Post on 12-Mar-2015
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SCDL Taxation Assignments
Multiple Choice Multiple AnswerQuestion The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :-CorrectAnswerActual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of SalaryYour Answer Actual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of Salary
True/FalseQuestion Income Tax Act, 1961 recognizes Written Down Value (WDV) method as well as straight line method for the computation of depreciation u/s 32 this act.CorrectAnswerFalseYour Answer False
Multiple Choice Multiple AnswerQuestion Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :-Correct AnswerOperation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial researchYour AnswerOperation of Ship , Hotels situated in hilly area, ruralarea or place of pilgrimage
Multiple Choice Single AnswerQuestion Which of the following expenditure is in the nature of revenue expenditure?Correct AnswerExpenditure incurred as discount on issue of debenturesYour AnswerExpenditure incurred as discount on issue of debentures
Select The BlankQuestion If sum received is net of TDS then it is ________ to include in income from other sources.Correct AnswerGrossed upYour Answer Grossed up
True/FalseQuestion Interest paid on the loan for acquiring a capital asset will be considered to be a part of cost of acquisition.Correct AnswerTrueYour AnswerTrue
Multiple Choice Single AnswerQuestion Mr. A whose Gross Total Income, before allowing deductions under Chapter VI-A is Rs. 1,45,000, wants to make the investments in the following alternative forms Rs. 80,000 in PPF and Rs. 20,000 in Infrastructure Bonds. The amount of rebate available to him u/s 88 is :-
Correct AnswerRs. 18,000Your AnswerRs. 18,000
Multiple Choice Single AnswerQuestion Interest on specified securities or premium on redemption is exempt for :-Correct AnswerNon resident IndianYour AnswerNon resident Indian
True/FalseQuestion As per section 2(11) of the Income Tax Act, Block of Assets includes both tangible as well as intangible assets.Correct AnswerTrueYour AnswerTrue
Multiple Choice Multiple AnswerQuestion Deductions in respect of Certain Incomes received under Section 80L is available in respect ofCorrect AnswerInterest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,Bank InterestYour AnswerInterest on Central or State Government Securities ,Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,Bank Interest
Multiple Choice Single AnswerQuestion Tax liability of a person is based on :-Correct AnswerResidential statusYour AnswerResidential status
Multiple Choice Multiple AnswerQuestion For the purpose of income tax, the perquisites can be classified into :-Correct AnswerPerquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employeeYour AnswerPerquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee
Select The BlankQuestion For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year.Correct Answer182Your Answer182
Multiple Choice Single AnswerQuestion Income earned in previous year is subjected to tax in :-
Correct AnswerAssessment yearYour AnswerAssessment year
Multiple Choice Multiple AnswerQuestion Following professional institutions have their incomes exempt from tax :-Correct AnswerTown planning , Company secretary , Accounting
Taxation 5
Posted on March 17, 2010 by assetventures
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Select The Blank
Question 1 Mr X a salaried employee has received total educational allowance of Rs 8,000
for his four children, the maximum allowance exempt is ________ u/s 10(14) of
the IT Act.
Correct Answer Rs 2,400
Your Answer Rs 2,400
Multiple Choice Multiple Answer
Question2 What is the tax treatment of the Lump sum received from unrecognized
provident fund on the retirement or resignation or death of the employee?
Correct Answer Employee’s contribution to PF is exempt from tax , Interest on employee’s
contribution is taxable as “Income from Other Sources” , Employer’s
Contribution to PF and interest thereon is taxable as “Income from salaries”
Your Answer Interest on employee’s contribution is taxable as “Income from Other Sources” ,
Employer’s Contribution to PF and interest thereon is taxable as “Income from
salaries” , Employee’s contribution to PF is exempt from tax
True/False
Question 3 Software technology park means set up according to Software Technology Park
Scheme framed by Ministry of Commerce & Industries.
Correct Answer True
Your Answer True
Select The Blank
Question 4 It is mandatory for ________ to file a return even if there is loss or the income is
nil.
Correct Answer A company
Your Answer Persons under “One by Six” scheme
Multiple Choice Multiple Answer
Question 5 Following professional institutions have their incomes exempt from tax :-
Correct Answer Town planning , Company secretary , Accounting
Your Answer Town planning , Company secretary , Accounting
Multiple Choice Multiple Answer
Question 6 Which of the following amounts credited to P & L Account but not taxable from
Income tax Purposes as Profits from Business and Profession?
Correct Answer Refund of Income tax , Capital Gains , Dividend Income
Your Answer Refund of Income tax , Capital Gains , Dividend Income
Select The Blank
Question 7 ________ is the tax payable on the manufacturing of goods.
Correct Answer Excise duty
Your Answer Excise duty
Select The Blank
Question 8 The amount paid by the employer to the employee to meet the expenditure for
residential accommodation occupied by the employee is called ________.
Correct Answer House rent allowance
Your Answer House rent allowance
Multiple Choice Multiple Answer
Question 9 Any amount deposited by an Individual or a HUF in 10 year or 15 year account
under the Post Office Saving Bank (CTD) Rules, 1959. The account can be in
the name of :-
Correct Answer The individual himself , A minor of whom he is the guardian.
Your Answer The individual himself , A minor of whom he is the guardian.
Select The Blank
Question 10 Section 80U allows the deduction in respect of the ________ .
