyb ‘The National Computer Centre is sesponsible for maintaining the back up of cxtcal gta ofall RCCs: (Yes @_No OLTAS means: (@) Online Tax Assessment System (b) Online Tax Accounting System ~~ (© Online Tabulating end Arranging System (@ None of the above “The Chief Vigilance Officer ofthe Income Tax Deparuneat i: (a) The Chief Coinmissioner of Income Tax (b) The Director General of Income Tax (Investigation) (The Director General of Income Tax (Vigilance) = Roya. 2.2L (@) None of the ebove Mora BS (a> (2) (a) ® Cb) Gn 1374, 5, 76, 11, 78, 2. 81. Challans are posted only after the designated officer's confirmation: @ pee Fare 2h-S MOP T. With regards to making queriés on challans funds the Assessing Offfcer...,.,,..ascertain the details of encashment of refunds issued by him. a @ Cin Rove 23.1 63 of MOP {b) Cannot ‘Au assessing officer can access both AST and TMS packages using the same login details, (@) Yes () No Deduction in respect of Banking Cash Transaction Tax paid by an assessee is allowable in computing the business profits as per Finance Act 2005: » 2) Yes ( S-36Waxil) ) No ‘Act 2005 has increased the rate of MAT credit to 10 per cent: Yes 1% ® Ne © BY ns) ‘The following deduction shall be admissible while determining the income chargeable under the head “Income ffom house property”: (@) 30 percent of the annual value (b) 40 per cent of the annoal-value @ Sak (©) 50 per centof the annual value (@) 69 percent of the annual value Requisite includes: : (a) Value of rent fee accommodation provided to the assessee by the Eniployer (b) Value of ariy benefit provided by a Company fice of cost to it's employees’ by way of allotment of shares under employees stock option plan. = ®) ©) Botha&b : @ _ None of the above. ‘Under Section 35 OCA of the lacome Tax Act, deduction of expenditare by way of payment to associations for canying out rural development programmes is allowable. (Yes : @ @) No : ‘The following expenses may be admissible as deduction, under ‘amortisation of certain preliminary expenses’. (a). Preparation of feasibility report (o) _Freparatich of Project Repost 4 (©) Botha&b © sa (3) None= | u $3. _Amortsution of expenditure incurred under voluntary retirement scheme is dealt under Section: | @ 35 i (b) 35 AD ( 35DD | f@) 35DDA~ 84. Any sum paid on account of Wealth Ta: is deduetible while computing the income chargeable under the head “Profs and gains oF business or profession” @ Yes (b) No 85, Specific definitions and explanations regarding “income from profits and gains of business or profession Lave been given in Section: i 287 : ©) 41 @ 2 @ 4 $6. Provision for tox is admissible as « deduction ender Section 43 B even if the same is not paid: nee @ Yes - (b) No ~ 87, Audit of accounts of a person carrying on business is compulsory if his total sales, turnover or gross receipts exceeds: @ — Rs.10 lakh” ” at (b) R520 lakhs {) R830 lakhs @_ Rs0 lakhs ~ 88, Audit of accounts of certain persons carrying on a profession is ‘compulsory in case his gross receipts from the profession exceeds: (a) Rs Olah ~ (b). Rs 20 lakhs (©) Rs30 lakhs (@ sd lakhs 89, In case of fins, for any loss to be carried forward and set off, the saine, should be determined through a duly filed return: @ Yes ~ (b) No 90. Unexplained expenditure of an assessee is deat under section: @ 6A @) 6B © 6c @ 6D i i | TBA |12 ‘91, Section 54 GA deals with the exemption of capitsl gains on uansfer of ovets in cases of shifting of un industrial undertaking fe # (a) Rural Area” 7 (b) Special Category State (@) _Speciel Eoonomic Zone (a) North-Eastern State 42, Compuiation of ceptal gains in case of slump sale is ct (a) Section SO {b) Secon 30.4 (©) Section S08 (@)__ Section 50D 493, Subject to other conditions the minimum devmed profit in respect ofan od in terms assesocp engaged in reall business shall be... # the moves (@) 2per cent (b) Spercent~ (©) Sper cent OR : ‘94, Yauome’ fea property held for charitable or religious purposes 1S dealt ~ under Section: . @) 410 @) @ 2 @ B 95. Application for egistration of asst is to be made xe (@ Chief Commissioner 1) Commissioner < te) Additions! Coromissioner {@)_ Deputy Commissioner nf income Tax 96, Seduction in respect of certain incorses of ofishore SANs Units and Taremnational Financial Seivices Centre is dealt under Section: (a) 8018 ™ @) cB © s0Ic @ s0LAa 7, Ineome accroing o2resident fiom whatever source ous India daring ‘the year shall form past of his total income: @ Ye“ () No 98, “Forme asessment year 2007-08 the basie exertion for women below 65 years is: (@_ Rs.1,00,000 () 51,258,000 ()_Rs.1135,000 (a) Rs.1,85,000 ad Fovthc aséhiyean Rooter, te sunek aby for Companiesond Firms 6 5 5% (blo (IS% CAp20% too The beewe et AevIALI emtevels Este vohole of -retia & dl < 7 Wrewed esl gnroe1 RAE-1 Income Tax (Theory) May/June- 2009 Time allowed: 2 hours Max Marks: 100 Note: 1, This question paper contains 100 questions and has 11 pages. 2,__Bachquestion carries Imerk, ‘Choose the correct answer. 1. Is Yewellery” held by an assesse included in Copital asset as defined by Tax Act? (b) No 2. Trahsferin relation (o a Capital asset as defined by the Income Tax Act SADIQ > thetmtinctade compulsory Aequison tere of under any law f (@) Tre (B False (3 » ‘Dividend? as defined by the Income Tex Act does not include any distribution of shares pursuant to a demerger by the resulting company to the shareholders of the demerged company, S-9 aye) deemed to accrue or arse in Ind fa). Yes (®) Now 6. Us 10 (IOBC) any ammount received of receivable from the Central Government oF a State Government or @ local authority by an individual legal heir by way of compensation on account of any disaster is nat to be included in total rl with effect from the Assessment Year. (a) 2002-03 (bxgK2003-04 (©) 2004-05 (a) 2005.06 ¥ 7. As per the Finance Act 3008, no deductions ws 10 A and 10 B shall be Again aragnded allowed to any undertaking for the assessment years beginning on and fig 6h 2009 5 — fromthe ayy of Apa and subsequent year, (of 2012 (@) 2010Y) 2011. (@)2012 (4) None of the above 8. Is any sum received under a key man Insurance Policy exeludable as incofive exempt from taxation? (@ Yes ye Now 4 aebaace (6) 103 for availing full exemption, purpose as a percentage of 13 year from property held 9. As per Sec 110) the income applied to charit income derived during the relevant pr Under trust should not fall short of: (b) 75% He 85% for availing exemption by ‘parties stipulates that the names and addresses of persons —7 of, (@) Five tousshd pers V7 Ley Twenty thousand rupee! 11. ‘State whether any amount received sty received subsequently in a previous y Sere ie omer ofthe sid propery, wil be deemed 1 be jncome chargeable under the head “Income from house property”. ‘year, depreciation allowable would be restricted 10: . Za) 40% of the amount calculated atthe percentage prescribed for the asset {oY 80% of the amount cal a the percentage prescribed for the asset (©) 60% of the amount calculated at the percentage prescribed for the asset (a) None of the above. 13, Depreciation is allowable on Know-How atthe rate of: xed for the purpose of camying forward of unabso Eight years () Ten years ‘AC ~ Reserves for S (0) 2008 (6) 3005 (€) 2006 (@) 2007 Qe a prose KS aa nc wo See Got B @ y5% (6) 60% yn fate v 20. 3 Under Section 35DD, an assessee incurring any expenditure on or after the 1" day of April 1999, wholly and ex for the purpose of amalgamation or demerger of an undertaking is allowed a deduction of ‘an amount equal to: of such expenditure for each of four successive previous years ‘of such expenditure for each of five successive previous years ® of such expenditure for each of: any sum paid on account of and Gaia of business or prof 4 No S.40G ‘ax is deductible as business expenditure w/s ing assessment year onwards: 09 fF 2009-10 {FA ane) of reverse mortgage under a scheme ma Government is not considered as ‘transfer Gain ws 45 year cannot exceed of {a)Rs. 25 lakh) Rs.75lakh (4) Rs. 90 lakh State whether loss from non-apesulative business can be set off against Yes ) No State whether where in respect of any assessment year, the net result of the computation under the head ‘Profits and Gains of business or profession’ being loss can be set off against income under the head ® white . State whether short term Capital foss can be set off against fong term O Nar GX of the assessee has to file @ return in sect i (2) 139( @)139@) (1398) Driers or eSvove BA4 From the Assessment year 2006-07 onwards no loss from specilation can be carried forward for more than: succeeding Assessment Years t succeeding Assessment Years sbove ing amount allowable as 2 deduction wis 80 C is subject toa maxi Rupees: x66) 1,00,000 (0) 1,25,000 ve No. deduct 80 CCD contributio exces (a) 8% of the salary of the employee the salary of the employee is prescribed > 80 HHC is available from the following assessment Sf PUA EB) () (b) 2005-06% (©) 1006-07 (4) 2007-08 and fiom business of hotels and under section: (@ROIC _ (b)801D_-) 80 (d) None of the above accounts of an asgessee which is required u/s 80 setae. for S02, GOLA, aaa @ LE Form No. 10 CCD: Form No. 10 CCE of the audit me the case of an assessee being, a Company whose income tx p the total income as a percent of its book profit in any previous year relevant t6 the assessment year ‘on or after 1* April 2007 is less than None of the above State whether for the Assessment Year 2008-09, amount of deferred tax for are to be added back to book profit for the |. UIS 208 Advance Tax shall be payable during a fin 5 |. For.a tax paid ws 115 JB in Assessment Year 2008-09, any tax credit ow ken 3 vee ee (e)_ Assessment Year 2016-17 eke (d) None of the above Tax on income received from Venture Capital Companies and Venture Capital Funds is given under sect @) x © ust = @ 115 — Under Section 194 BB, deduction of tax at source can be fe only in cases where ineome by way of winnings from horse races to be paid to 8 penoregenth oe ye Fon 14 206A) @Rs: WRs5000"” ORs.10,000/- @ Neeittie stow Deduction of tax at source from payments to contractor oF subcontractors is covered by ston (a) 194C Xb) Under Section 194 1, no tax is dedu ina financial year does not exceed. Rs1,20,000 ) B520 ‘quarterly Retum prescribed for TDS ws 192 from salary is: @ 240 27906 (2011 ‘@None of the above See ee fo rma an be tieaon eee) 000 (6) Rs.10,000.— (c) Rs.15,000 T'any amount paid by way of advance tax on or be relevant financi '31" day of March jn prison is not a mode of recovery of duis (in case of defaul a Tax Recovery Officer. SdTrve (&) Fale. Sey Interest u/s 234 B is leViable on an asses ‘who had paid advance tax but the amount of advance tax so paid is less than: (2 90% of the assessed tax (©) 95% of the assessed tax, 91% of the assessed tax (@)_ None of the above46. 47. 48. 50, Section 269 SS. provides 6 LUIS 201 interest leviable in case of non-deduction of tax at seveefor very month or part ther (0) The person whose incom «he person in whose ttl income, income fiom anether person is ‘included th persons can claim ‘prescribed for claim of refund in respect of Fringe benefits fe for any assessment year commencing on oF after the last day of such AY. day of such AY day af such AY Non¢ of the above mnds due to the assessee is governed by which of the the above thhold refunds in cemtain-cases has been withdrawn w.ef fa) 1.62000 (6) <71.6.2001 6.2002 (@_ None of the immovable property under respect of any transi RR 13001 (c) bly 1, 20027~ (4 July 1,2003 1 iar ta keep and manta Taman and documents in 2a sf ematons teractions makes the assesse Tablet penly — 62, turn of income as required by Section fant AY is governed by which section: False 2006 wis 288 B any amount of () The nearestipee Us 50 any capital gain arising on account of dep a Vv (@)~Short term capital gain’ ‘A person carrying. on bi compulsory basis if te total sales tu forthe previous year relevant tothe assessment year exec ()RelOlakh — (B)RS25 lakh - Badd lak” {or desming unexplained expfnditure of income © 6B © wc refund is found to be due to any person, the tax authori Set off the amount to be refunded ags io service of naicecetifiction | adjusiment. -S-2hS = Sufemabion 5 & wennny | per cent ofthe annual value shall be allowed g |“ a which has suffered tax no avoidance of double (a) Seo 90 (@)None of the above ‘One of the conditions ws 92 (with reference to international ‘wansaction and arms length pricing) that deems two enterpri associated enterprises is that one enterprise holds, directly or indirectly, shares not less than........per cent of the voting power in the other ‘enterprise at any time during the previoys year. 4a) 10% (b) 26% (51% (@)None of the above agreement is given under. (e) Sec 925 : 9 63. With effect from 1.4.02, u/s 15 BB, winnings from lotteries, crossword 73. No banking cash tansaction tax shall be charged in respect of any puzzles are taxable atthe rate of: taxable banking transaction ented into on or after the * day of April. 3% % 5) 30% (0) 40% (@) 2008 20097 2010 ofthe DOVE VT, a Tonnage Tax Company: is required to ‘credit to the 14 of retums through Tax Return Preparers has been Tax Reserve Account, an amount as percentage of the book derived from its core activities and incidental activities not less 64 (6.2005 (4) 1.62007 15. me tax caleulated on short Sf. (6) Twenty percent 1%. WE (FRINGE BENEFIT) be served on the assessee after the expiry of. nd of the financial year in which the return is made v7 (defer ig 008 U-Gren 1a (&) One year from the end of the financial year in which the return is de wo years fiom the end of the financial year in which the retu made (a) 12% {d)__None of the above: reopen the completed 17. The Finance Act 2007 provides for charge of additional income tax on ion us 245 C has been : the amount declared, distributed or paid by way of dividends by a f domesti¢ Company at the rate of. 0) 124% case where an appl ln ean to’ uamonsons of slr relation to whic ruling hasbeen made i 8 Gene) False S.wWs.S | —axcaqd docummnts wid retin hasbeen losened by y” geval 10, The power of revision 87 Commissioner of orders prejudicial to revere & (Finance Act2006.(@)Ehance Ac 2007 * (e) Fnance Act 2008 ic assessment year 2009-10, ome derived from ling growth in a nursery st be deemed to be CRU? 2564 hy By GD (Fate PNP ads Sot a be on a domestic Company forthe AY 2008-09 the nt 10% ion 139 C giving the Powers of Board to dispense with frpishing of Company is: \es} September 30" 80. 2 (B)25% 81 @_ None of the above S-WSE. frovse ia ee ea ef pS 2H “x ele 2a)0 82. IRLA stands fr. Income Tax Running Ledger Account ‘Tax Refund Ledger Account iual Running Ledger Account 83, urses for the Indian Revenue Service probationers: are (%) DIRT (9) MSTU 84 required tobe forwarded to, 85, 86, Refund Record Register 1) None of the above 81, paymentsrefunds kept under 88, 89. Reference System (Taexpert) amongst officers is among the functions of the nodal officer. a) True @) Pe 90./ The Plational Computer Centre maintains a National PAN database. ‘Tre (b) False 91. Income Tix department bas ‘authorised which of the following to ties Depository Lt (@) None of the above (b) Computer Index Number Identity Number {{@)Chalan Identification Number u 93. e-TBAF stands for: (@) Electronic Tax Based Accounting Form 94. iphanumeric number iphanumeric number digit olphanumeric number 95. TAN allotted for purpose of Tax Deducted at source eannot be used for the purpose of Tax Collection at source, Tre (i False 96. andatory for government deductors to furnish their TDS cetums in 2005-06 (4) 2006-07 97. 7 98, wv s.a89@ ak POM" Ge) 99, force since: 1 0 al July 1, 2003 al 100, stands for: a Electronic Refund Intemal index Number Elecironic Retum Intermediary Informs Electronic Retun Intermediary Ider Electronic Random Intemal Index Numberoth bow Paper 1-Tacome Tax Theory — Gemmene Bot for 7 ARE he 2 ear Total Nao econ 10 ach quaton cary mark Seiwa mart Coos the comet aser Fangs Bests ms ined inet for CRapley XH H Sy FA vos BA Under hich ection of Income Tax Act, 1961, urisclsed incomes given below ae deal ith 26 27. Unexplained expendinxe A G69. GBI (Nsav 9218) te) 8 Ase (vo ¥) oot val vom a, oN o-to0e AY eorheny ‘sian ee eel 88s oqo] 2 ps8 0K 5p on) SA, nosy souNMoe sso sz NA 240) a eV ae swoo0) 390 ‘Ot won pun won» st prtog ea. wow) Sued ¥ p3ee20

