Classical

June 2015 - Paper 3

66:  

NAFTA came into force from January, 1994 embracing :

A.

The USA, Canada, Cuba, Trinidad and Tobago

B.

The USA, Canada, Mexico

C.

Cuba, Mexico, USA, Havana

D.

Trinidad, The USA, Mexico

 
 

Option: B

Explanation :

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67:  

A common market is one where :

A.

all the trading nations agree commonly to levy a common and uniform tariff rate for all goods.

B.

all the trading nations agree commonly to rationalize tariff and non-tariff barriers mutually to promote intra-region trade.

C.

there is a customs union along with free intra - union movement of factors of production.

D.

there is an economic union along with free intra-union movement of residents.

 
 

Option: C

Explanation :

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68:  

The Maastricht Treaty of February, 1992 renamed the European Community (EC) as :

A.

the European Union (EU)

B.

the European Economic Union (EEU)

C.

the European Monetary Union (EMU)

D.

the European Economic Community (EEC)

 
 

Option: A

Explanation :

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69:  

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 ?

A.

Shipping business of non-residents

B.

Association of Persons (AOP) or Body of Individuals (BOI) formed for a particular event or purpose

C.

Assessment of persons likely to transfer property to avoid tax

D.

Discontinued business

 
 

Option: D

Explanation :

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70:   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 :
A.

Resident and Ordinarily Resident (OR) only

B.

Ordinarily Resident (OR) and Not Ordinarily Resident (NOR) only

C.

Non Resident (NR) only

D.

Ordinarily Resident (OR), Not Ordinarily Resident (NOR) and Non Resident (NR)

 
 

Option: D

Explanation :

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