UGC NET JRF Commerce 2021 November First Shift Question Paper – Income Tax & Corporate Tax Planning
- Which of the following provident fund is approved by the provident fund commissioner?
(a) Statutory provident fund
(b) Recognized provident fund
(c) Unrecognized provident fund
(d) Public provident fund - If assessee is engaged in the business of growing and manufacturing tea in India, the non-agriculture income in that case be:
(a) 40% the income from such business
(b) 25% the income from such business
(c) 60% the income from such business
(d) 75% the income from such business - Given below are two statements: one is labeled as Assertion A and the other is labeled as Reason R
Assertion A: ITR – 1 can be used by individual whose total does not exceed Rs. 1 Crore.
Reason R: ITR – 1 cannot be used by an individual director in a company.
In the light of the above Statements Choose the most appropriate answer from the options given below:
(a) Both A and R are correct and R is the correct explanation of A
(b) Both A and R are correct but R is the not correct explanation of A
(c) A is correct but R is not correct
(d) A is not correct but R is correct - X an employee of the private company. Gets Rs. 30,000 p.m. basis and entitled to Rs, 1,500 p.m. as entertainment allowance. What are the deductions u/s 16 (ii) from gross salary in respect of entertainment allowance?
(a) Rs. 5,000
(b) Rs. 18,000
(c) Rs. 72,000
(d) Nil. - Sequence the steps for computing gross annual value of income from house property:
(a) Find out the rent actually received or receivable after excluding unrealized rent before deducting loss due to vacancy.
(b) Find out the loss because of vacancy.
(c) Find out the reasonable expected rent of the property.
(d) Find out which one is the higher amount computed in (C) or (A)
(e) (D) –(B) is gross annual value
Choose the correct answer from the options given below:
(a) c,a,d,b,e
(b) a,d,c,b,e
(c) d,a,c,b,e
(d) a,b,c,d,e - Which of the following persons cannot use ITR-4?
(a) Who is the director of a company
(b) Who has held any unlisted equity shares
(c) Who has any asset located outside India
(d) A firm (other than LLP) if assessee is a Resident
(e) Who has income from other sources
Choose the correct answer form the options given below:
(a) a,b,c only
(b) a,b,d only
(c) b,d,e only
(d) c,d,e only - Which of the following losses are not deductible from business income?
(a) Loss sustained before the business is commenced.
(b) Losses incurred in the closing down of the business.
(c) Loss incurred due to damage destruction, etc. of capital assets.
(d) Loss of raw material and finished goods in transit.
(e) Loss of stock in trade due to enemy action.
Choose the correct answer form the options given below:
(a) a,b,c only
(b) b,c,d only
(c) a,d,e only
(d) a,b,d only
UGC NET JRF Commerce 2021 November Second Shift Question Paper – Income Tax & Corporate Tax Planning
- The exemption with respect to HRA to HRA is based upon the following factors?
(A) Rent paid
(B) Place of Residence
(C) Salary
(D) HRA Received
(E)Fair Rent
(F) Market Rent
Choose the most appropriate answer from the options given below:
(a) A,B,C,D only
(b) A,C,D,F only
(c) A,B,C,F only
(d) A,B,E,F only - Maximum tax free limit for payment received under voluntary retirement scheme is:
(a) Rs. 4,00,000
(b) Rs. 5,00,000
(c) Rs. 8,00,000
(d) Rs. 10,00,000 - Which of the following income is generally chargeable under the head of income from other sources?
(a) Income from subletting house property
(b) Director fee
(c) Ground Rent
(d) Agriculture Income from outside India
(e) Insurance commission
(f) Income from sale of securities
Choose the most appropriate answer from the options given below:
(a) a,b,d,e only
(b) b,c,d,e,f only
(c)a, b,c,e,f only
(d) a,b,c,d,e only - Which of the following are included in person under section 17(1)?
(a) A Hindu Undivided Family (HUF)
(b) A company
(c) A firm
(d) An individual
(e) A local authority
(f) An association of person
Choose the most appropriate answer from the options given below:
(a) a,c,d,f only
(b) c,d,e,f only
(c)b, d,e,f only
(d) a,b,c,d,e,f only - Tax audit is compulsory in case of a person in a profession whose gross receipts from the profession exceed.
(a) Rs.1 Crore
(b) Rs. 40 Lakh
(c) Rs. 60 Lakh
(d) Rs. 50 Lakh - Any palnning of tax which aims at reducing tax liability in legally recognized permissible way can be termed as an instance of:
(a) Tax palanning
(b)Tax avoidance
(c) Tax evasion
(d) Tax management - A is residence in India aged 60 years earned agricultural income of Rs. 5,00,000 and non-agricultural income Rs. 3,00,000 during the previous year Rs. 2019-20. What is tax liability of A?
