WorksheetsTA B2 - Quiz
Total questions: 50
Worksheet time: 25mins
Name
Class
Date
1.
Which of the following is the correct accounting equation?
a)
Assets + Liabilities = Capital
b)
Assets = Liabilities + Capital
c)
Capital = Assets × Liabilities
d)
Assets – Liabilities = Revenue
2.
Which accounting principle assumes a business will continue operations indefinitely?
a)
Matching Principle
b)
Cost Principle
c)
Going Concern Assumption
d)
Realization Principle
3.
The three golden rules of accounting are based on which system?
a)
Single-entry system
b)
Double-entry system
c)
Accrual system
d)
Cash system
4.
A Trial Balance is primarily prepared to:
a)
Calculate profit or loss
b)
Record all transactions
c)
Ensure total debits equal total credits
d)
Prepare journal entries
5.
Income from House Property is taxable under Sections:
a)
20 to 24
b)
22 to 27
c)
25 to 29
d)
18 to 21
6.
Which of the following qualifies as ‘self-occupied property’?
a)
Property used for owner’s business
b)
Property let out to relatives
c)
Property used for own residence
d)
Property rented for more than 12 months
7.
The time limit for filing a belated return of income under Section 139(4) is:
a)
Before end of relevant assessment year
b)
Before completion of assessment or 3 months before end of relevant AY, whichever earlier
c)
Within 6 months of filing the original return
d)
Before 31 March of the next financial year
8.
As per Section 143(1), intimation must be sent within:
a)
6 months from end of assessment year
b)
9 months from end of financial year in which return is made
c)
12 months from end of relevant financial year
d)
18 months from end of financial year
9.
Under which Article of the Constitution is it stated that no tax shall be levied or collected except by the authority of law?
a)
Article 260
b)
Article 265
c)
Article 270
d)
Article 271
10.
As per Section 6(1), an individual is treated as Resident if he stays in India for 182 days or more during the PY OR 365 days in preceding 4 years & 60 days in current PY.
a)
182 days only
b)
365 days only
c)
60 days only
d)
120 days only
11.
Rule 3 of CCS (Conduct) Rules requires every Government servant to maintain which of the following?
a)
Political neutrality only
b)
Integrity, devotion to duty, and conduct becoming of a Government servant
c)
Confidentiality only
d)
Transparency only
12.
As per Rule 13, what is the maximum gift value a Group ‘B’ officer can accept on special occasions from personal friends or relatives having no official dealings?
a)
₹10,000
b)
₹15,000
c)
₹25,000
d)
₹5,000
13.
Ethics refers to which of the following?
a)
Legal obligations
b)
Moral principles
c)
Dress code
d)
Social media behaviour
14.
Leave can be considered as Right
a)
True
b)
False
c)
Either of the two
d)
Neither of the two
15.
Which ITR form should an individual with income from salary, one house property, and income from other sources (excluding lottery winnings) use if total income is below ₹50 lakh?
a)
ITR-1 (Sahaj)
b)
ITR-2
c)
ITR-3
d)
ITR-4 (Sugam)
16.
Who among the following cannot file ITR-1?
a)
Resident individual with one house property
b)
Resident with agricultural income less than ₹5,000
c)
Non-resident individual
d)
Individual with income from salary only
17.
Under Section 9, income from a property situated in India and let out by a non-resident is:
a)
Not taxable in India
b)
Taxable as income deemed to accrue or arise in India
c)
Taxable only if rent is received in India
d)
Exempt under Section 10
18.
Which of the following is an exception to 'Business Connection' under Section 9?
a)
Significant Economic Presence
b)
Sale of data to Indian customers
c)
News agency activities confined to collection of news in India for transmission abroad
d)
Agent concluding contracts on behalf of a non-resident
19.
Under which section is the ‘Scope of Total Income’ of a taxpayer defined?
a)
Section 4
b)
Section 5
c)
Section 14
d)
Section 2(24)
20.
Which of the following is NOT one of the five heads of income under Section 14?
a)
Income from Salary
b)
Capital Gains
c)
Gifts from Relatives
d)
Profits and Gains of Business or Profession
21.
Which of the following correctly describes the “Charging Sections” of the Income Tax Act?
a)
They deal with penalties and prosecutions
b)
They lay down the procedure for assessments
c)
They create, define, and levy tax
d)
They contain definitions and schedules
22.
When the definition clause in a statute uses the word “includes”, it means:
a)
The definition is exhaustive and restrictive
b)
The definition is open-ended and extends meaning
c)
The term loses its ordinary meaning
d)
It must be interpreted narrowly
23.
Retrospective tax refers to:
a)
Tax levied only for future transactions
b)
Tax applicable only to individuals above a threshold
c)
A levy of tax with effect from a past date
d)
A tax that is temporary in nature
24.
The RTI Act, 2005 replaced which earlier Act?
a)
Official Secrets Act, 1923
b)
Freedom of Information Act, 2002
c)
Information Technology Act, 2000
d)
Public Records Act, 1993
25.
