You are here
Home > Previous Papers > 2016 Commerce UGC NTA NET JRF Solved Previous Year Paper July 2016 PAPER-III

Commerce UGC NTA NET JRF Solved Previous Year Paper July 2016 PAPER-III

1. Read the following and select the right code :
Statement-I : A custom to be valid should be proved to be immemorial but may not be ancient.
Statement-II : The principle of judicial decision which is only authoritative is known as ‘ratio decidendi’.
A. Both the statements are true.
B. Both the statements are false.
C. Statement-I is true but Statement-II is false.
D. Statement-II is true but Statement-I is false.
Ans : D

2. To become a director in a company the person must obtain
A. Business Licence B. Director’s Licence
C. TIN D. DIN
Ans : D

3. Which of following is not a “Maharatna” industry in India?
A. CIL B. SAIL
C. OIL D. GAIL
Ans : C

4. Match the items of Column-I with those of Column-II :
Column-I Column-II
(a) Exchange control (i) Adverse BOP
(b) Price control (ii) Domestic firms
(c) Import control (iii) Mass consumption product
(d) Legislative control (iv) Industrial location
Codes :
(a) (b) (c) (d)
A. (ii) (i) (iii) (iv)
B. (iv) (ii) (iii) (i)
C. (iii) (ii) (i) (iv)
D. (ii) (iii) (i) (iv)
Ans : D

5. Match the items of List-I with those of List-II and choose the correct code :
List-I List-II
(a) Provision for (i) Current Assets taxation
(b) Live-stock (ii) Unsecured loans
(c) Sundry Debtors (iii) Fixed Assets
(d) Interest accrued on unsecured loans (iv) Provisions
Codes :
(a) (b) (c) (d)
A. (iv) (iii) (i) (ii)
B. (iv) (iii) (ii) (i)
C. (iii) (iv) (ii) (i)
D. (ii) (i) (iii) (iv)
Ans : A

6. A, B and C are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. They agreed to take D into partnership and gave him 1/8 share. What will be their new profit sharing ratio?
A. 4 : 3 : 2 : 1 B. 28 : 21 : 14 : 9
C. 28 : 21 : 14 : 8 D. 4 : 1 : 2 : 1
Ans : B

7. From the following information, find out the number of units that must be sold by the firm to earn profit of Rs. 80,000 per year.
Sales price : Rs. 25 per unit Variable manufacturing costs – Rs. 12 per unit Variable selling costs – Rs. 3 per unit Fixed factory overheads – Rs. 5,00,000 Fixed selling costs – Rs. 3,00,000
A. 60,000 units B. 88,000 units
C. 98,000 units D. 1,00,000 units
Ans : B

8. Which of the following is not a cash inflow?
A. Decrease in creditors
B. Decrease in debtors
C. Issue of shares
D. Sale of a fixed asset
Ans : A

9. Match the items of List-I with those of List-II and indicate the correct code from the following :
List-I List-II
(a) Postage stamp pricing (i) Equality of marginal and average cost
(b) Loss leader (ii) Constant average and marginal cost
(c) Economic capacity (iii) Product line pricing
(d) Reserve capacity (iv) Differential pricing
Codes :
(a) (b) (c) (d)
A. (iii) (iv) (ii) (i)
B. (iv) (iii) (i) (ii)
C. (ii) (i) (iii) (iv)
D. (i) (ii) (iv) (iii)
Ans : B

10. For the following two statements of Assertion
(A) and Reasoning (R) indicate the correct code :
Assertion (A) : Low initial pricing for new products is regarded as the principal instrument for entering into mass markets.
Reasoning (R) : Firms generally go for production of new products with excess capacity initially.
Codes :
A. Assertion (A) and Reasoning (R) both are correct but (R) does not offer full explanation for (A).
B. Assertion (A) and Reasoning (R) both are wrong.
C. Assertion (A) is correct but Reasoning (R) is wrong.
D. Assertion (A) and Reasoning (R) both are correct and (R) offers full explanation for (A).
Ans : A

