41
Quoting of Permanent Account Number is mandatory is case of a contract for sale or purchase of securities exceeding value of
A)
Rs. 50,000
B)
Rs. 1,00,000
C)
Rs. 1,50,000
D)
Rs. 2,00,000
Answer & Solution
Answer: Option
B
42
Income from the sale of land is a/an:
A)
Non-agricultural income
B)
Cost
C)
Expense
D)
None of these
Answer & Solution
Answer: Option
A
43
The depreciation is allowable expenditure subject to:
A)
The asset must be tangible asset
B)
The asset is used for the business purposes
C)
The assesses is the owner of the assets
D)
All of the above
Answer & Solution
Answer: Option
D
44
In case of . . . . . . . ., the profit of the . . . . . . . . will be the loss to the . . . . . . . .
A)
lease, lessor, lessee
B)
lease, lessee, lessor
C)
hire-purchase, seller, financer
D)
hire-purchase, hirer, seller
Answer & Solution
Answer: Option
A
45
Assessment of escaping income in known as
A)
re-assessment
B)
best judgement assessment
C)
self-assessment
D)
regular assessment
Answer & Solution
Answer: Option
A
46
Any profit earned from purchasing and selling standing crop is
A)
house property income
B)
agriculture income
C)
non-agriculture income
D)
All of these
Answer & Solution
Answer: Option
B
47
Which of the following would attract capital gains tax?
A)
Special Bearer Bond, 1991
B)
$$6\frac{1}{2}\% $$ Gold Bond, 1977
C)
Stock-in-trade
D)
None of the above
Answer & Solution
Answer: Option
D
48
A new business which maintains accounts on Diwali to Diwali basis for the assessment year 2013-14, the previous years of the said business will be:
A)
Diwali, 2013 to 31st March 2013
B)
Diwali, 2012 to 31st March 2013
C)
Diwali, 2011 to 31st March 2013
D)
1st April 2012 to 31st March 2013
E)
1st May 2012 to 31st March 2013
Answer & Solution
Answer: Option
B
49
When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of:
A)
10%
B)
20%
C)
Nil
D)
None of the above
Answer & Solution
Answer: Option
C
50
The purpose of transfer pricing was to ensure that the profit of a non-tax holiday segment were not
A)
overstated
B)
understated
C)
Either A or B
D)
Neither A nor B
Answer & Solution
Answer: Option
A
