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Tax Management A1

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26 views4 pages

Tax Management A1

Question paper

Uploaded by

dhivya.shree.btsarmy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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9/3/24, 12:09 PM Compulsory Internal Assignment (CBCS SEMESTER PATTERN)

Compulsory Internal Assignment (CBCS SEMESTER


PATTERN) Upto C24 Batch

Welcome : BALAJI.S (A22101PBF6391)


Subject Name : Tax Management(SPBA208F) - Assessment - 1 Menu

1. Income Tax Act was passed in the year _________.

1947
1950
1961
1991

2. Section __________ grants exemption to gratuity received by Government employee (i.e.,


Central Government or State Government or local authority).

10(5)
10(10)(i)
10(10)(ii)
10(10A)

3. There is no need to file your income tax return if...

TDS has been deducted and all taxes have been duly paid.
Tax-saving investments have reduced your tax to zero.
Your taxable income is below the basic exemption of Rs 2.5 lakh a year.
None of the above

4. There are two basic conditions given in Income-tax Act, 1961 to determine whether the
individual is resident or not. How many conditions(s) should be fulfilled by the individual in order
to be called resident?

Both the basic condition


Any one of the basic conditions
First basic condition
Second basic condition

5. Children Education allowance is exempted for ______ child/ children.

One
Two

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9/3/24, 12:09 PM Compulsory Internal Assignment (CBCS SEMESTER PATTERN)

Three
Four

6. Section 45 of Income Tax Act, 1961 is related to _______________.

Capital assets
Assets
Capital expenses
Capital gain

7. _______ is the rent fixed under Rent control Act.

Municipal rental value


Fair rental value
Standard rent
Real rent

8. Income chargeable under the head ‘Profits and Gains from Business or Profession’ is covered
under

Section 23
Section 24
Section 28
Section 27

9. Maximum limit for the deduction of Life insurance premia from the gross total income is

200,000
150,000
100,000
125,000

10. Gross Total Income is arrived after _______________.

Only adding Income under five heads of Income


Adding Income under five heads of Income excluding losses
Adding Income under five heads of Income, after applying clubbing provisions and making
adjustment of set off and carry forward of losses
Adding Income under five heads of Income, after applying clubbing provisions and making
adjustment of set off and carry forward of losses and after allowing deduction under sections 80C
to 80U

11. Which of the following is covered under section 80D of the Income Tax Act, 1961?

Medical treatment of handicapped dependent


Medical insurance premium
Reimbursement of medical expenses
Repayment of loan taken for higher education

12. The maximum aggregate amount of deduction under sections 80C, 80CCC and 80CCD cannot
exceed

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9/3/24, 12:09 PM Compulsory Internal Assignment (CBCS SEMESTER PATTERN)

110,000
200,000
150,000
Nil

13. The provision for the set off and carry forward of losses in Income Tax Act, 1961 is given under
_______________.

Sections 65-75
Sections 70-80
Sections 80-90
Sections 75-80

14. Long-term Capital Loss can only be set off against _______________

Short-term capital loss


Long-term capital loss
Long-term capital gain
All of the above

15. Small and medium-sized companies may claim tax relief on ---- of qualifying research and
development expenditure. Fill in the blank

100%
130%
14.50%
230%

16. The depreciation on an asset purchased through hire purchase should be:

Should be straight line only


Based on the cost price of the asset only
Based on the total cost including interest
No depreciation should be provide until the final payment is made

17. Investments of a mutual fund scheme are held by

Custodian
Board of Trustees
AMC
RTA

18. Day to day operations of the mutual fund are handled by

RTA
ISCs
Board of Trustees
AMC

19. A business trust registered under SEBI (Real Estate Investment Trusts) Regulations ,2014
holds 100% of the shareholding in Alpha Ltd, an Indian company. The Business trust earned
Dividend income of Rs. 2 Crore from Alpha Ltd, which was distributed to Unit

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9/3/24, 12:09 PM Compulsory Internal Assignment (CBCS SEMESTER PATTERN)

6988800
3360900
Exempt
3090000

20. Which of the following is the major source of Government revenue

indirect taxes
direct taxes
interest
dividends and profits

SAVE

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