Correct Answer Permanent physical disability
Your Answer Permanent physical disability
Multiple Choice Single Answer
Question 11 Income of notified news agencies is exempt provided :-
Correct Answer They apply their income for collection & distribution of news
Your Answer They apply their income for collection & distribution of news
Multiple Choice Single Answer
Question 12 The total amount of rebates under Section 88, Section 88B, Section 88C and
Section 88D of the Act. shall :-
Correct Answer Not exceed the amount of tax calculated on the total income.
Your Answer Not exceed the amount of tax calculated on the total income.
Multiple Choice Single Answer
Question 13 What is the treatment of Uncommuted Pension?
Correct Answer It is taxable as Income from Salaries.
Your Answer It is taxable as Income from Salaries.
Multiple Choice Multiple Answer
Question 14 Perquisites which are taxable only in the hands of specified employee include
the following categories of perquisites :-
Correct Answer Motor Car , Services of sweeper, gardener, watchman or personal attendant ,
Gas, electricity and water provided for personal consumption
Your Answer Motor Car , Services of sweeper, gardener, watchman or personal attendant ,
Gas, electricity and water provided for personal consumption
Multiple Choice Single Answer
Question 15 The Central Government has introduced a new pension scheme for the
employees employed on or after 15th January, 2004. These employees are
required to contribute 10% of their salaries to this pension scheme. How much
will the Central Government contribute to the Fund?
Correct Answer Equal amount
Your Answer Equal amount
True/False
Question 16 In case of deductions for medical treatment under Section 80DDB the amount of
deduction will be reduced by the amount received under an insurance policy or
the amount reimbursed by the employer.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question 17 If any person fails to get the accounts audited by a Chartered Accountant and
fails to submit the copy of such report under section 44AB, he will be liable to
pay the penalty equal to :-
Correct Answer 0.5% of sales turnover/gross receipts or Rs.1lakh whichever is less
Your Answer 0.5% of sales turnover/gross receipts or Rs.1lakh whichever is less
Select The Blank
Question 18 Section 35E of the Act applies to all the ________ engaged in the business of
prospecting for or extraction or production of certain specified minerals.
Correct Answer Resident assessees
Your Answer Non-ordinary resident assessees
Multiple Choice Multiple Answer
Question 19 Profits earned by an Industrial Undertaking engaged in other than infrastructure
development is available under Section 80IB for :-
Correct Answer Operation of Ship , Hotels situated in hilly area, rural area or place of
pilgrimage
, Company engaged in scientific and industrial research
Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of
pilgrimage
, Company engaged in scientific and industrial research
True/False
Question 20 Jewellery held by the assessee is not a Capital Asset.
Correct Answer False
Your Answer False
Select The Blank
Question 21 House rent allowance is exempt from the heading ________.
Correct Answer Income from salaries
Your Answer Income from salaries
Multiple Choice Multiple Answer
Question 22 The various payments which are referred as deductions under section 43B,
Clause No-21 are :-
Correct Answer Any employees contribution payable by the assessee towards any Provident
Fund or Superannuation Fund or Gratuity Fund for the welfare of the employees
, Any sum payable by the assessee by way of tax duty, cess or fee , Any sum
payable by the assessee as interest on any loan or borrowing made by him from
any public financial institution or state financial corporation as per the terms of
the agreement
Your Answer Any employees contribution payable by the assessee towards any Provident
Fund or Superannuation Fund or Gratuity Fund for the welfare of the employees
, Any sum payable by the assessee by way of tax duty, cess or fee , Any sum
payable by the assessee as interest on any loan or borrowing made by him from
any public financial institution or state financial corporation as per the terms of
the agreement
Select The Blank
Question 23 The rebate u/s ________ is available to a woman assessee below the age of 65
years at any time during the previous years.
Correct Answer 88C
Your Answer 88B
True/False
Question 24 An deduction is allowed to an assesse as an employer in respect of contribution
made to any non-statutory fund under the section 40A(9).
Correct Answer False
Your Answer True
True/False
Question 25 Dividend received by the shareholder is treated as income chargeable to tax u/s
10(34) of the IT Act.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question 26 The assessee is required to quote PAN in :-
Correct Answer All returns to or correspondence with the Income Tax Authorities , All the
challans for the payment of any amount under the Act , All the documents
pertaining to purchase, sale and bank transactions
Your Answer All returns to or correspondence with the Income Tax Authorities , All the
challans for the payment of any amount under the Act , All the documents
pertaining to purchase, sale and bank transactions
Multiple Choice Single Answer
Question 27 Any person carrying on business or profession has to submit the Audit Report in
prescribed form, signed by Chartered Accountant before 31st October of the
assessment year, whether the return of income is filed or not. This is in
compliance with :-
Correct Answer Section 44AB of the Act
Your Answer Section 44AB of the Act
Multiple Choice Single Answer
Question 28 In case of the individual or HUF whose Gross Total Income, before deductions
under Chapter VI-A, is more than Rs. 5,00,000, then :-
Correct Answer No rebate will be available u/s 88.
Your Answer Rebate will be available u/s 88
Multiple Choice Single Answer
Question 29 If firm fails to submit copy of deed along with return of income :-
Correct Answer It will not constitute a separate taxable entity
Your Answer It will not constitute a separate taxable entity
Multiple Choice Single Answer
Question 30 In order to avoid the cases of tax evasion on the part of the assessees, the Act
has provided for :-
Correct Answer Tax deduction at source
Your Answer Tax deduction at source
Multiple Choice Multiple Answer
Question 31 Which of the following expenditures are expressly disallowed to be deducted
while computing the profits from business and profession
Correct Answer Income Tax , Wealth Tax
Your Answer Income Tax , Wealth Tax
True/False
Question 32 Section 80QQB is applicable to the individual resident who is an author of text
books.
