Description : Mark the correct option a) There is no maximum limit of deposit in TD accounts of any type b) No subsequent withdrawal allowed in TD accounts before date of maturity c) The investment under 5 years TD ... the benefit of Section 80C f the income tax Act 1961 from 01-04-2007 d) All the above
Last Answer : d) All the above
Description : In National Savings Certificates, investment up to ________ per annum qualifies for IT Rebate under section 80C of Income Tax Act. A. Rs.10 lakh B. Rs.2 lakh C. Rs.5 lakh D. Rs.1 lakh
Last Answer : D. Rs.1 lakh Explanation: There is no maximum limit for investment. Certificates can be kept as collateral security to get loan from banks. Investment up to INR 1,00,000/- per annum qualifies for ... Tax Act. Trust and HUF cannot invest. Rate of interest effective from 1st April 2016 is 8.10%
Description : ______________ is granted to small scale units under section 33B of the Income tax act, 1961. A. Depreciation Allowance. B. Development Debate. C. Investment Allowance. D. Rehabilitation Allowance.
Last Answer : D. Rehabilitation Allowance.
Description : According to the Income Tax act of 1961, the age of Super senior Citizens should be _______ A. 60 years B. 70 years C. 80 years D. 75 years E. 65 years
Last Answer : C. 80 years Explanation: According to the Income Tax act of 1961, the age of Super senior Citizens is 80 years.
Description : What is the maturity period for senior citizen savings scheme? A. 3 years B. 5 years C. 2 years D. 5 years E. 4 years
Last Answer : B. 5 years Explanation: There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh in senior citizen savings scheme. Maturity period is 5 years.
Description : The exemption under section 54 of the Income Tax Act, 1961 is available ___________. e) to the extent of capital gain invested in the house property f) proportionate to the net consideration price invested g) to the extent of amount actually invested h) to the extent of net consideration
Last Answer : to the extent of capital gain invested in the house property
Description : Salary under section 17(1) of the Income Tax Act, 1961 does not include _____. a) wages b) pension c) interest d) gratuity
Last Answer : interest
Description : Under section 80J of the income tax act, 1961, small-scale industries are exempted from the payment of income tax on their profits at ___________. A. 6% p.a. B. 6% p.m. C. 5% p.a. D. 5% p.a.
Last Answer : A. 6% p.a.
Description : . As per section 40(b) of the Income Tax Act, 1961, upto ____ % per annum simple interest on capital is allowed towards remuneration of working partners. a) 6 b) 12 c) 15
Last Answer : b) 12
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 : Under the Income Tax Act 1961, “Notional profit” from speculative business is: a) taxable under the head income from “Profits and Gains from Business and Profession” b) taxable under the head “Income from other sources” c) either A or B d) not taxable
Last Answer : d) not taxable
Description : Under the Income Tax Act 1961, Depreciation on machinery is charged on : a) Purchase Price of the machinery b) Market Price of the Machine c) Written Down value d) A or B which is less
Last Answer : c) Written Down value
Description : Depreciation under ICDS-V shall be charged in accordance with : a) Income Tax Act 1961 b) Companies Act 2013 c) Notified Rate –CBEC d) Straight line over the useful life
Last Answer : a) Income Tax Act 1961
Description : New Small Scale industries are exempted from the payment of income tax under section 80J is called __________ A. Development Rebate.. B. Investment Allowance. C. Rehabilitation Allowance. D. Tax Holiday
Last Answer : B. Investment Allowance.
Description : While auditing the financial statements of non-corporate enterprises, the auditor's duties and scope of work would be governed by- (A) the statute passed by the Parliament (B) the Companies Act, 1956, and ... (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961
Last Answer : Answer: the agreement with his client.
