objective question for CS and CWA final

         i.         Its Just Romancing the Taxation... The Romance Continues....

            Any amount deposited in special account or Deposit account u/s_.33ABA will be allowed as a deduction to – the assessee will be restricted to ___ of{h profit such business

Ans. 20% 

       ii.         Winnings from lotteries, races, etc. is taxed at a' flat rate of

Ans. 30%

   iii.        AO stand for?

Ans: AO is Assessing Officer

   iv.        Interest on capital of partners is allowed as a deduction only if the interest has been than'.        % simple interest

Ans:- 8%

    v.        TCS?

Ans: Tax collected at source

   vi.        SVA?

Stamp Value Authority

  vii.        CCIT?

Chief Commissioner of Income Tax

viii.        PAN is a _________ digit Number

Ans.10

     ix.            ABC Ltd provides a credit card to its senior management which is to be used exéWsively for official purposes. The perquisite value in this case would be considered as nil if 2 conditions are fulfilled. (I)________ (ii)

Ans. (i) Complete details of such expenditure are maintäinedby'the employee and Ans. (ii) employee gives a certificate that expenses were for official purposes only

       x.            Value of shares as of the valuation date is chargeable to wealth tax @ - % ?

Ans: 0%. Not chargeable to wealth tax

     xi.            Interest on capital borrowed for acquisition or construction of property is deductible subject to limit of Rs._________per year, if capital is borrowed on or after_________. This is allowable if acquisition or construction is completed within_________ Years from

Ans. 1, 50,000, 1-4-1999, 3 years, the end of the financial year in which the capital was

    xii.            Mr.P had purchased a property on 15.7.1961. He has a choice of substituting the fair market value as on____________instead of the original 'cost for the purpose of capital gains.

Ans.1.4.1981.

  xiii.            If in a year 15th September is a Sunday, assessees will have to pay advance tax on or before

Ans. 16th September.

  xiv.            On 5.4.2012, the earliest year that an assessing officer can reopen assessment is for assessment year if escaped income is Rs. 50000.

Ans 2008-09

   xv.            Interest is paid if return of income is filed after the due date under section

Ans. 234A

  xvi.            The limit for deduction under section 8OGG is_________% of total 'income Or Rs______per month, whichever is ________

Ans: 25% of total income or Rs.2000 per month, whichever is less.

xvii.            An assessee is a real estate agent and his gross receipts in a year on account of commission is expected to exceed Rs. 23,50,000. He does not have a PAN allotted to him. He should apply for a PAN' before

Ans. 30th June.

xviii.            The due date for filing of return under section. 139(1) by a company having a turnover of less than Rs.1crore is

Ans. 31st July of the assessment year

  xix.         As and when the value adopted by the stamp valuation authority is revised, the AO is empowered to amend the assessment order wherein capital gains had been computed and assessed within  years from the enddf the previous years in which the order revising the value was assessed.

Ans. 4 years

   xx.            Pre - construction period interest is deductible over a period of years.

Ans. 5 years

  xxi.            After a search and seizure operation , the authorised officer will hand over all the seized books documents etc to the Assessing Officer within '______ days “of the last executions of the authorizations for the search.

Ans.     60 days

xxii.            For non-compliance of provisions of section 269SS relating to mode of taking certain loans or deposits, the penalty is levied on the person - the loan or deposit.

Ans. Accepting

xxiii.            Deduction Under section 80C is allowed only to those assessees who are

Ans:"Individual or an HUF.

xxiv.            While calculating book profit u/s 115 JB, the net profit shown in the profit and loss account as increased by certain amounts if they have been debited to the P&L State any four items

Ans:-

Proposed Dividend

Income Tax paid or Provided

Depreciation

Deferred Tax

xxv.            Under section 143(1), the assessing officer can assess the income or toss after making adjustments relating to ________________and________________.

Ans. arithmetical errors and incorrect claim

xxvi.            Premium has to be added to the valuation of a property if the difference between the unbuilt areas of the plot of land and the specified area exceeds___________________but does not exceed

Ans. between 5% and 20%.

xxvii.            An assessee has claimed deduction of Rs 3,00 000/ under section 80QQB The assessee is likely to be an________________________by profession

Ans. Author

xxviii.            Computer Software is considered as expenditure of ____________nature

Ans. Capital

xxix.            The period of holding of shares acquired in exchange of convertible debentures shall be reckoned from

Ans. Date of allotment of the shares

xxx.            Deduction for bad debts is allowed to an assessee carrying on business in the year in which

Ans. debt is written off as bad.

xxxi.            Mr. Chintamani receives Rs. 10000/- as interest on Fixed Deposit with ABC Ltd and Rs. 5000/ as interest on capital from the firm in which he is a partner The two amounts will be charged to tax under the heads and  respectively

                Ans. Income from Other Sources and Business Income

xxxii.         The assessee is obliged to pay interest under section -,________________and _______and has a right to receive interest under section

               Ans. Interest paid under sections 234A, 2348, 234C and 234D and interest received u,s 244A

xxxiii.            In case of a company, the is required to sign the return of income

               Ans. managing director

xxxiv.          As per section 2(47)                                or                      of a zero coupon bond will be treatec as for the purpose of capital gains tax

Ans. maturity or redemption

xxxv.            Under Wealth Tax Act, the penalty for concealing particulars of assets ranges________ a  of -- to a maximum of________________of the tax sought to be evaded

Ans minimum 100% and maximum of 500%

xxxvi.         Interest paid on housing loan can be availed as a deduction under head - and the principal amount can be deducted under

Ans. Interest is allowed under the head house property and the principal amount under section 80C Chapter VI-A

xxxvii.            Best judgement assessment under section 144 is an   assessment

Ans: ex-parte

xxxviii.            Income tax rates are fixed by

Ans: Finance Act

xxxix.            The person who deducts tax at source has to issue TDS ceilificates in Form________for deduction from Salary and Form______for deduction from any other payment

Ans: Form 16 and Form 16A

    xl.            Rental income earned by a dealer in property is taxable under the head

Ans Income from House Property

  xli.            Salaries payable to a Member of Parliament is taxable under the head

Ans. income from Other.-Sources

xlii.            Mr.L an expert in tax and employed with ABC Ltd, delivers lectures in different seminars. The fees thus received by him will be taxed under the head

Ans: Income Other Sources

 xliii.            S has a fixed deposit Rs.1,00,000 with Bank Ltd. After 366 days Mr. S got back Rs.1,07,500. Capital gains that will be subject to tax would be

Ans:The ⁱncrease is due to interest and not captaf gain and will be taxed under the head 'Income under the head  other sources".

xliv.            assessee can file a belated return before completion of the assessment or before expiry

Ans: one ^year from the end of the relevant assessment year or Before the completion of Assessment whichever is earlier.