Description : To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions
Last Answer : B) One Basic Condition and Both Additional Conditions
Description : Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable
Last Answer : A) Resident
Description : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year
Last Answer : D) Assessment Year
Description : A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. A) 56 B) 60 C) 80 D) 85
Last Answer : C) 80
Description : A cricket player had a certain average of runs for his 43 innings. In his 44th innings, he is bowled out for no score on his part. This brings down his average by 4runs. His new average of runs is ? A) 172 B) 182 C) 166 D) 162
Last Answer : A) Let the cricket player’s average of runs for his 43 innings be X runs. Total number of runs in 43innings=43x According to the question, [43x + 0]/ 44= x-4 43x = 44x – 176 x = 176 new average of runs = 176-4 =>172
Description : Which of the following is not one of the qualifications of the members of the Board of Accountancy? a. He/She must not be a director or officer of PICPA at the time of his ... conducting review classes in preparation for the licensure examination at the time of his appointment to the Board.
Last Answer : He/She must be a duly Certified Public Accountant with at least ten years of experience in practice of public accountancy
Description : Calculate the free torsional vibrations of a single motor system from the following data: C = 8 GN/m 2 , L=9m, I = 600 Kg-m 2 , J = 8×10 4 m 4 a) 162,132 b) 172,132 c) 182,132 d) 192,132
Last Answer : b) 172,132
Description : When the income earned in an year is taxed in the same year, it is called ………………….. A) Advanced Assessment B) Super Assessment C) Accelerated Assessment D) None of the above
Last Answer : C) Accelerated Assessment
Description : Assessment year is the period of 12 months commencing from ……………. Every year. A) 1st March B) 31st March C) 1st April D) 30 th April
Last Answer : C) 1st April
Description : Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972
Last Answer : C) 1961
Description : What is the gestation period of a sheep? a. 136-138 days b. 112-124 days c. 150-152 days d. 180-182 days
Last Answer : c. 150-152 days
Description : The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.
Last Answer : B) CBDT
Description : Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these
Last Answer : A) Fully Exempted Allowance
Description : Transport allowance given by the employer to the employee is exempt up to ……….. A) Rs.1000p.m B) Rs.1600p.m C) Rs.1000p.a D) Rs.1600p.a
Last Answer : B) Rs.1600p.m
Description : Children hostel allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.200 C) Rs.250 D) Rs.300
Last Answer : D) Rs.300
Description : Children education allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.150 C) Rs.200 D) Rs.250
Last Answer : A) Rs.100
Description : Any allowance granted for encouraging research, academic and other professional pursuit is called ……………………… A) Research Allowance B) Academic Allowance C) Higher Educational Allowance D) Educational Allowance
Last Answer : any allowance granted from encouraging research or Academy and other professional fruit suit is called what
Description : Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)
Last Answer : C) 16(ii)
Description : If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : A) Fully Taxable
Description : Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB
Last Answer : 2A
Description : HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : B) Partly Taxable
Description : Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these
Last Answer : B) Allowances
Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A
Last Answer : C) 10(10)
Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Description : When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance
Last Answer : C) Transferred Balance
Description : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)
Last Answer : D)17(1)
Description : Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26
Last Answer : B) 15 to 17
Description : Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8
Last Answer : B) 10
Description : Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these
Last Answer : C) Not Allowed
Description : Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : C) Fully Exempted
Description : Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these
Last Answer : A) Karta
Description : A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4
Last Answer : A) 2
Description : CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above
Last Answer : A) Central Government
Description : CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes
Last Answer : B) Central Board of Direct Taxes
Description : As per Income tax Act, Person includes …………… A) Individual B) HUF C) Local Authority D) All of the above
Last Answer : D) All of the above
Description : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%
Last Answer : C) 3%
Description : Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore
Last Answer : C) 1 Crore
Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C
Last Answer : B) 87A
Description : The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000
Last Answer : C) 300,000
Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2
Last Answer : C) 5
Description : Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules
Last Answer : B) Finance Act
Description : Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax
Last Answer : B) Direct tax
Description : Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956
Last Answer : C) 1st April 1962
Description : The average height of 50 students in a class is 182 cm. 40 students whose average height is 182.5 cm left the class and 50 students whose average height is 180.5 cm joined the class. Find the average height of the present? A) 180.41 B) 175.5 C) 180.55 D) 185.5
Last Answer : A) The average of the students leaving the class as well as joining the class to be 182 so that the average remains the same. But it is given that the average of the 40 students leaving the class is 182. ... strength of the class. Hence the average of the present class = 182 - 95/60 = 180.5 cm
Description : In the 2005 season Atlanta Braves won 90 out of 162 games. What was the ratio of wins to total games?
Last Answer : 0.21458333333333
Description : For election to the Lok Sabha, a nomination paper can be filed by - (1) anyone residing in India. (2) a resident of the constituency from which the election is to be contested. (3) any citizen of India whose name appears in the electoral roll of a constituency. (4) any citizen of India.
Last Answer : (3) any citizen of India whose name appears in the electoral roll of a constituency. Explanation: Let's go by elimination. To contest any election, person has to be CITIZEN of India. This eliminates A and B. ... then he can't contests election. So, "D" also wrong. Hence we are left with answer "C".
Description : Revenue from services with duration of not more than……….. days to be recognized when rendering of services under contract is completed or substantially complted. a) 60 days b) 90 days c) 120 days d) 180 days
Last Answer : b) 90 days
Description : When two forces acting at a point are such that if the direction of one is reversed, the direction of the resultant is turned through a right angle, the forces must be a.inclined at more than 90? b.inclined at less than 90? c.equal in magnitude d.acting at 180? e.107 dynes
Last Answer : c. equal in magnitude
Description : No person shall be a citizen of India if he has – (1 ) lived in a foreign country for more than five years (2) been convicted by a foreign court of law (3) voluntarily acquired citizen ship of another country (4) accepted employment in another country
Last Answer : (3) voluntarily acquired citizen ship of another country Explanation: Article 9 of the Indian Constitution deals with persons voluntarily acquiring citizenship of a foreign State. It states that no person shall ... 6 or article 8, if he has voluntarily acquired the citizenship of any foreign State.
Description : I am a US citizen on US Medicare residing in Canada (permanent resident) - where can I buy supplementary insurance for US Medicare service for the 20% not covered by Medicare in the US. ?
Last Answer : Medigap can be used as supplemental insurance to cover what is not covered by medicare