‘anne xeon)” aio ow) agar ryeiie jo uoendo 190 ‘arv@) yaar) — sv) el) aaaPr ie) f cwrouyeng Beyddnus 170 smojog von euonde oxy wioy uop{F>U-HON Jo soon ip THU. sexy snauyAay Ht, alsoau} D4 U appa wer3H 34) Aonb sored SupMON srclong amy 4s wononped 09 6d 60 ‘wowomnasdaunjoe vo vepsERWeD 45D og ovse, seed Kreme jo wopespoury 96° :woynoig 1 sung sd pus fayoug,Supndioo apyx panpop ae suet Bap} 9 Yon spun joy XK, BOON 9 LON EHS FALE oA san 6059) 900 IED AMF yHE usyoom ant Sede eae ee sone gor 8 4 “leg og MAY HCO? meme QHE— AREMOWIED AME ‘IPM on Hofans suoeiod Au pu sojndog Aq 1g J0 asso Bud 609 Under wat ecumsanen anes a eid to nee on refers? cured would cess cpit which of the flowing can be (oh St proendings retin in vofund ae delayed fr rensons abut ot Aree ee airy ara pet te period ofthe delay so atiibuapic thin shall Sento ro the period for which intent apayable, ge er fide hn en of te ta eins atest intent a intrest on ein i te ove creumsance scesce feted to interest on eundX, | \ | (081 The Supeme Cour held in th ae of Mad ventana snd CSRS Toe Sur mned ra CTQ29 UTR 534) that any expenses ineeed ie wansscions Pr iat of provisions of saute in fos was not alowabe, 9 ere thane decision whick of te following eansatons can be allowed 5S we ot coe vne compton of core, Spans Beles, 8-34C)” ce cxpentes owas iret an peas om ale a Je say pay ve eR oe of on marta f cash eeserve ro ) o «ta. Any expenivre not being of capita aur ed ot whol of tear bsiness i allowable #8 deduction in compultion Ppargesble to tak under the ead Profs end ins of Bus cision thigh of the following can be vested eset cOmENY, “he ners atom taroed eit regan “Fac mere pid cap workin presess pitawera ‘The share issue expenses ofthe COmPERY v7 87. The users of LAN are connccted to RCC: Insite cases (LAN Y WAN a5 Te Supe Cou ta Hae Mauporey uy ids ayran Masqurent Circles, Instruction 1 (1) Judicial reference 5) Grant in id fom government (0) Asesee Information Syste Waivng fee! ability 90. Tis san atve networking equipment ecetoeted and eat Pech me Tal he thce cases it was tented as even receipis 91 Ths a lal up connect satire nd sce 4 venta oes ital bad 7 ison @! 84 The Supeeme Coat had el ¢ CHT G24 (TR 414) tet x 4 ; fxising asset Is curent cepa brings Ite staat si cating se 9 caterer the com of fepiced pat consis seb 82" Movementwo ue) — 4, %E 7 * | Baa oui) qua wovz B ayo Bupsonsy > trimatGysawmegrdery@) OV) aa) a”Page 1 of 20 Multiple Choice Questions (MCQs) from: Internet and other sources | SERIES I INCOME-TAX MULTIPLE CHOICE QUESTIONS Downloaded from the Net in 2010 QUESTIONS 1. Surcharge of 10 per cent is payable by an individual where the total income exceeds: 8) Rs.7,50,000 b) Rs.8,50,000 c) Rs.10,00,000 d) None of the three Ans cv Capt ayagg10) 2. Additional surcharge (education cess) of 3% per cent is payable on a) Income tax b) Income tax plus surcharge c) Surcharge” Ans b 3. Family pension received by a widow of a member of the armed forces where the death of the http://www hindustanlink.convcarcer-discuss-forum/thread-130.htmal 10/18/2010http:/Avww.hindustanlink.com/career-discuss-forum/thrcad-130.htm) v member hias occurred in the course of the operational duties, is 2) Exempt up to Rs.3,00,000 b) Exerppt up to Rs. 3,50,000 ¢) Totally exempt under section 10(19) d) Totally chargeable to tax Ans ¢ 4. In respect of shares held as investment, while computing the capital gains, securities transaction tax paid in respect of sale of listed shares sold in a recognized stock exchange, 2) Is deductible up to Rs. 1,00,000 b) Is deductible up to Rs.2,00,000 ¢) Is deductible if €.6's is < 5,00,000 4) Ts not deductible at all Ans d 5. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative, ragulaely assessed to income-tax, is a) A capital receipt not chargeable to tax b) Chargeable as other sources ) Chargeable to tax as business income d) Exempt up to Rs.50,000 and balance chargeable to tax as income from other source Ans BY S.SGUDG) 3 exands Rasta 1 cle dal essed pon ASiaan SOL) oe Siegal gal is eile Ae ly Vt of 6.The rate of tax thats livable on STCG afeing Ha Wane MPEP EY APSE ore Company of units of an Equity oriented fund is 10% b) 15% c) 20% Ba RO um 1409 (ape at 1) 7. For an employee in receipt of hostel expenditure allowance for his three children, the maximum annual allowance exempt ynder section 10(14) is a) Rs.10, 800 b) Rs.7,200c) Rs.9,600 4) Rs.3,600 ( Sony 12x 2) ~ Rule 2 BB Ans b 8, For an industrial undertaking fulfling the.congitiqns, additional depreciation in respect of @ machinery costing Rs.10 lakh, acquired and installed of October-3, 2005 is Days ao = 08 a) Rs.75,000 b) Rs.1,50,000 c) Rs.1,00,000 d) None of the above z Ans ¢ X See $.3R(plfix) - As a ig a fon a ygodays asi} Avitial Ae adiarsscbte -RoX,00,009 4 9. Assessee is always a person but a person may or may not be. an assessee. a) True b) False H Ansa y~ 10. A person may not have assessable income but may still be assessee. a) True b) False Ansa 11. In some cases assessment year and previous year can be same financial year. a) True b) False Ans av 12. A.0.P should consist of a) Individual only b) Persons ather than individual only c) Both the above 10/18/2010Income Tax Objective type Questions Page 3 of 20 Ans ¢ 13. Body of individuaéshould consist of : 2) Individual only b) Persons other than individual only ¢) Both the above ANS a~ Unlche ROP. the grep Shedd bermidiviclus Ao AA namenclahare Shears 1 ' Se ROP, the Asbotichin ten fornia pie Beven on Re deporhan o Perer 14. A new business was set up on15-11-2008 and it commenced its business front 1-12-2008.Th. first previous year in this case shall b a) 15-11-2008 to 31-3-2009 b) 1-12-2008 to 31-3-2009 c) 2008-2009" ARS 2 the dae bap Gad nae, Smmcntenrt of busine to is" dele {$.3)) 15. A person leaves India permanently on 15-11-2008.The assessment year for income earned till 15-11-2008 in this case shall be a) 2007-08 b) 2008-09 c) 2009-10 Ans b y~ 16. Surcharge in case of an individual or HUF for assessment year 2009-10 is payable at the rate a) 12% of the income-tax payable provided the total income exceed Rs.60,000. b) 10% of the income-tax payable provided the total income exceeds Rs.10,00,000 c) 5% of the income-tax payable if the total income exceeds Rs.8,50,000 Ans b 17. Surcharge in case of a firm for assessment year 2009-10 is payable at the rate: yv @) 2.5% of income-tax payable b) 5% of income-tax payable c) 10% of income-tax payable ayra rte has Ans ¢ aL. ic exesnn hier 10. fe meximum SH Si SPE eo not cnargenbiin case offi 8) Rs.1,00,000 b) Rs. 90,000 c) Nil Ans 19. The maximum amount on which income-tax is not chargeable in case a co-operative society is a) Rs.50,000 b) Rs.30,000 c)jil ~~ Ans c v~ t 20. A local authority is taxable at flat rate of income-tax. a) True b) False ach, Ansa vy 21. A co-operative society Is taxable at flat rate of 30% on TI. - Lab weler Wwf. , 2h. 36 a) True b) False ~The Ans bv 22. Education cess is leviable @: a) 3% b) 5% ¢) 2.5% Ans a“ 23. Education cess is leviable In case of: B27 ttp://www_hindustanlink.com/career-discuss-forum/thread-130.html 10/18/2010a) An individual and HUF b) A company assessee only c) All assesses Anse 24, In case of an individual and HUF education cess is leviable only when the total income of suct assessee & | a) Exceeds Rs.10,00,000 b) No income limit Ans b y~ 25. The TI of the assessee has been computed as Rs.2,53,494.90. For rounding off ,the TI will be taken as: ae a) Rs.2,53,500 b) Rs.2,53,490 c) Rs.2,53,495, Seo 8.2 88A. Feel, pochin of parse v1 rwied Arytoperleoe. oe a ae au Naw cag feo oa 5 WSR One) ot 26. Income tax is rounded off to: 2 Boner maliyete pele a) Nearest ten rupees b) Nearest one rupee c) No rounding off of tax is done Ansa % 27. A's TI for the A.¥r.2009-10 is Rs.2,50,000.His tax liability shall be a) 10,000 b) 10,300 c) 11,330 ans by 390 wh oy Yoon +8 e 3/> ice. 28. Residential status to be determined for : a) Previous year b) Assessment year c) Accounting year Ans a 29. Incomes which accrue or arise outside India but are received directly into India are taxable ir a) Resident only b) Both ordinarily resident and NOR c) Non-resident d) All the assesses Ansd ? Dale ain fiocet Se Sug S aud G 30. Income deemed to accrue or arise in India is taxable in case of : a) Resident only b) Both ordinarily resident and NOR c) Non-resident d) All the assesses ‘Ans d ~~ 31, Income which accrue. outside India from a business controlled. from India is taxable in case of a) Resident only b) Not ordinarily resident only ) Both ordinarily resident and NOR d) Non-resident Ans c 32. Income which accrue or arise outside India and also received outside India taxable in case of a) resident only b) not ordinarily resident c) both ordinarily resident and NOR d) none of the above Ansa yv 33. TI of a person is‘determined on the basis of a) residential status in India 6) citizenship in India c) none d) both of the above Ansa | B28 bitp://www.hindustanlink.com/cateer-discuss-forum/thread-130.html 10/18/2010© UnGune 1d UOJECUVE type seueotiune bage Yul ew 34. Once a person is a resident in @ P.Yr. he shat! be deemed to be resident for subsequent P. Yr. a) True b) False Ep Ep 7 I At Residaakial STohus & chfeméned on ARE Bintis of UE Ware das 1 Dads a Py Ans by 35. Once a person is resident for a source of income in a particular P. ¥ r. he shall be deemed to resident for all other sources of income in the same P. Yr: * a) True b) False Se $668) Ans 6 36. R Ltd., is an Indian. company whose entire control and management of its affairs is situated outside India. R Ltd., shall be = a) Resident in India b) Non-resident in India c) Not ordinarily resident in India Ansa Sxe 8.6) ~fe dan Dachian oe 1p Sahojpied. CovbSl aad reeangeutct Be ox | 18 Ms Real fot” Shemcked fy | 37. R Ltd., is registered in U.K. control and management of its affairs is situated in India .R L : shall be a) Resident in India b) Non-resident c) Not ordinarily resident in India Ans (@ = Were AE Seennd fork ns Aah ed 38. R, a foreign national visited India during previous year 2008-09 for 180 days. Earlier to this he never visited India. R in this case shall be: a) Resident in India b) Non-resident c) Not ordinarily resident in India Ansb te te hoo heen an Nadie foy Vea dogs ov reore . 39. An Indian company is always resident in India a) True b) False Ansa esh teal 40. Dividend paid by an Indian company is: a) Taxable in India in the hands of the recipient b) Exempt in the hands of recipient ©) Taxable in the hands of the company and exempt in the hands of the reci ANS Calvo Rik hy SISO oaby & a0 eneel” or (6) x Conch 41. Agricultural income is exempt provided the: a) Land is situated in India b) Land is situated in any rural area India ©) Land is situated whether in India or outside India. Ansa 42. If the assessee is engaged in the business of growing and manufacturing tea in India ,the_ agricultural income in that case shall be: a) 40% of the income from such business b) 60% of the income from such business ~~ c) Market value of the agricultural produce minus expenses on cultivation of such produce Ans b ig]. 46 pateene [CT OWA bsp fpr 43. Agricuitural income is : a) Fully exempt b) Partially exempt c) Fully taxable Ans a Taclwicathy ote «Buk a> token fpr ele. perpen | B29 ‘http://www-hindustanlink.com/career-discuss-forum/thread-130_html 10/18/20100 44. The partial integration of agricultural income, is done to compute tax on: 2) Agricuttural income b) non agricultural income ©) Bt area oe nn ara Ansb yen, fat papers ab felnjelengy we Oe COME 45. There will be no partial integration of agricultural income with non agricultural income, if the non agricultural income does not exceed: a) Rs.1,50;000 b) Rs. 1,00,000 ¢) Rs.1,10,000 Ans a4 Aanic aampiton bert opke AY 2809-10 46. There will be no partial integration, if the agricultural income does not exceed: a) Rs.40,000 b) Rs.50,000 c) Rs.5,000 Ans cy 47. A local authority has earned income from the supply of commodities outside its own jurisdictional area. It is : a) Exempt b) Taxable, cy. Py Ansb 7 untone fow'fttksthes qytte koa Gubenby Comperbde ,muwiecpalal Basteget in Ve frome « But aitame From Oihey Geivities ng taretle 48. R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the employer to call the remuneration as internal audit fee. R shail be chargeable to tax for such fee under the head. a) Income from salaries b) Profit and gains from Business and Profession ¢) Income from other sources. Ansa fs Rd Bw Reployee OK. Chevenne, &&) @ torre” 49. R, who is entitled to a salary of Rs.10,000 p.m. took an advance of Rs.20,000 against the sal in the month of March 2009.The gross salary of R for assessment year 2009-10 shall be: a) RS.1,40,000 b) Rs.1,20,000 c) None of these two Ansa y/ Advance. Seley 50. A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of = a) Rs.200 p.m. b) Rs.160 p.m. c) Rs. 240 p.m. 7 Pe Ans $() the Kiwi dp Baloo pr por ARild ly tose Children » Hee Gthaal neces por Child Xo : ies prs Bes edvews, She Bova CRld ab net-cbigibfe Prachi he pointao debate el G4 no sant fyow RS atomect foul dlere ae Hing com Career hee Mildew » EES vur gett Mame o oul Speed ci Rete 206 Myrterer ss Locoer 04-29-2010, 04:05 PM a ME aremphion sity 8 rests 18 Fy Tosa ee renatton RE: Income Tax Objective type Questions. B30 http://www. hindustanlink.com/career-discuss-forum/thread-130.htm] 10/18/2010Anonse 1ax UDJecuVE wy pe wuesuens buge Fut aw 51. R gifted his house property to his wife in 2000. R has let out the house property @ Rs.5,000 The income from such house property will be taxable in the hands of = a) Mrs, R b) R. However , income will be computed first as Mrs. R’s income and thereafter clubbed in the income of R ¢) Ras he will be treated as deemed owner & liable to tax ansc i” Se 8, a2¢i) 52. R transferred his house property to his wife under an agreement to live apart. Income from s house property shall be taxable in the hands of : a) R as deemed owner b) R. However, it will be first computed as Mrs. R income & Thereafter clubbed in the hands of R ¢) Mrs. R ansev — $. a9l\) 53, R gifted his house property to his married minor daughter. The income from such house prop shall be taxable in the hands of : a) Ras deemed owner. b) R. However, it will be first computed as minor daughters income & clubbed in the income of R. ¢} Income of married minor daughter, ansc "5. ae) 54, A has two house properties. Both are self-occupied. The annual value of a) Both house shall be nil b) One house shail be nil c). No house shall be ni! Ans b 55, An assessee has borrowed money for purchase of a house & Interest is payable outside India Such interest shall: ) Be allowed as deduction b) Not to be allowed on deduction ¢) Be allowed as deduction if the tax is deducted at source ~~ Ans c ; 56. Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head. a) Income from salaries b) Other sources c) PGBP (Prager wed Qaim $ boncmest or prqpssien) Ans ¢ 57. Perquisite received by the assessee during the course of carrying on his business or professio taxable under the head. a) Salary b) Other sources c) PGBP ~ Ans c ‘ 58. Interest on capital or loan received by a partner from a firm is: a) Exempt U/S 10(2A) b) Taxable U/H business and profession ) Taxable U/H income from other sources Ans b B3t http://www hindustanlink.com/career-discuss-forunv/thread-130-html 10/18/201059, Under the head Business or Profession, the method of accounting which an assessee can follous shall be a) Mercantile system only b) Cash system only c) Mercantile or cash system only d) Hybrid system Ansc 60. An asset which was acquired for Rs. 5, 00, 000 was earlier used for scientific research. After ! research was completed, the machinery was brought into the business of the assessee. The actual cost of the asset for the purpose of inclusion in the block of asset shall be : a) Rs.5,00,000 b) Nil ) Market value of the asset on the date it was brought into business ANS fs (07, expre Oss Alleored 61. A car is imported after 1- 4- 2005 by R Ltd. from London to be used by its employee. R Ltd. san be allowed depreciation on such car at: a) 15% b) 40% c) Nil : He Ans cy Abreign far Weed othoranne Man vunvutag (pr stowniate’ 62. Unabsorbed depreciation which could not be set off in the same assessment year, can be camiga forward for: a) 8 Years b) Indefinitely c) 4Years Ans b 63. Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred: a) Five years immediately before the commencement of business b) 3 years immediately before the commencement of the business c) Any time prior to the commencement of the business. ae Biv Explawatin below S- as G(r) 64. IF any amount Is donatSifor research, such research should be in nature of: a) Scientific research only b) Social or statistical research only ) Scientific or social or statistical research Anse / 65. Preliminary expenses Incurred are allowed deduction in: 2) 10 equal annual installments b) 5 equal annual installments ¢) full Ans b (Caer toys aside apy 31-3.9% 66. In cast the assessee follows mercantile system of accounting, bonus or commission to the ‘employee are allowed as deduction on: 7 a) Due basis b) Payment basis ¢) Due basis but subject to section 438 V~~ Ans c 67. Interest on money borrowed for the purpose of acquiring a capital asset pertaining to the period after the asset is put to use is to be: 2) Capitalized b) Treated as revenue expenditure \/ B32 http://www. hindustanlink.com/career-discuss-forum/thread-130.html 10/18/2010Income 1ax Udjecuve type qursuvins = Ans b 68. Expenditure Incurred on purchase of animals to be used by the assessee for the purpose of carrying on his business& profession is subject to a) Depreciation ) Deduction in the previous year in which enimal dies or become permanently useless ©) Nil deduction Ansb / 69. Expenditure incurred on family planning amongst the employees is allowed to 1) Any assessee b) A comp¥ny assessee c) An assessee which is 2 company or cooperative sociel Ans b . 70. Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the a) 18% p.a. b) 12% p.a. even if it is not mentioned in partnership deed c) 12% + pa or at the rate mentioned in partnership deed whichever is less. Ans ¢ 71. Deduction under section 40(b) shall be allowed on account of salary /remuneration paid to : a) Any partner b) Major partner only c) Working partner only Ans ¢ 72. Remuneration paid to working partner shall be allowed as deduction to a firm: a)In ray) Subject to limits specified in section. 40(b) c) None of these two Ans b 73. A firm business income is nil /negative. It shall stil! be allowed as deduction on account of remuneration to working partner to the maximum extent of: a) Actua} remuneration paid as specified in partnership deed b) Rs.50,000 c) Nil Ans b Wow 150,000 frre [+2010 CFA 09) 74. For person carrying on profession, tax audit Is compulsory, if the gross receipts of the previous year exceeds: 2 28) Rs.50 lakhs b) Rs.40 lakhs c) Rs.10 lakhs. Ans cass arora b 1Sleleh 75. Tax audit is compulsory in case a person is carrying on business whose gross turnover/sales/receipts, as the case may be, exceeds: a) Rs, 10 lakhs b) Rs. 40 lakhs c) t crore ‘Ans b Net boleh ater aweaduatet 1 h20ll (ras) 76. In case an assessee Is engaged in the business of civil construction, presumptive income scheme is applicable if the gross reepins paid or payable to him in the previous year does not exceed: a) Rs.10 lakhs b) Rs. 40 lakhs c) Rs. 50 lakhs Ansb SKK AD 7. 1m the aforesaid case ,the income shal! be presumed to be = B33 http://www. hindustanlink.com/career-discuss-forum/thread-130-hunt 10/18/20108) 5% of gross receipts b) 8% of gross receipts c) 10% of gross receipts Ans b | | 78.In case an assessee is engaged in the business of plying hiring or leasing goods carriage, Presumption income scheme under section 44AE is applicable if the assessee is the owner of maximum of : a) 8 goods carriages b) 10 good carriages c) 12 goods carriages Ans b 7 79. In case an assessee is engaged in the business of retail trade, presumptive income scheme ic applicable if the total turnover of such retajl-trade of goods does not exceed: ) Rs.10 lakhs b) Rs.30 lakhs c) Rs.40 lahs d) Rs.50 lakhs Ansc §. AWAF * 80. In the above case the income to be presumed under section 44AF shail be : 8) 8% of total turnover b) 5%Yof total turnover c) 10% of total tumover Ans b 81. If the assessee opts for section 44AD or 44AF or 44AE,then the assessee shall: ) Not be entitied to any deduction under sections 30 to 37 b) Be entitled to deduction under sections 30 to 37 ©) Not be entitied to deduction under sections 30 to 3gexcept for interest on capital or loan from peetner and remuneration to @ working partner subject to conditions laid down under section’ 40(b) Ans c 82. The period of holding of shares acquired in exchange of convertible debentures shall be reckched, from: ) The date of holding of debentures 'b) The date of when the debentures were converted into shares ) None of these two Ansb 83. Securities transaction tax paid by the seller of shares and units shall @) Be allowed as deduction as expenses of transfer b) Not be allowed as deduction Ans b 84. The cost inflation index number of the P.¥r.2008-09 is : a) 480 b) 519 cy 551 d) 582 Ans d 85. Conversion of capital asset into stock in trade will result into capital gain of the previous year a) In which such conversion took place b) In which such converted asset is sold or otherwise transferred c) None of these two Ans b > ‘86. Where a partner transfers any capital asset into the business of firm ,the sale consideration of Such asset to the partner shall be : [ B34” http://www.hindustanlink.com/career-discuss-forum/thread-130.html 10/18/2010ss Income Tax Objective type (Questions Faye 11 01 cu a) Market value of such asset on the date of such transfer ) Price at which it was recorded in the books of the firm ) Cost of such asset to the partner ans b 87. Where the entire block of the depreciable asset is transferred after 36 months, there will be: a) Short-term capital gain b) Long-term capital gain ) Short-term capital gain or loss d) Long-term capital gain or loss Ans c / 88. In the case of compulsory acquisition, the indexation of cost of acquisition or Improvement shovel. be done till the : a) Previous year of compulsory acquisition b) In which the full compensation received c) In whjch part or full consideration is received Ans 3 89. If good will of a profession which is self generated is transferred, there wi a) Be capital gain b) Not be any capital gain c) Be a short-term capitai gain 5 Ans pi toah¢ diction Gall $e vil - Beb

Reaibed fo Addereat on Snek. Lean Brow Ti. 08 act) axed Auth Loan hoy Spoase 3 anatiiy aypaemnphion ead las 0 ee ‘ts. As per section 2(47) .. 1 OF snes OF a ZrO Coupon bond will be treated as “transfer” for of capital gains tax Ans Maturity, redemption og vo Lapohe Me oe 15. An Assessee, after sale of house property, receiving arrears of rent, .... {is/isnot) chargeable same computed in the stipulated manner, shall be chargeable to tax as ......... (income from other income from house property / question does not arise since there is no chargeability to tax) Ans is, income from house property See 8-258» hrmeovs q rent alk fe croemed bondey RP even ap drmemeee 4 NOME Domer iow 16. A motor car is the only Asset in a block. Cost Rs.2,00,000. Rate of depreciation Is 15%. 20%. disallowed for estimated personal use. WDV of the block is Rs. G47. 2,09,000 (fase ct Lete Dp (2006) bote ‘Ans 1,76,000 Wada Sqn Oey, 62. 6 YT Ba shee ined Sha yaa a) ~ 6 17. Mr. A gifts cash Rs~ 8 ‘to his brother's wife Mrs.B, Mr.B gifts cash Rs.1,00,000 to Mrs A from cash gifted to her, Mrs.B invests in’a fixed deposit, income there from is Rs.10,000. A foresaid Rs.10,000 will be included in the total income of .......... Sweowiedviee dinky ke fr 8 Bee Ans Mr.B Deen & Cane op Er0sS-gelt- Ba asset yen} 8. BieA> tins Yea NwAT Lp. Sh © 18. The time limit for filing revised return wh€re assessment has not been completed is Ans One year from the end of the relevant assessment year or before the basguigamsemt assesse passed which ever is earlier” x . igo) Blo 19. The quantum of deduction allowed u/s 800 for parents/shall be limited to ... Ans Rs.30,000 1seoe oy Brak eo, ‘38,000 B40 http://www.hindustanlink.com/career-discuss-foruny/thread-130.html 10/18/2010Mito 2aX UOJECUVE Ly pe ueoivine rage 11 Lev Trash TRUE OR FALSE (WITH REASONS) 1. Where an urban agricultural land owned by an individual, continuously used by him for agricultural purposes for a period of two years prior to the date of transfer, is compulsorily, acquired. under law and the compensation is fixed by the state Government, resultant capital gain is. exert and¥5 Sea 3-to(34) BS Fern th 2005" 2. Where an individual repays a sum of Rs.30,000 towards principal and Rs.14,000 as interest in respect of loan taken from a bank for pursuing eligible higher studies ,the deduction allowable under section 80E Is Rs.40,000 and not Rs.30,000 ( £ cipal component only) . a insinel ov silerent” oq Loatokes ey oan higher la: diel un he. BY. Goat adivwstble pte RY 200826 Rom 26-09 Bosh 08 fewest Gms adanissilte> Bom 3. Business loss can be set off against salary income; ka ate on Suek hogy fr Spouse: Ans F ACkldven also adyny ese S41Q4) beided Poor Geral eg Sevoy, Years 4. A has received gift to Rs.1,50,000 on December 12, 2005 from his close friend who is assessed 4 income-tax . The same is taxable at the hands of A. Ans TH 3. S6 5. Long term capital gains arising from units of@ebeeAlaAtedequity funds for which securities transactions tax has been paid in a recognized stock exchange is exempt. ee $.1e@ey 6. Under Section 35DDA, amortization of expenditure incurred under eligible Voluntary Retirement ‘Scheme at the time of retirement alone, can be done ans F 2 YS tin be clase for ART Prrayretcremeoh and Loolance 45 Suacesdiing by yoo 7. Value of fringe benefit chargeable to tax under Chapter XII-H in the hands of the employer, is to be treated as a perquisite under Section 17(2), in the hands of the employee. AnD Fe sate scone Carne fated “fee. 8. Zero coupon bonds of Eligible Corporation, held for more than 12 months, will be long-term capital assets. Ans T VY 9. In the case of a dealer in shares, income by way of dividend is taxable under the head “profits and gains of business or profession”. : ' z AnENT. Pre cheby 1t Staves, Saves Ge Shock-tntrede Ged noir Lopelel wool Be Suck wxcone drow dividend «2 poh inte Anecvest Sole: gustan Sage ee 10. Mr. ¥ who is a physically handicapped minor (suffering from a disability of the nature specifie in Section 80U) earns bank interest of Rs.50,000 and Rs.60,000 from making bags manually by himself. The total income of Mr.Y shail be computed in his hands separately. i ansTW” Vide S-6h (IA) ~ babling provision VY 11. Only individuals and HUFs can be resident, but not ordinarily resident in India; firms can be either a resident or non-resident. Ans T Bu 9.6 BAL http://www. hindustanlink.com/career-discuss-foram/thread-130.html 10/18/2010ra 12. In respect of voluntary contributions in excess of Rs.20,000 received by a political party, exemption under section 13A is available where proper details about the donations are maintained; there is no need to maintain books of account. AnsF/ Sea 3.13 (A) 13. Depreciation is allowed only when it ed. Aol heconay Ans Fy Sig Geplenahoi 5 helo 3-880) 14. For grant of deduction under section 80-IB, filing of audit report in prescribed form is must for corporate assessee; filing of return within the due date lid down in section 139(1) is not required. AnsF SSIB-yia Goa), BR wl) 15, From 1.6.2006 onwards, the Assessing meee has the power, inter alia, to allot PAN to any person by whom no tax is payable. AnsTy~ S139 AQ) 16, where the Kerta Of a HUF is absent ffom India, tg rebum of icp can be oe by any minoy member of te f ily. A Mcney an te Ree Moy, Aner (hae: Wider 278°C, ante foe Bima 17. It is a condition precedent to write off in the books of account, the amount due from debtor to claim Session for bad debt. Ans T, $8.36 (0Cvii) 18. Tax on fringe benefits provided for employment is payable by all employers. ansF — SuSq. Gndivédal { tu eeaplogers are wat Beate fs pay FOT 19. Fallure to deduct tax at source in accordance with the provisions of chapter XVII-B, inter alia, x 3% | from the amounts payable to a resident as rent or royalty, will resuit in disallowance while beat | ‘computing the business income. deduced Res not heen AnsT Shee (SP ae es ae teen se ecb ago a she c . le 20. Compensation on account of Leuditada Henne ty eit legal heir is taxable. AnsT ? 21. Rural branches of the cooperative banks are not allowed to claim provision for bad and doudtfhytis ANSFY §. 