Serial Question Option A Option B Option C Option D Answer

Income Tax The statement 'a tax should be levied and collected at an appropriate time and place' reflects which of the following Adam Smith's canon of taxation? Convenience Efficiency Certainty Equity A
Income Tax Income from house property is called: Annual Value Rental Value Property Value Taxable Value A
Income Tax Ms. Leela recently retired from a private company after continuously working for 10 years; her average salary was Rs. 50,000 per month. Her service is not covered under the Rs. 250,000 Rs. 300,000 Rs. 2,000,000 Insufficient information A
Gratuity Act, 1972. The company paid her a gratuity of Rs. 300,000.
Income Tax Which of the following is NOT an argument in favour of indirect taxes? Flexibility Imperceptibility Discourages wasteful consumpOpacity D
Income Tax Ms. Geeta retired from working for a private company after working for 30 years. She was entitled to 30 days leave every year; at the time of retirement she had a balance of leave Rs. 450,000 Rs. 360,000 Rs. 600,000 Rs. 300,000 D
for six months. Geeta forfeited the leave and received a leave encashment of Rs. 450,000. Her average monthly salary during the last ten months before her retirement was Rs.
60,000 per month. What is the amount of exemption available in this respect under income tax?
Income Tax Aries Limited is a company incorporated in India but its entire business is conducted outside India and a majority of its shareholders are non-residents. Under Income Tax Act, 1961 Resident Not Ordinarily Resident Non-Resident Insufficient information A
this company is considered as:
Income Tax According to the Haig-Simons definition, the measurement of income should consider the: Consumption expenses Personal expenses Capital expenses Expenses of earning incom D
Income Tax The statement 'a tax system should raise enough revenue to pay for government spending, without creating negative distortions such as reducing incentives towards work for Efficiency Convenience Equity Certainty A
individuals and towards investment incentives for companies' reflects which of the following Adam Smith's canon of taxation?
Income Tax Ms. Falguni worked for the Radio Club Limited as an assistant company secretary. She voluntarily retired from service two months before her retirement date. The last salary drawn
by her was Rs. 200,000 per month. The employer gave her a voluntary retirement benefit of Rs. 600,000. What is the amount of voluntary retirement benefit exempted from income
tax? Rs. 400,000 Rs. 600,000 Rs. 500,000 Insufficient information A
Income Tax Ms. Asha recieves an allowance from her employer for the education of her three children at the rate of Rs. 1000 per child. How much of this allowance is exempted from income tax? Rs. 600 Rs. 900 Rs. 3000 Rs. 2000 A
Income Tax Ms. Easha stays in a rented house in Behrampur for which she pays an annual rent of Rs. 240,000. She recieves house rent allowance (HRA) of Rs. 120,000 from her employee. Her A
annual salary is Rs. 600,000. What amount of HRA is exempt under income tax? Rs. 120,000 Rs. 180,000 Rs. 240,000 Rs. 300000
Income Tax Which of the following is NOT a feature of a tax? Compulsion Imposition by Public Authority Direct benefit to the taxpayer Taxes are not penalty C
Income Tax The statement 'taxes should be fair and based on people's ability to pay' reflects which of the following Adam Smith's canon of taxation? Efficiency Convenience Equity Certainty C
Income Tax An improper transfer of income to a related person who is in a lower tax bracket is an example of: Tax evasion Tax avoidance Tax planning Tax saving A
Income Tax Ms. Karthiyani owns one house property which could be rented out for Rs. 240,000 per annum. However, she is staying in this property. What is the annual value of the property
under income tax? Nil Rs. 240,000 Rs. 120,000 Insufficient information A
Income Tax A Hindu undivided family, firm or other association of persons is said to be resident in India in any previous year if ...: The control and management of The control and management of The control and The business of the C
its affairs is situated wholly in its affairs is situated partially in management of its affairs is entity is concentrated in
India. India. situated wholly, or partly, in India.
India.
