16.  What is the name of the project that is an ambitious project of the Union Finance Ministry to bring into net black money hoarders and tax evaders by using optimum technology?

a

  Project Insight

b

 Project Monitoring

c

 Project Black Money

d

 Project Money Laundering

Answer & Explanation
Answer : Option A

17.  Education cess was levied by

a

  The Finance Act, 1994

b

 The Finance No. (2) Act, 2002

c

 The Finance No. (2) Act, 2004

d

 The Finance Act, 2006

Answer & Explanation
Answer : Option C

18.  The term assessee is defined under Section

a

  Section 2(7) of Income Tax Act, 1961

b

 Section 2(10) of Income Tax Act, 1961

c

 Section 2(24) of Income Tax Act, 1961

d

 Section 2(35) of Income Tax Act, 1961

Answer & Explanation
Answer : Option A

19.  The phenomenon of a continuous decrease in prices of goods and services in the economy is, known as ?

a

  Inflation

b

 Deflation

c

 Stagflation

d

 Market crash

Answer & Explanation
Answer : Option B

20.  The power to make rules for service tax is given to Central Government by

a

  section 94 of the Finance Act, 1994

b

 sections 66 and 67 of the Finance Act, 1994

c

 sections 93 and 94 of the Finance Act, 1994

d

 sections 94 and 961 of the Finance Act, 1994

Answer & Explanation
Answer : Option D

21.  Consider the following statements and identify the right ones.

a

  Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list.

b

 The constitution also provides for transferring certain tax revenues from union list to states.

c

 All of the above

d

 None of these

Answer & Explanation
Answer : Option B

22.  Deduction under section 80DD shall be allowed:

a

  To the extent of actual expenditure/deposit orRs.40,000whichever is less

b

 For a sum ofRs.40,000irrespective of any expenditure incurred or actual deposited

c

 For a sum ofRs.50,000irrespective of actual expenditure or deposit

d

 None of these

Answer & Explanation
Answer : Option C

23.  R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd shall be :

a

  Resident in India

b

 Not ordinarily resident in India

c

 Non-resident

d

 None of these

Answer & Explanation
Answer : Option C

24.  Deduction u/s 80D is allowed if the premium is paid to :

a

  Life insurance Corporation

b

 Life insurance or General insurance corporation

c

 General insurance Corporation or any other insurer approved by IRDA

d

 None of these

Answer & Explanation
Answer : Option C

25.  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

26.  Definition of 'person' under Income Tax Act, 1961 is:

a

  Inclusive

b

 Exhaustive

c

 Both of these

d

 None of these

Answer & Explanation
Answer : Option A

27.  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

28.  Service tax is applicable to:

a

  Whole of India

b

 Whole of India except Jammu and Kashmir

c

 Whole of India, except Jammu and Kashmir and Union Territories of Dadra, Nagar Haveli, Daman & Diu

d

 None of these

Answer & Explanation
Answer : Option B

29.  Income which accrue outside India from a business controlled from India is taxable in case of:

a

  Not ordinarily resident only

b

 Resident only

c

 both ordinarily resident and NOR

d

 none of the above

Answer & Explanation
Answer : Option C

30.  For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds:

a

  Rs. 10lakhs

b

 Rs. 20lakhs

c

 Rs. 30lakhs

d

 Rs. 40lakhs

Answer & Explanation
Answer : Option A
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