Taxation of Trusts and Institutions
MCQ Tests for CA Final in Direct Tax Laws and International Taxation
Taxation of Trusts and Institutions - Test 1
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Subject :- Direct Tax Laws and International Taxation
Chapter :- Taxation of Trusts and Institutions – Test 1
Questions :- 30
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Question 1 of 30
1. Question
1 pointsCategory: Direct Tax Laws and International TaxationABC charitable trust would like to accumulate the income for the purpose of construction of school building in coming three years and therefore set apart Rs. 20 Lacs out of current year’s income. In order to exclude Rs. 20 lacs from taxable income, the charitable trust is required to inform the purpose and the period for which accumulation is made to the assessing officer in a prescribed form? Out of the followings, which one is the prescribed form?
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Question 2 of 30
2. Question
1 pointsCategory: Direct Tax Laws and International TaxationUnless Trust is registered under section 12A of the Act, it will not be eligible for exemption under section 11, 12 and 13 of the Act. For this purpose, trust is required to make application to the Commissioner of Income tax in Form No. _____
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Question 3 of 30
3. Question
1 pointsCategory: Direct Tax Laws and International TaxationOut of the following objects of the trust, which object does not fall within the meaning of term “Charitable Purpose” under section 2(15) of the Act?
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Question 4 of 30
4. Question
1 pointsCategory: Direct Tax Laws and International TaxationThe advancement of any other object of general public utility shall not be a charitable purpose,
if the aggregate receipts from such activity or activities during the previous year, exceeds _______ of the total receipts, of the trust or institution undertaking such activity or activities, of that previous year.Correct
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Question 5 of 30
5. Question
1 pointsCategory: Direct Tax Laws and International TaxationIn a case, trust or institution has been granted registration under section 12AA, and, subsequently, it has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, then it shall be required to make an application, in the prescribed form and manner, within a period of ______ from the date of said adoption or modification, to the Principal Commissioner or Commissioner and thereupon obtain fresh registration.
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Question 6 of 30
6. Question
1 pointsCategory: Direct Tax Laws and International TaxationThe accounts of the trust or institution for the previous year shall be audited if the total income before claiming exemption under section 1 1 and 12 exceeds _______.
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Question 7 of 30
7. Question
1 pointsCategory: Direct Tax Laws and International TaxationIn order to claim benefit of exemption under section 11, the trust is required to furnish the return of income in accordance with the provisions of section _________.
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Question 8 of 30
8. Question
1 pointsCategory: Direct Tax Laws and International TaxationThe time limit for granting registration of trust under section 12 AA is __________ from the end of month in which application is received by Pr. Commissioner.
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Question 9 of 30
9. Question
1 pointsCategory: Direct Tax Laws and International TaxationA trust created for charitable purposes in February 2018, having filed application for registration as per section 12A on 11.4.2018, can claim benefits of sections 11 and 12 from Assessment Year__________.
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Question 10 of 30
10. Question
1 pointsCategory: Direct Tax Laws and International TaxationSection 11(1) provides that if income of charitable or religious trust has been applied for the objects in India, then amount set apart or accumulated upto ____of income shall not be included in total income of the trust.
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Question 11 of 30
11. Question
1 pointsCategory: Direct Tax Laws and International TaxationAs per explanation to section 11(1) of the Act, voluntary contributions received by a trust are treated as _________.
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Question 12 of 30
12. Question
1 pointsCategory: Direct Tax Laws and International TaxationApplication of income under section 11(1) can be towards ______________ provided the same shall be for the objects of the trust.
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Question 13 of 30
13. Question
1 pointsCategory: Direct Tax Laws and International TaxationAs per section 12 of the Act, __________received by a trust are not treated as income.
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Question 14 of 30
14. Question
1 pointsCategory: Direct Tax Laws and International TaxationDuring the previous year, if charitable trust is not able to apply 85% of its income due to _____________, then such income can be applied during the previous year in which income is received or in the immediately following previous year.
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Question 15 of 30
15. Question
1 pointsCategory: Direct Tax Laws and International TaxationUnder section 11(2), the period for which income can be accumulated shall not exceed __________ years.