Correct Answer False
Your Answer False
Select The Blank
Question 33 Section 35AC of the Act applies to any sum paid by the assessee to a public
sector company or a local authority or an association approved by the national
committee for ________ for carrying out any project in upliftment of public.
Correct Answer Promotion of social and economic welfare
Your Answer Promotion of social and economic welfare
Multiple Choice Single Answer
Question 34 Income from sub-letting of a house property is income from :-
Correct Answer Other sources
Your Answer Subletting
Multiple Choice Multiple Answer
Question 35 Income of a professional association is exempt if its objectives are :-
Correct Answer Supervision , Control , Encouragement
Your Answer Supervision , Control , Encouragement
Multiple Choice Multiple Answer
Question 36 Choose capital expenditure from the following list :-
Correct Answer Purchase of Building , Purchase of machinery
Your Answer Purchase of Building , Construction of temporary structures , Purchase of
machinery
True/False
Question 37 Loss under the head Profits from Business or Profession can be adjusted
against the Income from Salaries.
Correct Answer False
Your Answer False
Select The Blank
Question 38 Deduction u/s 10A is ________ of export proportion of profits.
Correct Answer 0.9
Your Answer 0.9
True/False
Question 39 Rebates as per the provisions of Section 88C of the Act are not available from
the tax on long-term capital gains.
Correct Answer False
Your Answer False
True/False
Question 40 Dividend received from domestic company to its shareholders is taxable in the
hands of the shareholder.
Correct Answer False
Your Answer True
Match The Following
Question 41 Correct Answer Your Answer
Super Annuation Fund This is an employee welfare
scheme which is usually
applicable in case of very
senior employees
This is an employee welfare
scheme which is usually
applicable in case of very senior
employees
Statutory Provident Fund This is set up as per the
provisions of Provident Fund
Act, 1925. This is maintained
by Government organizations,
local authorities, universities
and educational institutions.
This is set up as per the
provisions of Provident Fund
Act, 1925. This is maintained by
Government organizations, local
authorities, universities and
educational institutions.
Recognised Provident Fund This is the provident fund to
which the provisions of
Employees Provident Fund and
Miscellaneous Provisions Act,
1952 apply.
This is the provident fund to
which the provisions of
Employees Provident Fund and
Miscellaneous Provisions Act,
1952 apply.
Unrecognised Provident Fund The provident fund which is not
recognized by the income tax
authorities is called as
unrecognized provident fund.
The provident fund which is not
recognized by the income tax
authorities is called as
unrecognized provident fund.
Multiple Choice Single Answer
Question 42 Tax liability of a person is based on :-
Correct Answer Residential status
Your Answer Residential status
Select The Blank
Question 43 The amount of compensation received or receivable by the employee from the
employer at the time of termination of his employment or at the time of
modification of terms and conditions in connection with the employment is called
as ________.
Correct Answer Terminal compensation.
Your Answer Terminal compensation.
Match The Following
Question 44 Correct Answer Your Answer
Intangible Capital Asset Tenancy Rights Tenancy Rights
Excluded from ambit of term
Capital Asset
Stock in Trade Land held for a period of 36
months or more
Short Term Capital Asset Equity Shares held for a period
of Less than 36 months
Stock in Trade
Long Term Capital Asset Land held for a period of 36
months or more
Building
Multiple Choice Multiple Answer
Question 45 The entertainment allowance received by the Government employees is
included in their salaries and the deduction is allowed to the extent of least of
the following amounts :-
Correct Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance
received.
Your Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance
received.
True/False
Question 46 Annual premium paid by the employer for the accident insurance policy taken by
the employer in the name of the employee is chargeable to tax.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question 47 Following condition needs to be satisfied for claiming the exemption under
Section 54F :-
Correct Answer The assessee is an individual or a HUF
Your Answer The assesse is Firm
Wednesday, April 2, 2008
Taxation - 5
LIST OF ATTEMPTED QUESTIONS AND ANSWERSMultiple Choice Multiple Answer
Question What are the factors to be considered in cluster analysis?Correct Answer Limited number of clusters due to limitation of market potential , Clusters are
notwater tight compartment , Evaluating the quality of cluster is difficult
Your Answer Limited number of clusters due to limitation of market potential , Clusters are notwater tight compartment , Evaluating the quality of cluster is difficult
Multiple Choice Single AnswerQuestion Clarity of questions and instructions for filling the form is essential in :-
Correct Answer Mail surveyYour Answer Data analysis
Multiple Choice Single AnswerQuestion The technique through which objects/ cases are classified into relative homogeneous
groups or clusters is known as :-Correct Answer Cluster analysis
Your Answer Cluster analysisMultiple Choice Single Answer
Question Mean or average value is used to estimate when data have been collected using :-Correct Answer Interval or ratio scale
Your Answer Interval or ratio scaleSelect The Blank
Question In ________ method the research analyst is not concerned with cause and researchrelationship.
Correct Answer DiagnosticYour Answer Diagnostic
Multiple Choice Multiple AnswerQuestion Which are the New Delhi based Research Institutions?
