ASSESSMENT OF FIRMS

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Rebate u/s 88E in respect of securities transaction tax is allowed to:

(A) any assessee
(B) an individual or HUF
(C) an assessee whose total income includes any income chargeable under the
head profits and gains from business or profession which arises from
taxable securities transactions
(D) an assessee whose total includes any income which arises from taxable
securities transactions
(C)
Rebate u/s 88E in respect of securities transaction tax is allowed to the extent of:
(A) securities transaction tax so paid
(B) an amount equal to the securities transaction tax paid in respect of taxable
securities transactions or the amount calculated by applying the average
rate of income-tax on income arising from taxable securities transactions
(C) an amount equal to any securities transaction tax paid or the amount
calculated by applying the average rate of income-tax on income arising
from taxable securities transaction
(B)
Share of profits which a partner receives from a firm shall be:
(A) fully exempt
(B) taxable under the head business and profession
(C) included in the total income of partner for rate purposes
(A)
Interest on Capital or loan received by a partner shall be:
(A) fully exempt
(B) fully taxable
(C) taxable to the extent the deduction is allowed to the firm
(D) taxable to the extent of 12 % p.a.
(C)
A firm shall be entitled to deduction on account of interest on capital or loan paid
to the partner:
(A) to the extent of 18 % p.a.
(B) to the extent what is mentioned in the partnership deed
(C) to the extent of 15 % p.a. or what is mentioned in partnership deed
(D) to the extent of 12 % or lower rate as is mentioned in the partnership deed
(D)
The deduction of interest and remuneration subject to restriction u/s 40(b) shall be
allowed to the firm if the partnership is:
(A) evidenced by an instrument
(B) oral
(C) oral or evidenced by an instrument
(A)
A firm is evidenced by an instrument and the individual share of the partners are
specified in that instrument, the firm in this case shall be assessed as firm if the
certified copy of the partnership is submitted to the jurisdictional Assessing
Officer:
(A) before the end of the PY
(B) along with return of income before the due date of furnishing the return of
income u/s 139(1)
(C) along with the return of income
(C)

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A firm shall be entitled to deduction on account of remuneration paid to:

(A) any working partner only
(B) any partner whether working or non-working
(C) only one working partner
(A)
In case of a firm carrying on a specified profession, the deduction on account of
remuneration to working partners shall be to the maximum extent of:
(A) Rs.1,50,000
(B) On the first Rs.1,00,000 of book profits 90 % of book profits or
Rs.50,000 whichever is more, on the next Rs.1,00,000 of book profits 60 %
and on the balance book profits 40 %
(C) On the first Rs.3,00,000 of book profits 90 % of book profits or
Rs.50,000 whichever is more, on the next Rs.1,50,000 of book profits 60 %
and on the balance book profits 40 %
(C)
A firm carrying on business shall be entitled to deduction on account of any
remuneration to working partner to the maximum extent of:
(A) Rs.1,50,000
(B) Rs.1,50,000 or 90 % of the first Rs.3,00,000 of book profits, whichever is
more, 60 % of the balance book profits
(C) Rs.50,000 or 90 % of the first Rs.1,50,000 of book profit, 60 % of the next
Rs.1,00,000 of book profit and 40 % of balance book profits
(B)
Remuneration paid to a working partner by a firm carrying on non-specified
profession shall:
(A) not be eligible for deduction
(B) be eligible for deduction in the same manner as is allowed as deduction to
the firm
(C) be eligible for deduction in the same manner as is allowed to a firm
carrying on specified profession
(B)
Where the book profits of the firm is negative, the remuneration paid to working
partner shall:
(A) not be allowed as deduction to the firm
(B) allowed as deduction to the firm
(C) allowed as deduction to the firm subject to a maximum of Rs.50,000
(C)
If for a particular year relevant to an assessment year, the firm has incurred loss,
such loss:
(A) is shared by partners & set off with their respective other income
(B) shall be carried forward by the firm only
(C) shall be either carried forward by the firm or its partners
(B)

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If there is a change in the constitution of the firm due to retirement, death, etc., of
the partner then brought forward loss of the firm shall:
(A) be allowed to be set off in the hands of reconstituted firm
(B) be allowed to be set off in the hands of reconstituted firm to the extent of
brought forward loss minus share of the brought forward loss of partner
who has retired or died
(C) not be allowed to be carried forward and set off
(B)
A firm assessed as firm shall be liable to income-tax:
(A) at the rates applicable to an individual
(B) @ 35 % + 10% SC + EC @ 2 % + SHEC @ 1 %
(C) 10 % on short-term capital gain on shares sold through recognised stock
exchange, @ 20 % on long-term capital gain or any asset other than shares
sold through recognised stock exchange and 30 % on otherincome + 10 %
SC(if the total income exceeds Rs.1 crore) + EC @ 2%
(C)
Remuneration received by a non-working partner shall:
(A) be taxable in the hands of the partner
(B) not be taxable in the hands of such non-working partner
(C) not be taxable as the firm will not be allowed deduction on account of such
amount and it will be treated as share of profits
(C)
If a firm is not evidenced by an instrument or if the partners shares are not
determinate or if the partnership deed is not submitted along with the return of
income then such firm shall be:
(A) assessed as firm but firm shall not be entitled to deduction on account of
any interest or remuneration to partners
(B) assessed as individual
(C) assessed in the hands of its partners by including the share of profits in
their income
(D) assessed as AOP
(A)
Where in respect of any AY there is on the part of the firm any such failure as is
mentioned in section 144, the firm shall be:
(A) assessed as AOP
(B) so assessed that no deduction by way of any payment of interest, salary,
bonus, commission or remuneration made by such firm to any partner shall
be allowed in computing the income of the firm chargeable under the head
business or profession
(C) assessed in the hands of partners individually
(B)
A firm is required to file return of income as per section 139(1):
(A) if its total income exceeds Rs.1,00,000
(B) if its total income exceeds the maximum amount which is not chargeable to
tax which in case of a firm is NIL
(C) in all cases, whether it has any income/loss or not
(C)