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 : Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972
Last Answer : C) 1961
Description : Section 80E of the Income Tax Act provides for deduction of interest paid on Education or study loan taken for higher education. Deduction under section 80E is available for _____ A. 2 years B. 4 years C. 8 years E. 10 years
Last Answer : C. 8 years Explanation: An education loan can not only fund your higher studies but also help save tax. The interest paid on the education loan can be claimed as deduction, as per Section 80E of ... and is available up to eight years, or until the payment of interest in full, whichever is earlier.
Description : What is the Minimum and maximum deposit in Senior citizen saving scheme a) 500 & 5 Lac b) 1000 & 10 Lac c) 1500 & 15 Lac d) 1000 & 15 Lac
Last Answer : d) 1000 & 15 Lac
Description : Where can a senior citizen or disabled person go for free tax return help I am looking for organizations that offer this service throughout the US.?
Last Answer : The IRS has volunteers to help you with tax returns for the disabled and elderly. You can find out about this volunteer program at http://www.irs.gov/individuals/article/0,,id=107626,00.html.
Description : In industrial operations fluids with temperature less than __________ are set as the limit for waste heat recovery because of the risk of condensation of corrosive liquids a. 80C b. 100C c. 120C d. 200C
Last Answer : 100C
Description : Which of the following services is NOT provided by the post offices in India ? A. Savings Bank Scheme B. Retailing of Mutual Funds C. Sale of stamp Papers (Judicial) D. Issuance of Demand Drafts E. Life Insurance cover
Last Answer : D. Issuance of Demand Drafts Explanation: Issuance of Demand Drafts is NOT provided by the post offices in India.
Description : What is frequency ? What does 60c / s bicycle mean ?
Last Answer : The number of cycles an AC wave completes in one second is called frequency. Its unit is Hz . It is expressed by f . Frequency 60c / s cycle means complete 60 cycles in 1 second .
Description : Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption
Last Answer : (4) relationship between income and consumption Explanation: The Consumption function is a single mathematical function used to express consumer spending. It was developed by John Maynard Keynes and ... by current income and induced consumption that is influenced by the economy's income level.
Description : Investment multiplier shows the effect of investment on - (1) Employment (2) Savings (3) Income (4) Consumption
Last Answer : (3) Income Explanation: Investment multiplier is simply the multiplier effect of an injection of investment into an economy. The multiplier effect refers to the idea that an initial spending rise can lead to even greater increase in national income
Description : Investment and savings are kept equal through a change in the level of - (1) Consumption (2) Investment (3) Government expenditure (4) Income
Last Answer : (1) Consumption Explanation: Desired savings are kept equal to desired investment by responses to interest rate changes. Savings identity or the savings investment identity is a concept in ... brings savings and investment into balance without any intention by business to increase investment.
Description : Consumption function expresses the relationship between consumption and - (1) savings (2) income (3) investment (4) price
Last Answer : (2) income Explanation: The consumption function is a mathematical formula laid out by famed economist John Maynard Keynes. The formula was designed to show the relationship between real disposable ... being what Keynes considered the most important determinant of short-term demand in an economy.
Description : Investment Multiplier is a (a) ratio between income and investment. (b) ratio between investment and savings (c) ratio between consumption and investment (d) None of the abov
Last Answer : (b) ratio between investment and savings
Description : Which among the following method is used to calculate poverty in India? (a) Investment Method. (b) Capital Method. © Savings Method. (d) Income Method.
Last Answer : (d) Income Method.
Description : Per capita income is calculated by dividing total national income by (a) Total population (b) Total savings © Total depreciation (d) Total investment.
