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Objective Type Set
Online MCQ Assignment
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Fill in the blanks in the following sentences by using appropriate words/phrases given in the brackets:
Q1: EOU can obtain indigenous goods without payment of excise duty by submitting _________ (B-17 Bond/CT-3 Certificate).
Ans: CT-3 Certificate
Q2: Vaibhav Cargo Ltd. raised a bill for cargo handling services on 2.2.2012. The payment was received on 2.3.2012. The due date for payment of service tax is _________ (5th March, 2012, 31st March, 2012).
Ans: 5th March, 2012
Q3: Service tax paid on mobile phone bills _________ (is/is not) eligible for CENVAT credit.
Ans: is
Q4: For units paying duty of more than Rs.3 crore EA2000 excise audit is applicable _________ (every year, once in 2 years, once in 5 years).
Ans: Every year
Q5: Bonafide baggage including _________ personal effects are exempt from customs duty. (used, unused, damaged).
Ans: Used
Q6: Assessee who is paying 1 % excise duty and not manufacturing any other goods is required to file quarterly return within 10 days after close of the quarter in form of return _________ (ER-8/ER-1).
Ans: ER-8
Q7: Any person providing taxable service of commercial or industrial construction of residential complex can opt to pay service tax @ _________ (25%/33%) of gross amount charged if gross amount includes value of land.
Ans: 25%
Q8: Cost of Designing & Engineering incurred for the purpose of manufacture of excisable goods has _________ (to be included/not to be included) in assessable value under Central Excise Act.
Ans: to be included
Q9: While determining the assessable value under central excise laws, equalized freight is allowable as deduction if there is _________ (sale/removal) of excisable goods at factory gate.
Ans: sale
Q10: Under Rule 4(5) of the CENVAT Credit Rules, Jigs, fixture, modules & dies can be sent to a vendor for production of goods according to specification of the Principal manufacturer _________ (with/without) reversal of credit.
Ans: without
Q11: Under Rule 12(1) of Central Excise Rules, SSI Unit eligible for SSI concession (even if it does not avail such concession), has to file a quarterly return in Form _________ (ER-3/ER-2) by 10th of the following month of the quarter.
Ans: ER-3
Q12: Every exporter should obtain BIN (Business Identification Number) from _________ (DGFT/ CBEC).
Ans: DGFT
Q13: Packing or repacking and labelling is _________ (not manufacture/deemed manufacture) in case of goods are covered under section 4A of the Central Excise Act.
Ans: deemed manufacture
Q14: E-payment of excise duty/service tax is mandatory in case of assessee who had paid either in cash or by utilizing cenvat credit or both for an amount of rupees _________ (ten/fifty) lakhs or more in the preceding financial year.
Ans: ten
Q15: As per section 3(1) of Central Excise Act, value of excisable goods cleared by EOU to DTA shall be determined in accordance with provisions of _________ (central excise/customs) valuation.
Ans: customs
State whether the following statements are true or false. If false give the correct statement. If true give th reason in brief :
Q1: Wealth-tax payable by company is treated as a charge on book profits.
Ans: True
Q2: In computing the net wealth of an individual, the value of assets held by a minor child will be included.
Ans: True
Q3: The sale of assets by bank for realization of loans is liable to tax under CST Act.
Ans: False
Q4: Service sector SEZs should have an area of 1000 hectares or more in order to be eligible for exemption.
Ans: False
Q5: Different systems of accounting e.g. Mixed or Hybrid cannot be adopted for receipts and payments.
Ans: True