Correct Answer NRDC , CSIR , Cement Research Institute of IndiaYour Answer NRDC , CSIR , Cement Research Institute of India
Multiple Choice Single AnswerQuestion Market Research is done to
Correct Answer Explore the OpportunitiesYour Answer Explore the Opportunities
True/FalseQuestion "Consumer Panel" is a specialized market research technique.
Correct Answer FalseYour Answer False
Match The FollowingQuestion Correct Answer Your Answer
"What might this be ?" Inkblot test Inkblot testAided Recall Depth Research Depth Research
Doesn’t intend to tell Projective techniques Projective techniques
Ease of construction Likert scale Likert scaleTrue/False
Question In regression analysis, dependent variables can be expressed as a linear function ofimpendent variables.Correct Answer True
Your Answer TrueTrue/False
Question When company prepares a long range plan it is unpublished internal source ofinformation.
Correct Answer TrueYour Answer TrueSelect The Blank
Question Association technique is a type of ________.Correct Answer Projective technique
Your Answer Projective techniqueMultiple Choice Single Answer
Question The impact of promotional slogans on the consumers can be studied withCorrect Answer Association technique
Your Answer Association techniqueTrue/False
Question Brand image building is not important in case of industrial product for quality.Correct Answer False
Your Answer FalseMultiple Choice Multiple Answer
Question Which publications are used for research on Chemical Industry?Correct Answer Indian Chemical Directory , Chemical Industry News , Chemical & Petro
Chemicals JournalYour Answer Indian Chemical Directory , Chemical Industry News , Chemical & Petro Chemicals
JournalMultiple Choice Single Answer
Question Spreading the sample through the entire population following a regular pattern is knownas :-
Correct Answer Systematic samplingYour Answer Systematic sampling
Select The BlankQuestion In absence of proper________ the market research becomes a data collection exercise.
Correct Answer Problem DefinitionYour Answer Analysis
Multiple Choice Multiple AnswerQuestion Which institutions should be contacted for research on Paint Chemicals?
Correct Answer National Chemical Laboratory, Pune , Industrial Research & Development Center
, Building Research InstituteYour Answer National Chemical Laboratory, Pune , Industrial Research & Development Center ,
Building Research InstituteMultiple Choice Multiple Answer
Question The objectives of marketing research areCorrect Answer To understand the consumer needs and wants , To explore the new markets ,
Toanalyze the competitors
Your Answer To understand the consumer needs and wants , To explore the new markets , Toanalyze the competitors
Multiple Choice Single AnswerQuestion Ultra violet ink is used to disguise customer coding. This activity is :-
Correct Answer A disapproved methodYour Answer A disapproved method
Select The BlankQuestion Through cluster analysis objects/cases are classified into relatively________ group
called cluster.Correct Answer Homogeneous
Your Answer HomogeneousMatch The Following
Question Correct Answer Your AnswerDangler POP POP
POP Communication medium Communication mediumOpinion Polls Daily basis Daily basis
Corporate Image Study Advertising research Advertising researchMultiple Choice Multiple Answer
Question Ethical issues to be observed while writing a report are :-Correct Answer No deliberate misinterpretations , Marketing problems should be designed to
suithidden agenda , Complete confidentiality and secrecy of data
Your Answer No deliberate misinterpretations , Marketing problems should be designed to suithidden agenda , Complete confidentiality and secrecy of data
Select The BlankQuestion Multiple Choice is a ________type of question.
Correct Answer Close endedYour Answer Close ended
Multiple Choice Single AnswerQuestion The conjoint analysis helps to enable company's to :-
Correct Answer Conduct brand swot analysisYour Answer Conduct brand swot analysis
Multiple Choice Single AnswerQuestion In the Internet era, qualitative research is possible through :-
Correct Answer Chat sessionsYour Answer Chat sessions
Select The BlankQuestion ________is an important communication medium that helps recall advertising.
Correct Answer Point of Purchase(POP)itemsYour Answer Point of Purchase(POP)items
True/FalseQuestion In the Funnel approach, specific questions come first and general questions later.
Correct Answer FalseYour Answer False
Multiple Choice Multiple AnswerQuestion In resources for marketing research skilled staff plays an important role in :-
Correct Answer Maintaining data , Dealing with different situation and problems , Timelycompletion of research
Your Answer Maintaining data , Dealing with different situation and problems , Timely completionof research
Select The BlankQuestion Convenience Sampling is used for ________.
Correct Answer Exploratory researchYour Answer Exploratory research
True/FalseQuestion The person conducting pharma research should be well qualified so that not to waste
Doctors time.Correct Answer True
Your Answer TrueTrue/False
Question The limitations with regression forecasting is that independent variables must beforecasted before forecasting the dependent variables.
Correct Answer TrueYour Answer True
Multiple Choice Multiple AnswerQuestion Main features of Technical Report are :-
Correct Answer Minute details of planning data collection , Analysis , InterpretationYour Answer Minute details of planning data collection , Analysis , Interpretation
Multiple Choice Single AnswerQuestion How people allocate their time and money to certain products and factors is depicted
byCorrect Answer Psychographic Variable
Your Answer Psychographic VariableTrue/False
Question Question phrasing and structure are eliminated in Semantic differential scale.Correct Answer True
Your Answer TrueTrue/False
Question The popularity of Likert scale is due to its ease of construction and administration.Correct Answer True
Your Answer TrueMultiple Choice Multiple Answer
Question Which are the Export Promotion Councils?Correct Answer Cashew Export Promotion Council , Handloom Export Promotion Council , Gem
& Jewellery Export Promotion CouncilYour Answer Cashew Export Promotion Council , Handloom Export Promotion Council , Gem &
Jewellery Export Promotion CouncilTrue/False
Question The written contract of a research should cover the penalty clause covering deficitssuch as delays, inadequate data.
