SCDL Taxation Assignments

Multiple Choice Multiple Answer Question The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :Correct Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary Your Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary True/False Question Income Tax Act, 1961 recognizes Written Down Value (WDV) method as well as straight line method for the computation of depreciation u/s 32 this act. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :Correct Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage Multiple Choice Single Answer Question Which of the following expenditure is in the nature of revenue expenditure? Correct Answer Expenditure incurred as discount on issue of debentures Your Answer Expenditure incurred as discount on issue of debentures Select The Blank Question If sum received is net of TDS then it is ________ to include in income from other sources. Correct Answer Grossed up Your Answer Grossed up True/False Question Interest paid on the loan for acquiring a capital asset will be considered to be a part of cost of acquisition. Correct Answer True Your Answer True Multiple Choice Single Answer Question Mr. A whose Gross Total Income, before allowing deductions under Chapter VI-A is Rs. 1,45,000, wants to make the investments in the following alternative forms Rs. 80,000 in PPF and Rs. 20,000 in Infrastructure Bonds. The amount of rebate available to him u/s 88 is :Correct Answer

Rs. 18,000 Your Answer Rs. 18,000 Multiple Choice Single Answer Question Interest on specified securities or premium on redemption is exempt for :Correct Answer Non resident Indian Your Answer Non resident Indian True/False Question As per section 2(11) of the Income Tax Act, Block of Assets includes both tangible as well as intangible assets. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Deductions in respect of Certain Incomes received under Section 80L is available in respect of Correct Answer Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest Your Answer Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest Multiple Choice Single Answer Question Tax liability of a person is based on :Correct Answer Residential status Your Answer Residential status Multiple Choice Multiple Answer Question For the purpose of income tax, the perquisites can be classified into :Correct Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Your Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Select The Blank Question For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year. Correct Answer 182 Your Answer 182 Multiple Choice Single Answer Question Income earned in previous year is subjected to tax in :Correct Answer Assessment year Your Answer Assessment year

Multiple Choice Multiple Answer Question Following professional institutions have their incomes exempt from tax :Correct Answer Town planning , Company secretary , Accounting Taxation 5 Posted on March 17, 2010 by assetventures LIST OF ATTEMPTED QUESTIONS AND ANSWERS Select The Blank Question 1 Mr X a salaried employee has received total educational allowance of Rs 8,000 for his four children, the maximum allowance exempt is ________ u/s 10(14) of the IT Act. Correct Answer Rs 2,400 Your Answer Rs 2,400 Multiple Choice Multiple Answer Question2 What is the tax treatment of the Lump sum received from unrecognized provident fund on the retirement or resignation or death of the employee? Correct Answer Employees contribution to PF is exempt from tax , Interest on employees contribution is taxable as Income from Other Sources , Employers Contribution to PF and interest thereon is taxable as Income from salaries Your Answer Interest on employees contribution is taxable as Income from Other Sources , Employers Contribution to PF and interest thereon is taxable as Income from salaries , Employees contribution to PF is exempt from tax True/False Question 3 Software technology park means set up according to Software Technology Park Scheme framed by Ministry of Commerce & Industries. Correct Answer True Your Answer True Select The Blank Question 4 It is mandatory for ________ to file a return even if there is loss or the income is nil. Correct Answer A company Your Answer Persons under One by Six scheme Multiple Choice Multiple Answer Question 5 Following professional institutions have their incomes exempt from tax :Correct Answer Town planning , Company secretary , Accounting Your Answer Town planning , Company secretary , Accounting Multiple Choice Multiple Answer Question 6 Which of the following amounts credited to P & L Account but not taxable from Income tax Purposes as Profits from Business and Profession?

Correct Answer Refund of Income tax , Capital Gains , Dividend Income Your Answer Refund of Income tax , Capital Gains , Dividend Income Select The Blank Question 7 ________ is the tax payable on the manufacturing of goods. Correct Answer Excise duty Your Answer Excise duty Select The Blank Question 8 The amount paid by the employer to the employee to meet the expenditure for residential accommodation occupied by the employee is called ________. Correct Answer House rent allowance Your Answer House rent allowance Multiple Choice Multiple Answer Question 9 Any amount deposited by an Individual or a HUF in 10 year or 15 year account under the Post Office Saving Bank (CTD) Rules, 1959. The account can be in the name of :Correct Answer The individual himself , A minor of whom he is the guardian. Your Answer The individual himself , A minor of whom he is the guardian. Select The Blank Question 10 Section 80U allows the deduction in respect of the ________ . Correct Answer Permanent physical disability Your Answer Permanent physical disability Multiple Choice Single Answer Question 11 Income of notified news agencies is exempt provided :Correct Answer They apply their income for collection & distribution of news Your Answer They apply their income for collection & distribution of news Multiple Choice Single Answer Question 12 The total amount of rebates under Section 88, Section 88B, Section 88C and Section 88D of the Act. shall :Correct Answer Not exceed the amount of tax calculated on the total income. Your Answer Not exceed the amount of tax calculated on the total income. Multiple Choice Single Answer Question 13 What is the treatment of Uncommuted Pension? Correct Answer It is taxable as Income from Salaries. Your Answer It is taxable as Income from Salaries. Multiple Choice Multiple Answer Question 14 Perquisites which are taxable only in the hands of specified employee include the following categories of perquisites :-