11. For the following two statements of Assertion
(A) and Reasoning (R) indicate the correct code :
Assertion (A) : Gossen’s first law of consumption is invariably applicable in case of individuals’ consumption behaviour.
Reasoning (R) : It serves as an important determinant of demand for the goods and services in the market.
Codes :
A. Assertion (A) and Reasoning (R) both are correct.
B. Assertion (A) and Reasoning (R) both are incorrect.
C. Assertion (A) is correct but Reasoning (R) is incorrect.
D. Assertion (A) is incorrect but Reasoning
(R) is correct.
Ans : D

12. Production function for a product is based on certain assumptions. Indicate the correct code from the following :
(a) Complementarity
(b) Substitutability
(c) Product elasticity
(d) Specificity
Codes :
A. (a) (b) (c) B. (b) (c) (d)
C. (a) (c) (d) D. (a) (b) (d)
Ans : D

13. Which one of the following is not the characteristic of normal distribution?
A. Mean, median and mode for the normal distribution are equal.
B. The two tails of the normal curve extend to infinity in both directions but never touch the horizontal axis.
C. For different values of standard deviation, the height of the mean ordinate remains the same.
D. The number of independent constraints of normal distribution are N, X and σ.
Ans : C

14. Which one of the following formulae is used to calculate the standard error of coefficient of correlation between 25 paired observations of a sample?
A. $$\frac{\left(1-r^2\right)}{\sqrt n}$$
B. $$\sqrt {\frac{\left(1-r^2\right)}{\left(n-2\right)}}$$
C. $$\left(0.6745\right)\left(\frac{1-r^2}{\sqrt n}\right)$$
D. $$\sqrt {\frac{\left(n-2\right)}{\left(1-r^2\right)}}$$
Ans : B

15. Read the following statements and choose the correct code :
Statement-I : Non-parametric tests are based on some assumptions about the parent population from which the sample has been drawn.
Statement-II : The standard deviation of the sampling distribution of mean is called standard error of mean.
Codes :
A. Both statements are true.
B. Both statements are false.
C. Statement-I is true while Statement-II is false.
D. Statement-I is false while Statement-II is true.
Ans : D

16. Match the items of List-I with the items of List-II and indicate the code of correct matching :
List-I List-II
(a) Contingency coefficient for any size of contingency table (i) $$\sqrt {\frac{N-n}{N-1}}$$
(b) Statistical approach to decide size of a sample (ii) $$\frac{\sigma _p}{\sqrt n}$$
(c) Finite population multiplier (iii) $$\sqrt (x^2/(x^2+n))$$
(d) Standard error of mean (iv) $$\frac{z^2.\sigma _p^2}{e^2}$$
Codes :

(a) (b) (c) (d)
A. (i) (ii) (iii) (iv)
B. (iii) (iv) (i) (ii)
C. (i) (iii) (ii) (iv)
D. (iii) (ii) (iv) (i)
Ans : B

17. Which of the following is a deterioration of mental efficiency, reality testing and moral judgement that results from in-group pressure?
A. Harassment B. Group think
C. Group burnout D. Group control
Ans : B

18. According to Fiedler’s contingency model of leadership, favourableness of situation depends on which combination of the following?
(b) Member-member relationship
(e) Degree of training
Codes :
A. (a), (b) and (c) B. (a), (c) and (d)
C. (c), (d) and (e) D. (a), (b) and (e)
Ans : B

19. The apex body at the highest level of the unit/division, which oversees the functioning of quality circles (QC), is called
A. Facilitator
B. Coordinator
C. Steering committee
D. Supervisory committee
Ans : C

20. Which of the following is related to the practical means of determining a moral course of action?
A. Meta ethics B. Virtue ethics
C. Normative ethics D. Applied ethics
Ans : C

21. Match List-I and List-II and indicate the correct code :
List-I List-II
(a) Convenience goods (i) Consumer purchases them frequently, immediately and with minimal effort.
(b) Shopping goods (ii) Consumer compares them on the basis of suitability, quality, price and style.
(c) Speciality goods (iii) These are goods with unique characteristics or brand identification.
(d) Unsought goods (iv) Consumers are not aware of them and normally do not think of buying them.
Codes :
(a) (b) (c) (d)
A. (i) (iv) (ii) (iii)
B. (i) (ii) (iii) (iv)
C. (iv) (iii) (ii) (i)
D. (ii) (i) (iii) (iv)
Ans : B