Correct Answer TrueYour Answer True
Multiple Choice Single AnswerQuestion The producers in the sellers' market are also forced to take decisions based on the
market information becauseCorrect Answer The resources are scarce
Your Answer The resources are scarceMultiple Choice Single Answer
Question Scale Intervals can be used forCorrect Answer Age
Your Answer AgeSelect The Blank
Question Bibliography contains ________.Correct Answer Information of references and secondary data
Your Answer Information of references and secondary dataMultiple Choice Multiple Answer
Question Online survey methods include :-Correct Answer Email survey , HTML survey , Downloadable interactive surveys
Your Answer Email survey , HTML survey , Downloadable interactive surveysMultiple Choice Single Answer
Question Data of market research cannot be maintained :-Correct Answer Without experienced and educated research staff
Your Answer Without experienced and educated research staffMultiple Choice Multiple Answer
Question Pretesting of Questionnaire includes testing of :-Correct Answer Question content , Time taken to answer questions , Categorisation
Your Answer Question content , Time taken to answer questions , CategorisationMultiple Choice Multiple Answer
Question Identification of Target Population is facilitated by :-Correct Answer Well defined research objectives , Alternative, reasonable/target population
definitions , Specifications for exclusion in target populationYour Answer Well defined research objectives , Alternative, reasonable/target population
definitions , Specifications for exclusion in target populationSelect The Blank
Question ________are used for National Panel Studies.Correct Answer Quota controls
Your Answer Quota controlsSelect The Blank
Question Finding out the number of vehicles at a given junction is a ________ method.Correct Answer Direct Observation
Your Answer Direct Observation
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Labels: Taxation
Taxation - 4
Taxation-------------
LIST OF ATTEMPTED QUESTIONS AND ANSWERSSelect The Blank
Question The basic advantage of having an agent in the export market is ________.Correct Answer He is knowledgeable of the marketing condition
Your Answer He is knowledgeable of the marketing conditionMultiple Choice Multiple Answer
Question How does the customer know about the product & is influenced to buy it?Correct Answer Publicity , Advertising , Sales promotion
Your Answer Publicity , Advertising , Sales promotionMultiple Choice Single Answer
Question Which of the following is not included in foreign environment?Correct Answer Local dimension
Your Answer Local dimensionMultiple Choice Single Answer
Question Why should a market researcher check a country's import tariffs when he isinvestigating it as an export market?
Correct Answer It can affect the competitiveness of product against products made within themarket
Your Answer It can affect the competitiveness of product against products made within themarket
Multiple Choice Multiple AnswerQuestion This question is based on the case study "Oriental Silk Pvt. Ltd.". What are the
distribution channels used for imports of silk products into USA market?Correct Answer Merchant intermediaries , Departmental stores
Your Answer Merchant intermediaries , Departmental storesTrue/False
Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental entered theUS market in 1970 with a moderate export of Rs.20 million.
Correct Answer FalseYour Answer False
Match The FollowingQuestion Correct Answer Your Answer
Indirect exporting Home-based merchant CopyrightBusiness dimensions Channel network Channel network
Legal dimensions Copyright Use of patentLicensing arrangement Use of patent Home-based merchant
Multiple Choice Single AnswerQuestion What is important to take pricing decision?
Correct Answer CompetitionYour Answer Competition
Select The BlankQuestion In ________, the firm faces only one set of customers.
Correct Answer Domestic marketingYour Answer Domestic marketingMultiple Choice Multiple Answer
Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental was an active
member of some councils, which are those?Correct Answer Apparel Export Promotion Council , Woolen Export Promotion Council
Your Answer Apparel Export Promotion Council , Woolen Export Promotion CouncilMultiple Choice Single Answer
Question This question is based on the case study 'AB Enterprises'. What is the problem in
adapting AB Enterprises product in the market?Correct Answer Novelty is lost due to ethnic character in AB Enterprises
Your Answer Novelty is lost due to ethnic character in AB EnterprisesMultiple Choice Multiple Answer
Question What are the important infrastructure factors in evaluating production site?Correct Answer Industrial site , Transportation & communication
Your Answer Industrial site , Transportation & communicationMultiple Choice Multiple Answer
Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Which are the twoyears the imports of silk fabrics from Japan by USA was almost same?
Correct Answer 1982 , 1983Your Answer 1982 , 1983
Select The BlankQuestion ________dimensions include customs and practices
Correct Answer BusinessYour Answer Business
Multiple Choice Multiple AnswerQuestion What is the nature of direct export market?Correct Answer Concentrated , Large potential sale
Your Answer Concentrated , Large potential saleMultiple Choice Single Answer
Question What does product-mix decision include?Correct Answer Packaging
Your Answer PackagingMultiple Choice Multiple Answer
Question What are the internal sources of information?Correct Answer Sales record , Correspondence from salesmen
Your Answer Sales record , Correspondence from salesmenTrue/False
Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Mr.Patnaik felt that it
was high time that he appraises his agents' performance relating to the vast & expanding USmarket.