Correct Answer Motor Car , Services of sweeper, gardener, watchman or personal attendant , Gas, electricity and water provided for personal consumption Your Answer Motor Car , Services of sweeper, gardener, watchman or personal attendant , Gas, electricity and water provided for personal consumption Multiple Choice Single Answer Question 15 The Central Government has introduced a new pension scheme for the employees employed on or after 15th January, 2004. These employees are required to contribute 10% of their salaries to this pension scheme. How much will the Central Government contribute to the Fund? Correct Answer Equal amount Your Answer Equal amount True/False Question 16 In case of deductions for medical treatment under Section 80DDB the amount of deduction will be reduced by the amount received under an insurance policy or the amount reimbursed by the employer. Correct Answer True Your Answer True Multiple Choice Single Answer Question 17 If any person fails to get the accounts audited by a Chartered Accountant and fails to submit the copy of such report under section 44AB, he will be liable to pay the penalty equal to :Correct Answer 0.5% of sales turnover/gross receipts or Rs.1lakh whichever is less Your Answer 0.5% of sales turnover/gross receipts or Rs.1lakh whichever is less Select The Blank Question 18 Section 35E of the Act applies to all the ________ engaged in the business of prospecting for or extraction or production of certain specified minerals. Correct Answer Resident assessees Your Answer Non-ordinary resident assessees Multiple Choice Multiple Answer Question 19 Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :Correct Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research True/False Question 20 Jewellery held by the assessee is not a Capital Asset.

Correct Answer False Your Answer False Select The Blank Question 21 House rent allowance is exempt from the heading ________. Correct Answer Income from salaries Your Answer Income from salaries Multiple Choice Multiple Answer Question 22 The various payments which are referred as deductions under section 43B, Clause No-21 are :Correct Answer Any employees contribution payable by the assessee towards any Provident Fund or Superannuation Fund or Gratuity Fund for the welfare of the employees , Any sum payable by the assessee by way of tax duty, cess or fee , Any sum payable by the assessee as interest on any loan or borrowing made by him from any public financial institution or state financial corporation as per the terms of the agreement Your Answer Any employees contribution payable by the assessee towards any Provident Fund or Superannuation Fund or Gratuity Fund for the welfare of the employees , Any sum payable by the assessee by way of tax duty, cess or fee , Any sum payable by the assessee as interest on any loan or borrowing made by him from any public financial institution or state financial corporation as per the terms of the agreement Select The Blank Question 23 The rebate u/s ________ is available to a woman assessee below the age of 65 years at any time during the previous years. Correct Answer 88C Your Answer 88B True/False Question 24 An deduction is allowed to an assesse as an employer in respect of contribution made to any non-statutory fund under the section 40A(9). Correct Answer False Your Answer True True/False Question 25 Dividend received by the shareholder is treated as income chargeable to tax u/s 10(34) of the IT Act. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question 26 The assessee is required to quote PAN in :-

Correct Answer All returns to or correspondence with the Income Tax Authorities , All the challans for the payment of any amount under the Act , All the documents pertaining to purchase, sale and bank transactions Your Answer All returns to or correspondence with the Income Tax Authorities , All the challans for the payment of any amount under the Act , All the documents pertaining to purchase, sale and bank transactions Multiple Choice Single Answer Question 27 Any person carrying on business or profession has to submit the Audit Report in prescribed form, signed by Chartered Accountant before 31st October of the assessment year, whether the return of income is filed or not. This is in compliance with :Correct Answer Section 44AB of the Act Your Answer Section 44AB of the Act Multiple Choice Single Answer Question 28 In case of the individual or HUF whose Gross Total Income, before deductions under Chapter VI-A, is more than Rs. 5,00,000, then :Correct Answer No rebate will be available u/s 88. Your Answer Rebate will be available u/s 88 Multiple Choice Single Answer Question 29 If firm fails to submit copy of deed along with return of income :Correct Answer It will not constitute a separate taxable entity Your Answer It will not constitute a separate taxable entity Multiple Choice Single Answer Question 30 In order to avoid the cases of tax evasion on the part of the assessees, the Act has provided for :Correct Answer Tax deduction at source Your Answer Tax deduction at source Multiple Choice Multiple Answer Question 31 Which of the following expenditures are expressly disallowed to be deducted while computing the profits from business and profession Correct Answer Income Tax , Wealth Tax Your Answer Income Tax , Wealth Tax True/False Question 32 Section 80QQB is applicable to the individual resident who is an author of text books. Correct Answer False Your Answer False