(a) Rs. 72,000
(b) Rs. 72,100
(c) Rs. 2,600
(d) NIL - Match List I with List II:
List I List II
(A) Section 80 EE (i) Deduction in respect of rent paid
(B) Section 80 GG (ii) Deduction in respect of certain donation for scientific researches
(C) Section 80 GGA (iii) ) Deduction in respect of interest on loan taken for residential house
(D) Section 80 E (iv) Deduction in respect of payment of interest on loan taken for Higher education.
Choose the correct answer from the options given below:
(a) (A) – ii, (B) – iv, (C) – i, (D) – iii
(b) (A) – iii, (B) – i, (C) – ii, (D) – iv
(c) (A) – iii, (B) – i, (C) – iv, (D) – ii
(d) (A) – ii, (B) – iv, (C) – iii, (D) – i
UGC NET JRF Commerce 2020 October Shift First Question Paper – Income Tax & Corporate Tax Planning
- As per section 80 G maximum deduction allowed for any cash donation is up to
(a) Rs. 1,000
(b) Rs. 2,000
(c) Rs. 5,000
(d) Rs. 10,000 - Which one of the following statements is true for the set off and carry forward of loss under the head “house property in India?
(a) Can be carried forward for 8 years
(b) Can-not be carried forward
(c) Can be carried forward for 4 years
(d) Can be carried forward infinitely - Given below are two statements.
Statement (I): Gratuity received by Government employee is exempt from tax under Section 10 (10) (i) of the Indian Income Tax Act, 1961
Statement (II): Gratuity received by local authority employee is exempted from tax
In the light of the above statements, choose the correct answer from the option given below:
(a) Both Statement (I) and Statement (II) are true
(b) Both Statement (I) and Statement (II) are false
(c) Statement (I) is correct but Statement (II) is false
(d) Statement (I) is incorrect but Statement (II) is false - What is the rate of tax deduction at source from insurance commission in case of ‘Person’:
(a) 2 percent
(b) 5 percent
(c) 10 percent
(d) 4 percent - Mohan, has rendered his services in India and retired in 2015. He then shifted and settled in Singapore. The pension received by him for such services would be:
(a) Deemed to accrue or arise out side India
(b) Deemed to accrue or arise in India only when it is received in India
(c) Deemed to accrue or arise in India only when it is received outside India
(d) Deemed to accrue or arise in India - Surcharge of 10 % is payable by an Individual where the total income exceeds:
(a) Rs.7,50,000
(b) Rs.5,50,000
(c) Rs.50,00,000
(d) Rs.20,00,000 - Match List I with List II
List I List II (A) 80 GG (i) Deduction in respect of contribution given by companies to political parties (B) 80 GGA (ii) Deduction in respect of contribution given by any person to political parties (C) 80 GGB (iii) Deduction in respect of scientific research (D) 80 GGC (iv) Deduction in respect of rent paid Choose the correct answer from the options given below:
(a) (A) –(iv), (B) –(iii), (C)-(i), (D)-(ii)
(b) (A) –(iii), (B) –(iv), (C)-(ii), (D)-(i)
(c) (A) –(iv), (B) –(iii), (C)-(ii), (D)-(i)
(d) (A) –(iv), (B) –(ii), (C)-(i), (D)-(iii) - Which of the following expenses debited to Profit and Loss a/c but disallowed while computing income from Business?
(A) General Expenses
(B) Personal Expenses
(C) Expenses of Income which is taxable under the other heads of income
(D) Charities and donations
Choose the correct answer from the options given below:
(a) (A), (B), (C) only
(b) (B), (C), (D) only
(c) (C), (D) only
(d) (A), (B), (C), (D) only - Arrange the following procedure of Income Tax return e-Filling in India
(A) Login
(B) Register
(C) Verification
(D) Downloading utility and preparing return
(E) e-filing Income Tax Return
Choose the correct answer from the options given below:
(a) (A), (B), (C), (D), (E)
(b) (A), (C), (B), (E), (D)
(c) (B), (A), (E), (D), (C)
(d) (B), (A), (D), (E), (C) - Which of the following is correct about deduction available in respect of contribution to various provided fund in case of salaried employees?
(A) Employer’s contribution to recognized provident fund is exempted up to 12 % of salary
(B) Employer’s contribution to unrecognized provident fund is exempted from tax
(C) Employer’s does not contribute to Public Provident fund
(D) Deduction under Section 80 C is available for employer’s contribution in unrecognized provident fund
Choose the correct answer from the options given below:
(a) (A), (B), (C) only
(b) (A), (B), (D) only
(c) (B), (C), (D) only
(d) (A), (C), (D) only - Sugam is also known as:
(a) ITR -1
(b) ITR -2
(c) ITR -4
(d) ITR -6
1 (b) 2 (a) 3 (a) 4 (b) 5 (d) 6 (c) 7 (a) 8 (b) 9 (d) 10 (a) 11 (c)
Note: In Question No 10, (B) option is not properly correct so answer should be only (A) and (C). But in no option (A) and (C) is given hence most appropriate answer is (a)
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