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Question 16 of 30
16. Question
1 pointsCategory: Direct Tax Laws and International TaxationThe money set apart or accumulated under section 11(2) shall be invested in any one or more of the modes or forms specified under section ________ of the Act.
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Question 17 of 30
17. Question
1 pointsCategory: Direct Tax Laws and International TaxationWork out from the following particulars, the amount of capital gain which shall be deemed to have been applied for charitable or religious purpose arising out of sale of a capital asset utilized
for the purposes of trust.
Particulars Rs.
Cost of transferred asset 2,40,000
Sale consideration 3,80,000
Cost of new asset purchased 3,00,000
Expenses in connection with transfer 20,000Correct
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Question 18 of 30
18. Question
1 pointsCategory: Direct Tax Laws and International TaxationSection 11(4A) provides that income from business shall be eligible for exemption under section 11(1) or 11(2) subject to few condition(s). Identify such condition(s).
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Question 19 of 30
19. Question
1 pointsCategory: Direct Tax Laws and International TaxationSection 11(6) provides that while determining total income of the trust, no depreciation or deduction shall be allowed in respect of an asset, cost of which has been claimed as an application of income, in the _______________.The money set apart or accumulated under section 11(2) shall be invested in any one or more of the modes or forms specified under section ________ of the Act.
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Question 20 of 30
20. Question
1 pointsCategory: Direct Tax Laws and International TaxationIdentify the income in respect of which trust can claim straightaway exemption without being spent?
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Question 21 of 30
21. Question
1 pointsCategory: Direct Tax Laws and International TaxationAs per section 13 of the Act, which trust is not eligible for exemption under section 11 or 12 of the Act?
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Question 22 of 30
22. Question
1 pointsCategory: Direct Tax Laws and International TaxationFor the purpose of section 13(1) (c) read with section 13(2) of the Act, who is not an interested person / specified person?
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Question 23 of 30
23. Question
1 pointsCategory: Direct Tax Laws and International TaxationAs per section 13(4) of the Act, the aggregate of the funds of the trust invested in a concern in which any specified person has a substantial interest does not exceed___per cent of the capital
of that concern, exemption under section 11 will not be denied in relation to the application of any income other than the income arising to the trust from such investmentCorrect
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Question 24 of 30
24. Question
1 pointsCategory: Direct Tax Laws and International TaxationSection 12AA(3) provides that where a Trust or an Institution has been granted registration and subsequently the Commissioner is satisfied that the activities of such trust or Institution are
__________ or in __________, then the Commissioner has the power to pass an order in writing canceling the registration after giving a reasonable opportunity of being heard.Correct
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Question 25 of 30
25. Question
1 pointsCategory: Direct Tax Laws and International TaxationIf exemption is forfeited due to contravention u/s. 13(1) (c) or 13(1 (d), then such income shall be taxed in the hands of chartiable trust or institution at the rate
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Question 26 of 30
26. Question
1 pointsCategory: Direct Tax Laws and International TaxationThe provisions relating to anonymous donation enumerated under section 115BBC shall not apply to _________
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Question 27 of 30
27. Question
1 pointsCategory: Direct Tax Laws and International TaxationUnder section 115BBC, anonymous donation shall be taxed at __________
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Question 28 of 30
28. Question
1 pointsCategory: Direct Tax Laws and International TaxationUnder section 115BBC, some relaxation is given while taxing anonymous donation received by a trust. That relaxation is:-
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Question 29 of 30
29. Question
1 pointsCategory: Direct Tax Laws and International TaxationUnder section 12AA, an order of granting or refusing registration of trust shall be passed within _______ from the end of the month in which application is received.
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Question 30 of 30
30. Question
1 pointsCategory: Direct Tax Laws and International TaxationThe advancement of any other object of general public utility shall be regarded as charitable purpose even if it involves carrying on of trade/ commerce/business for a cess or fee or any other consideration, if the gross receipts thereof does not exceed ———- of total receipts of such charitable institution.
Correct
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