Select The Blank Question 33 Section 35AC of the Act applies to any sum paid by the assessee to a public sector company or a local authority or an association approved by the national committee for ________ for carrying out any project in upliftment of public. Correct Answer Promotion of social and economic welfare Your Answer Promotion of social and economic welfare Multiple Choice Single Answer Question 34 Income from sub-letting of a house property is income from :Correct Answer Other sources Your Answer Subletting Multiple Choice Multiple Answer Question 35 Income of a professional association is exempt if its objectives are :Correct Answer Supervision , Control , Encouragement Your Answer Supervision , Control , Encouragement Multiple Choice Multiple Answer Question 36 Choose capital expenditure from the following list :Correct Answer Purchase of Building , Purchase of machinery Your Answer Purchase of Building , Construction of temporary structures , Purchase of machinery True/False Question 37 Loss under the head Profits from Business or Profession can be adjusted against the Income from Salaries. Correct Answer False Your Answer False Select The Blank Question 38 Deduction u/s 10A is ________ of export proportion of profits. Correct Answer 0.9 Your Answer 0.9 True/False Question 39 Rebates as per the provisions of Section 88C of the Act are not available from the tax on long-term capital gains. Correct Answer False Your Answer False True/False Question 40 Dividend received from domestic company to its shareholders is taxable in the hands of the shareholder. Correct Answer False Your Answer True

Match The Following Question 41 Correct Answer Your Answer Super Annuation Fund This is an employee welfare scheme which is usually applicable in case of very senior employees This is an employee welfare scheme which is usually applicable in case of very senior employees Statutory Provident Fund This is set up as per the provisions of Provident Fund Act, 1925. This is maintained by Government organizations, local authorities, universities and educational institutions. This is set up as per the provisions of Provident Fund Act, 1925. This is maintained by Government organizations, local authorities, universities and educational institutions. Recognised Provident Fund This is the provident fund to which the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952 apply. This is the provident fund to which the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952 apply. Unrecognised Provident Fund The provident fund which is not recognized by the income tax authorities is called as unrecognized provident fund. The provident fund which is not recognized by the income tax authorities is called as

unrecognized provident fund. Multiple Choice Single Answer Question 42 Tax liability of a person is based on :Correct Answer Residential status Your Answer Residential status Select The Blank Question 43 The amount of compensation received or receivable by the employee from the employer at the time of termination of his employment or at the time of modification of terms and conditions in connection with the employment is called as ________. Correct Answer Terminal compensation. Your Answer Terminal compensation. Match The Following Question 44 Correct Answer Your Answer Intangible Capital Asset Tenancy Rights Tenancy Rights Excluded from ambit of term Capital Asset Stock in Trade Land held for a period of 36 months or more Short Term Capital Asset Equity Shares held for a period of Less than 36 months Stock in Trade Long Term Capital Asset Land held for a period of 36 months or more Building Multiple Choice Multiple Answer Question 45 The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :Correct Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance received. Your Answer Rs. 5,000 , 1/5th of Salary , Actual amount of Entertainment Allowance received. True/False Question 46 Annual premium paid by the employer for the accident insurance policy taken by the employer in the name of the employee is chargeable to tax. Correct Answer False Your Answer False

Multiple Choice Single Answer Question 47 Following condition needs to be satisfied for claiming the exemption under Section 54F :Correct Answer The assessee is an individual or a HUF Your Answer The assesse is Firm Wednesday, April 2, 2008 Taxation - 5 LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question What are the factors to be considered in cluster analysis? Correct Answer Limited number of clusters due to limitation of market potential , Clusters are not water tight compartment , Evaluating the quality of cluster is difficult Your Answer Limited number of clusters due to limitation of market potential , Clusters are not water tight compartment , Evaluating the quality of cluster is difficult Multiple Choice Single Answer Question Clarity of questions and instructions for filling the form is essential in :Correct Answer Mail survey Your Answer Data analysis Multiple Choice Single Answer Question The technique through which objects/ cases are classified into relative homogeneous groups or clusters is known as :Correct Answer Cluster analysis Your Answer Cluster analysis Multiple Choice Single Answer Question Mean or average value is used to estimate when data have been collected using :Correct Answer Interval or ratio scale Your Answer Interval or ratio scale Select The Blank Question In ________ method the research analyst is not concerned with cause and research relationship. Correct Answer Diagnostic Your Answer Diagnostic Multiple Choice Multiple Answer Question Which are the New Delhi based Research Institutions? Correct Answer NRDC , CSIR , Cement Research Institute of India Your Answer NRDC , CSIR , Cement Research Institute of India Multiple Choice Single Answer Question Market Research is done to Correct Answer Explore the Opportunities Your Answer Explore the Opportunities True/False Question "Consumer Panel" is a specialized market research technique. Correct Answer False Your Answer False Match The Following Question Correct Answer Your Answer "What might this be ?" Inkblot test Inkblot test Aided Recall Depth Research Depth Research Doesnt intend to tell Projective techniques Projective techniques Ease of construction Likert scale Likert scale True/False