36() (vite) 22. Income to a non- resident by way of interest, royalty and fee for technical services deemed; accrue or arise in India is taxable in India irrespective of territorial nexus. aAnsT\%~ = §.5 23. Capital gain of ee Jakh arising from transfer of long term capital assets will be exempt from tax if such capital gain is invested in the bonds redeemable after three years, issued by NHAT u/s S4EC of the Act. NBkichal tig sly (heheh hiferey asionly Secis ae ‘hhttp://www.hindustanlink.com/career-discuss-forum/thread-130.html F 10/18/20107© Income Tax Objective type Questions Page 19 of 20 ane) | 24. X, Ltd, follows mercantile system of accounting. After negotiations with the bank, Interest of | jakhs (including interest of Rs. 1.2lakhs pertaining to year ended 31.03.2007) has been converted into loan. Can the interest of Rs.1.2lakhs so capitalized be claimed as business expenditure. Ans FV. 25. Can a Primary cooperative Agricultural and Rural Development Bank claim deduction under ‘Sec.80P in respect of income derived from the business of banking. Ans T 5.80 Pa) 26. The total income of a University without giving effect to exemption under Sec.10(23C) is Rs.46lakhs. Its total income however is nil. ‘Should the university file its return of income? AnD This ig becavse the T-1 -Recame nil dug fo exemrptton: ule ose). has 56 But ath: A doe fo CAvtA deduckion or WsiidA, 108, (IBA, Phe lion fe 27.'Ms.Vasudha contends that sale of work of art held by her is ‘not eligible to capital gains tax. ANSF — ¢. OCI -clefindhion of Capital, ages” ork part Bxcladed horn 2velusion 9 ceictn ‘aig fe alae ee FoleBle on Us 28. Will a’ ritable trust forfeit the exemptiorl granted to It, if it holds shares in a Public Sector Company? §., cay Any Share 4 6 Company sl [pripit-exemphn « Bal Aupy ase SS: 18 OK) Ze epetades Rudo pe easter fpiFoanel 29. Deduction u/s 80CCD is available only to individuals employed by CEC Grohe ot ans Fo Hest ids fpe ctherengleyers sloo « 30. Mrs. Hemalatha has made payments of Rs.Slakhs to a contractor ( for business purposes) during ‘Quarters of the year ended 31.03.2008. Her turnover for the year ended 31.03.2007 was | Rs.45lakhs. Is there any obligation to deduct tax at source? Pearle is b_Otbrocked speed exezeda fee ages Copan Sana eae 8 actos Ca teopoo vane) [78010 Flo) oa re in India, sign neh rf of income irom outside IN, 31, Can an individual Who is AnsT //MORE QUESTIONS 4. Multiple Choice Question based on the provisions ofthe Incomo-tax Act, 1961 Choose the correct answer having regard tothe provisions of the Income-tax Act, 1961- {@) Ms, Pooma purchased 200 shares of Rs.10 each on 21/5/2007. She sold 100 “Shot ferre Gh [shares 07201512008 for Rs,25 each and the remaining 100 shares on 7218/2008 for ye bk Que” GS R28 each tough the Mumbai Stock Exchange. Sho has paid secures 0d ttansaction tax on sale. For the previous year 2008-09- (AY 22-0) (The entre income represents fong term capital gains which would be exemot under section 10(38). (i) The entire income represents shorter capital gains which would bo taxable @ 10% under section 1118 (i) Long-term capital gains on sale of 100 shares woul be’ exempt under section 10(38) and short-term capital gains on sale of 100 shares would be taxable Long fore @10% under section 111A. «, Gv) Long-term capital gains on sale of 100 sheres would be exempt under section pegedht 10(38) and shorterm capital gains on sale of 100 shores would be taxable va [42904 _@15% under section 111A. (AY 0+2) yee Raid is a dealer in shares. He pays secures transaction tax of s.15,000 drag the previous year 2008-09. He woud be ented o- (i) Rebate under setion 88 in respect of such tax paid Deduction under section 36 in respect of such tax paid. {i Both rebate under section 88E and deduction undér section 35 {jv} exemption of nome under section 10(38). (©) Mr. Naresh, a businessman who is subject fo fax audt undr secon 44AB; has Geducted tax tom fee for techrical services of Rs.75,000 paid to Mr. Gautam, & cecent individual on 13 March, 2009. He has, howaver, deposited the tax deducted only on 174 July, 2009. ()_ He is enti to deduction of Rs.75,000 in respect of fees paid while computing his business income of P.Y.2008-09. \—~ (i) He would be enttled to deduction of Rs.75,000 in respect of fees paid while computing his business income of P.¥.2009-10. (iil) Since tax was deposited after the end of the previous year, he would not be ‘entitled to deduction either in the P.Y.2008-09 or in the P.Y.2009-10. Hew. ; Mpparetiy he principle budoy SAS BO) a - Z he fag ROT poate, but MO bord Culkin ebar PY Ge chaoep if oes pad @ be Got Be on ov dagpre Ra Clee dele Rr Prblieg yetuvn «As B'S afer tre Aitae to fr eee ee eee 80-9-°9° AE PY: 08-99 Bro he eo le 3B - Bot cay vide Bes oa dex, Got tot doled (r08) Fir Qactore & pay ike bh Gest be . post veo!’ wodey $-Qot (A) St I per work ow eee SFR) 0 a a ik a inde $901 00) OL waite Bas [BaeSep. Sethen(S) 9 bola A Come 2 (iv) He would be entiled to deduction of Rs.37,500 in the P.Y.2008-09 and Rs.37,500 in the P.Y.2009-10. (a) Mr, Suresh’s gross total income for the P.Y.2008-09 is Rs lakh, comprising of fong-torm capital gain of Rs lakh chargeable to.tax under section 112 and short- term capital gain of RS:3 lakh chargeable to tax under section 111A. He has invested Rs.50,000 in five year bank deposit with SBI and Rs.70,000 in PPF. The ‘deduction under section 80C for which he would be eligible for A.Y.2009-10 is - (0. R5.120,000>\ Yrpotiaat: Dro deduction oh CR vt-A Can Be Alesred (i) Re.1,00,000 warp Bokioww ded aT geiun Rer0000 | See gangeontiel Ae DE SS Be Boe i) Nie deduiri Lennlhfe aoored - : Basic Concepts Define the following terms under the Income-tax Act - {@) India — See. chipiathen xn S “2 (BEA) (b) Infrastructure capitaliund. - S. 2(268) Residential Status and Scope of total income The flowing are the particulars of income of Mr. Ravi for he previous year 2008-08: Particulars Rs. (a) Rent from a property in Bombay received in Canada 95,000 (0) Income from a business in Canada controled from Calcutta 135,000 (©) Income from a business in Coimbatore controled from Singapore 2,50,000 (d) Rent from a property in-Singapore received there but subsequently 75,000 remitted to India (©) Interest from deposits with an Indian company received in Singapore 15,000 (9) Past untaxed profs for the year 2006-07 of 2 business in Singapore remitted to India during the previous year 2008-09 36,000 {g) Gifts received from his parents-in-law 1,50,000 (h) Gifts received rom friends 30,000 ‘Compute his income for the assessment year 2009-10 if he is: () Resident nd ordinary residentin nda, - otal wacom. dove ble so Sadeie {i) Resident but not ordinal resident in nda, ; ang fv Gyisingy 6Y te Latome deen : eee ere } deed Tie camel or Tati Indiq Gall Be texed‘4. | “Filtin the blanks” type of question based on the provisions of the Income-tax Act, 196% Flin the blanks, having regard to the provisions of Income-tax Act, 1961 {). Mr. Shekhar received Rs.5 lakh from his father stated to be a sum paid out of the income of the HUF of viich his fathar is the Karta. The amount so received is ——- so Be pe YE 1008) tr Shh a loo enuber of RUE el seiucpeneay mote” (0) Dr. Shar is eriployed in 2 company and has taxable salary income of Rs.5 lakh lotofthe propery of BUF fe PY 20088. He es He ovn ce and has os. fam ‘eons own a rowing ne 'Rs.50,000 during the same year. His totaling pie Loot tt Nor ge Income om i woud be (C) Mr. Har commenced a business on 01-06-2008- He caninbuted his persoeal cs ae a osu ae ‘car for the purpose of business. The car was acquired on 01-06-2007 for Rs.5 lakh. a Frransferor?. [Thé amount on which depreciation is allowable for the P.Y.2008-09 is. (d) Mr. Abraham (aged 62 years) won Rs.8 lakh in a lottery in March 2009. He has ‘ brought forward business loss of Rs.5 lakh relating to the A.Y. 2007-08. ee he has no other income jeable to tax, a er labty for the ws asseasmert year SSS regan endl aerate be HEC [Nok Buecnese Los ag oat teorreed, er Cova he. WD in 43(6) Depreciation inet huscners ee a (0 Depo 5 Income whieh dont fof pat of etl 2 guy] deducted Depeecation or Analyse the impact of the emendments in the definions of the flowing terms’ By the ta a to niersas, Fiance Act, 2008, in the sense as to whether there has been an expansion or restriction in the scope of their coverage - (Agricultural income; and (Charitable purpose. 6. Incomes which do not form part of total income Explain fhe method of deternising the amcunt of expencture ty rela to come not includible in total income, ea 14-8 7. Salaries ‘Suraj has been in the service ofa private company since 1* January, 1993, in Mumbai, 5 During the financial year ending 31-3-2009, he received from the company, salary @ wader SCC, yo0Rs.12,000 pum. deamess allowance @ Rs.2,000 p.m., city compensatory allowance @ y optanic See “= Rs.300 p.m, entertainment allowance @ Rs.1,000 per month and house rent allowance eueshe le @ Rs.4,000 p.m. Suraj resides In the house property owned by his HUF for which he by Wee os) avs a tent of Rs4.500 pm. Suraj has been In receipt of enterinment allowance fom egret hae 2"? the company since January, 1983. ost “me ‘Suraj contributes Rs.1,400 p.m. to the recognised provident fund, The company is also contributing an equal amount, Suraj retires from the service of the company on 31-12- 2008 when he was paid a gratuity of Rs.80,000 and pension of Rs.6,000 p.m. He is not covered under the Payment of Gratuity Act; 1972. On 1-2-2009, he got one-half of the |‘pension commuted and received Rs. 1,80,000 as commuted pension. He also received Rs.3,00,000 as the accumulated balance of the recognised provident fund. Compute his income under the head salary forthe A.Y. 2009-10. Trus/False question based on amendments by the Finance Act, 2008 State with reasons, whether the following statements are true or false: Si0 (26. Ane) (i) ‘interest income (on securities) eamed by a Sikkimese individual is exempt from tax. nal SIS (i) Income agcruing or arising to a Cor Board established under the Coir industy Act, 1953, iglavable. $.\0(2pA)K. TROT cme? 14-62 (ii) Commodities transaction tax paid is not allowable as deduction. fon ho Gene cow (i) Conversion of Foreign Currency Exchangeable Bonds into shares cr Gebentuetsin Gor) eB a company is aos ator ad fan, cpl pe tax ibility is attracted. Reverse mortgage’ means Mortgage of capital aset (E2) by an eligible peeson Geperson of 60 years of by hima fom an approved lending insttion { Schedu- led Bank, National Tousing ‘Bank, Housing Finance Co.) come from house property @ Erpiain the meaning of compost rent and discuss tx teament.-(9-enev an jhe neler (2) Sida the cenent of deemed onnestip of house property. gene h gee) ). Profits and gains of business or profession Sf Rajesh owns te folowing commercial vehicles: (3 light commercial vehicles ~ One for 7 months and 10 days, one for 10 months and 2 days anc-one for months and 29 days, (ii) 2 heavy goods vehictes ~ One for 8 months and 5 days and the other for 4 months, (ii) 1 medium goods vehicle ~ One for 2 months and 15 days. (2) Compute the income from business i Rajesh opts for the scheme under section 44AE__ You are also required to compute his tax lability for the assessment year fhe depesits Rs. 10,000 in PPF Account during the previous year. {b) What wil be the income if the trucks were not used for business for one month For ainclevahen : kt Show 13. Income from other sources Ms. Reshri, who draws a salary of Rs.15.000 pan, recoved the fllng gts during the previous year 2008-09 - (i) GiftoF Rs.2,00,000 on 17-6-2008 rom her best fiend. (i) Gift of gold jewellery worth Rs5,00,000 on 14-7-2006 from her fancée. (i) Gis of Ps.75,000 each received from her 3 frends onthe occasion of her marrage con 13-11-2008, {&)_ Git of Rs.60,000 on 14-11-2008 fom her mother's brother. (0). Git of Rs.50,000.on 18-11-2008 from her fathers sister. (vi) Git of Rs.50,000 fom her husband’ tend on 1-12-2008, (vi) Gittof Rs. 14,000 on 2-12-2008 from her father frend (si) Gift of Rs. 15,000 on 2-12-2008 fom her sister's mothern-law. (&) GitofRs.51,000 fom her husband's sister. dof proce ket ‘Compute her gross tte inoome forthe assessment year 2009-10 federzons22e0! (6. Multiple Choice Question based on the provisions ofthe Incomertax Act, 1964 Os “vecan o>), Choose the correct answer Navng reget tothe provisions ofthe Income tax Ae, 1261 anole 2 ia) captain Anu) belonging to CRPF died inthe course of operational dues. His wie received a family pension ofRs.10,000 per month during the financial year 2008-09. How much of family pension is taxable? ()Rs.1,20,000 fess deduction of 1/34 = Rs80,000 (il) Rs,1,20,000 less Rs 16,000 = Rs. 105,000 (if) Fully exempt under section 10(18) {iv)_ Fully exempt under section 10(19)-“ “7 (6) Income from agrcutual and situated outside Inca is taxable under the head - (Income from other sources: ~~ (i) Income from business (i) Agricuturel income hence exempt from tax x} (Ww) None ofthe above sc @ash Geb fe fon bate ‘on Hts occasion of 7 mannsge: wader adh or 6D ef Gre Aatoee Wwadev" Chey Shore $56 ip Sh exceed Ry ene toting) Ax Chale Gosowal Goi Se Avice « Skin 100) axewple Ggritaltcod aiceme jew ‘oachion (Bobthus taken ke “tec tcky He Secial focisions 18 och Ykévance eb) « Meo axemphan os For gpl sic fon dae 15 Soe Socorro fogs ogneuituvet Ravel devo nat Come twocky io Sxtetphin WIE le (yu 4 ecalte a Sock copenchragy on the Resideufiel Gafuc (Geib raided B48ae Neko ovr (6) A and situated within 8 kins irom the local limits of a notified municioaly is - () Exempt fom capital gains tax (i) Nota capital asset (i) Notan asset. () Acapita asset. | i ws eho, 0) ime cons testers enemy» ON cial paiteng 0. ‘Taxable under the head “income fram other sources” Rese. (®) Taxable as business income, 7 Bak whem from (i) Exempt tom tax as tis deemed to bean acura ingame fey (iv) Taxable as agricultural income. S. (4A) wer if AR Cove (9) Dc hada marca meat peso use an ater ar mean fr pessiol use, On sale of car meant fr personal use, the : {i) Taxable as short term capital gain 7, Bie pd Fk Tea Silo Ft He eel aie Oe pais Ek a, Bandnena - So ay (i) Taxable as long term capita gain (49 Ewthoa -oxeludes —> (i) Notable sine tsa moved as pm ‘excluded fom the defntion of capital asset. .