22. Which of the following marketing strategies is/are not used in ‘growth stage’ of the product life cycle?
A. Improving quality and adding new features.
B. Adding new models of product.
C. Entering new market segments.
D. Using awareness and trial communications.
Ans : D

23. Who among the following take(s) both title to and possession of goods from the preceding member(s) and channelize them to the subsequent members?
(a) Agent intermediaries
(b) Merchant intermediaries
A. (a) only B. (b) only
C. Both (a) and (b) D. Neither (a) nor (b)
Ans : B

24. Which of the following is not a determinant of service quality?
A. Reliability B. Responsiveness
C. Sensitivity D. Assurance
Ans : C

25. Sales of a firm are Rs. 74 lakh, variable costs Rs. 40 lakh, fixed costs Rs. 8 lakh. Operating leverage of the firm will be
A. 1.48 B. 1.78
C. 1.31 D. 2.42
Ans : C

26. From the following techniques of capital budgeting decision, indicate the correct combination of discounting techniques :
I. Profitability index
II. Net present value
III. Accounting rate of return
IV. Internal rate of return
Codes :
A. I II III B. II III IV
C. I II IV D. I III IV
Ans : C

27. Insufficient working capital may result into which combination of the following?
I. Failures to adapt to changes.
II. Enhancement in credit-worthiness of the firm.
III. Reduced availability of trade and cash discounts.
IV. Reduced volume of sales.
Codes :
A. I II III IV B. I III IV
C. I II IV D. I II III
Ans : B

28. Which combination of the following represents the assumptions of the Walter’s dividend model?
I. The company has a very long or perpetual life.
II. All earnings are either reinvested internally or distributed as dividend
III. There is no floatation cost for the company.
IV. Cost of capital of the company is constant.
Codes :
A. I II III B. II III IV
C. I II IV D. I III IV
Ans : C

29. Match the items of List-I with the items of List-II and indicate the correct code :
List-I List-II
(a) Job specifications (i) The procedure for determining the duties and skill requirements of a job and the kind of person who should be hired for it.
(b) Job description (ii) A list of human requirements
(c) Job analysis (iii) A list of job’s duties, responsibilities, reporting relationships, working conditions and supervisory responsibilities.
Codes :
(a) (b) (c)
A. (i) (ii) (iii)
B. (ii) (iii) (i)
C. (iii) (ii) (i)
D. (ii) (i) (iii)
Ans : B

30. A training technique in which trainees are first shown good management techniques in a film, are asked to play roles in a simulated situation, and are then given feedback and praise by their supervisor is known as.
A. Behaviour modelling
B. Role playing
C. In-house development center
D. Management game
Ans : A

31. Which combination of the following statements is correct about the code of discipline in industry?
(a) It aims at preventing disputes by providing for outside agency or adjudication.
(b) It is a government imposed involuntary principle of discipline.
(c) It restrains the parties from unilateral action.
Codes :
A. (a), (b) and (c) B. (b) and (c)
C. (a) only D. (c) only
Ans : D

32. A conciliation proceeding is deemed to be pending until any combination of the following conditions is fulfilled :
(a) a settlement is arrived at a memorandum of settlement is signed by parties to the dispute.
(b) no settlement is arrived at, the report of conciliation officer is received by the appropriate government.
(c) a reference is made to the court of Inquiry, Labour Court, Tribunal or National Tribunal during the pendency of conciliation proceedings.
Codes :
A. only (a) is correct.
B. only (b) is correct.
C. (a) and (c) are correct.
D. (a), (b) and (c) are correct.
Ans : D

33. Identify the correct combination of statements with regard to banking in India :
(a) For many years the presidency banks had acted as quasi-central banks.
(b) The Bank of Hindustan was liquidated during 1829-32.
(c) General Bank of India was an unsuccessful bank and was dissolved in 1791.
(d) Bank of Calcutta was renamed as Bank of Bengal in 1921.
Codes :
A. (a), (b) and (c) B. (b), (c) and (d)
C. (a), (b) and (d) D. (a), (b), (c) and (d)
Ans : A

