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Objective Type Set
Online MCQ Assignment
Question Solution
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1. Fill in the blank
Q1: Sec. 44AB of Income Tax Act makes it obligatory for every person carrying on business to get his accounts of any previous year, audited by an accountant before specified date if the total sales, turnover or gross receipts in business for the previous year exceeds _________ (Rs.100 lakhs/Rs.60 lakhs).
Ans: Rs.100 lakhs
Q2: Asstt./Deputy/Joint Commissioner is required to scrutinize the return filed by the assessee who is paying duty of more than rupees five crores per annum through PLA under Central Excise Law in every_________ (six/twelve) months and send a report to Commissioner.
Ans: Six
Q3: Power generating unit which claims depreciation on SLM basis _________ (can/cannot)claim additional depreciation under sec.32(1)(iia) of Income Tax Act @20% of actual cost of eligible new machinery or plant acquired and installed in a previous year.
Ans: Can
Q4: the bonus on such policy) is exempt, provided in respect of such policy issued on or after 01.04.2012 in respect of which the premium payable for any of the years does not exceed _________ (10%/20%) of the actual capital sum assured.
Ans: 10%
Q5: Cenvat Credit _________ (can/cannot) be utilized for payment of Service Tax in respect of services where the person liable to pay tax is the Service Receiver.
Ans: Cannot
Q6: In case of goods covered under Section 4Aof the Central Excise Act, packing or repacking and relabelling _________ (is/is not) treated as deemed manufacture.
Ans: is not
Q7: An Assessee eligible for SSI concession (even if it does not avail the concession) is required under rule 12(1) of Central Excise Rules to file quarterly return in the prescribed format _________ (ER 3/ER 8) by 10th of next month of the quarter.
Ans: ER-3
Q8: Goods manufactured in notified “designated area” in the continental shelf and Exclusive Economic Zone of India is _________ (liable/ not liable) to excise duty.
Ans: liable
Q9: A certificate of registration shall be issued in prescribed Form ST 2 under Service Tax laws within _________ (7/30) days of the receipt of the application.
Ans: 7
Q10: A residential property which is let out for a minimum period of_________ (240/300) days in the previous year is not treated as asset u/s 2(ea) of Wealth Tax Act.
Ans: 300
Q11:_________ (Green/Yellow) bill of entry is for clearance from warehouse on payment of customs duty.
Ans: Green
Q12: Mr. A holds 25% of the equity shares in LMN Ltd., a listed company. He has borrowed a sum of rupees ten lakhs from this company on 21.03.2013. As on this date, the accumulated profits and free reserves are rupees eight lakhs. The deemed dividend taxable under section 2(22) (e) of the Income Tax Act, 1961 is Rs._________ (8,00,000/10,00,000/Nil).
Ans: Nil
Q13: Where a job work is given to a partnership firm by a corporate assessee, the rate of tax to be deducted at source under section 194 C of the Income Tax Act, 1961 is _________ % (1/2/4).
Ans: 2%
Q14: E filling of service tax return is _________ for a non corporate assessee (mandatory/ optional).
Ans: Mandatory
Q15: Cenvat credit _________ be availed by a service provider in respect of special CVD paid u/s 3(9) of Customs Tariff Act (can/cannot).
Ans: cannot
Q16: EOU can sell a portion of their production in Domestic Tariff Area (DTA) upto 50% of their _________ value of exports in earlier year (FOB/CIF).
Ans: FOB
Q17: The net wealth computed under the provisions of the Wealth Tax Act shall be rounded off to the nearest _________ Rupees (one hundred/one thousand).
Ans: one hundred
Q18: For a farm house not to be treated as an ” asset” under section 2(ea) of the Wealth Tax Act, it should be located_________ kilometers beyond the municipal or corporation limits (8/25/16).
Ans: 25
Q19: Demurrage charges payable to port trust authorities for delay in clearing goods _________ (are/are not) to be added for calculating assessable value of goods.
Ans: are not
Q20: Under special brand rate of duty drawback, the rate should not be less than…… (5%/1 %) of FOB value of the product except when amount of drawback per shipment is more than Rs.500.
Ans: 1%
Q21: Bonafide Samples and prototypes up to _________ (Rs.10,000/Rs.5000) are exempt from customs duty if imported by post or in Air Craft or by Courier Service.
Ans: 10,000
Q22: Under Public Provident Scheme 1968, the maximum limit for subscription by an individual for the A.Y. 2013- 14 is _________ (Rs.70,000/Rs.1,00,000).
Ans: 1,00,000
Q23: Under section 44 BBA of Income Tax Act, 1961 _________ (8%/5%) on turnover is deemed to be income from business of operation of Aircraft in case of Non Resident.
Ans: 5%
Q24: CENVAT Credit _________ (is/is not) available if there is loss of input due to leakage in storage tank during process.
Ans: is
Q25: Cost of installation if charged separately _________ (shall/ shall not) be a part of sale price for the calculation of sales tax liability.
Ans: shall not