>>*-Peysone! ule, ASO) (N) Taxable as profesional income. Keoscte hosce Ka Seoskey Ye 15. Sot-offand Cary forward of losses bed for Jessonet wie Raho & asset {@) Ganesh fumishes the following particulars of is Income forthe PY. 2008-087 Particulars Rs. (Business income (before prvcing for depreciation) +,85,000 {Depreciation 86,000 (ii) come rom house propery (computed) : 75,000 (iv) lncome from other sources 4,000 "bh od Sota ‘The folowing information is aso available - Brought forward loss relating to P.Y.2007-08 Business loss 30,000 Loss from house property 40,000 (Compute te total income of Ganesh forthe assessment year 2009-10, (b) From the following details, compute the Gross Total Income of Mr. Aniketh for the AY.2009-10:Multiple Choice Questions in Income-Tax (Procured in 2011) v, 4. Penalty for failure to deduct tax at source is equalto: fs ae Jem tuted ody, Bo A.M 50 per cent of the amount not deducted Grech fool tg. BL the amount not deducted / SS 9.201(1) raed ik 5-22) © Double the amount not deducted Mek: us. 20U(1) Aemennt of TDS Failed b Be deducted - “call tax ain’ dofaudl, Lich h be ach by he 2H No penal lo penalty Pvsoa, opens hdedust Tas Cas arcu dn & clare b TOS “take aa Bite aiaeenatassaeiaee lie 5 Se Ro mage beta: 2. Salary, bonus, commission ear ABH die CoS rected BES ORRINE SactRS im is taxable under the head: 4 income from salaries’ 8 M income from other sources € © MYgusiness & Profession 3 income from salaries or business and profession according to the choice of the person 1e months of April 2010 3. Kiran draws a salary of Rs.10,000 p.m. Kiran had taken Salary in advance for to June-2010 in March 2010 itself. The gross salary of Kiran for the assessment year 2010-11 shall be: & @ ks.1,20,000 8M Rs.90,000 af Bovoe + 120200 © s.1,30,000 a” Fi > Hone ofthe above 2/0000 4, The amount paid on account of current repairs of machinery, plant and furniture being used in a business is: AM deductible “WA S310) 8 H Not deductible © MH part deductible ~d ME None of the above 5. Any amount recieved or-recievable by an individual or his legal heir from the Central Government or State Government or a Local Authority by way of compensation on account of any disaster shall be: A ® cully Taxable om @. We Kero lo owe) Fully Exempt \ © excempt except to the extent the amount recieved or recievable has been allowed as BSdeduction on account of any loss or damage caused by such disaster. 2 Mf None of the Above &: Unabsorbed depreciation which could not be set off in the same AY can be carried forward for: AM eight years 8 indefenitely “ BR. £.3a@- ¢M four years DM five years 7, Surcharge.on Income-tax is payable by a domestic company at the rate of: A Ml 10 per cent of the income tax provided the income of the company exceeds Rs.10 fakn ® B® 10 per cent of the income tax provided the income of the company exceeds Rs.1 orpte f iy ato © & 25 per cent of the income tax provided the income of the company exeeds gs, tore x Thao Co D> fp non dese Se hoe 2.5 per cent of the income tax provided the income of the company exceeds Rs.16 lakh X ve m6 i a ir wpb AY Rolo-1t = (of U, TH exreeds (Zr , YY bp AY BH-I | FF: [praM 20! 2-13 8. Deduction in respect of profits and gains by an undertaking engaged in development of special Economic Zone is admissible under Section: Toe + ae 7 & E goa SING, amd vee Tex Kilsday( So/- dalucha fe Sy) ® B ioaa na (0-2-2006 hudey S- 10 OL eee ce Ai BON eo pnduchn davies © & con glam EM Tet > Zia tas deadapinat 4 SER Herts 80 1KB - 9, Aresident in India cannot become resident in any other country for the same Assessment Year: A & true. A person can be resident in respect of tax only in one country V® & false. A person can be resident in india as well as other countries for the same year € @ True. A person who is an indian national cannot be a resident for a foreign country. VD & false, A person who is a forein national can be an 3B india 2s well asin his country of citizenship itk-depnding ow Us" fa} for Yordenee i GE For Rowrhya, Be fav be raider 48 Dodie sad LE ole [p ME Anaie RY Convict avoacr qprertion a B. Ske atewerd oD Aa albo cores Rol Ue term used in arredee Hae» So xe Sled” B 10. Ravindranath is entitled to a watchman allowance of Rs.600 p.m. for the security of his residence. He pays Rs.500 p.m. to the watchman employed by him. The taxable allowance shall be: 51bp aoe ee & & ps.120 p.m. 8 & 5.600 p.m. D. Ghhon tx -steudaot promded an roldene 9 Me” © © s.500 p.m. sur wt oo anit £e forall ot ob Goo) pact e Bepliger ) Bo por But aay Com pod Vd & ks.100p.m 4% to io pan hd Pp BOT Levedey om wae fron 11, Secondary and Hebe Egucation Ces is Teviabie at the rate of A & 3percent Bix Lom y, hut 3 BE apercent >. see © & 23 percent ~D © one percent 12. Under the head Business & Profession, the method of accounting which an assessee can follow shall be: Ge & E Mercjlantile system only S.UKS 8 & cash system only € © & Mercantile or Cash system 3D & Hybrid system 73 A foreign company is always non-resident in India 1. & False. A foreign company can be resident, non-resident or not ordinarilyresident Ane 8 © true. A foreign company can be resident only if all its shareholders are indian citizens © & true. A foreign company cannot be resident in india _) & false. a foreign company can be resident or non resident in india pat 14. Mr. A transferred his house property to his wife under an agreement to live apart. Income from such house property shall be taxable in the hands of: A & wr. Aasheis the deemed owner Ays-B. Re S27 Bad Choe S. HOw 8 & prs. Aas itis under an agreement to live apart 4 neo) © & Mr. AHowever, it will be computed first as Mrs. A’s income and thereafter clubbed in the hands of Mr.A D & {twill be based on the terms of the agreement between Mr.A and Mrs.A 526 75. Expenditure incurred on prospecting, etc., of minerals shall be allowed as deduction in 1 ME six equal instalments B & 5 equal instalments Aus. = Seq $+ 35E © & 10 equal instalments D M in three equal instalments after the year of making the expenditure Te. Expenditure incurred on acquisition of patents and copy rights after 31-03-1998 are subject to: A ® eduction over a period of six years tapk 3L4.qg. Ge 238A 8 © Deduction in 10 equal installments ly. 2 - deduchin G00 Vip © Ml pepreciation under Section 32. ~~ fe S384 dow se oH 1-4. 98 Z aay clepn (sl fe. np Mecha CLL > MH deduction of 60 per cent during the first year and rdmaining 40 per tent in subsequent four years 17. The circulars issued by Central Board of Direct Taxes (CBDT) are binding on: AW assessee : 8 8 & income Tax authorities V ke 2. Ig ¢ © income Tax Authorities and Assesses D © None of the Above 18, Which of the following heads of income are no longer operational? 4 salaries BB aa Capital gains Be Sth © & interest on securities ~~ ~D& income from other sources 19. Depreciation under section 32 is allowable in respect of: A & Tangible assets BS intangible assets Aas. @ + © & potha&b b © bepreciation is not allowed as deduction Less20. Compensation received on voluntary retirement is exempt under section 10(10C) to the maximum extent of: 5. & ® Rs.2,40,000 ie. @ 8 & ps.3,50,000 © & ks.5,00,000 y~ Dd © No limit. Fully exempt 21. Vijay who is entitied to Salary of Rs.10,000 p.m., took advance salary from his employer for the ‘months of April and May 2010 along with salary for March 2010 on 31.03.2010. The gross salary of ‘R’ for assessment year 2010-11 shall be: . AM 8s,1,20,000 fur. @ Bl s.1,40,000 | ©& ks.1,00,000 D& None of the above 22. The depreciation Is allowed to: “es 380) 4% & the owner of asset Aw -8 & & owner including fractional owner of the asset \~ Nesta » duce hutldinc sll be em ee eae .D® anyone who uses the assetfor their production purpose #&_LAcuts Capibey up" on 23, Payment from recognized provident fund before 5 yearsahal Be: 4B futh t ae fe jully taxable shes. @- See Ride San pert A fully exempt SeRediube TV ste hele © shall be treated as if the fund was unrecognized right from the beginning’ -D& shall be exempted upto Rs. 5,00,000 24, The Income-tax Act extends to A & whole of india ® © Whole of india except Jammu and Kashmir © & whole of india except Sikkim—D HF whole of india except Jammu & Kashmir and Sikkim 25. R’ is entitled to Hostel expenditure allowance of Rs.600 p.m. for his 3 children @ Rs.200 per child. The exemption in this case shal! be: A & s.200 p.m ope & & Rs300p.m Aor. D os B5 300}. Jos reed © ascoopm pyonape a nde Ae DE 5.400 p.m (ee age cc or 34 Bd ay foveal Aedal Be Riven te Ot “exsist” 26. Lumpsum payment for acquisition of technical know-how after 31.3.1998 shall be subject to: K © deduction in 6 equal instalments 6. aSAB foe .D ma Ee £32 ¢ © a0 percent during the first year and the remaining 60 per cent in four equal installments D> & depreciation u/s 32 ( ns aon dengnes amet) 8 © deduction in 3 equal instalments 37, Penalty s imposable for failure to maintain books of account under section: AB oon B Bana Avs. B ¢ & aman DE 271 Aaa 28. The amount of any compensation received by an assessee from his former employer in connection with the termination of his employment is to be considered as part of: OF a th Meow ey 0 A & salary Se- eae hse SFC defeneh ss Steg Salo & & perquisite © © profits in tiew of salary Be Reet U- Aus WY. aa TEC) DB Fri th Bley lee ; Fringe benefits & his Yeoe one 29. Any sum received by an employer from Keyman insurance policy taken on the life of the employee shall be: A & exemptfor 8 SO WT od S$. alam) &i) B & taxable under the head business and profession © MM taxable under the head other sources DM taxable in the hands of employee 30. Rahul is a chartered accountant is employed with Rashi Ltd., as an internal auditor. He requests the company to call the remuneration as internal audit fee. Rahul shall be chargeable to tax for such fee under the head: A. Ml income from salaries © Aas. A Ae Hee na Roploget — ® & profits and gains from Business or Profession eagle velabiounbof) @ © income from other sources . -y Mf tncome from salaries or income from other sources according tothe choice of Rahul 31. Education cess is leviable at the rate of & B 12 per cent from the year 2010-11 € foo ¥ © Ml 3 percent : fl Ant @ Rada aoa. Hor Bduechar Am - €& 2 percent» DM 23 percent 32. Obligation to furnish ‘Annual information return’ rests on some specified: & Assessing officers s. 385 BA B & assesses © & Local authorities hos D DE bac 33, Residential status is to be established for: A & previous Year +’ a five = Sb B © Assessment Year € & Accounting Year of the Person D& Based on citizenship 34, Which of the following is not TRUE in respect of the PAN number [B56 _6 ® Wi permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of 2 laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. 8 WW the legal authority for allotment and use of PAN is derived from Section 139A of the Income- tax Act, 1961. @ M@ penalty of Rs.10,000/- is imposable u/s 2728 for failure to comply section 139A. the provisions of D © the PAN number is issued only individual assesses and hindu undivided families vv Sean qua bat bows Aus. D a2. ger 7 HEEL yi - ae Se 813K 35, Unabsorbed depreciation brought forward from an earlier year of a particular business can be set off from: AK © the same business Ans. D b & any head of income ¢ & any business income dM any head of income but first from business income 4 36. In case of a partner, the share of the profits from the firm shall be: \& culty Taxable. ane B B & fully Exeempt. vEn ! 2 @ ad © WM included in the total income of the partner and relief of Income-tax under section 86 shall be allowed * \D & included in the total income of the partner with a relief of maximum of Rs. lakh 37. Muncipal valuation of a house is Rs.1,00,000. The fair rent of house property is RS.1,20,000 and the Standard rent is Rs.1,10,000. Actual rent recieved is Rs.1,40,000, Municipal taxes paid is 10 per cent. The Annual Value of the property in this case shall be: ae 2 Rs.90,000 Rass) rect a5 Rogher. Rian “Ur maonraped fx 68 B Rs.1,00,000 JL he . (S/- 4, $00,ce = 10,000 5° Reduce @ Rs.1,30,000 1 gre ~ lope = | 30,850 D& fs.1,20,000 38. An assessee has borrowed money for purchase of a house and interest is payable outside India. ‘Such interest shall: (ps74 & be allowed as deduction & F not be allowed as dedu ¢- be allowed as deduction if the tax is deducted at source _D © be allowed upto Rs5,00,000 Mas. @. 39. Interest credited to statutory provident fund shall be: 8 Fully exempt —~ 8 & Fully taxable fae Be 3.10 € & Taxable beyond RS.10000 _D © exempt upto 12 per cent per annum 40, Dilipis a Citizen of India. He was appointed on an Indian Ship. During the Previous Year 2010-11 he leaves India for Germany on 16-09-2010 for holidays and returned on 2-4-2011. He had been Non- resident for the past three years. Earlier to that he was permanently staying in india. For AY 2010-11 he shall be psd 30 Pyare 3 eds &- Resident and ordinarily resident in India Ane. © 8 © Resident but not oridinarily resident in India & peas Py.20 “codlegs ti a @ & Non-Resident ~D & Non-resident but not ordinarily resident in India 41, Income which accrue or arise outside india from a business controlled from indi of: 4 & resident only Are. ine & & both ordinarily resident and not ordinarily resident ree Cosballed Pon Goda haan © & non-resident get Gan Shally Prams tories Sai) D & atthe assessees —— eae taxable in 42, The Annual Value of a House Property is NIL. Which of the following further deduction will be permissible from the Annual Value: & © No further deductions are permissible as the Annual Value is already NIL As 8 & all expenditure incurred for the maintenance of the house property can be deducted @ deduction on account of interest on money borrowed is allowed under Section 24 x“ | Bs8_2D & the expenditure on account of renovation of the house property can be deducted 43, Depreciation is allowed in case of: A & tangibie assets only 8 & intangible assets only fos a 8.320 @ © tangible and intangible assets.“ _» © anyasset the value of which exceeds Rs.5 lakh 44, Leave travel concession is a tax free perquisite: A. & for one journey in a block of 4 years Whi in dt * 8 & one journey per year ber A © © two journeys ina block of 4 years W%3, hee" _D™ two journeys in a block of 2 years 45, An indian company is always resident in India 4. True. As per the income tax act, an indian company is always resident in india” og- A ©8& false, An indian company can be resident or non resident depending on where the control of 4 management is situated. @ © True. An indian company is always resident in india if all its sharesholders are indian citizens p> True, An indian Company is always.resident in India if it has not foreign operations. 46. income-tax is rounded off to A & pearest 100 rupees Ans 8.2898 8 B nearest 10 rupees & & nearest one rupee ~D © rounded off to higher multiple of 10 47. Interest for deferment of advance tax A & section 234¢ payable under : fas A RE section 324¢ © & section 423 B59dD ® section 24 48. Surcharge Charge on Income Tax is applicable if the total income of an individual or HUF exceeds: ALB ps0 lakhs % BE eS lakhs te Sections fpr sce Bao AY 010-11 2 psstakh D & ks.30 iakh 49, SHEC is leviable in the case of A. & an individual assessee only & indi 8 & individual and HUF far @ @ & atassesses a wb» © allassessees other than co-operative society or local authority 50. Sujay worked with a previous employer for 3 years but was not entitled to any gratuity. He worked with the present employer for 8 years and 7 months. The completed years of service for calculating exemption of gratuity shall be taken as: 4 11 years ke ante 8.10 (OX it) ed Gi 8 a years i aye Benet geet Rel © B oyears SIE OF ab Rec Gihelor Ris Genie GSR fntoue © 2009-10 53. Expenditure on Scientific Research is admissible under Section: A section 35 VW ee Section 80 1B remy @ & section 24¢ —) © section 45 ¢ 54. Income arising from the transfer of units of the Unit Trust of India or of mutual fund covered shall be 4 & Fully exempt ~ fc A 8. 