Income Tax Which of the following allowances are exempted to the extent of actual expenditure? Uniform allowance. Any allowance granted to meet Helper allowance. All of the above
the cost of travel on tour or on
transfer. D
Income Tax Which of the following public autority is empowered to levy the following taxes: (i) stamp duty on transfer of property; (ii) land revenue; and (iii) taxes of profession and callings. State Government Central Government Local Authority None of the above A
Income Tax A ... tax is a tax imposed in a way that the tax rate increases as the amount to which the rate is applied increases. Regressive Progressive Proportional Neutral B
Income Tax Which of the following is NOT an argument against indirect taxes? Easy to collect Regressive effect Inflationary effect Opacity A
Income Tax The use of tax saving devices which are in conformity with the intentions of the legislature is ... Tax evasion Tax avoidance Tax planning Tax saving C
Income Tax Mr. Manoj was working in a private company as a machine operator. Unfortunately, Mr. Manoj died due to an accident in the factory. The company management paid his widow, Ms. Rs. 2,500,000 Rs. 100,000 Rs. 1,200,000 Insufficient information A
Income Tax M dh i R 2 500 000 i t t it At th ti f hi d bt M j d i l f R 100 000 th H h f thi i t t it i
Ms. Anita owns a property whose annual value is Rs. 400,000. What is the amount of flat deduction allowed from the annual value of this property under income tax? Rs. 120,000 Rs. 200,000 Rs. 80,000 Rs. 40,000 A
Income Tax Which of the following is NOT an argument against indirect taxes? Inflationary effect Opacity Regressive effect Easy to collect D
Income Tax Which of the following is NOT a feature of a tax? Compulsion Taxes are a form of penalty No direct benefit to the taxpay Imposition by Public Autho B
Income Tax Ms. Celina stays in a house owned by her. She receives a sum of Rs. 300,000 as house rent allowance (HRA) from her employer. If she were to rent out her house she would receive Nil Rs. 200,000 Rs. 300,000 Rs. 90,000 A
Income Tax f R 200
This concept 000
of not ordinarilyt resident
H l l applicable
is only i R 900 000
to an Wh t who ist an
assessee f HRA i
individual or at ... d i t ? Hindu Undivided Family Company Partnership Firm Association of Persons A
Income Tax Ms. Diana stays in a rented house in Nagpur (a non-metropolitan city) for which she pays an annual rent of Rs. 260,000. She recieves house rent allowance (HRA) of Rs. 300,000 Rs. 210000 Rs. 200,000 Rs. 250,000 C
Income Tax fThe total
h income l of any
H previous
l year
l i R
of 500 000
a person whoWh f HRA i all income from
is a resident includes d iwhatever source
? derived which: Is received or is deemed to be Accrues or arises or is deemed Accrues or arises to him All of the above D
Income Tax Ms. Usha receives an annual salary of Rs. 1,500,000. What is the amount of standard deduction allowed? i d i I di i
Rs. 50000 h b tRs. 150,000 i t hi i I di t id I di
Rs. 300,000 d i th Nil A
Income Tax Ms. Kalyani was working in a private company continuously for the last 25 years. The company recently restructured its organisation structure and in the process many employees Rs. 500,000 Rs. 1,000,000 Rs. 1,200,000 Insufficient information A
Income Tax Accordingd to the
d Haig-Simons
l K l definition,
i f thmeasurement
the l ofhincome should
i t
consider i the:
t d At th ti ft i ti K l i d i thl l f R 80 000 Th Expenses of earning income Consumption expenses Personal expenses Capital expenses A
Income Tax Ms. Beena stays in a rented house in Mumbai for which she pays an annual rent of Rs. 240,000. She recieves house rent allowance (HRA) of Rs. 300,000 from her employee. Her Rs. 240,000 Rs. 300,000 Rs. 150,000 Rs. 450,000 C
Income Tax l l stays
Ms. Alisha i R in a900 000house
rented Wh tin Raipur t for
f HRA i she pays
which t an
d annual
i t of
rent ? Rs. 180,000. She receives a consolidated salary of Rs. 900,000 from her employer. What amount of Nil Rs. 180,000 Rs. 360,000 Rs. 450,000 A
Income Tax HRANirmala
Ms. i t da house
owns i t ? which could be rented out for Rs. 240,000 per annum. However, she has rented out the property to her friend who pays her rent of Rs. 180,000
property Insufficient information
Rs. 240,000 Rs. 180,000 Nil A
Income Tax Ms. PriyankaWhhadt iobtained
th l lof Rs.
