TRB COMMERCE QUESTION ANSWERS -TRB Study Materials Day 7

TRB COMMERCE QUESTION ANSWERS 121-130

121. A firm of architects submitted a building plan in a competition and won a prize. The prize money will be
A) taxable B) not taxable
C) partly taxable D) none of these.

122. The term SEZ refers to
A) Special Export Zones B) State Export Zones
C) Special Excellent Zones D) Special Economic Zones.

123. Direct taxes are
A) convenient B) uncertain
C) elastic D) equitable.

124. Due date filing of returns by a non-business assessee is
A) 31st August B) 31st July
C) 31st October D) 31st December.

125. Value of rent free accommodation in case of semigovernment employee shall be taxable upto.............. of employee’s salary.
A) 10%
B) 12 %
C)7 %
D) 15%.

126. A contributory is
A) a creditor
B) a shareholder
C) a debenture holder
D) a convertible debenture holder

127. Directors of a company are trustees for
A) the creditors
B) individual shareholders
C) company
D) third parties having contracts with the company.

128. Depreciation allowance is given under
A) Sec. 33 B) Sec. 10 B
C) Sec. 32 D) Sec. 35 A.

129. Dr. Aruna, a Government employee, went on deputation to the WHO office in New York in 1994. Every year, she visits India for a period of 75 days. Determine her residential status for AY 2002-03.
A) Non-resident
B) Resident
C) Resident but not ordinary resident.
D) none of these.

130. Under the IT Act, the incidence of taxation depends onthe tax payer’s
A) Citizenship B) Age
C) Residential status D) all of these.

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