0 (33) & © Exempt upto Rs.50,000 : ¢© exempt upto Rs.1,00,000 © taxable SA0(8D — doo sseporfeut 55. Rashi Ltd., is an Indian Company, the entire contro! and management of its affairs is situated outside india. ‘Rashi’ Ltd., shall be: A. Resident but not ordinarily residentinindia yp 8 & Residentin india“ Se. 8. fo y Non-Resident in india D® Not ordinarily resident in india 56. Ragav acquired an asset for Rs.5,22,000 which includes Rs.72,000 as excise duty for which the assessee has claimed CENVAT Credit. The actual cost of acquisition to be included in the block of asset shall be: A s,5,22,000 BH ns450,007 « feos - 2 & ks5,94,000 DF ks.72,00057. Education cess is leviable in case A & individual assesses only 8& individual assesses and corporate assesses fos. & © & individual assesses and partnership firms D® altassessees ~ 58. Family pension received by the legal heir of army personnel who died during operational duties shall be AB fully exempt foe A BM Excempt subject to a maximum of Rs.50000 eM Fully taxable 5 © Excempt subject to a maximum of Rs. one lakh 59. Finance Bill becomes the Finance Act when it is passed by: & & the Lok Sabha hoe 8 & both Lok Sabha and Rajya Sabha : © & both Houses of Parliament and given assent to by the President Y ~D © both Houses of Parliament and given assent to by the Prime Minister/Finance Minister 60. Surcharge in case of an individual or HUF is payable at the rate of: A, & 2 percent ofthe income tax f the income exceeds Rs 10 ath A" fy Roding flat Be ifthe i i 3 per cent of the income tax if the income exceeds Rs.10 lakh Fon pyar -iNa @ & 10 per cent of the income tax if the income exceeds Rs.10 lakh D™ 1 percent of the income tax if the income exceeds Rs.10 lakh 61. For computation of business income, the assessee has to follow A. ® auditing standards prescribed by CALI. Av -3d a 8 © Accounting standards notified by the Central Government € © accounting standards has no relevance in computation of the business income ~) © ‘The provisions of the income tax act and the accounting standards notified by the central government [Be62. Expenditure on scientific research incurred by the assessee shall be allowed if such research AS — B & imay or may not relate to the business of the assessee el related to the business of the assessee sss) related to the research specified by the Government D & isrelated to the research of a new business proposed by the company 63. Unrealised rent in respect of house property, which is realized subsequently by the assessee, is to be charged to Income Tax as the income of: AM the year in which the rent was due 8 Wl that previous year in which in which the rentisrealized “Ave. 8 @ ™ That previous year in which the property was let out > H The previous year in the return was submitted 64, Rules for carrying out the purposes of the Income Tax Act are notified by: Am capt BE parti Parliament. dus : A @& prime Minister —D & Finance minister 5. Which ofthe following tangible asset is not subject to depreciation AS tnd & & Building due A € © Machinery D™ vehicles 66. Attachment and sale of an assessee’s immovable property is a permissible means for recovery by a TRO. K & Yes. but with the consent of the assessee tos. © Se PRM 15 & No. the TRO has no power of attachement of immovable property Cehaduule 1h ¢ fe RL” oF ves ~~HE No. The TRO can only recommend the attachment to respective deputy commissioners. ment is fully exempt in the case of 67. Encashment of leave salary at the time of r. A,™ central Government employees & & state Government employees fee @ © soth central and state government employees )& centrat and state government employees and employees of statutory corporations 68. Ajay is entitled to children education allowance @ Rs.80 p.m. per child for 3 children amounting to Rs.240 p.m. It will be exempt to the extent of: MF s.200 per month & s.240 per month CEA LAV a Rexd ed an & s.80 per month ose Me & s.160 per month 69. Any pension received by an individual or family pension received by an individual or family pension received by any member of his family where such individual is in the service of Central or State Government and was awarded Paramvir Chakra, Mahavir Chakra or Vir Chakra or any other notified gallantry award shall be: AM exempt BM taxable fue & @M exempt upto Rs.5 lakh D™ exempt upto Rs.3 lakh 70. Rashi Ltd is a company registered in U.K. For administrative convenience, the control and management of its affairs is wholly situated in India. ‘Rashi’ Ltd., shall be A. © Non-resident in india B 6 fe & jesidentin india €.5 president but not ordinarily resident in India © Resident in india provided all the directors of the company are indian citizens@ 71. For deriving the “book profit” of a company for the purpose of MAT, the net profit as per the Profit & Loss Account should not be increased by: A. ® provision for income tax payable fee i 8 MF provision for losses of subsidiary companies Fieate Tee woke ox MAT © & amount withdrawn from any reserves _> amount of dividend paid 72. Income from long-term gain from transfer of equity shares shall be exempt if, AJ such shares are Sold through National Stock Exchange or Bombay Stock Exchange B® such.shares are sold through any recognised stock exchange In India Ane Dd © such shares are sold through any recognised stock exchange in India and such transaction is subject to sales tax _D © such shares are sold through any recognised stock exchange in India and such transaction is subject to Securities Transaction Tax“. + /9,3) 73, Body of individuals should consist AE individuals only «- && All persons other than individuals dae A © individuals and Associations of Persons _D™ None of the Above 7A, Association of persons (AOP) consist of: & & individuals only Ao. & & E altpersons other than individuals € & Boththeabove ” _D & None of the Above 75. Special provisions in respect of certain undertakings in certain special category states is dealt with under Section: RB goed 8 108 e © 3308 fee A B65_p He 56. Once a person is resident for a particular source of income in a particular Previous Year, he shall be deemed to be resident for all other sources of income in the same Previous Year. ALM true. provided the person is a citizen of india fine. @ . 8 tre. provided the person is a citizen of india or a person of indian origin eM true-Once a person is determined as a resident in respect of one source of income he will be deemed to be resident in respect of all other sources of income v” _p M False, The residentail status needs to be determined separately for each category of income and income tax computed 77. Commuted pension received shall be fully exempt in case of A. © central or State Government Employee bus @ @ © Central or State Government Employee and an employee of the local authority 2 © Central or State Government Employee and an employee of the local authority or an employee of a statutory corporation 10 (iD & ) +) © central or State Government Employee and an employee of the local authority, an employee of a statutory corporation and an employee of a public limited company 78. Gratuity shall be fully exempt in the case of: An & \@ central and State Government employees 8 © Central and State Government employees and employees of local authorities“ /O Go) & & Central and State Government employees and employees of local authorities and employees of statutory corporation. D & Central and State Government employees and employees of local authorities and employees of statutory corporation and other companies where payment of gratuity actis applicable. 79. Secondary and Higher Education Cess {SHEC) is leviable on A & income tax BE income tax and surchage ¥ dns & € & income of the assesse & » surcharge alone30. Advance Taxis payable by an assessee in case such tax computed and payable for that year exceeds rupees: AH 5.000. upl & 3)-3 2009 be ee pee ce 8 & 50,000 / : € & 20,000 ' the _p @ 1,00,000 81. “Previous year” means: A.& the Calendar year immediately preceding the assessment year B& the financial year immediately preceding the assessment year 4 hoo B @ M the Calendar year running cuncurrently with the Assessment Year . _> © the financial year running cuncurrently with the Assessment Year 82. Expenditure incurred for obtaining licence to operate telecommunication services shall be allowed in: A. © 10 equal instalments 8.35 ABB - E 8 & 14 equal instalments fos D @ & 5 equal installments in force _D& in equal instalments over the period for which the licence rem: 83. Any capital gain whether short-term or long-term shall be exempt if: hye 8 eB. A.& itis from the transfer of urban agricultural land S.10(3F) @ & itis from the transfer of agricultural fand within eight kilometers of a municipal area 8 & itis from the compulsory acquisition by law of urban agricultural land ~~ _) © itis from the transfer of agricultural land which was not put to use for more than eight years 34. Salary for exemption of leave encashment shall be taken as: A & last drawn salary Aus @ 5-19 GoAdyii §& average salary of 10 months immediately preceding the month of retirement © average salary of 10 months immediately preceding the date of retirement 4 > & last drawn salary multiplied by 22/3085. Suresh was born on Sth April 1997 in india and he later took the citizenship of Germany. Neither his parents nor his grandparents were born in divided/undivided india. Suresh shall be a 4M Citizen of india > ne « cohgen BEEEEEEEEEEE a a woghtg [pete Ale « @ & Foreign national He Gnvablicdin Go Be Velufdawly Rested trkgeudp 4) rere _» © NonResident indian Sq Alenka moa ymider) Indian ub poor fy Sadi orgs ok Wi Adgnskion ay SUSE 8 & person of indian Origin. 86. If a person is a resident in a previous year, he shall be deemed to be resident for subsequent previous years‘also. A true. provided the person is an indian citizen Ane. B B® False, Residential status should be determined for each agsgssment yean sone @ © True. provided the person is an indian citizen or person of indian origin who stayed in india at least 60 days D & false. the residential status is immaterial for assessement of income tax 87. Export incentives received by an assessee are: A ‘taxable under section 28 ~~ g.ag caycive) 8 & fully exempt bw ‘S © & exempt upto Rs. lakh A _p& exempt upto Rs. one crore 88. A person leaves India permanently on 15.11.2010. The assessment year for income earned till 15.11.2010 in this case shall be: AS 2010-11 » BS 2011-12 e® 2012-13 D® 2009-10 dues 89. Profits and gains of business or profession is dealt with under Section: ABB BR is B68CB ov fac. DF se n of grat ty, salary shall include: 90. For the purpose of calculating exem| © fixed commission Lalor asefuder Reernen Afodauce commission if it is a fixed percentage on turnover but wichedes , Lonus, Gassreion of BF commission for an amount upto Rs.1 lakh © commission for an amount upto R.2.5 lakh Fexed faomaision toy fe pert ch Soleo Ase itn Lane © 91. Preliminary expenses incurred are allowed deduction in: _ © so equal instalments —>-Uple 3(.% - 1a? S$ 3uD & sequal instalments —>Lapre prconed eff 81-8 42 & ‘8 equal instalments & in the first year of operation of the business 92. An author was awarded by Central Board of Direct Taxes a sum of Rs. one lakh for wr which won the first prize. Such award money is: K& casual income fully taxable BB i z income from other sources fully taxable bre @ . ov gen B wchng ow © & prize money fully taxable Me forouutheasiy > & income fully excempt 93, Mr. A has two house properties. Both are self-occupied. The annual value of A, & Both the houses shall be treated as nil as both are self occupied 8 & annual Value of both the houses will be computed for determining the tax @ & annual value of the house, the municipal value of which is lower will be treated as NIL 3 © one house can be NILat the choice of the Mr.A ea hue Dd 94. Incomes which accrue or arise outside India but are received directly into India are taxable in case of A® resident only [BeM both ordinarily resident and not ordinarily resident & & non-resident hae Ae ketone Goomes oY Bonde » oulttde Mdoa Lb becomes faxable ad 8 Rows 9, Jenidewke aby D MF ailthe assesses 95. In case of an individual, any income by way of interest on any money standing to his credit in a Non- Resident (External) Account in any bank in India shall be: A & exempt ~ S10 (ADI) 8B & fully taxable fe A © & exempt up to Rs.13,000 D © exempt upto Rs.1,00,00 96. An assessee was allowed deduction of unrealized rent to the extent of Rs.40,000 in the past although the total unrealized rent was Rs.60,000. He is able to recover from the tenant Rs.45,000. during the PY on account of such unrealized rent. He shall be liable to tax to the extent of: A & ks.45,000 " — hoor + Aorom (m5 allrcss) BOB es ni fon ‘ 4s é ) Bs Row w0edte: O60 @ © s.25,000 igo = aspoo > 26.000 DE ks.s000 * ne 5 na faxalle roe 97. For claiming deduction for Tea Development, Coffee development or Rubber development u/s '33A8 the assessee should deposit the money with NABARD or in the Deposit Account: A. & before the expiry of the PY 8 © within six months from the end of the relevant PY ¢ © within six months from the end of the relevant PY or before the due date of furnishing the return of income whichever is earlier D © before the due date of furnishing the return of income Aue. @ 98. An individual is said to be resident in India in any previous year if his total stay in India during that year aggregates to at least: AE 365 days BE g2 days @ & 282 days,DF 182 days 99, Capital gain arising from compulsory acquisition of urban agricultural land shall be: A. Fully exempt without any conditions . 