Aakash Bhardwaj Esha Shah Anoop Kaur Jatin Khanna Arun Sharma Pravin Chauhan

TAX PLANNING AND ESTATE PLANNING

Q.1 Transfer of assets under amalgamation of companies shall not be regarded as transfer provided the amalgamated company is A) a Domestic Company B) a Public Ltd. Company C) an Indian Company D) a Foreign Company

Q. Transfer of assets under amalgamation of companies shall not be regarded as transfer provided the amalgamated company is A) a Domestic Company B) a Public Ltd. Company C) an Indian Company D) a Foreign Company

Q. 2 Which one of the following is an "asset" as per Section 2(EA) of the Wealth-tax Act?
A) Any residential property forming part of stockin-trade B) Any residential house that has been let out for a minimum period of 180 days during the previous year C) Commercial complex D) House occupied for the purpose of assessee's business.

Q. Which one of the following is an "asset" as per Section 2(EA) of the Wealth-tax Act?
A) Any residential property forming part of stock-in-trade B) Any residential house that has been let out for a minimum period of 180 days during the previous year C) Commercial complex D) House occupied for the purpose of assessee's business.

Q. 3 If any amount allowed as bad debts is recovered subsequently, then it shall be treated as A) Expenditure in the P.Y B) Income in the P.Y C) No effect as bad debt already allowed D) None of the above

Q. If any amount allowed as bad debts is recovered subsequently, then it shall be treated as A) Expenditure in the P.Y B) Income in the P.Y C) No effect as bad debt already allowed D) None of the above

Q. 4 LTCG tax rate on units of a debtbased MF scheme is A) 10% at all times B) 10% on sale value minus cost or 20% of sale value minus indexed cost, whichever is lower C) 20% of indexed capital gains D) Nil

Q. LTCG tax rate on units of a debtbased MF scheme is A) 10% at all times B) 10% on sale value minus cost or 20% of sale value minus indexed cost, whichever is lower C) 20% of indexed capital gains D) Nil

Q. 5 An Assessee, after sale of house property, receiving arrears of rent, is chargeable to tax; the same computed in the stipulated manner, shall be chargeable to tax as A) Income from other sources B) Income from house property C)Question does not arise since there is no chargeability to tax D)Income from capital gains.

Q. An Assessee, after sale of house property, receiving arrears of rent, is chargeable to tax; the same computed in the stipulated manner, shall be chargeable to tax as A) Income from other sources B) Income from house property C)Question does not arise since there is no chargeability to tax D)Income from capital gains.

Q. 6 For Deduction u/s 54EC from Capital Gains the assessee should invest the whole or part of the capital gains in the specified assets :
A) Within 3 months from date of the transfer of LTCA B) Within 9 months from date of the transfer of LTCA C) Within 6 months from date of the transfer of LTCA D) Within 12 months from date of the transfer of LTCA

Q. For Deduction u/s 54EC from Capital Gains the assessee should invest the whole or part of the capital gains in the specified assets :
A) Within 3 months from date of the transfer of LTCA B) Within 9 months from date of the transfer of LTCA C) Within 6 months from date of the transfer of LTCA D) Within 12 months from date of the transfer of LTCA

Q. 7 Donation for statistical science, shall be: A) 175% B) 125% C) 100% D) 200%

Q. Donation for statistical science, shall be A) 175% B) 125% C) 100% D) 200%

Q.8 Payment of Income Tax and Wealth Tax is allowed to be: A) Debited B) Credited C) Excluded D) none of the above

Q. Payment of Income Tax and Wealth Tax is allowed to be A) Debited B) Credited C) Excluded D) none of the above

Q. 9 The basis of chargeability under the head 'income from house property' is: A)Gross Annual Value B)Net Annual Value C)Annual Value D)None of The Above

Q. The basis of chargeability under the head 'income from house property' is: A)Gross Annual Value B)Net Annual Value C)Annual Value D)None of The Above

Q.10 Diwali and Mohurat expenses comes under which section A) 36 (1) B) 37 C) 35(D) D) 35

Q. Diwali and Mohurat expenses comes under which section A) 36 (1) B) 37 C) 35(D) D) 35

Q. 11 What are capital assets of the following? A) Agricultural land situated in England B) Gold watch for personal use C) Goodwill of the business D) All of the above

Q. What are capital assets of the following? A) Agricultural land situated in England B) Gold watch for personal use C) Goodwill of the business D) All of the above