Correct Answer TrueYour Answer True
Multiple Choice Multiple AnswerQuestion This question is based on the case study "Oriental Silk Pvt. Ltd.". What were the
optionsMr.Patnaik had to operate in the US market?
Correct Answer Opening a branch office , A subsidiary companyYour Answer Opening a branch office , A subsidiary company
Select The BlankQuestion In indirect export channel, the market is ________.
Correct Answer DispersedYour Answer Dispersed
True/FalseQuestion Strategies suggested in the Medium Term Export Plan include product-market
penetration strategy for existing products, product-market, diversification for new products & new
markets.Correct Answer True
Your Answer TrueMultiple Choice Multiple Answer
Question Why is packaging so important for product planning?Correct Answer As it enhances protection , As it gives shelf life for a product
Your Answer As it enhances protection , As it gives shelf life for a productTrue/False
Question If foreign retailers are used, the products in question are industrial products rather than
consumer products.Correct Answer False
Your Answer TrueMultiple Choice Multiple Answer
Question How is the nature of international strategy?Correct Answer Depends on company's objectives , Varies from country to country
Your Answer Depends on company's objectives , Varies from country to countrySelect The Blank
Question "make site booking" is a point of checklist of ________Correct Answer Before the fair
Your Answer Before the fairMultiple Choice Single Answer
Question What marketing technique is used to know international marketing need?Correct Answer Marketing information & research
Your Answer Marketing information & researchMultiple Choice Multiple Answer
Question What are the benefits of participation in trade fair?Correct Answer To get to know about competition , To know about the extent of product
adaptionYour Answer To get to know about competition , To know about the extent of product adaption
Select The BlankQuestion Experience survey, which is also called as ________.
Correct Answer Key informant surveyYour Answer Key informant survey
Multiple Choice Single AnswerQuestion What is a foreign agent?
Correct Answer Independent middlemanYour Answer Independent middleman
Multiple Choice Single AnswerQuestion What does political environment include?
Correct Answer Legal dimensionYour Answer Legal dimension
Match The FollowingQuestion Correct Answer Your Answer
External factor Competitive profile Competitive profileEthnocentric orientation Overseas operation conducted from home country Overseas operation
conducted from home countryPolycentric orientation Each market is unique Each market is unique
Target market Marketing strategy Marketing strategyTrue/False
Question In marginal cost pricing for export, competition in foreign markets requires quotation of a
lower priceCorrect Answer True
Your Answer TrueTrue/False
Question Policies or regulations regarding quality control & inspection vary considerably betweennations.
Correct Answer TrueYour Answer TrueSelect The Blank
Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental Silk PrivateLimited, is a ________ unit, was one of the leading Indian manufacturers & exporters of silk
fabrics & made-upsCorrect Answer 100% export oriented
Your Answer 100% export orientedSelect The Blank
Question This question is based on the case study "Oriental Silk Pvt. Ltd.". The bulk of the trade
was handled by ________Correct Answer Central buying organizations
Your Answer Foreign agents
True/FalseQuestion If business is variable, the company will choose the purchasing or subcontracting
alternatives.Correct Answer True
Your Answer TrueMultiple Choice Single Answer
Question What is the meaning of offshore purchasing?Correct Answer Relationship between independent buyer & seller for exchange of good for
moneyYour Answer Relationship between independent buyer & seller for exchange of good for money
Select The BlankQuestion Many companies modify their products/promotion strategies to suit ________ of the
population of the different countries.Correct Answer Tastes & preferences
Your Answer Tastes & preferencesTrue/False
Question Companies with smaller needs, an independent supplier will be less active.Correct Answer False
Your Answer FalseTrue/False
Question Catalogues contain a list of all competitors with product details.Correct Answer False
Your Answer FalseMultiple Choice Multiple Answer
Question What is correct according to geocentric orientation?Correct Answer Companies view the entire world as a single market , Uniform inventory
management & trainingYour Answer Companies view the entire world as a single market , Uniform inventory
management & trainingTrue/False
Question The area of change relates to product adaption requires upgradation of technology and
huge investment in brands.Correct Answer True
Your Answer TrueSelect The Blank
Question This question is based on the case study "Chow Flowers Co. Ltd.". ________ wasThailand's second largest export market for artificial flowers, mostly polyester or hand-
wrapped.Correct Answer Canada
Your Answer CanadaMultiple Choice Single Answer
Question What are the similarities between domestic & international marketing?Correct Answer Satisfying consumers need
Your Answer Satisfying consumers needMultiple Choice Single Answer
Question What is the need of marketing research for export-import trade?Correct Answer To reduce the distance between an exporter & his customers in terms of
marketingYour Answer To reduce the distance between an exporter & his customers in terms of
marketingMultiple Choice Single Answer
Question What is the avenue of entry into foreign markets?Correct Answer Contract manufacturing
Your Answer Contract manufacturingMultiple Choice Single Answer
Question What is the principal functional division of ministry of commerce & industry?Correct Answer Export Industries Division
Your Answer Export Industries Division
at 6:31 AM 0 comments Links to this post
Labels: Taxation
Wednesday, March 26, 2008
Taxation - 3
LIST OF ATTEMPTED QUESTIONS AND ANSWERSMultiple Choice Multiple Answer
Question The entertainment allowance received by theGovernment employees is included in their salaries
and the deduction is allowed to the extent of least ofthe following amounts :-
Correct Answer Actual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of Salary
Your Answer Actual amount of Entertainment Allowance received. ,Rs. 5,000 , 1/5th of Salary
True/FalseQuestion Income Tax Act, 1961 recognizes Written Down Value
(WDV) method as well as straight line method for thecomputation of depreciation u/s 32 this act.