8 & Fully taxable during the year of reciept of the compensation sls 9) @ © Excempt subject to the fulfiliment of certain conditions Awe. \D M Fully Taxable during the year of award of the compensation 100. No person other than an individual or HUF can be “resident but not ordinarily resident in India" cM true. The classification resident but not ordinarily resident in india is applicable only for individuals and hindu undivided families Dos & B & False, All the three types of classification are applicable to all the assesses ©. © true. The classification resident but not ordinaryily resident is applicable to individuls or HUF whose total income exceeds Rs.10 lakh and who is working in 2 foreign country _) & False. The classification is applicable to individuals, proprietary firms, hindu undivided families and firms controlled by hindu undivided familiesMULTIPLE CHOICE QUESTIONS (from various sources) Multiple choice questions —Income Tax 1. Fringe Benefit Tax was introduced with effect from es 1 April 2006 (FA200S)) a. 1 April 2003 b. 1 April 2004 d. 1 April 2002 2. Aggrieved by the orders of the assessing officer, the assessee can take the following action a. Refuse to pay tax & Go on appeal ~~ 2. File complaint with the Commissioner a. Request for assessment by a different assessing officer ; “Cow lie be Galid ABTA (icine Dol a. Double Taxation Avoidance Agreement ($56) e. Double Tax Avoidance Agents 3. DTAA means b, Dual Tax Avoidance Agreement 4, STT stands for a. Service Transaction Tax b, Securities Transaction Tax 5. BCTT stands for a, Banking Cash Transaction Tax v . Brokers Commission Transaction Tax 6 Unexplained cash credits are dealt with @ Section 694 Gi) Section 69D (iii) Section 68 7 Unexplained expenditure is dealt with (D Section 694 (ii) Section 69D (ii) Section 68 8 Unexplained money, bullion ete @ Section 694 (ii) Section 69D (iii) Section 68 9, Amount borrowed on Hundi ete. ( Section 694 (i Section 69D (iii) Section 68 10 Unexplained investments () Section 694 (ii) Section 69D (iii) Section 68 11 Sn 5 of the IT Act presoyibes 3 catego Yes/No ()R&OR™ (ii) RNOR' eee sconeet) 4. Definite Tax Assigned Agreement ¢. Ship Terminal Tax d. Semi Transaction Tax c. Bankers Commission Transaction Tax d. Benami Cash Transaction Tax (iv) Section 69C- (v) Section 69 (iv) Section 69C ~~ (9) Section 69 (iv) Section 69C (v) Section 69 (iv) Section 69C () Section 69 (iv) Section 69C () Section 69Oph 31309 12 Dividend paid by an Indian Company outside India is not deemed to have accrued or arise in India for residents and ordinary residents Yes/No~See Sn 9(iv) 13 While computing “Taxable income’ the expenditure relating to income which does not form part of total income will be allowed as deduction. a. Yes b.Nov~ — [See Section 144] 14. Tax fates are prescribed by Finance Act. However IT Act itself prescribes specific rates for certain categories of income nee a. Yes : b.No [See Section 11SBB] ste 15 Person includes Artificial Juridical Person. Hence income eamed in the name of a deity is also charggble to tax Yes/No It covers not only deities but also all artificial persons ‘Choose the Correct Answer 16 Tax on short term capital gains on listed securities under section 111A of the IT Act a. 10% Check whether 15% fro ty ©. 60% b. 20% a Fhe) . 30% 17 Tax on capital gains under section 112 a, 10% ©. 60% 5. 20% V 30% 18 Winning from lotteries under sn 115BB a. 10% ©. 60% 3. 20% 30% / 19 Income from open ended schemes of UTI, or mutual funds under Section 11 BBB (FA 2002) a. 10% ©. 60% 5. 20% . 30% 20 Deductions available for donation to Prime Minster’s Drought Relief Fund is a. 100% ©. 60% 1b, 50% See 806 4.80% Determine the residential status in the following cases 21 Individual, a person of Indian origin visited India on | October 2002 and left India on 31 March 2003 and his total period of stay in India during the four preceding years was 365 day. State his residential stgtus in the previous year 2002-03 iota a. Resident” See Sn 6(1)a Residential status(Resident if 182 days or more) Fl eeay dys b, Non-resident 22. A company registered outside India but the control and management is wholly in dia a. Resident’ See Sn 6(3)(ii) b. Non-resident 23 An Indiay Company but the Managements partly outside India a. Resideni* See Sn 6 (3) (i) b. Non-resident 24 Subsidy received by a company from Tea Board is exempt under section 10(30) aves bNo 25 Deamess Allowance in exempted from the purview of tax 2 LBsNok beduckon, of bx ot Bouyer, Ros Goinwinge on wlofiewes le” Bad Hore ace . poedare (@usstion 26) = Tix zl 7 snc wan ot 86/.48e aeelacking Rs\0000 fw 1-Y.a0t0 (ER w — Kelse thal dle Bysooo — 7 ; Lends ISTE EA] Yese on Gstuntugs Jam Hovte Yoce CaM fe cleducted, ot BF Ayer exclacking BS000 fan 1-4 QotolFA ta) — fat clele 2,880 — 7 e Peealter Sehuadion : Sy acral aaseésnenk, te ded ven ep. uA Oy cher pando q) UE Ack, ovgh at THe Stege Pertosin faote tm pasa, OS Rresy te Gre owed - Suportant Bed ns UE es fpr ale. Seek sean (Lab eating Revse rate ae) Aoming wader Cher Soureer’. Ovbyy for ancoue Be Cchiohy G owning ard maintaining race Rvs 1 Ppenser acy artanved Joy Suck cebu Gre Cfowed . Ke Attacker Oricag fm Alteoug Boto.om ay Sioo et DE Grego Bod AS allosrny act Ruf omoomert ao Had nel Adtone coy TOS Wt Reve fs Be pookled up er Grieg ol ae FPR contin Go fptrrer: 5 ; co Bee pacw'nges Om Neth sain g inw’ags fora papi kel tangs wang fed cainwlagé-ia ee = Di = tate g Tas] C1- 9:9091 04691 Trae sof, +00 57, 327] : Sxcmple Be teh nuiags cfr TA = 79190 - Chad eat be LA Lars Gotnuwngs® (Fron @ het Gstaniys = Faiq0, dedacLeorre xeon, [Odor at TOS ye fom 2100 | Rs qo 000 0.69 * Foss Ginny = Goo +(0,05 = |,60,000 | B74”aYes No vw 26 In fea year one +05 sJormgoy races including horse races are anne upto Rs. — tele, 2500. here £5 wo deduction] ext ‘As Casual reed} wn oe) sos Stine Ceonning few deri, oe lt bNo indie cph copie fare a Yes CRA 04 bade Ruy Shey Prevtsrn §; Ouatlen 8.10 1-403 Mod | 27 on ofespors association is exempted finder Sn 1023) Yor et (29) 3) foes hers pe Lhe enaaed)y No Ee 2B a of RIORA SBS eedmnpied from AY 2001-02 til @G07-08) 2010-11 aYes See Sn 10(23BBD) bNo 29 Income of employées state Insurance Fund set up under Employees State Insurance Act 1948 is exempted under Sn 10(25A) a Yes bNo 30 Exemptions available under Sn 10(37) is available for companies also a Yes b NOSn 10(37) is available for individuals and HUF- CG by transfer of agricultural land Find out the correct answer relevant to the IT Act from the following 31 For rectification of mistakes apparent from records the assessing officer can rectify the amount under section a 154 «251 2148 263 32 Rectification of mistakes where there is a change of opinion is not possible under Section a. 154 6 251 8.148 263 33 Income that escaped assessment can be brought to tax by issuing notice under Section a 154 @, 251 6148 d. 263 34 Assessing officers make prejudicial to the interest of revenue can be cancelled by the Commissioner of IT under Section a. 154 ¢.251 b. 148 d. 2638 35 In a summary assessment the assessing officer cannot make any change in the income returned but can issue a notice under section a. 154 e130) 5148 . 263 Notes Sn 143 =” Assessment Sn 143(1) ~~ Suramary Assessment (Processing) nekan Sn 1432) - ‘Serve the assessee a notice after filinglfor scrutiny $n143(3) - Scrutiny Assessment Sn 144 - Best Judgment Assessment/ Ex parte Assessment Sn 147 - Income escaping assessment 5Daavowkinned [prSareh eté aljor 2-5 2mg CPA 03) vide SASS BL Sn158BC - _. Block Assessment(Undisclosed income on. search ws 132/132A for the block period) See Sn 154 + Rectification of mistakes S251 - $n 263% = Revision orders 36 Brobedure for block assessment was withdrawn with effect from @. 1 June 2003 -~ ¢. 1 June 2007 5.1 April 2006 4. 1 April 2007 37 Securities Transaction Tax was brought with-effect from a. 1 June 2004 : 1 April 2007 5. 1 April 2006 d. I October 2004 38 Additional depreciation is Applicable to assesses engaged in the business of manufacture or production of any article or thing and for Plant and Machinery under Section 32(1)(iia) after @. 31 March 2005 © Initial depreciation FA 2005 c. | September 2006 b. 1 April 2004 d. 31 March 2006 39 Any sum paid on account of FBT shall not be allowed as a deduction under Section 40(a)(ic) with effect from @. I April 2006 ~~ c. 1 October 2004 6. 1 April 2007 4. I April 2005 40 Banking Cash Transaction Tax was introduced from — GselRdweuon on Lee 2009 a. 1 April 2005 AY 2006-07 ©. 1 June 2005 3b. I May 2005 d. 1 September 2005 41 Profits and gains of any business of banking including credit Tacility carried on by Co-operative society with its members forms part of income for the purpose of taxation by a. FA 2004 Ris con’ done ty 6 Jhehy aos’ © FA 2006 w-e-$ \> ig 200% ~ S.8OCPIA)- b. FA 2005 £80 P cletaehion fo Sesh Sousfizs. 4. FA 2007 : 42 Definition of tax credit certificate has been introduced in the Income Tax Act by a. Finance Act 1964 b, Finance Act 1965\“we8..1 6S d. Finance Act 1967 43 Income by way of long term capital gains of a company is to be considered after computing book profit under section 115 JB a. FA 2004 c. FA 2006 5. FA 2005 d. FA 2007 44 Assessing officers have been to reopen the assessment in the cases where expenditure against exempt income have been claimed es deduction for any AY beginning on or after 1 April 2001 with retrospective effect from H-May200t-vide 1-4-1962 - By giseomends Gtth become byeek a. FA 2002 Section 14A ©. FA 2004) Bpre Ik Boot nacd ns'he veapensh, 8. FA 2003 FA 2005 45 Scheme of submission of retums through tax return preparers has been introduced by @. FA 2006. ~ Section 139(B) wef 1.6.2006-FA 2006 ¥ _c. FA 2005 5. FA 2004 d. FA 2007 B76oe (TAs State Yes/No auatted oe UA oC rass) 46, While computing salaries standard deduction under 16(1) was admissible for AY 2006-07 also ates No 47, Exemption undef Section 10A is not allowable to an assessee who doesn’t furnish the retum of income on or before due date under Sn. 139(1) from AY 2006-07 (P08) ~ prow fo 101A) aYes b.No 48, For AY 2005.06 deduction under Sa sigs with 80CCE is allowed upto one lakh along with deductions under 80CCC and 80CCD renitrdnced ag oe aYes ph AY: \ebele, “fs ee ie ae b.No ed rhe fe ne OCC GoD 49. Losses in spec Ghse BiH SAABE THE carryover for a period of four years only with effect from 2006-07. aes Ge S-49(h) (FA 0S) b.No 50, Deduction under 80L was available for AY 2006-07 also ~ io a Yes b.No Omitted from FA 2005 wef 1.4.2006. Due Dates for filing returns ~ Section 139 51 Due date for filing return for Securities Transaction Tax. a. 31 July ©. 30 June w~ 31 Octave d. 30 April '52 Due date for filing retum of income/wealth for the relevant PY for assessees whose accounts are not subjected to audit a.31 July ~ 6. 30 June 8. 31 October 4. 30 April 53 Annual retums of income under first proviso to section 139(1) a. 31 July pavers feving wader © 30 June 8.31 October “ * Ye Scheme"uaech Rested | d_30 April se Ay 20h B50 ; : 54 Filing of retums of Fringe Benefit Tas’by companies ard any persons subject to audit a.31 July ¢.30June b. 30 September” Sn 115WD-FBT- FA2008 wef1408. _ d. 30 April 55 Half yearly return on TCS during 1 October to 31 March under Sn 206C a. 31 July ©. 30 June 3, 31 October 4. 30 April Profits and Gains from Business or Profession ‘56 Amortization of preliminary expenses ~ Section 35D 57 Compensation on voluntary retirements- Section 3SDDA 58 Provision for Bad debts ~ Section 36(1)(viia) 59 Amalgamation/Demerger Expenses — Section 35DD 60 Deduction for Eligible Projects- Section 35AC 61 Shipping business — Non residents -Section 44B — 7.5% of the aggregate amount 62 Operation of aircrafts —Non- residents-Section 44BBA- 5% of the aggregate amount BIT| | | 63 Foreign companies engaged in Civil Construction Business in turn key power projects approved by Central Government- Section 44BBB — 10% of the amount paid or payable 64 Royalty or technical fees derived by foreign companies from Government or Indian concern — ‘Section 44D ~ 20% of the royalty amount. 65 Head office expenditure-Non-residents — Section 44C- 5% of total income Assessee liable rest to revenue 66 If the return of income is furnished after due date or non furnished, interest is to be paid on the amount of tax as determined on regular assessment or under section .143(1) as reduced by the advance tax and TDS/TCS. — Section 2344 67 An assessee who is liable to pay advance tax has failed to pay such tax or he has pai ce. ‘tax but the amount of advance tax paid by him is less than 90% of the assessed tax. He is to pay the interest from 1 April of the AY to the date of determination of total income on regular assessment or under section 143(1) — Section 234B 68 If an assessee has not paid advance tax or underestimated installment of advance tax interest is to be paid for shortfall for the advance tax paid Section 234C~ Interest for deferment of Advance Tax 69 With effect from 1 June 2003, interest is to be charged on the refund granted under section 143(1) but no refund is due on regular assessment or the amount so refunded exceeds the amount refundable on zegular assessment Section 234D-Interest on Excess Refund 70 If a person responsible for deducting tax at source does not deduct tax at source under section 192 to 195:or after deducting tax fails to pay the same as required by the act, he is liable to pay interest at the prescribed rate on the amount of such tax from the date on which such tax deductible to the date on which the tax is actually paid pen or pak Section 201(1A)- Consequences of failure to deduct or pay- Rate of interest 1.5% wef 1 Apri 2010. bp Ipilure bo pony fe Lo ble Yor deducking « Tox faclave fe dadoal: x = Ua pre or past 71 Who ‘cant claim refund when due to death, incapacity, insolvency, liquidation or any other cause, a person is unable to claim or receive the refund due to him. a. legal representative _See section 238(2)- Person entitled to claim refund in certain special cases b. relative d. none of the above c. nominated person 72 What is the time limit for claiming the refund @, one year from the end of the AY ~ See 239(2}(c) Form of claim for refund and limitation b. six months from the end of the AY d No limit c. Two years from the end of the AY 73 What is the C.L.T power to condone the delay in case of belated claim of refund? a. Upto Rs 10,000 Sn.237- Refunds-Boards deciston-CIT- Upto 10,000 CCIT-Between 10,000 and I lakh b. Upto Rs 1,00,000 d. No limit ¢. Upto Rs 2,00,000 74 Can a refund be withheld by the assessing officer? a. Yes, With previous approval of CITCCIT b. No, Powers of withheld of refund have been withdrawn [Sn 241 omiited by FA 2001 wef 1.6.2001] om ‘By onitag Qa <7¢. Discretionary power of assessing officer. d. Yes, with the approval of DCIT 75 Under what circumstances assessee is not entitled to interest on refunds? («rand ¢) ee If proceedings resulting in refund are delayed for reasons attributable to assessee wholly or in art, the period of delay so attributable o him shall be excluded from the period for which rest is payable §Sn-2444=Interest on refunds]. ’b. No: interest is payable if interest of refund is less than'10% ofthe fax as. hiebied ce 4. In both the above conditions assessee is not entitled to interest on refund ’ dIn both the above circumstances assessee is entitled to.interest.on refund 76 Any expéhditure nét being Of capital natiiré laid out wholly and exclusively forthe purpose of” business is allowable as deduction in computation of the income chargeable to tax under the head profit and gains of business or profession. In view of this proviso, which of the following can be ‘reated as the capital expenditure of the assessee company a. Interest paid on borrowed capital for expansion of capital base b. Interest paid on capital work in progress d. Inall the above cases, c. Share issue expenses of the company 77 Movement control register is maintained by a. RKU ¢. Receipt Counter 5.4 d. Dial Up 78 Collection units dealing with all matters relating to collection of demands of the range and grant of stay/installments work under a. CIT 4. TRO / See Sn 222, Sn 223, Sn 224, Sn 225- Tax Recovery Officer «CCT d. TDS Ward 79 The accounting procedure is done by a. ZAO ¢ZAO& CTU 3.CTU 4. TRO 80 Under the income tax rule the authority to use personal deposit account is a. CCIT e170 6.CIT a. Assessing Officer 81 Sub section (3) under section 200 was inserted by the FA 2004 and effective from a. 1 April 2005 - Duty of person deducting tax -Furnishing of quarterly return b. 1 June 2005 4. 