Audit under Section 12A/10(23C) of the Income Tax Act , 1961

1. 1. Who can claim the exemption under section 11 and 12 ?

• (A) Any trust or institution which was registered under section 12AA

• (B) Any trust or institution whether registered or not under section 12AA

• (C) Both of the above

• (D) None of the above

2.   How much percentage of income can be accumulated or set aside ?

• (a) 85%

• (b) 15%

• (c) 100%

• (d) 0%

3.   Under which section income derived from property held under trust wholly or partly for charitable and religious purposes be exempt ?

• (a) Section 12A

• (b) Section 11

• (c) Section 12

• (d) Section 13

4.  Trusts or institutions are required to get their accounts audited mandatorily if their Gross Receipts exceed :-

• (a) Rs 1000000

• (b) Rs 300000

• (c) Rs 500000

• (d) Rs 250000

5.   If a trust has received Foreign Contribution of Rs 50 lakhs during the previous year. In which form Tax audit report of the trust be filed ?

• (a) Form 10

• (b) Form 10B

• (c) Form 10BB

• (c) Form 11

6.  What is the Validity of the provisional Registration of the Trust ?

• (a)  2 Years

• (b)  3 Years

• (c)  4 Years

• (d)  5 Years

7.   What is the percentage of Shareholding required to disclose in Clause 10,  where the details of management are shown :

• (a)  3% or more

• (b)  5% or more

• (c)  8% or more

• (d)  10% or more

8.     Which Form contains the Statement Of Donation received by the Trust ?

• (a) Form 10

• (b) Form 10BD

• (c) Form 10BA

• (d) Form 10BS

9.     Anonymous Donation is taxable under which section:

• (a) Section 12A

• (b) Section 115BBC

• (c) Section 115BBd

• (d) Section 13 

10.  Details of the receipts of the auditee on which tax has been deducted at source referred to in which Section:

• (a) 194C

• (b) 194H

• (c) 194J

• (d) All of the Above