The time limit for providing information concerning the life or liberty of a person is —
a)
5 days
b)
48 hours
c)
10 days
d)
30 days
26.
The penalty for CPIO for delay or denial of information can extend up to —
a)
₹5,000
b)
₹10,000
c)
₹25,000
d)
₹50,000
27.
Under Section 16(ia), the standard deduction for the new regime u/s 115BAC is —
a)
₹50,000
b)
₹75,000
c)
₹1,00,000
d)
₹1,50,000
28.
House Rent Allowance (HRA) exemption is least of the following EXCEPT —
a)
Actual HRA received
b)
Rent paid minus 10% of salary
c)
50% or 40% of salary depending on city
d)
Gross Total Income
29.
For non-government employees covered under the Payment of Gratuity Act, 1972, gratuity exemption is —
a)
10 days’ salary × service
b)
15 days’ salary × service
c)
20 days’ salary × service
d)
30 days’ salary × service
30.
Under Section 9(1)(i), income is deemed to accrue or arise in India if —
a)
The business is wholly outside India
b)
The business has a connection in India
c)
The person is resident in India
d)
Income is received abroad
31.
______ leave which is not recognized as leave under these rules shall not be combined with any other kind of leave admissible under these rules.
a)
Extra orindary Leave
b)
Earned Leave
c)
Casual Leave
d)
None
32.
Which of the following is essential to classify an income under the head “Salaries” under the Income-tax Act, 1961?
a)
Existence of employer-employee relationship
b)
Existence of a written employment contract
c)
Payment made on a monthly basis
d)
Payment received through a bank account
33.
Under which section is depreciation allowable for business assets?
a)
Section 30
b)
Section 31
c)
Section 32
d)
Section 35
34.
What is the condition for claiming depreciation?
a)
Asset should be owned and used for business
b)
Asset must be new
c)
Asset should be sold in same year
d)
Asset must be imported
35.
Under Sec. 40(a)(ia), 30% disallowance is applicable for:
a)
Salary payments
b)
Payments to resident without TDS
c)
Export incentives
d)
Rent paid
36.
Which section allows deduction for scientific research expenses?
a)
Sec. 33AB
b)
Sec. 35
c)
Sec. 37
d)
Sec. 44AA
37.
In presumptive taxation u/s 44AD, who is NOT eligible?
a)
Resident individual
b)
LLP
c)
HUF
d)
Partnership firm
38.
Under Sec. 43B, deduction is allowed only when:
a)
Expenses are accrued
b)
Expenses are paid
c)
Expenses are capitalized
d)
Expenses are disallowed
39.
In the e-Bill process, who forwards the bill to PAO after DSC?
a)
DDO Maker
b)
DDO
c)
PAO
d)
AO
40.
The POSH Act, 2013 aims to prevent sexual harassment
a)
Only in government offices
b)
At the workplace, including both organized and unorganized sectors
c)
Only in private companies
d)
Only in educational institutions
41.
Perquisites are taxable under the head “Salaries” only if they are provided
a)
By the employer to the employee
b)
By a customer to the employee
c)
By a contractor to the employee
d)
By a colleague to another colleague
42.
Under the EIS Module, how many PDF schedules must be verified before DSC?
a)
3
b)
4
c)
5
d)
6
43.
What is the definition of 'demerger' in relation to companies?
a)
Transfer of one or more undertakings to a resulting company
b)
Merger of two companies
c)
Sale of a company
d)
Acquisition of a company
44.
What does 'capital asset' include from the following?
a)
Only real estate properties
b)
Any property of any kind held by an assessee
c)
Only stocks and bonds
d)
Personal effects of the assessee
45.
Who is defined as a 'relative' in relation to an individual?
a)
Only immediate family members
b)
Husband, wife, brother, sister, or any lineal ascendant or descendant
c)
Only siblings
d)
Any person living in the same household
46.
What is excluded from the definition of 'block of assets'?
a)
Goodwill
b)
Tangible assets
c)
Intangible assets
d)
Financial securities
47.
What does 'business trust' refer to?
a)
A trust registered as an Infrastructure Investment Trust or Real Estate Investment Trust
b)
A trust for charitable purposes
c)
A trust for personal investments
d)
A trust for family assets
48.
Expected Rent is equal to
a)
Fair Rent
b)
Municipal Valuation
c)
Lower of Fair Rent or Municipal Valuation
d)
Higher of Fair Rent or Municipal valuation subject to the maximum of Standard Rent
49.
FMV - 120000, Municipal Value - 130000, Standard Rent - 100000 , What is Expected Rent?
a)
100000
b)
120000
c)
130000
d)
None of the above
50.
If Actual Rent received or receivable exceeds Expected Rent, the Gross Annual Value equals to-
a)
Actual Rent received or receivable
b)
Expected Rent
c)
Actual Rent - Expected Rent
d)
None of these.
100 %