Q. 12 In case of compulsory acquisition, if an assessee receives enhancedcompensation then enhanced compensation is taxable as : A) Short-term capital gain depending upon the original capital gain of compulsory acquisition B) Long-term capital gain depending upon the original capital gain of compulsory acquisition C) Short-term or Long-term capital gain depending upon the original capital gain of compulsory acquisition D) Short-term capital loss

Q. In case of compulsory acquisition, if an assessee receives enhanced compensation then enhanced compensation is taxable as :
A) Short-term capital gain depending upon the original capital gain of compulsory acquisition B) Long-term capital gain depending upon the original capital gain of compulsory acquisition C) Short-term or Long-term capital gain depending upon the original capital gain of compulsory acquisition D) Short-term capital loss

Q. 13 The following is exempt income : A)Travel concession to employee B)Remuneration received for valuation of answer scripts C)Encashment of leave salary while in service D)Perquisites in India

Q. The following is exempt income : A)Travel concession to employee B)Remuneration received for valuation of answer scripts C)Encashment of leave salary while in service D)Perquisites in India

Q. 14 Expand - MAT.

A) Minimum Advance Tax B) Maximum Advance Tax C) Maximum Alternate Tax D) Minimum Alternate Tax

Q. Expand - MAT.

A) Minimum Advance Tax B) Maximum Advance Tax C) Maximum Alternate Tax D) Minimum Alternate Tax

Q.15 ________ Is applicable to employee of government, semigovernment, local authorities and universities.

A) B) C) D)

SPF PPF RPF PF

Q. ________ Is applicable to employee of government, semigovernment, local authorities and universities.

A) B) C) D)

SPF PPF RPF PF

Q. 16 Your client is unsure of the meaning of the term codicil. A codicil is:
A) A document use to make an alteration to a Will. B) A gift of land or real estate in a Will. C) A term used to cover grants of probate to the legal personal representative. D) The statement made at the end of a will that it has been duly attested.

Q. 16 Your client is unsure of the meaning of the term codicil. A codicil is:
A) A document use to make an alteration to a Will. B) A gift of land or real estate in a Will. C) A term used to cover grants of probate to the legal personal representative. D) The statement made at the end of a will that it has been duly attested.

Q. 17 X gifted his house property to his wife in 2000. X has let out the house property @ Rs.5,000 p.m. The income from such house property will be taxable in the hands of :

A) Mrs X B) X. However , income will be computed first as Mrs. Xs income and thereafter clubbed in the income of X C) X as he will be treated as deemed owner & liable to tax D) Mrs. X and Mr. X both

Q. X gifted his house property to his wife in 2000. X has let out the house property @ Rs.5,000 p.m. The income from such house property will be taxable in the hands of :

A) Mrs X B) X. However , income will be computed first as Mrs. Xs income and thereafter clubbed in the income of X C) X as he will be treated as deemed owner & liable to tax D) Mrs. X and Mr. X both

Q.18 If AO considers that return is defective, he may give an assessee an opportunity to rectify the defect within how many days after which return will become invalid A) 12 days B) 15 days C) 30 days D) 45 days

Q. If AO considers that return is defective, he may give an assessee an opportunity to rectify the defect within how many days after which return will become invalid A) 12 days B) 15 days C) 30 days D) 45 days

Q.19 Any payment of advance tax paid before 31/3 PY shall also be treated as advance tax paid during the year
A) Yes, but only if tax already paid is more than 30% B) No, the question is illogical and obscene C) yes, but only if tax already paid is more than 60% D) right answer is YES and i am a genius

Q. Any payment of advance tax paid before 31/3 PY shall also be treated as advance tax paid during the year
A) Yes, but only if tax already paid is more than 30% B) No, the question is illogical and obscene C) yes, but only if tax already paid is more than 60% D) right answer is YES and i am a genius

Q.20 If a political party does not file ROI before due date, what happens? A) Failure to file ROI shall attract penalty of Rs. 100 every day till the default continues B) Failure to file ROI shall attract penalty of slapping the minister every day till the default continues C) Failure to file ROI shall attract penalty of Rs. 355 every day till the default continues D) This is INDIA boss, who dare to touch the politicians? There shall not be any

Q. If a political party does not file ROI before due date, what happens?

A) Failure to file ROI shall attract penalty of Rs. 100 every day till the default continues B) Failure to file ROI shall attract penalty of slapping the minister every day till the default continues C) Failure to file ROI shall attract penalty of Rs. 355 every day till the default continues D) This is INDIA boss, who dare to touch the politicians? There shall not be any penalty.

Thank you