Question In regression analysis, dependent variables can be expressed as a linear function of impendent variables. Correct Answer True Your Answer True True/False Question When company prepares a long range plan it is unpublished internal source of information. Correct Answer True Your Answer True Select The Blank Question Association technique is a type of ________. Correct Answer Projective technique Your Answer Projective technique Multiple Choice Single Answer Question The impact of promotional slogans on the consumers can be studied with Correct Answer Association technique Your Answer Association technique True/False Question Brand image building is not important in case of industrial product for quality. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Which publications are used for research on Chemical Industry? Correct Answer Indian Chemical Directory , Chemical Industry News , Chemical & Petro Chemicals Journal Your Answer Indian Chemical Directory , Chemical Industry News , Chemical & Petro Chemicals Journal Multiple Choice Single Answer Question Spreading the sample through the entire population following a regular pattern is known as :Correct Answer Systematic sampling Your Answer Systematic sampling Select The Blank Question In absence of proper________ the market research becomes a data collection exercise. Correct Answer Problem Definition Your Answer Analysis Multiple Choice Multiple Answer Question Which institutions should be contacted for research on Paint Chemicals? Correct Answer National Chemical Laboratory, Pune , Industrial Research & Development Center , Building Research Institute Your Answer National Chemical Laboratory, Pune , Industrial Research & Development Center , Building Research Institute Multiple Choice Multiple Answer Question The objectives of marketing research are Correct Answer To understand the consumer needs and wants , To explore the new markets , To analyze the competitors Your Answer To understand the consumer needs and wants , To explore the new markets , To analyze the competitors Multiple Choice Single Answer Question Ultra violet ink is used to disguise customer coding. This activity is :Correct Answer A disapproved method Your Answer A disapproved method Select The Blank Question Through cluster analysis objects/cases are classified into relatively________ group

called cluster. Correct Answer Homogeneous Your Answer Homogeneous Match The Following Question Correct Answer Your Answer Dangler POP POP POP Communication medium Communication medium Opinion Polls Daily basis Daily basis Corporate Image Study Advertising research Advertising research Multiple Choice Multiple Answer Question Ethical issues to be observed while writing a report are :Correct Answer No deliberate misinterpretations , Marketing problems should be designed to suit hidden agenda , Complete confidentiality and secrecy of data Your Answer No deliberate misinterpretations , Marketing problems should be designed to suit hidden agenda , Complete confidentiality and secrecy of data Select The Blank Question Multiple Choice is a ________type of question. Correct Answer Close ended Your Answer Close ended Multiple Choice Single Answer Question The conjoint analysis helps to enable company's to :Correct Answer Conduct brand swot analysis Your Answer Conduct brand swot analysis Multiple Choice Single Answer Question In the Internet era, qualitative research is possible through :Correct Answer Chat sessions Your Answer Chat sessions Select The Blank Question ________is an important communication medium that helps recall advertising. Correct Answer Point of Purchase(POP)items Your Answer Point of Purchase(POP)items True/False Question In the Funnel approach, specific questions come first and general questions later. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question In resources for marketing research skilled staff plays an important role in :Correct Answer Maintaining data , Dealing with different situation and problems , Timely completion of research Your Answer Maintaining data , Dealing with different situation and problems , Timely completion of research Select The Blank Question Convenience Sampling is used for ________. Correct Answer Exploratory research Your Answer Exploratory research True/False Question The person conducting pharma research should be well qualified so that not to waste Doctors time. Correct Answer True Your Answer True True/False Question The limitations with regression forecasting is that independent variables must be forecasted before forecasting the dependent variables. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Main features of Technical Report are :-

