Tax# Past Yr Question # for Practice Which of the following is not an example of capital receipt – (a) Money received on issue of shares (b) Money received on sale of land (c) Money received on sale of goods (d) None of the above. Maximum qualifying limit for deduction under section 80C is – (a) Rs.50,000 (b) Rs.1,00,000 (c) Rs.1,10,000 (d) Rs.1,50,000. In certain cases, income of other person is included in the income of assessee. It is called – (a) Clubbing of income (b) Increase in income (c) Addition to income (d) Set–off of income. Remuneration for rendering services on a foreign ship is exempt in the case of – (a) A resident (b) A non–resident who is not a citizen of India (c) Not ordinarily resident (d) A citizen of India. Which of the following is not an asset under section 2(ea) of the Wealth–tax Act, 1957 – (a) Motor car (b) Boats and aircrafts (c) Guest house (d) Cash at bank. Any rent or revenue derived from land may be treated as agricultural income if – (a) It is derived from land (b) The land is situated in India (c) The land is used for agricultural purpose (d) All the above conditions are satisfied. Which of the following is covered under section 80D of the Income–tax Act, 1961 – (a) Repayment of loan taken for higher education (b) Medical treatment of handicapped dependent (c) Medical insurance premium (d) Reimbursement of medical expenses. The incidence of taxation depends on the – (a) Residential status of the assessee (b) Accommodation of the assessee (c) Citizenship of the assessee (d) Marital status of the assessee. Profit and gains arising from the transfer of a capital asset are taxable as ____. Income accrued and received outside India is taxable in case of a ___. If an asset is put to use for less than 180 days in the previous year, the depreciation is charged at ___ of normal rate. Salary received by a Member of Parliament is taxable under the head ____. Unabsorbed part of the loss from house property can be carried forward and set–off within the subsequent _____ years. Remuneration earned by a member of HUF for the services rendered by him is_____ income of the member. One house or part of house belonging to an individual is _____ under the Wealth–tax Act, 1957. True False-- Sandeep, a trader, purchases standing crops and sells it after harvesting. His income will be treated as agricultural income. Suresh receives Rs.10 lakh from statutory provident fund on his retirement. This amount is taxable under the head income from salary. Sarita paid Rs.30,000 as interest @ 30% per annum on loan taken for the construction of a house. No deduction shall be allowed for payment of interest, as in the opinion of Assessing Officer, the rate of interest is very high. Ashok Exports Ltd. realised surplus of Rs.1,00,000 consequent to change in exchange rate of currency. This surplus is a revenue receipt. Zero rating transaction is the same as an exempt transaction. VAT helps in checking tax evasion and in achieving neutrality. The departmental audit also helps to check tax evasion. Introduction of VAT has increased the professional development opportunities for the Company Secretaries. As a result of introduction of VAT, the central sales tax will be phased out in due course. Tax on service is – (a) a direct tax (b) an indirect tax (c) multipoint tax (d) None of the above. Appeal to Customs, Excise and Service Tax Appellate Tribunal can be filed within – (a) One month (b) Two months (c) Three months (d) Four months. Service tax is administered by the Department of – (a) Central Sales Tax (b) Central Excise (c) Revenue (d) Customs. Service tax collected by mistake is required to be deposited under section 73A of the Finance Act, 1994 to the – (a) Central Government (b) Account of the person who paid such tax (c) National Defence Fund (d) Chief Minister’s Relief Fund. Service tax is applicable in the case of – (a) All Company Secretaries (B) Company Secretaries in Practice (c) Company Secretaries below the age of 65 years (d) All services rendered by a Practising Company Secretary other than representation services before any statutory authority.
Posted on: Tue, 21 Oct 2014 18:15:13 +0000
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