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Exemptions Quiz

Authored by Manoj Kumar

Financial Education

University

Used 1+ times

Exemptions Quiz
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30 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The registration of a Trust for availing benefit u/s 11 is granted by Commissioner/Director of Income Tax under section

Section 12
Section 12AA
Section 13
Section 13B

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The trust can invest the accumulated fund in any of the following asset for availing the benefit of exemption u/s. 11–

Share of public limited companies
Investments in protection of involvement

Government securities, deposits and bonds as specified u/s 11(5) of the act.

Government securities, bonds, deposits, infrastructures as specified u/s 11(4) of the act.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Once the registration of exemption is granted to a trust by the Commissioner/ Director of Income Tax (Exemption) them, the same can only be cancelled by the following authority-

By Chief Commissioner of Income Tax.
Director General of Income Tax (Exemption).

By the issuing Authority after providing reasonable opportunity to the trust.

Central Board of Direct Taxes.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The Commissioner of Income tax, can grant or refuse registration to the Trust for exemption within-in which of the following

12 months from the end of the month when the application was received u/s 12A.
9 months from the end of the month when the application for registration was received u/s 12A.
2 years from the end of the assessment year when the application was filed u/s 12A.
6 months from the end of the month when the application for registration was received

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Anonymous donation received by a Charitable Trust is exempt and not liable for tax-

True
False
It is taxable as per provisions of Section 13(7) of the Act.
None of the above

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Political parties will lose the exemption of its income from taxation if it fails to comply with the following-

Helping government in maintaining the Electoral roles.
The treasurer or authorised person of such political party or any person of the political party fails to submit a report under sub- section 3 of Section 29C of the representation of Peoples Act, 1951 for such financial year.
Fails to give copy of accounts of its expenditure on election of its candidate to its election observer appointed by Election Commission of India.
All of Above

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Income of a trust derived from its property is exempt from tax if it is applied towards-

Only Charitable purposes
Only Religious purposes
Charitable or religious purposes
Objects of the trust as specified in the Trust Deed

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