Correct Answer Minute details of planning data collection , Analysis , Interpretation Your Answer Minute details of planning data collection , Analysis , Interpretation Multiple Choice Single Answer Question How people allocate their time and money to certain products and factors is depicted by Correct Answer Psychographic Variable Your Answer Psychographic Variable True/False Question Question phrasing and structure are eliminated in Semantic differential scale. Correct Answer True Your Answer True True/False Question The popularity of Likert scale is due to its ease of construction and administration. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Which are the Export Promotion Councils? Correct Answer Cashew Export Promotion Council , Handloom Export Promotion Council , Gem & Jewellery Export Promotion Council Your Answer Cashew Export Promotion Council , Handloom Export Promotion Council , Gem & Jewellery Export Promotion Council True/False Question The written contract of a research should cover the penalty clause covering deficits such as delays, inadequate data. Correct Answer True Your Answer True Multiple Choice Single Answer Question The producers in the sellers' market are also forced to take decisions based on the market information because Correct Answer The resources are scarce Your Answer The resources are scarce Multiple Choice Single Answer Question Scale Intervals can be used for Correct Answer Age Your Answer Age Select The Blank Question Bibliography contains ________. Correct Answer Information of references and secondary data Your Answer Information of references and secondary data Multiple Choice Multiple Answer Question Online survey methods include :Correct Answer Email survey , HTML survey , Downloadable interactive surveys Your Answer Email survey , HTML survey , Downloadable interactive surveys Multiple Choice Single Answer Question Data of market research cannot be maintained :Correct Answer Without experienced and educated research staff Your Answer Without experienced and educated research staff Multiple Choice Multiple Answer Question Pretesting of Questionnaire includes testing of :Correct Answer Question content , Time taken to answer questions , Categorisation Your Answer Question content , Time taken to answer questions , Categorisation Multiple Choice Multiple Answer Question Identification of Target Population is facilitated by :Correct Answer Well defined research objectives , Alternative, reasonable/target population definitions , Specifications for exclusion in target population Your Answer Well defined research objectives , Alternative, reasonable/target population definitions , Specifications for exclusion in target population Select The Blank Question ________are used for National Panel Studies.

Correct Answer Quota controls Your Answer Quota controls Select The Blank Question Finding out the number of vehicles at a given junction is a ________ method. Correct Answer Direct Observation Your Answer Direct Observation at 6:34 AM 0 comments Links to this post Labels: Taxation Taxation - 4 Taxation ------------LIST OF ATTEMPTED QUESTIONS AND ANSWERS Select The Blank Question The basic advantage of having an agent in the export market is ________. Correct Answer He is knowledgeable of the marketing condition Your Answer He is knowledgeable of the marketing condition Multiple Choice Multiple Answer Question How does the customer know about the product & is influenced to buy it? Correct Answer Publicity , Advertising , Sales promotion Your Answer Publicity , Advertising , Sales promotion Multiple Choice Single Answer Question Which of the following is not included in foreign environment? Correct Answer Local dimension Your Answer Local dimension Multiple Choice Single Answer Question Why should a market researcher check a country's import tariffs when he is investigating it as an export market? Correct Answer It can affect the competitiveness of product against products made within the market Your Answer It can affect the competitiveness of product against products made within the market Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". What are the distribution channels used for imports of silk products into USA market? Correct Answer Merchant intermediaries , Departmental stores Your Answer Merchant intermediaries , Departmental stores True/False Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental entered the US market in 1970 with a moderate export of Rs.20 million. Correct Answer False Your Answer False Match The Following Question Correct Answer Your Answer Indirect exporting Home-based merchant Copyright Business dimensions Channel network Channel network Legal dimensions Copyright Use of patent Licensing arrangement Use of patent Home-based merchant Multiple Choice Single Answer Question What is important to take pricing decision? Correct Answer Competition Your Answer Competition Select The Blank Question In ________, the firm faces only one set of customers.

Correct Answer Domestic marketing Your Answer Domestic marketing Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental was an active member of some councils, which are those? Correct Answer Apparel Export Promotion Council , Woolen Export Promotion Council Your Answer Apparel Export Promotion Council , Woolen Export Promotion Council Multiple Choice Single Answer Question This question is based on the case study 'AB Enterprises'. What is the problem in adapting AB Enterprises product in the market? Correct Answer Novelty is lost due to ethnic character in AB Enterprises Your Answer Novelty is lost due to ethnic character in AB Enterprises Multiple Choice Multiple Answer Question What are the important infrastructure factors in evaluating production site? Correct Answer Industrial site , Transportation & communication Your Answer Industrial site , Transportation & communication Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Which are the two years the imports of silk fabrics from Japan by USA was almost same? Correct Answer 1982 , 1983 Your Answer 1982 , 1983 Select The Blank Question ________dimensions include customs and practices Correct Answer Business Your Answer Business Multiple Choice Multiple Answer Question What is the nature of direct export market? Correct Answer Concentrated , Large potential sale Your Answer Concentrated , Large potential sale Multiple Choice Single Answer Question What does product-mix decision include? Correct Answer Packaging Your Answer Packaging Multiple Choice Multiple Answer Question What are the internal sources of information? Correct Answer Sales record , Correspondence from salesmen Your Answer Sales record , Correspondence from salesmen True/False Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Mr.Patnaik felt that it was high time that he appraises his agents' performance relating to the vast & expanding US market. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question This question is based on the case study "Oriental Silk Pvt. Ltd.". What were the options Mr.Patnaik had to operate in the US market? Correct Answer Opening a branch office , A subsidiary company Your Answer Opening a branch office , A subsidiary company Select The Blank Question In indirect export channel, the market is ________. Correct Answer Dispersed Your Answer Dispersed True/False Question Strategies suggested in the Medium Term Export Plan include product-market penetration strategy for existing products, product-market, diversification for new products & new

