51
Receiving dividend from a foreign company by a person resident in India will be tax liability in the assessment year 2005-06
A)
Will get tax exemption
B)
Taxes to be paid by the foreign company
C)
Taxes to be paid by the resident in India
D)
Taxes will be paid by the government
Answer & Solution
Answer: Option
C
52
The provision for the set off and carry forward of losses in Income Tax Act, 1961 is given under:
A)
Sections 65-75
B)
Sections 70-80
C)
Sections 80-90
D)
Sections 75-80
Answer & Solution
Answer: Option
B
53
Any mistake apparent from record passed by the authority can be rectified within
A)
3 years
B)
4 years
C)
5 years
D)
6 years
Answer & Solution
Answer: Option
B
54
Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under:
A)
Section 15
B)
Section 20
C)
Section 17
D)
Section 19
Answer & Solution
Answer: Option
A
55
How many types of taxes can be charged in the invoice under GST?
A)
2
B)
3
C)
4
D)
5
Answer & Solution
Answer: Option
B
A)
Surcharge on any tax
B)
An additional tax on luxury goods
C)
A temporary arrangement for receiving revenue
D)
None of the above
Answer & Solution
Answer: Option
A
57
Match the following.
List-I List-II
a. Section 80DDB
1. Interest on certain securities, etc
b. Section 80G
2. Contribution to certain pension funds
c. Section 80L
3. Deduction for medical treatment
d. Section 80CCC
4. Donation to certain funds, etc
A)
a-2, b-3, c-4, d-1
B)
a-4, b-1, c-2, d-3
C)
a-3, b-4, c-1, d-2
D)
a-4, b-3, c-2, d-1
Answer & Solution
Answer: Option
C
58
Agricultural income of a taxpayer shall be added to his non-agricultural income only if
A)
The agricultural income of the taxpayer is more than Rs. 5,000
B)
When the agricultural income of the taxpayer is Rs. 600 and the non-agricultural income is Rs. 50,000
C)
Non-agricultural income of the taxpayer exceeds Rs. 50,000
D)
The agricultural income of the taxpayer is more than Rs. 5,000 an the non-agricultural income is more than the minimum limit of taxable income
Answer & Solution
Answer: Option
D
59
Which section of the Income Tax Act exempted incomes have been mentioned?
A)
Section 80C
B)
Section 80DD
C)
Section 10
D)
Section 2
Answer & Solution
Answer: Option
C
60
Which of the following statements correctly the approach of customs authorities and direct taxation authorities, when it comes to setting a transfer price?
A)
Both authorities will want to set the lowest possible transfer price
B)
The customs authorities will want to set a high transfer price while the direct taxation authorities will want to set a low price
C)
Both authorities will want to set the highest possible transfer price
D)
The customs authorities will want to set a low transfer price while the direct taxation authorities will want to set a high price
Answer & Solution
Answer: Option
B
