July 2016 - Paper3

66:  

In case a farmer in India buys a wheat option on future :
(a) The farmer must accept a wheat futures contract and not take physical possession of wheat.
(b) The farmer must accept delivery of the wheat at a higher price.
(c) The farmer has the right to deliver the wheat and will do so only if the price is favourable.
(d) The farmer must deliver the wheat at market price.

A.

(a) and (d)

B.

(d) only

C.

(c) only

D.

(b) and (c)

 
 

Option: C

Explanation :

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67:  

Sector specific policy of government of India in case of B2B is when

A.

FDI is upto 100%

B.

FDI is upto 49%

C.

FDI is upto 100% subject to condition that the investment in favour of Indian public to the tune of 20% within 5 years to be done.

D.

FDI is upto 100% subject to condition that the investment in favour of Indian public to the tune of 26% within 10 years to be done.

 
 

Option: C

Explanation :

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68:  

Statement I : In India a “copyright” of an unpublished book can be registered under copyright Act of India.

Statement II : Once granted by the European Patent Office, the proprietor has a patent which is effective in all contracting states of the patent cooperation treaty and the agreement on the trade related aspects of IPR.

Codes :

A.

Statement (I) is correct and (II) is false.

B.

Statement (II) is correct and (I) is false.

C.

Statements (I) and (II) both are correct.

D.

Statements (I) and (II) both are false.

 
 

Option: C

Explanation :

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69:  

As per the Income Tax Act, 1961 for the assessment year 2015-16, a deduction u/s 80 QQB for authors of books of literacy, artistic or scientific nature is allowed upto

A.

₹ 1,00,000

B.

₹ 2,00,000

C.

₹ 2,40,000

D.

₹ 3,00,000

 
 

Option: D

Explanation :

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70:  

Gratuity received by a government employee is

A.

exempted upto ₹ 3,50,000

B.

exempted upto ₹ 10,00,000

C.

fully exempted

D.

fully taxable

 
 

Option: C

Explanation :

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