markets. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Why is packaging so important for product planning? Correct Answer As it enhances protection , As it gives shelf life for a product Your Answer As it enhances protection , As it gives shelf life for a product True/False Question If foreign retailers are used, the products in question are industrial products rather than consumer products. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question How is the nature of international strategy? Correct Answer Depends on company's objectives , Varies from country to country Your Answer Depends on company's objectives , Varies from country to country Select The Blank Question "make site booking" is a point of checklist of ________ Correct Answer Before the fair Your Answer Before the fair Multiple Choice Single Answer Question What marketing technique is used to know international marketing need? Correct Answer Marketing information & research Your Answer Marketing information & research Multiple Choice Multiple Answer Question What are the benefits of participation in trade fair? Correct Answer To get to know about competition , To know about the extent of product adaption Your Answer To get to know about competition , To know about the extent of product adaption Select The Blank Question Experience survey, which is also called as ________. Correct Answer Key informant survey Your Answer Key informant survey Multiple Choice Single Answer Question What is a foreign agent? Correct Answer Independent middleman Your Answer Independent middleman Multiple Choice Single Answer Question What does political environment include? Correct Answer Legal dimension Your Answer Legal dimension Match The Following Question Correct Answer Your Answer External factor Competitive profile Competitive profile Ethnocentric orientation Overseas operation conducted from home country Overseas operation conducted from home country Polycentric orientation Each market is unique Each market is unique Target market Marketing strategy Marketing strategy True/False Question In marginal cost pricing for export, competition in foreign markets requires quotation of a lower price Correct Answer True Your Answer True True/False Question Policies or regulations regarding quality control & inspection vary considerably between nations.

Correct Answer True Your Answer True Select The Blank Question This question is based on the case study "Oriental Silk Pvt. Ltd.". Oriental Silk Private Limited, is a ________ unit, was one of the leading Indian manufacturers & exporters of silk fabrics & made-ups Correct Answer 100% export oriented Your Answer 100% export oriented Select The Blank Question This question is based on the case study "Oriental Silk Pvt. Ltd.". The bulk of the trade was handled by ________ Correct Answer Central buying organizations Your Answer Foreign agents True/False Question If business is variable, the company will choose the purchasing or subcontracting alternatives. Correct Answer True Your Answer True Multiple Choice Single Answer Question What is the meaning of offshore purchasing? Correct Answer Relationship between independent buyer & seller for exchange of good for money Your Answer Relationship between independent buyer & seller for exchange of good for money Select The Blank Question Many companies modify their products/promotion strategies to suit ________ of the population of the different countries. Correct Answer Tastes & preferences Your Answer Tastes & preferences True/False Question Companies with smaller needs, an independent supplier will be less active. Correct Answer False Your Answer False True/False Question Catalogues contain a list of all competitors with product details. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question What is correct according to geocentric orientation? Correct Answer Companies view the entire world as a single market , Uniform inventory management & training Your Answer Companies view the entire world as a single market , Uniform inventory management & training True/False Question The area of change relates to product adaption requires upgradation of technology and huge investment in brands. Correct Answer True Your Answer True Select The Blank Question This question is based on the case study "Chow Flowers Co. Ltd.". ________ was Thailand's second largest export market for artificial flowers, mostly polyester or handwrapped. Correct Answer Canada Your Answer Canada Multiple Choice Single Answer Question What are the similarities between domestic & international marketing? Correct Answer Satisfying consumers need Your Answer Satisfying consumers need