a loan f th
2,000,000t for the
d purpose
i tof acquiring
? a house property. During the previous year Priyanka paid interest of Rs. 240,000 on the loan. The Rs. 240,000 Rs. 300,000 Rs. 192,000 Insufficient information A
Income Tax l l f h i R 300 000 Wh f h i id
Which of the following allowances are exempted to the extent of actual expenditure? i ll d b d d d f h l l ? Research allowance granted for City Compensatory Allowance Fixed Medical Allowance Tiffin, Lunch, Dinner or Re A
Income Tax Which of the following allowances are exempted to the extent of actual expenditure? Conveyancei allowance
th d granted
i Project Allowance Overtime Allowance Telephone Allowance A
Income Tax Ms. Alisha stays in a rented house in Raipur for which she pays an annual rent of Rs. 180,000. She receives a consolidated salary of Rs. 900,000 from her employer. What amount of Rs. t 180,000
t th dit Rs. 360,000 Rs. 450,000 Nil D
Income Tax HRA i of the following
Which t d iis a feature t ? of a tax? Compulsion Imposition by Public Authority No direct benefit to the taxpay All of the above D
Income Tax Which of the following is a feature of a tax? Compulsion Imposition by Public Authority No direct benefit to the taxpay All of the above D
Income Tax Use of 'colourable devices’ to reduce one's tax liability is ... Tax evasion Tax avoidance Tax planning Tax saving B
Income Tax Ms. Nitya owns one house property which could be rented out for Rs. 120,000 per annum. However, she is staying in this property. What is the annual value of the property under Rs. 240,000 Rs. 120,000 Rs. 360,000 Nil D
Income Tax iA ... tax tis a? tax imposed is such a way that the tax rate decreases as the amount to which the rate is applied increases. Regressive Progressive Proportional Neutral A

GST Which of the following activities are considered as supply under GST: Services by an employee to the Services of funeral, burial, Sale of land and sale of None of the Above D
l d i i l ti t t i t b ildi h th ti
GST Any business whose turnover in a financial year exceeds ... is compulsorily required to register under GST. Rs. Five Lakhs Rs. One Crore Rs. 20 Lakhs Rs. 75 Lakhs C
GST Items 'A' and 'B' are a part of a composite supply; item A is the principal item. The tax rate on item A is 5% and that on B is 28%. The GST on the composite supply is: 5% 28% 16.50% 17% A
GST The Constitution provides that every decision of the GST Council shall be taken at a meeting by a majority of ... of the weighted votes of the Members present and voting. not less than half not less than three-fourth not less than one-third not less than one-fifth B
GST Generally, a registered person, whose aggregate turnover in the preceding financial year did not exceed ..., may opt to pay GST at a fixed rate prescribed by the government under Rs. 20 Lakhs Rs. One Crore Rs. Five Crores Rs. 10 lakhs B
th
A compositeitisupplyh means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services or any combination thereof, which are ... in the artifically bundled and supplied in naturally bundled and supplied Unbundled and supplied in Naturally and supplied
GST B
di fb i f hi h i i i l l j
Interest tior lateithfees orh penalty
th for i
Direct jsubsidies
ti ith
(except h th j
Expenses ti incurred
ith by h the
th t l
GST Which of the following are compulsorily added to the transaction value under GST, if not already add: All of the above D
d l is collected
Tax d by the Central Tax is collectedbbyidithe)State Taxi isi collected
b hbylf both
f h the Tax is collected by an
GST In the Australian Model of GST: A
The vote of the Central Government shall have a weightage of ... of the votes cast; and ... of the total number of members of the GST Council shall constitute the quorum at its G t d di t ib t d t G t d di t ib t d t C t l G t d th i d d tt
GST One-fourth, One-half One-third, One-third One-third, One-half One-half, One-half C
ti transporter of supply of goods or wholesaler of supply of goods recipient of supply of goods supplier of goods or
GST Reverse charge means the liability to pay tax is on the ... in respect of notified categories of supply. C
i i i i
GST Which of the following items is subject to zero per cent rate in GST? Children’s Drawing and Roasted Coffee Beans Tea Sugar A
GST Which of the following is a function performed by the GST Network: Facilitating registration; Matching of tax payment details Running the matching engine All of the above D
ith b ki t k f t hi l d
GST At the moment, GST is NOT applicable to which of the following items: High speed diesel Motor spirit Aviation turbine fuel All of the Above D
GST Who of the following is not eligible for composition scheme: An assessee services sector, Supplier of goods which are not Tax payers making inter-state All of the above D
t
any taxes, tfees, charges
t levied t bl d th GST li
expenses incurred by the incidental expenses like
GST Which of the following are NOT compulsorily added to the transaction value under GST, if not already add: government subsidies B
d l h h GST i i b h lf f h i i d ki
GST Items 'A' and 'B' are a part of a mixed supply The tax rate on item A is 5% and that on B is 28%. The GST on the mixed supply is: 5% 28% 16.50% 17% B
GST A supplier ... take input tax credit (ITC) of GST paid on goods or services used to make supplies on which the recipient is liable to pay tax under the reverse charge mechanism. may should cannot can C
GST The taxable event in GST is ... of goods or services or both. supply purchase consumption transfer A
GST Which of the following is NOT as essential element of 'supply' under GST Supply should be made for a Supply should be made by a Supply should be a taxable Supply should be made D
id i bl l
It is collected through a h i hi I di
GST Which of the following is a feature of GST in India: It’s a destination-based tax It’s a consumption tax All of the above D
t d
GST A person who is required to pay tax under reverse charge is required to ... register under GST. compulsorily voluntarily NOT discretionarily A
GST Which of the following items is subject to zero per cent rate in GST? Life-Saving Drugs Besan Cashew Nuts All of the above B
GST Which of the following are NOT compulsorily added to the transaction value under GST, if not already add: any taxes, fees, charges levied expenses incurred by the trade discount incidental expenses like C
d l h h GST i i b h lf f h i i d ki