OBJECTIVE QUESTIONS & ANSWERS
1. BASIC CONCEPTS.
1. Accounting standard notified under section 145 is applicable for thosefollowing
……………..system of Accounting.
2. The exemption limit of income available to senior citizenis Rs.……………for Asst. Year
3. In the case of an artificial juridical person, nosurcharge is payable where the total income
Ans. False, no surcharges is livable in case of artificial juridical person.
4. Voluntary contributions received by charitable trusts,universities and educational institutions
are not taxable as the definition of income in sections 2(24) does not coverthe definition of
income in section 2(24) does not cover the same.
Ans. False, section 2(24) defining ‘income’ includes such voluntarycontributions.
5. Surcharge payable by a foreign company on total income is2.5% for A.Y.2011-12.
6. Surcharge of 10% on Income-tax is payable by anindividual where the total Income exceeds
Ans. False, it is not payable in case of individuals.
7. In respect of a resident the assesses, who is of age of65 years or more at any time during the
previous year relevant to the Assessment year 2011-12SS
(a) Rebate of tax payable subject to a maximum of Rs.20,000.
(b) Higher basic exemption of Rs.1,60,000.
(c) Higher basic exemption of Rs.2,40,000.
(d) Higher basic exemption of Rs.1,90,000.
8. Surcharge of 10% is payable by an individual where thetotal income exceeds; (May 2005)
(a) Rs.7,50,000 (b) Rs.8,50,000 (c ) Rs.10,00,000 (d) None of the three.
9. Additional surcharge (Education cess & SHEC) of 3% is payable on. (May2005)
(a) Income – Tax
(b) Income – Tax plus surcharge, if any
(d) Not payable by any assesses.
Ans. Surcharge is applicable in the case of a company assesses.
10. Explain the concept of marginal relief under theIncome-tax Act,1961 (CA PCC)
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