Which one of the following is not a major punishment ?
NAFTA came into force from January, 1994 embracing :
Answer: The USA, Canada, Mexico
A common market is one where :
Answer: there is a customs union along with free intra - union movement of factors of production.
The Maastricht Treaty of February, 1992 renamed the European Community (EC) as :
Answer: the European Union (EU)
In which of the following cases, Assessing officer has the discretion to assess the income of the previous year in the previous year or in the subsequent assessment year ?
Answer: Discontinued business
Rental income received by a foreign individual, from another foreign individual, in respect of the property situated in Delhi is taxable in the hands of :
Answer: Ordinarily Resident (OR), Not Ordinarily Resident (NOR) and Non Resident (NR)
Which of the following income is not chargeable under the head ‘income from business and profession’ ?
Answer: Income from the activity of owning or owning and maintaining race horses.
Mr. A earned a capital gain of ` 100 lakhs on 31-2-2014 from the sale of a long term capital asset (land) within the limits of Jaipur corporation. If he invests ` 60 lakhs, out of ` 100 lakhs, in Rural Electricity Corporation Bonds approved under Sec. 54 EC in 20-2-2014, what is the amount of exemption he can claim under Sec. 54 EC of Income Tax Act for the AY 2014-15 ?
This paper contains fifty (50) objective type questions of two (2) marks each. All questions are compulsory
The Human Development Index (HDI) is introduced by :
The basic difference between a static budget and flexible budget is that
Answer: A flexible budget can be prepared for any production level within a relevant range but a static budget is based on one specific level of production
A retiring partner continues to be liable for obligations incurred after his retirement :
Answer: If he does not give public notice.
When opening stock is ` 50,000, closing stock is ` 60,000 and the cost of goods sold is ` 2,20,000, the stock turnover ratio is :
A rectangular hyperbola shaped demand curve on all its points has
Answer: Price elasticity equal to unity
In case of short-run equilibrium, a perfectly competitive firm while earning abnormal profits operates at an output level where :
Answer: Marginal cost is higher than average cost