Last Answer : (a) Total population
Description : Investment multiplier shows the effect of investment on (1) Employment(2) Savings (3) Income (4) Consumption
Last Answer : Income
Description : Consumption function expresses the relationship between consumption and (1) savings (2) income (3) investment (4) price
Last Answer : income
Description : Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption
Last Answer : relationship between income and consumption
Description : Investment and savings are kept equal through a change in the level of (1) Consumption (2) Investment (3) Government expenditure (4) Income
Last Answer : Consumption
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 : Mark the correct option relating to Protected saving scheme a) Twenty four months have been elapsed from the date of opening the account and during the said period all the month installments have been paid ... The claim applied for within one year of the death of the depositor e) All the above
Last Answer : e) All the above
Description : Mark the correct option relating to Senior citizens saving scheme a) An individual of the Age 60 years or more may open the account b) An individual of the age of 55 years or more but less than 60 ... and not exceed the amount of retirement benefits c) The maturity period is 5 years d) All the above
Description : If the noncustodial parent claims the child as an exemption, but does not qualify for EIC or Child Tax Credit, can the custodial parent claim EIC, for which she qualifies with one child and file as Head of Household?
Last Answer : The only way your ex-husband can claim your child, regardless of what the divorce decree states, is if you agree to it by filing Form 8332. To find out more visit the IRS website or call them directly. They are very informative and helpful in these situations.
Description : Securities Appellate Tribunal is a/an __________ established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 A. Constitutional body B. Advisory body C. non-statutory body D. Statutory body E. None of the Above
Last Answer : D. Statutory body Explanation: Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India.
Description : What qualifies as a disability to be able to get disability income?
Last Answer : To qualify for disability income, an individual must have a physical or mental disability that prevents them from working as they would without the disability. You many have to pass a test to ... to all Americans with a mental or physical disability. http://www.ssdrc.com/disabilityquestions3-24.html
Description : A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax
Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax
Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.
Description : Mark the incorrect option Limit of death claim benefit under non medical scheme is if death occurs within a) 1 year 35%of sum assured a/w accrued bonus b) 2 years 60% of sum assured a/w accrued bonus ... a/w accrued bonus Ans:d ( It is desirable to opt for policy medical scheme to get full benefit)
Last Answer : d) 4 years 100 % of sum assured a/w accrued bonus Ans:d ( It is desirable to opt for policy medical scheme to get full benefit)
Description : Section -----------of companies act 1956 deals with the scheme of stock invest A. 69 to 70 B. 69 to 71 C. 69 to 72 D. 69 to 73
Last Answer : D. 69 to 73
Description : Under Liberalised Remittance Scheme, PAN card need not be insisted upon for remittance made towards permissible current account transactions up to __________ A. USD 25,000 B. USD 20,000 C. USD 15,000 D. USD 10,000 E. None of the Above
Last Answer : A. USD 25,000 Explanation: PAN card need not be insisted upon for remittance made towards permissible current account transactions up to USD 25,000 per financial year.
Description : A wholesaler sells printer cartridges. The minimum order quantity is 5. There is a 20% discount for orders of 100 or more printer cartridges. You have been asked to prepare test cases using various values for the number of printer cartridges ... A. 5, 6, 20 B. 4, 5, 80C. 4, 5, 99 D. 1, 20, 100
Last Answer : C. 0, 1,10,11, 50, 51, 75, 76,100,101
Description : How is low-income senior housing different from traditional section 8?
Last Answer : Low income senior housing is much the same as traditional section 8, but the income requirements may sometimes be set a little bit higher. You also must be over a certain age to qualify for ... qualifies based on their income. Senior low income housing is only available to seniors with low income.
Description : Personal Income' equals - (1) The household sector's in-come (2) Private income minus savings of the corporate sector minus corporation tax (3) Personal disposable income plus miscellaneous receipts of the Goverment (4) All of the above
Last Answer : (3) Personal disposable income plus miscellaneous receipts of the Goverment Explanation: Disposable income is total personal income minus personal current taxes (or plus receipts of the government). ... category of personal (or, private) consumption expenditure) yields personal (or, private) savings
Description : Forced Savings refer to - (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees
Last Answer : (1) Reduction of consumption consequent to a rise in prices Explanation: Forced saving is an economic situation in which consumers spend less than their disposable income, not because they want to ... free economy, this situation would normally result in increase in prices and inflow of more goods.