Correct Answer FalseYour Answer False
Multiple Choice Multiple AnswerQuestion Profits earned by an Industrial Undertaking engaged
in other than infrastructure development is availableunder Section 80IB for :-
Correct Answer Operation of Ship , Hotels situated in hilly area, ruralarea or place of pilgrimage , Company engaged in
scientific and industrial researchYour Answer Operation of Ship , Hotels situated in hilly area, rural
area or place of pilgrimageMultiple Choice Single Answer
Question Which of the following expenditure is in the nature ofrevenue expenditure?
Correct Answer Expenditure incurred as discount on issue ofdebentures
Your Answer Expenditure incurred as discount on issue ofdebentures
Select The BlankQuestion If sum received is net of TDS then it is ________ to
include in income from other sources.Correct Answer Grossed up
Your Answer Grossed upTrue/False
Question Interest paid on the loan for acquiring a capital assetwill be considered to be a part of cost of acquisition.
Correct Answer TrueYour Answer True
Multiple Choice Single AnswerQuestion Mr. A whose Gross Total Income, before allowing
deductions under Chapter VI-A is Rs. 1,45,000, wantsto make the investments in the following alternative
forms Rs. 80,000 in PPF and Rs. 20,000 inInfrastructure Bonds. The amount of rebate available
to him u/s 88 is :-Correct Answer Rs. 18,000
Your Answer Rs. 18,000Multiple Choice Single Answer
Question Interest on specified securities or premium onredemption is exempt for :-
Correct Answer Non resident IndianYour Answer Non resident Indian
True/FalseQuestion As per section 2(11) of the Income Tax Act, Block of
Assets includes both tangible as well as intangibleassets.
Correct Answer TrueYour Answer True
Multiple Choice Multiple AnswerQuestion Deductions in respect of Certain Incomes received
under Section 80L is available in respect ofCorrect Answer Interest on Central or State Government Securities ,
Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,
Bank InterestYour Answer Interest on Central or State Government Securities ,
Interest on National Saving Certificates (NSCs)Interest on National Saving Scheme, 1992 (NSS) ,
Bank InterestMultiple Choice Single Answer
Question Tax liability of a person is based on :-Correct Answer Residential status
Your Answer Residential statusMultiple Choice Multiple Answer
Question For the purpose of income tax, the perquisites can beclassified into :-
Correct Answer Perquisites which are taxable in case of all types ofemployees , Perquisites which are taxable only in the
hands of specified employeeYour Answer Perquisites which are taxable in case of all types of
employees , Perquisites which are taxable only in thehands of specified employee
Select The BlankQuestion For an individual as a citizen of India who leaves India
in the relevant previous year for the purpose ofemployment has to be in India for ________ days or
more during previous year.Correct Answer 182
Your Answer 182Multiple Choice Single Answer
Question Income earned in previous year is subjected to tax in:-
Correct Answer Assessment yearYour Answer Assessment year
Multiple Choice Multiple AnswerQuestion Following professional institutions have their incomes
exempt from tax :-Correct Answer Town planning , Company secretary , Accounting
Your Answer Town planning , Company secretary , AccountingSelect The Blank
Question ________ of the Tax Audit Report refers to the detailsof various payments which are allowed as deduction
only if they are actually paid for.Correct Answer Section 43B Clause No-21
Your Answer Section 43B Clause No-21Multiple Choice Multiple Answer
Question Short Term Capital Loss can be adjusted against :-Correct Answer Short Term Capital Gains. , Long term Capital Gains
Your Answer Short Term Capital Gains. , Long term Capital GainsSelect The Blank
Question To claim sec 10A deduction unit must be established
in ________.Correct Answer Free Trade Zone
Your Answer Free Trade ZoneMultiple Choice Single Answer
Question Assessment year is the period of 12 months startingfrom :-
Correct Answer 1st April to 31st MarchYour Answer 1st April to 31st March
Multiple Choice Single AnswerQuestion Combined total of five heads of income equals :-
Correct Answer Gross total incomeYour Answer Gross total incomeMultiple Choice Single Answer
Question If an employee does not avail of this leave travelconcession or assistance during a block of four
calendar years :-Correct Answer Only one journey can be carried forward to the next
block.Your Answer Only one journey can be carried forward to the next
block.Select The Blank
Question To acquire PAN, a person shall apply in ________ tothe assessing officer.
Correct Answer Form No. 49AYour Answer Form No. 49A
Multiple Choice Single AnswerQuestion Deduction from Capital Gains under Section 54F is for
Capital Gains arising from transfer of :-Correct Answer Any Long Term Capital Asset
Your Answer House PropertySelect The Blank
Question Where an assessee files or submits the returns as perprovisions of section 139 or in response to the noticeunder section 142, the assessment officer undertakes
________ as per section 143(2) and section 143(3).Correct Answer Scrutiny Assessment
Your Answer Scrutiny AssessmentMultiple Choice Multiple Answer
Question Income of a professional association is exempt if itsobjectives are :-
Correct Answer Supervision , Control , EncouragementYour Answer Supervision , Control , Encouragement
True/FalseQuestion While computing the profits from Business andprofession, the business or profession must be carried
out during the previous year.Correct Answer True
Your Answer TrueMultiple Choice Single Answer
Question In respect of leave travel concession If Mr. A hasavailed the exemption only once or has not availedany exemption at all, in the block of four years i.e.
