1.  The annual yield from which of the following Union Government taxes is the highest?

a

  Custom duties

b

 Excise duties

c

 Corporation tax and income tax

d

 Inheritance tax, wealth tax, interest tax and gift tax

Answer & Explanation
Answer : Option B

2.  Any person who has made default in complying with the provisions of Income Tax Act, 1961 is known as

a

  Custom Assessee

b

 Assessee in default

c

 Deemed Assessee

d

 None of the above

Answer & Explanation
Answer : Option B

3.  Due date of payment of service tax for the month/quarter ending 31st March is:

a

  1 st March

b

 31 st March

c

 5th day of the month immediately following March

d

 None of the above

Answer & Explanation
Answer : Option B

4.  The cost inflation index number of the P.Yr.2008-09 is :

a

  577

b

 580

c

 582

d

 586

Answer & Explanation
Answer : Option C

5.  Securities transaction tax paid by the seller of shares and units shall

a

  Be allowed as deduction as expenses of transfer

b

 Not be allowed as deduction

c

 All of these

d

 None of these

Answer & Explanation
Answer : Option B

6.  Ambitious anti-offshore tax evasion and black money detection agreement between USA and India is known as -

a

  AML

b

 KYC

c

 SLBC

d

 FATCA

Answer & Explanation
Answer : Option D

7.  Fiscal deficit in the Union Budget means

a

  the sum of monetized deficit and budgetary deficit

b

 net increase in Union Governments borrowings from the Reserve Bank of India

c

 the sum of budgetary deficit and net increase in internal and external borrowings

d

 the difference between current expenditure and current revenue

Answer & Explanation
Answer : Option C

8.  What is 'STT'?

a

  Standard Transfer tax

b

 Securities Transfer tax

c

 Standard Transaction Tax

d

 Securities Transaction tax

Answer & Explanation
Answer : Option D

9.  For a person suffering from severe physical disability, deduction available under section 80U is Rs

a

  Rs. 25,000

b

 Rs.50,000

c

 Rs.75,000

d

 Rs.1,00,000

Answer & Explanation
Answer : Option C

10.  The exemption u/s 54B, is allowed to :

a

  HUF only

b

 Individual only

c

 Any assessee

d

 All of the above

Answer & Explanation
Answer : Option B

11.  Of the gross tax revenue of the Union Government the indirect taxes account for nearly -

a

  55 percent

b

 65 percent

c

 75 percent

d

 85 percent

Answer & Explanation
Answer : Option B

12.  In case an assessee is engaged in the business of civil construction, presumptive income scheme is applicable if the gross receipts paid or payable to him in the previous year does not exceed:

a

  Rs. 10lakhs

b

 Rs. 40lakhs

c

 Rs. 70lakhs

d

 1 crore

Answer & Explanation
Answer : Option B

13.  The provisions relating to service tax are given in:

a

  The Service tax Act, 1994

b

 Chapter V of the Finance Act, 1994

c

 Chapter V and VA of the Finance Act, 1994

d

 Chapter VII and VIII of the Finance Act, 2004

Answer & Explanation
Answer : Option C

14.  Assessment year means

a

  year in which income is earned

b

 year in which tax is paid by assessee

c

 period of 12 months commencing on the 1st day of April every year

d

 period of 12 months commencing on the 1st day of January every year

Answer & Explanation
Answer : Option C

15.  Which of the following taxes is/are withdrawn or abolished?

a

  Gift tax

b

 Interest tax

c

 Estate duty

d

 All of the above

Answer & Explanation
Answer : Option D

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