MODULE III: VARIOUS STATUTORY AND BUSINESS

REGISTRATIONS
ANSWER KEY

1 : which return form includes Return for a Non-Resident foreign taxable person?
1. GSTR-6
2. GSTR-5
3. GSTR-7
4. none of them

YOUR ANSWER: GSTR-5

CORRECT ANSWER: GSTR-5
DESCRIPTION: GSTR-5 Return for a Non-Resident foreign taxable person

2 : IEC stands for________

1. Income & Expenditure licence
2. Income & Export department
3. Import & Export Licence
 4. none of them

YOUR ANSWER: Import & Export Licence

CORRECT ANSWER: Import & Export Licence
DESCRIPTION: IEC stands for Import & Export Licence

3 : If a typical PAN is AFZPK7190K. What does "K" stand for?

1. Individual
2. Company
3. PAN holder's last name/surname.
4. Firm

YOUR ANSWER: PAN holder's last name/surname.

CORRECT ANSWER: PAN holder's last name/surname.
DESCRIPTION: Fifth character i.e. "K" in the above PAN represents first character of the PAN holder's last name/surname.

4 : Form 49B is for ?

1. Application for issuance of new TAN
2. Form for change or correction in TAN data for TAN allotted.
3. both of them
4. none of them

YOUR ANSWER: Application for issuance of new TAN

CORRECT ANSWER: Application for issuance of new TAN
DESCRIPTION: There are two types of TAN applications: • Application for issuance of new TAN(Form 49B) This Application form
should be used when the deductor has never applied for a TAN or does not have a TAN. • Form for change or correction in TAN data
for TAN allotted.

5 : Documents Required for Application for new PAN Card by For Individuals & HUF?
1. Proof of Identity
2. Proof of Address
3. Proof of date of Birth
4. all of them

YOUR ANSWER: all of them

CORRECT ANSWER: all of them
DESCRIPTION: Individual applicants should provide proof of residential address, Proof of Identity, Proof of date of Birth

6 : By which department is the PAN number is issued?

1. GST department
2. Income Tax Department
3. information department
4. commerce department

YOUR ANSWER: Income Tax Department

CORRECT ANSWER: Income Tax Department
DESCRIPTION: Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the
Income Tax Department, to any "person" who applies for it

7 : Full form of ISO?

1. Indian organizationforStandardisation
2. International organizationforStandardisation
 3. International orientation for Standardisation
4. International organization for standard

YOUR ANSWER: International organizationforStandardisation

CORRECT ANSWER: International organizationforStandardisation
DESCRIPTION: The International Organization for Standardization (ISO an international standard-setting body composed of
representatives from various national standards organizations.

8 : NIC Code stands for?

1. National Industry Class Code
2. National Indian Classification Code
3. National Industry Classification Code
4. none of them

YOUR ANSWER: National Industry Classification Code

CORRECT ANSWER: National Industry Classification Code
DESCRIPTION: NIC Code stands for National Industry Classification Code.

9 : Under GST, a registered dealer has to file GST returns that include_________
1. Purchases
2. Sales
3. Output GST (On sales)
4. all of them

YOUR ANSWER: all of them

CORRECT ANSWER: all of them
DESCRIPTION: Under GST, a registered dealer has to file GST returns that include: • Purchases • Sales • Output GST (On sales) •
Input tax credit (GST paid on purchases)

10 : how many types of PAN applications are there?

1. 4
2. 3
3. 2
4. 1

YOUR ANSWER: 2
CORRECT ANSWER: 2
DESCRIPTION: There are two types of PAN applications Application for allotment of PAN Application for new PAN Card or/and
Changes or Corrections in PAN Data