Multiple Choice Single Answer Question What is the need of marketing research for export-import trade? Correct Answer To reduce the distance between an exporter & his customers in terms of marketing Your Answer To reduce the distance between an exporter & his customers in terms of marketing Multiple Choice Single Answer Question What is the avenue of entry into foreign markets? Correct Answer Contract manufacturing Your Answer Contract manufacturing Multiple Choice Single Answer Question What is the principal functional division of ministry of commerce & industry? Correct Answer Export Industries Division Your Answer Export Industries Division at 6:31 AM 0 comments Links to this post Labels: Taxation Wednesday, March 26, 2008 Taxation - 3 LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question The entertainment allowance received by the Government employees is included in their salaries and the deduction is allowed to the extent of least of the following amounts :Correct Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary Your Answer Actual amount of Entertainment Allowance received. , Rs. 5,000 , 1/5th of Salary True/False Question Income Tax Act, 1961 recognizes Written Down Value (WDV) method as well as straight line method for the computation of depreciation u/s 32 this act. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Profits earned by an Industrial Undertaking engaged in other than infrastructure development is available under Section 80IB for :Correct Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage , Company engaged in scientific and industrial research Your Answer Operation of Ship , Hotels situated in hilly area, rural area or place of pilgrimage Multiple Choice Single Answer Question Which of the following expenditure is in the nature of revenue expenditure? Correct Answer Expenditure incurred as discount on issue of debentures Your Answer Expenditure incurred as discount on issue of debentures Select The Blank Question If sum received is net of TDS then it is ________ to

include in income from other sources. Correct Answer Grossed up Your Answer Grossed up True/False Question Interest paid on the loan for acquiring a capital asset will be considered to be a part of cost of acquisition. Correct Answer True Your Answer True Multiple Choice Single Answer Question Mr. A whose Gross Total Income, before allowing deductions under Chapter VI-A is Rs. 1,45,000, wants to make the investments in the following alternative forms Rs. 80,000 in PPF and Rs. 20,000 in Infrastructure Bonds. The amount of rebate available to him u/s 88 is :Correct Answer Rs. 18,000 Your Answer Rs. 18,000 Multiple Choice Single Answer Question Interest on specified securities or premium on redemption is exempt for :Correct Answer Non resident Indian Your Answer Non resident Indian True/False Question As per section 2(11) of the Income Tax Act, Block of Assets includes both tangible as well as intangible assets. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Deductions in respect of Certain Incomes received under Section 80L is available in respect of Correct Answer Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest Your Answer Interest on Central or State Government Securities , Interest on National Saving Certificates (NSCs) Interest on National Saving Scheme, 1992 (NSS) , Bank Interest Multiple Choice Single Answer Question Tax liability of a person is based on :Correct Answer Residential status Your Answer Residential status Multiple Choice Multiple Answer Question For the purpose of income tax, the perquisites can be classified into :Correct Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Your Answer Perquisites which are taxable in case of all types of employees , Perquisites which are taxable only in the hands of specified employee Select The Blank Question For an individual as a citizen of India who leaves India in the relevant previous year for the purpose of employment has to be in India for ________ days or more during previous year. Correct Answer 182 Your Answer 182

Multiple Choice Single Answer Question Income earned in previous year is subjected to tax in :Correct Answer Assessment year Your Answer Assessment year Multiple Choice Multiple Answer Question Following professional institutions have their incomes exempt from tax :Correct Answer Town planning , Company secretary , Accounting Your Answer Town planning , Company secretary , Accounting Select The Blank Question ________ of the Tax Audit Report refers to the details of various payments which are allowed as deduction only if they are actually paid for. Correct Answer Section 43B Clause No-21 Your Answer Section 43B Clause No-21 Multiple Choice Multiple Answer Question Short Term Capital Loss can be adjusted against :Correct Answer Short Term Capital Gains. , Long term Capital Gains Your Answer Short Term Capital Gains. , Long term Capital Gains Select The Blank Question To claim sec 10A deduction unit must be established in ________. Correct Answer Free Trade Zone Your Answer Free Trade Zone Multiple Choice Single Answer Question Assessment year is the period of 12 months starting from :Correct Answer 1st April to 31st March Your Answer 1st April to 31st March Multiple Choice Single Answer Question Combined total of five heads of income equals :Correct Answer Gross total income Your Answer Gross total income Multiple Choice Single Answer Question If an employee does not avail of this leave travel concession or assistance during a block of four calendar years :Correct Answer Only one journey can be carried forward to the next block. Your Answer Only one journey can be carried forward to the next block. Select The Blank Question To acquire PAN, a person shall apply in ________ to the assessing officer. Correct Answer Form No. 49A Your Answer Form No. 49A Multiple Choice Single Answer Question Deduction from Capital Gains under Section 54F is for Capital Gains arising from transfer of :Correct Answer Any Long Term Capital Asset Your Answer House Property Select The Blank Question Where an assessee files or submits the returns as per provisions of section 139 or in response to the notice under section 142, the assessment officer undertakes ________ as per section 143(2) and section 143(3). Correct Answer Scrutiny Assessment Your Answer Scrutiny Assessment

