Classical

Advanced Questions - Section 1

6:  

Where a partner transfers any capital asset into the business of firm ,the sale consideration of such asset to the partner shall be

A.

Market value of such asset on the date of such transfer

B.

Price at which it was recorded in the books of the firm

C.

Cost of such asset to the partner

D.

None of the above

 
 

Option: B

Explanation :


7:  

R Ltd., is an Indian company whose entire control and management of its affairs is situated outside India. R Ltd., shall be

A.

Resident in India

B.

Non-resident in India

C.

Not ordinarily resident in India

D.

None of the above

 
 

Option: A

Explanation :


8:  

A person leaves India permanently on 15-11-2008. The assessment year for income earned till 15-11-2008 in this case shall be

A.

2007-08

B.

2008-09

C.

2009-10

D.

None of the above

 
 

Option: B

Explanation :


9:  

Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the extent of

A.

18% p.a.

B.

12% p.a. even if it is not mentioned in partnership deed

C.

12% p.a. or at the rate mentioned in partnership deed whichever is less.

D.

None of the above

 
 

Option: C

Explanation :


10:  

Dividend paid by an Indian company is

A.

Taxable in India in the hands of the recipient

B.

Exempt in the hands of recipient

C.

Taxable in the hands of the company and exempt in the hands of the recipient

D.

None of the above

 
 

Option: C

Explanation :




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