1 June 2006 1 Aprit 2006 82 Under Sn 206C(1C) Rate of tax collection at source Parking lot, Toll Plaza, Mining and Quarrying V~ 2% [wef I October 2004] Section 57(iia) The income chargeable under the head ‘Income from other sources’ shali be computed after making the following deductions namely (iia) In the case_of income in the nature of family pension, a Sede fa sum equal to thirty three and one third percent of such income or fifteen thousand rupees whichever is less. v~ Section 1324 Power of requisition books of accounts etc.,Section 133 Section 133A Power to call for information Chapter XIII. ‘Search and (other provisions) Powers under the chapter Procedure for Assessment Section 139 Section 140 Section 140A, Section 142 Section 142A Section 143 Section 143(1) Section 143(3) Section 144 Section 144A, Section 145 Section 147 Section 148 Section 149 Section 150 Section 153 Section 1534 Section 154 Section 155 Section 156 Section 157 Section 158 Return of Income Return by whom to be signed Self Assessment Enquiry before Assessment Estimate by valuation officer “Assessment Assessment pal ba gudgrmeal Jascamect ov & pede eacetemest ») Power of Joint Commissioner Method of Accounting Income escaping assessment Issue of Notice where Income has escaped assessment Time limit notice Provision for case where the assessment is in Time limit for completion of assessment Assistance under search or requisition Rectification of Mistakes Other Amendments Notice or Demand Intimation of Loss Intimation of Assessments of firm under appeal4h Lander $-38A8 axponchilaie on eligetle Iraiécls cud Lhower «2 edunuceble 9 deduction, Suck expendclase Acne D pry nveul 6 pases 2 oe Eenpeoien, keel SKovly Wpred ADP ele Gi ) direct oxperdiliie By Aba Revere News om tha ete frye ev Chewser . Sheil aedochss, ha cbaect spend dlase 04 esses Goh alk Goseosees Ane -(& CO Ie Lanpraouer only 7 CO araeisers Cho do nd\— Raake fepnests adel) oly 2 Sod, sleet Lonus de bh @ pethiey fn e fim ny dexede tudey Fak) Benin CB) PEBP ©) ober Brats O)hone feese S08 Shey Sor secoryeg budy aw. Gpreemeut ir Reming fo han Gait Seer ee we Rong a" beninen | eek k hey ‘pooa Acne (nade ® okey Souveey ®) Pade ce) Copel Garne O) re. he. Yerwnc’ Gahon 3 - deprccahss ay BINH 00 deacian i @ aD Booey Dory YES ato Gorcllen off 2 Mer Rook 8-320) Hw erence ee) x tra aise OS ay 9 eee - $ Monee peyece Cea rriag, on Lchag 8Q meaun @® Shonchy Credibors of €ox” Oneree QB) dete he lelche, - a * Spat Of He fg faced, pre ae 6 sa0x) Wetted of Heh AL ow pe REF ised aud {04 bircrte chsreyl gy — #9 bo Ran ecel ASS Chrony - 6 Ringe Bone isle Jore orm 48) occ. tn CReptey x1 (Sas. si-16 45 40 ym) x cheing erbeviod Frm hyayos-0¥ & AY eng - lo 7 Mle Pople” aed) gains ep Snnsvance Buocnest tndor $44 Crt ke Caloulated intel te Vales to Sehedule oe GA: (Bai evsMULTIPLE CHOICE GUESTIONS . we Co. GB Abeta te ASE debe vomie duly payabh of Ro 3 Sow sh UF actouwde fp Be By. 2008.09 sand Rad Proxmed ak G5 cleduckon 04 UE san |otleas: merteohla Glee ae Yhe & Rad paid Me awousct @s Br 2 teh On 27 Sepl 3. and Ahog. nh Rotten nd He Alene oy 20.1) °9 hot Ruouvt ap dnad ouidsble ® R3.s,co0 B® Rodpo,000 © -Pot.Sv.c00 OD Mone a weed Coe bby. Anes €. See S43 BUS per Qc Gelno! Poyprneets Kefore clue Rede only are. Bdwissite - “Due dae’ A He due Ade 4139.0 hor Feking velar , Gack £5 Hee ade 60 B0-9-09 -Cheing a to.) - Dede for rane 09 3.11.09 fico Le Cowsed fos the PY. 2809-10 only (AY 2010-11) - Ales Belpre ane Iyeuct Gre, 1-ho@ aod) , UT dw. dele fetng rely [pv bee ouch Chews yy Govpuleoy Kudi-vfe GAB Gray 310 Pf fe Ay. FB . Swath State Soduttcal Undertaking meauy axvesfnest ai ote area a ot Plot ove Nethivery @ dbo ust exeeds) fo | Bro @jexceed. Gacrme d © @) Nene ay fBese Avg. (@)./ Bio. & few qpehon on Mar @) MAT Bredd Cou Be Pavrred prec fp Seno fer Os pay boy Qe MAT bas Paid bedey Sechas STA fp He Gaoemmnedd ears; O19499 b 2e-1 (B) 196.94 te 1909-200 @) dow % Rete > Anooe ® “ (8 Kooy forsee § WAT Bedi Gon ae bev aseh- yon ®@ (a9q-2en— Qooe-07 (BJ Wel-08 W aoosog - © Woue g Here - Ante @) © Leng {pect foned fey maT Gor raiser th ge fe Ay @) 20¥-07 W deob-oF” MW aoe oq . haceev- (8) @) Reg fpr ware perted fov InaT iy Q@) reece y yur even md Corn racsea by lo years © fre ~ Vase) to to years frm 1-4-2016 (FA 04) (om yew:MORE MULTIPLE CHOICE QUESTIONS: income Tax Objective quest Objective Questions in Income Tax fanended opto MULTIPLE CHOICE QUESTIONS Ginance Act 2008) 1. Surcharge of 10 per cent is payable by an individual where the total income exceeds: 8) Rs.7,50,000 b) Rs.8,50,000 c) Rs.10,00,000 d) None of the three ANS CV nly AYQn0g-LO ovly - Aor Hak Wo Se fpv aadsord ‘duake 2. Additional surcharge (education cess) of 3% per cent is payable on a) Income tax 6) Income tax plus surcharge c) Surcharge. Ans bv 3. Family pension received by a widow of a member of the armed forces where the death of themember has occurred in the course of the operational duties, is 2) Exempt up to Rs.3,00,000 b) Exempt up to Rs. 3,50,000 ) Totally exempt under section 10(19) d) Totally chargeable to tax Ans ©” 4, In respect of shares held as investment, while computing the capital gains, securities transactiontax peid in respect of sale of listed shares sold in a recognized stock exchange, a) Is deductible up to Rs.1,00,000 b) Is deductible up to Rs.2,00,000 ©) Is deductible if C.G.’s is < 5,00,000 d) Is not deductible at all Ans d tples Sa TER proan os SAR” is seme POBP aloo Was wd aduiesobte vdey §. 36 ‘o) 5. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non- relative regularly assessed to income-tax, |S 2) A capital receipt not chargeable to tax b) Chargeable as other sources uncone ( Us St) ©) Chargeable to tax as business income d) Exempt up to Rs.50,000 and balance chargeable to tax as income from other source Ans b 6. The rate of tax that is leivable on STCG arising from transfer of Equity shares of a Company or units of an Equity oriented fund is a) 10% b) 15% c) 20% - c Ansb“ S.WA+ Refine AY 2009-10, CRE wake ams of. 7. For an employee in receipt of hostel expenditure allowance for his three maximum annual allowance exempt under section 10(14) is a) Rs.10, 800 b) Rs.7,200 c) Rs.9,600 d) Rs.3,600 Ansby Cavexiaxacnldien) Rule 28 iden 61d Me bebe 8. For an industrial undertaking fulfilling the conditions, additional depreciation in respect of a machinery costing Rs.10 lakh acquired and installed on October 3, 2005 is 3) RS 75,000 b) Rs 1,50,000 ¢) Rs.1,00,000 d) None o of the Sie tay Ans d- fae: feel ae dialed ao in a faved A") Pe ikde adk-fon than \S0doys . 427 vac ethte (4 -e- Wate 0. asseasee is sinsye person but 8 Nerson may of may not be an ee 8) True b) False Ansa / iren, the 10. A person may not have assessable income but may stil be assessee. a) True ) False Ans ay/ | 383LA, SRooringy all tire. Please So Rep (351354 | 11, In some cases assessment year and previous year can be same financial year. a) True b) False Ans a~ 12. A.O.P should consist of : 2) Individual only b) Persons other than individual only c) Both the above Ansc v~ 13, Body of individual should consist of : a) Individual only b) Persons other than individual only c) Both the above Ans a . 14. A new business was set up on15-i1-2008 and it commenced its business from 1-12- 2008.The first previous year in this case shall be: a) 15-11-2008 to 31-3-2009 b) 1-12-2008 to 31-3-2009 c) 2008-2009 ans a 15. A person leaves India permanently on 15-11-2008, The assessment year for income earned till 15-11-2008 in this case shail be: a) 2007-08 b) 2908-09 c) 2008-4 ee Ans b fete BYLIBY-08 jpr Reve ph npn 09 He Gon Re @mested 1h 2000-59 Heep 116. Surcharge in case of an individual or HUF for assessment year 2009-10 is payable at the rate of : 2) 12% of the income-tax payable provided the total income exceed Rs.60,000. b) 10% of the income-tax payable provided the total income exceeds Rs.10,00,000 c) 5% of the income-tax payable if the total income exceeds Rs.8,50,000 Ans by “Fee. tle SareRarge by Man qep fom AY Q0t0-U 17. Surcharge in case of a firm for assessment year 2009-10 is payable at the rate: a) 2.5% of income-tax payable b) 5% of income-tax payable c) 10% of income-tax payable Asc Vv Bake ha Buwthharge fey AY RofO=Wt fy fevmes 18. The maximum amount on which income-tax is not chargeable in case of firm is: a) Rs.1,00,000 b) Rs. 90,000 c) Nil 7 7 7 Ansc / ae «Shes ko Saale ocemphiony 19. The maximum amount on which income-tax is not chargeable in case a co-operative society Is: a) Rs.50,000 b) Rs.30,000 c) Nil Ansc ¥ 20. A local authority is taxable at flat rate of income-tax. a) True b) False Ans a/ 2A tive society is taxable at flat rate of 30% on TI. a)truet) Fase a Sagehen - But ns banie eeomphon fuss. Indfedc Ans ¥ Wee: Shab ante lye to-efe Setichen - 22. Education cess is leviable @: a) 3% b) 5% c) 2.5% | Ans ag/Oo 23. Education cess Is leviable in case of: a) An individual and HUF b) A company assessee only c) All assesses Ans J, 24. In case of an individual and HUF education cess is leviable only when the total income of such assessee a) Exceeds Rs.10,00,000 b) No income limit Ans by 25. The TI of the assessee has been computed as Rs.2,53,494.90. For rounding off ,the TT will be taken as: a) Rs.2,53,500 b) Rs.2,53,490 c) Rs.2,53,495 Ansa yy 26. Income tax is rounded off to: a) Nearest ten rupees b) Nearest one rupee c):No rounding off of tax is done F RA Ansa y Tae Se $.298 P. Irentnaut Ge) to} Ak « Repeat roubing Sato as TI for the A.Yr.2009-10 is Rs.2,50,000.His tax liability shall be a) 10,000 b) 10,300 c) 11,330 | doxr€e 3) Ans Dy” Tae @anz sxenphon [pAY doa-to ts Ai,S0.000 on fate Lets) oh] eae 28. Residential statusifo be determined for : 2) Previous year b) Assessment year c) Accounting year Ansa y~ 29. Incomes which accrue or arise outside India but are received directly into India are taxable in case of a) Resident only b) Both ordinarily resident and NOR c) Non-resident d) All the assesses Ans dy 30, Income deemed to accrue or arise in India is taxable in case of + a) Resident only b) Both ordinarily resident and NOR c) Non-resident d) All the assesses Ans dv” 31. Income which accrue outside India from a business controlled from India is taxable in case of: 8) Resident only b) Not ordinarily resident only ©) Both ordinarily resident and NOR d) Non-resident Ans.c 32, Incomeswhich accrue or arise outside India and also received outside India taxable in case of: a) resident only b) not ordinarily resident c) both ordinarily resident and NOR d) none of the above Ansa 3.5 33, TI of a person is determined on the basis of his: a) residential status in India b) citizenship in India c) none d) both of the above Ansa y~ 34, Once a person Is a resident in a P.Yr. he shall be deemed to be resident for subsequent P.Yr. a) True b) False Ans by Ne: Ratidenkiah lahas a deleracnad. Separetely |p aah OY a B8535. Once a person is resident for a source of income in a particular P. Yr. he shall be deemed to be resident for all other sources of income in ‘the same P. Yr: a) True b) Faise ansBor——- Se $-06) 36. R Ltd., Is an Indian company whose entire control and management of its affairs is situated outside India. R Ltd., shall be : a) Resident in India b) Non-resident in India c) Not ordinerily resident in India Ansa y~ iaity 37. RLtd., is registered in U.K. The control and management of its affairs is|situated in India .R Lid shall be : a) Resident in India b) Non-resident c) Not ordinarily resident in India AnsB AY * §. eyii)- 38. R, a foreign national visited India during previous year 2008-09 for 180 days. Earlier to this he never visited India. R in this case shall be: a) Resident in India b) Non-resident c) Not ordinarily resident in India Ans b 39, An Indian company is always resident in India a) True b) False Ansa 40. Dividend paid by an Indian company is: a) Taxable in India in the hands of the recipient b) Exempt in the hands of recipient ©) Taxable in the hands of the company and exempt in the hands of the recipient AMSC —-S-10GH) and SSD 41. Agricultural income is exempt provided the: a) Land is’situated in India b) Land is situated in any rural area India c) Land is Se igh nae He or outside Jaf lov t meee exempt ul Ans 2 y~ “Noes Agl- sicoma from(ruval ay tngan) agi ~ on Dndad an, Aveta | hen C6 ios feqited arau,, Leta aapl Lone) ao nok exeorP™ “acnent 42. If the assessee is engaged in the Business of growing and manufacturing tea in India ithe agricultural income in that case shall be: 5) 40% af the Income from such business b) 60% of the income from such business ¢) Market value of the agricultural produce minus expenses on cultivation of such produce Ans DV tak He hédley Wahine of 487 gpeskon « 43, Agricultural income is : a) Fully exempt b) Partially exempt c) Fully taxable s Ans 2 senti nf 10042 full. Ba ogi fora peatdy Po $00, xo taken fpr Yee, Purposes « Pega Jantech tae ancien £8 riasnce Nm Cher iors onda) 44. The partial integration of agricultural income, is done to compute tax on: = a) Agricultural income b) non agricultural income ¢) Both agricultural and non agricultural income Ans by (AF ~ Hor “ole pyorperes $7) 45. There will be no partial integration of agricultural income with non agricultural income, if the non agricultural income does not exceed: a) Rs.4,50,000 b) Rs. 1,00,000 c) Rs.1,10,000 = Ans a Joie sxe on Fou ME your % Genera» tS Lakh Aon Ares Leen raid fe 1-6 aad (eG faseh) (Bas46. There will be no partial integration, if the agricultural income does not exceed: a) Rs.40,000 b) Rs.50,000 c) Rs.5,000 Ans ¢ 47. A local authority has earned income from the supply of commodities outside its own Jurisdictional area. It is : a) Exempt b) Taxable Ans by 48. R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the employer to call the remuneration as internal audit fee. R shall be chargeable to tax for such fee under the head. a) Income from salaries b) Profit and gains from Business and Profession ) Income from other Sou Ansa "(98 employe employer elchin scctds Rene) 49. R, who is entitled to a salary of Rs.10,000 p.m. took an advance of Rs.20,000 against the salary in the month of March 2009.The gross salary of R for assessment year 2009-10 shall be: a) Rs.1,49,000 b) Rs.1,20,000 c) None of these two ansa v7" Cadeins Salen ackuctly reared chia & PY ab feotalte [pv Hak yor.) 50. A Is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of : a) Rs.200 p.m. b) Rs.160 p.m. c) Rs. 240 p.m. ae Aide: Se dem § oh Ge tote body Role 289. he vied ab" RO. pv net per Gd Oph arta foe (Rowe rm) Bile". Be Krust of 4s wed de on (RE, ewshev Biddiew and nO on We" hie! 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