Series – C
1. In India, the GST is a dual model of
2. GST is a consumption of goods and service tax based on
3. Which code is used to classify goods and services under GST?
- HMN Code
- SAC/HSN Code
- Both a and b
- None of these
4. From the following options which one will you select for an individual who is said to be resident in India.
- He has a house in India
- He is in India in the previous year for a period of 182 days or more in a fiscal year.
- He is in India for a period of 30 days or more during the previous year and for 365 or more days during 4 previous years immediately preceding the relevant previous year
- His parents are Indian citizen
5. Which of the following is an agriculture income?
- Dividend paid by a company out of its agriculture income.
- Share of Profit of a Partner from a firm engaged in an agriculture operation
- Income from supply of water by an assessee from a tank in its agriculture land.
- Interest received by a money lender in the form of agricultural produce.
6. Taxable value of perquisite being sweat equity shares allotted by the employer is:
- The fair market value of such shares as on the date when such option is exercised by the employee as reduced by the amount paid.
- Rent or revenue derived from land which is situated in India and is used for agriculture purpose.
- Fair market value subject to standard deduction of 50000
- Not taxable in hands of employee.
7. Loss from derivative trading is
- Short-term Capital Loss
- Speculative business loss
- Non-speculative business loss
- Loss under the head ‘Income from Other Sources’
8. Unabsorbed depreciation can be carried forward for
- Any number of years
- 8 years
- 4 years
- 7 years
9. At what rate tax is deducted from payment made to a resident on winning from lottery.
- 30% +Surcharge+ HEC
- 30% +HEC
10. Which ITR form number is to be used for filling the return of income by an individual having business income?
- Form No. 1
- Form No. 2
- Form No. 5
- Form No. 3
11. A Zero coupon bond is a long-term capital asset, if it is held for more than ………. Months before transfer.
- 6 months
- 12 months
- 8 months
- None of these
12. The maximum amount deductible u/s 80 TTA in respect on interest on savings bank account is
13. Which of the following dates marks the end of the period covered by AS-4.
- On 2 may 2013 the draft financial statement ready for issue to accounts committee
- On 9 may 2013 accounts committee approve the financial statement
- On 15th may 2013 board of directors approves the financial statement.
- 0n 30 may 2013, shareholders approves the financial statements
14. Start up cost, training cost and cost of reallocating should be accounted for as
- Deferred revenue expenditure
- Intangible assets
15. Employee stock option can be offered by a public company by passing
- A special resolution in general meeting
- An ordinary resolution in general meeting
- A resolution in the board meeting
- No resolution required
16. A company granted 4000 options to employees and director on 1 April 2013 at Rs. 150 when the market price was Rs. 300. Vesting period is 3 years. What is the value of Option
17. The buy-back of equity shares in any financial year should not exceed
- 20% of the total paid-up equity share capital in that financial year
- 25% of the total paid-up equity share capital in that financial year
- 25% of the total called up equity share capital in that financial year
- 20% of the total paid up equity share capital plus free reserve of the company
18. The acquisition of an enterprise by issue of shares will
- Be shown in the cash flow statement under investing activities
- Not be shown in the cash flow statement
- Are treated as cash flow from financial activity
- All of the above
19. Royalty revenue should be recognized
- On an accrual basis in accordance with the terms of the relevant agreement
- Cash basis
- On actual basis
- None of the above
20. In which of the following cases, income of previous year is assessable in the previous year itself
- Assessment of persons leaving India
- A person in employment in India
- A person who is into illegal business
- A person who is running a charitable institution
Read also: PGT Paper 2020 [English]
21. For availing exemption under section 54, which amount is eligible for availing exemption ?
- The taxpayer (ie. Seller) needs to be an individual or HUF.
- Asset needs to be classified as a long-term capital asset.
- The seller should purchase a residential house either 1 year before the date of sale/ transfer or 2 years after the date of sale/ transfer
- All of the above
22. Which of the following is not an income taxable as income from other sources?
- Family pension
- Casual income
- Director’s sitting fee for attending board mettings
- Rent received for house property including use of plant and machinery, where rent is separable between rent for use of plant and machinery
23. Who is the Chairman of GST Council 2019?
- Prime Minister
- Corporate Affair minister
- Union Finance Minister
- President of India
24. Service tax was introduced in India in the year.
25. After which error will a trial balance still balance
- Wages paid Rs. 20,000 was entered correctly in the bank account but debited to the wage account Rs. 25000
- Rent received Rs. 50,000 was debited to the rent payable account
- The sales day book was under cast by Rs. 20000
- Goods returned to supplier Rs. 150 were entered in purchase returns day book as Rs. 105
26. Which lake is situated near the Chanshal Peak (Rohru) ?
- Tanu Jubbal
27. Which of the following is a tributary of the Chenab river?
28. Which pass joins Lahaul and Bharmour?
29. In which district of H.P. is Gemur monastery ?
30. Tirthan sanctuary is near ………?
- Paonta Sahib
31. At which place in Mandi district of H.P. there is a Sheep Breeding Farm?
32. For which game/sport did Pooja Thakur of Bilaspur get Parshuram Award?
33. Near which place in Kangra District of H.P. is Chinmaya Sandeepani Himalaya Ashram?
- Yol Camp
34. Which Raja of Chamba received Knighthood in 1906 ?
- Sham Singh
- Gopal Singh
- Umed Singh
- Bhuri Singh
35. Who was the speaker of H.P. Vidhan Sabha in 1963?
- Tapinder Singh
- Des Raj Mahajan
- Vidya Dhar
- Drishan Chander
36. In which state of India is Karbi tribe mainly found?
37. When was National Cadet Corps (NCC) established?
38. What was the original name of epic Mahabharata?
- Raj Katha
- Bharat Katha
- Jai (Jaya) Samhita
- Pandor Samhita
39. Which day is observed as World Day for water?
- February 15
- March 22
- April 10
- May 21
40. By which amendment was Dogri added in the 8th schedule of Indian Constitution?