Multiple Choice Multiple Answer Question Income of a professional association is exempt if its objectives are :Correct Answer Supervision , Control , Encouragement Your Answer Supervision , Control , Encouragement True/False Question While computing the profits from Business and profession, the business or profession must be carried out during the previous year. Correct Answer True Your Answer True Multiple Choice Single Answer Question In respect of leave travel concession If Mr. A has availed the exemption only once or has not availed any exemption at all, in the block of four years i.e. 1998-2001 then :Correct Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002. Your Answer He can carry over the exemption to the next block of four years i.e. 2002-2005 provided that he avails the exemption of LTC in the first calendar year of the next block i.e. 2002. Multiple Choice Multiple Answer Question The amount accumulated to the credit of the employee's provident fund account is paid at the time of :Correct Answer Retirement , Resignation Your Answer Retirement , Resignation Multiple Choice Multiple Answer Question From annual value, following deductions are allowed :Correct Answer Standard deduction , Interest on borrowed capital , Municipal taxes Your Answer Interest on borrowed capital , Municipal taxes Multiple Choice Single Answer Question As a general principle, the Basic Salary or Wages, Dearness Allowance and Bonus / Commission is :Correct Answer Fully taxable. Your Answer Fully taxable. Multiple Choice Multiple Answer Question From GTI of a company following deductions under chapter VI A are allowed Correct Answer 80 G Donations , 80 HHB profits and gains from projects outside India , 80 IA profits and gains of infrastructure companies Your Answer 80 G Donations , 80 IA profits and gains of infrastructure companies Multiple Choice Single Answer Question Annual value of any one palace in possession of a former ruler is :Correct Answer Exempt Your Answer Taxable Select The Blank Question If the Salary is more than Rs. 5,00,000, Standard Deduction will be Rs.________. Correct Answer 20000 Your Answer 20000 Multiple Choice Single Answer

Question The amount of accumulated interest on NSCs purchased in the earlier years is assumed to be reinvested :Correct Answer And qualifies for tax rebate under section 88. Your Answer And qualifies for tax rebate under section 88. Select The Blank Question Deduction u/s ________B is available for 10 consequent assessment years from the year of commencement of production. Correct Answer 10 Your Answer 10 True/False Question Income from subletting is treated as income from house property. Correct Answer False Your Answer False Select The Blank Question Section 80U allows the deduction in respect of the ________ . Correct Answer Permanent physical disability Your Answer Permanent physical disability Match The Following Question Correct Answer Your Answer Disallowable Expenditure Litigation Expenses in connection with recovery of a debt which is not a trading debt Litigation Expenses in connection with recovery of a debt which is not a trading debt Business Includes trade, commerce, or Includes trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture manufacture or any adventure or concern in the nature of trade, commerce or manufacture Profession Includes vocation Includes vocation Capital Expenditure Expenditure incurred by a company with the issue of rights shares Premium on redemption of Debentures True/False Question Any recreational facility provided by the employer to a group of employees (not being restricted to a select

few employees) is not exempt from tax. Correct Answer False Your Answer False True/False Question In case of deductions for medical treatment under Section 80DDB the amount of deduction will be reduced by the amount received under an insurance policy or the amount reimbursed by the employer. Correct Answer True Your Answer True True/False Question Any advance tax paid before 31st March is treated as advance tax paid during the previous year. Correct Answer True Your Answer True Multiple Choice Single Answer Question Municipal taxes paid is allowed as deduction from :Correct Answer Gross annual value Your Answer Gross annual value True/False Question Entertainment Allowance received by the employees from the private sector is taxable in the hands of the employee. Correct Answer True Your Answer True Match The Following Question Correct Answer Your Answer Any subscription made to National Saving Scheme By an individual or a HUF is eligible for rebate u/s 88 By an individual or a HUF is eligible for rebate u/s 88 Mr. A, a 70 years old Senior Citizen, has the Gross Total Income of Rs. 2,50,000 during the Assessment Year 2005-2006. He invested Rs. 50,000 in the tax saving bonds of ICICI on 10th June 2004. His tax liability for the A Y 2005-2006. RS.12,500 RS.12,500 During the Assessment Year 2005-2006, Mrs. A, age 58 years, has the Gross Total Income of Rs. 1,45,000 including the dividend from Indian companies amounting to Rs. 10,000. She invests Rs. 50,000 in PPF

during the said Assessment Year. her tax liabilit is Rs. 1,000 Rs. 1,000 Any contribution made to a Public Provident Fund Is eligible for rebate u/s 88 Is eligible for rebate u/s 88 Multiple Choice Multiple Answer Question Following incomes of local authorities are exempt :Correct Answer Capital gains , Other income , House property Your Answer Capital gains , Other income , House property Multiple Choice Multiple Answer Question For Deduction u/s 54EC from Capital Gains the assessee should invest the whole or part of the capital gains in the specified assets :Correct Answer Within six months from the date of transfer of the longterm capital asset Your Answer Within six months from the date of transfer of the longterm capital asset True/False Question Income from partnership firms is exempt from taxation for the partners Correct Answer True Your Answer False