Question 1

What is the amount of deduction in relation to Tea, Coffee and Rubber development account u/s 33AB of Income Tax Act?

Options :

A : 20% of profits of such business

B : 40% of profits of such business

C : 60% of profits of such business

D : 100% of profits of such business

Answer: B

Question 2

What is the quantum of deduction allowed u/s 80U?

Options :

A : Rs. 40,000

B : Rs. 75,000

C : Rs. 60,000

D : Rs. 55,000

Answer: D

Question 3

What are the advantages of 100% book building?

Options :

A : Marketing of issue to wholesale bidders work out cheaper

B : Issue can be completed in single stage

C : Time lag between pricing and listing is less

D : All of the above

Answer: D

Question 4

A person is said to be Agnate of another if the two of them are

Options :

A : Related by blood or adoption entirely or wholly through males

B : Related by blood or adoption entirely or wholly through females

C : Related by blood or adoption entirely or wholly through their relatives

D : Related by blood or adoption entirely or wholly through the guardian other than family member

Answer: A

Question 5

For claiming exemption u/s 546, the assessee shall acquire the new asset within

Options :

A : 2 years from the date of transfer

B : 3 years from the date of transfer

C : One year before or 2 years after the date of transfer

D : One year before or 3 years from the date of transfer

Answer: C

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