Scdl Taxation Assignments

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

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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


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

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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


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


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.


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.


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


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


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


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


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).


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.


Your Answer False


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


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


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


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


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


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.


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


Question 34 Income from sub-letting of a house property is income from :-

Correct Answer Other sources

Your Answer Subletting


Question 35 Income of a professional association is exempt if its objectives are :-

Correct Answer Supervision , Control , Encouragement

Your Answer Supervision , Control , Encouragement


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.


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.


Your Answer False

True/False

Question 40 Dividend received from domestic company to its shareholders is taxable in the

hands of the shareholder.


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.


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


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.


Your Answer False


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

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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.


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


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


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.


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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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.



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


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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.


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


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


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


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


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

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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.


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.


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 :-


http://scdlpapers.blogspot.com/search/label/Taxation

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.


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


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


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.


True/FalseQuestion Any advance tax paid before 31st March is treated as

advance tax paid during the previous year.Correct Answer True


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

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