1998-2001 then :-Correct Answer He can carry over the exemption to the next block of
four years i.e. 2002-2005 provided that he avails theexemption of LTC in the first calendar year of the next
block i.e. 2002.Your Answer He can carry over the exemption to the next block of
four years i.e. 2002-2005 provided that he avails theexemption of LTC in the first calendar year of the next
block i.e. 2002.
Multiple Choice Multiple AnswerQuestion The amount accumulated to the credit of theemployee's provident fund account is paid at the time
of :-Correct Answer Retirement , Resignation
Your Answer Retirement , ResignationMultiple Choice Multiple Answer
Question From annual value, following deductions are allowed :-Correct Answer Standard deduction , Interest on borrowed capital ,
Municipal taxesYour Answer Interest on borrowed capital , Municipal taxes
Multiple Choice Single AnswerQuestion As a general principle, the Basic Salary or Wages,
Dearness Allowance and Bonus / Commission is :-Correct Answer Fully taxable.
Your Answer Fully taxable.Multiple Choice Multiple Answer
Question From GTI of a company following deductions underchapter VI A are allowed
Correct Answer 80 G Donations , 80 HHB profits and gains fromprojects outside India , 80 IA profits and gains of
infrastructure companiesYour Answer 80 G Donations , 80 IA profits and gains of
infrastructure companiesMultiple Choice Single Answer
Question Annual value of any one palace in possession of aformer ruler is :-
Correct Answer ExemptYour Answer Taxable
Select The BlankQuestion If the Salary is more than Rs. 5,00,000, Standard
Deduction will be Rs.________.Correct Answer 20000
Your Answer 20000Multiple Choice Single Answer
Question The amount of accumulated interest on NSCspurchased in the earlier years is assumed to be
reinvested :-Correct Answer And qualifies for tax rebate under section 88.
Your Answer And qualifies for tax rebate under section 88.Select The Blank
Question Deduction u/s ________B is available for 10consequent assessment years from the year of
commencement of production.Correct Answer 10
Your Answer 10True/False
Question Income from subletting is treated as income fromhouse property.
Correct Answer FalseYour Answer FalseSelect The Blank
Question Section 80U allows the deduction in respect of the________ .
Correct Answer Permanent physical disabilityYour Answer Permanent physical disability
Match The FollowingQuestion Correct Answer Your Answer
DisallowableExpenditure
Litigation Expenses in
connection withrecovery of a debt
which is not a tradingdebt
Litigation Expenses inconnection with
recovery of a debtwhich is not a trading
debtBusiness Includes trade,
commerce, orIncludes trade,commerce, or
manufacture or anyadventure or concernin the nature of trade,
commerce ormanufacture
manufacture or anyadventure or concern in
the nature of trade,commerce ormanufacture
Profession Includes vocation Includes vocationCapital Expenditure Expenditure incurred
by a company with theissue of rights shares
Premium onredemption ofDebenturesTrue/False
Question Any recreational facility provided by the employer to agroup of employees (not being restricted to a select
few employees) is not exempt from tax.Correct Answer False
Your Answer FalseTrue/False
Question In case of deductions for medical treatment underSection 80DDB the amount of deduction will be
reduced by the amount received under an insurancepolicy or the amount reimbursed by the employer.
Correct Answer TrueYour Answer True
True/FalseQuestion Any advance tax paid before 31st March is treated as
advance tax paid during the previous year.Correct Answer True
Your Answer TrueMultiple Choice Single Answer
Question Municipal taxes paid is allowed as deduction from :-Correct Answer Gross annual value
Your Answer Gross annual valueTrue/False
Question Entertainment Allowance received by the employeesfrom the private sector is taxable in the hands of the
employee.Correct Answer True
Your Answer TrueMatch The Following
Question Correct Answer Your AnswerAny subscription made
to National SavingScheme
By an individual or aHUF is eligible for
rebate u/s 88By an individual or a
HUF is eligible forrebate u/s 88
Mr. A, a 70 years oldSenior Citizen, has theGross Total Income ofRs. 2,50,000 during
the Assessment Year2005-2006. He
invested Rs. 50,000 inthe tax saving bonds of
ICICI on 10th June2004. His tax liability
for the A Y 2005-2006.RS.12,500 RS.12,500
During theAssessment Year
2005-2006, Mrs. A,age 58 years, has theGross Total Income ofRs. 1,45,000 including
the dividend fromIndian companiesamounting to Rs.
10,000. She investsRs. 50,000 in PPFduring the said
Assessment Year. hertax liabilit is
Rs. 1,000 Rs. 1,000Any contribution madeto a Public Provident
FundIs eligible for rebate
u/s 88Is eligible for rebate u/s
88Multiple Choice Multiple Answer
Question Following incomes of local authorities are exempt :-Correct Answer Capital gains , Other income , House property
Your Answer Capital gains , Other income , House propertyMultiple Choice Multiple Answer
Question For Deduction u/s 54EC from Capital Gains theassessee should invest the whole or part of the capital
gains in the specified assets :-Correct Answer Within six months from the date of transfer of the longterm
capital assetYour Answer Within six months from the date of transfer of the longterm
capital assetTrue/False
Question Income from partnership firms is exempt from taxationfor the partners
Correct Answer TrueYour Answer False