34. Which combination of the following methods indicates quantitative methods of control of credit creation practiced by the Reserve Bank of India?
(a) Bank Rate
(b) Open Market Operations
(c) Variable Reserve Ratios
(d) Credit Rationing
Codes :
A. (a), (b) and (c) B. (a), (b) and (d)
C. (b), (c) and (d) D. (a), (c) and (d)
Ans : A

35. Which one of the following development financial institutions in India has started the special refinance scheme for the resettlement and rehabilitation of voluntary retired workers of the National Textile Corporation of India?
A. IDBI B. SIDBI
C. ICICI D. None of the above
Ans : B

36. Read the following statements and choose the correct code :
Statement-I : Small Industry Development Bank of India (SIDBI) was set up as a wholly owned subsidiary of RBI.
Statement-II : SIDBI has taken over the responsibility of administering small industry development fund managed by IDBI.
Codes :
A. only (I) is correct.
B. Only (II) is correct.
C. Both (I) and (II) are correct.
D. Both (I) and (II) are wrong.
Ans : B

37. Under the Foreign Trade Policy 2015-2020, following additional ports are allowed for export and import :
(a) Calicut Airport, Kerala
(b) Rajkot Airport, Gujarat
(d) Ludhiana Airport, Punjab
Codes :
A. (a) and (c) B. (a) and (d)
C. (b) and (d) D. (c) and (d)
Ans : A

38. Assertion (A) : Under FEMA, the receiver of laundered money is to be made culpable, instead of sender/distributor.
Reasoning (R) : FEMA differs from the earlier exchange regulation Act FERA with regard to penalties and punishment in case of violation of the Act.
Codes :
A. (A) is correct but (R) is not correct.
B. (A) and (R) both are correct but (R) is not the right explanation of (A).
C. (A) and (R) both are correct and (R) is the right explanation of (A).
D. (A) and (R) both are incorrect.
Ans : C

39. Match the items of List-I with those of List-
II with regard to international monetary fund’s various schemes :
List-I List-II
(a) Extended Fund Facility (EFF) (i) Repayment period 4 to 10 years
(b) Stan Arrangements (ii) Repayment period 3 to 5 years
(c) Supplemented Reserve Fund (SRF) (iii) Repayment period 2 to 5 years
(d) Poverty Reduction and Growth Facility (PRGF) (iv) Repayment period 10 years
Codes :
(a) (b) (c) (d)
A. (i) (ii) (iii) (iv)
B. (iv) (iii) (ii) (i)
C. (iv) (ii) (iii) (i)
D. (i) (iv) (ii) (iii)
Ans : A

40. Which combination of the following is correct with regard to World Trade Organization
(WTO) :
(a) WTO initiates peace process among the member countries to enhance international trade.
(b) WTO avoids the task of “Settlement of Disputes” among the member countries.
(d) WTO cooperates in an appropriate manner with the IMF and the World Bank.
Codes :
A. (b), (c) and (d) B. (a) and (c)
C. (c) and (d) D. (a), (b) and (d)
Ans : C

41. Choose the code representing the correct sequence of steps in a merging transaction :
(I) Screening and investigation of merger proposal.
(II) Approval of Central Government
(III) Approval of respective High Courts
(IV) Negotiation Stage
(V) Approval of proposal by Board of Directors, Shareholders and Creditors
Codes :
A. (I) → (V) → (IV) → (III) → (II)
B. (I) → (IV) → (V) → (III) → (II)
C. (I) → (IV) → (III) → (V) → (II)
D. (I) → (III) → (V) → (II) → (IV)
Ans : B

42. Which of the following are the important features of option contracts?
(I) Buyers of option have limited liability.
(II) Options have high degree of risk to optionwriters.
(III) Options are exercisable only by buyers of option.
(IV) Buyers of option have all rights which are available to equity shareholders of the concerned companies.
Codes :
A. (I), (II), (III) B. (I), (II), (III), (IV)
C. (I), (II), (IV) D. (I), (III), (IV)
Ans : A

43. Which of the following approaches is adopted for the valuation of human resource according to economic concept?
A. Replacement cost approach
B. Opportunity cost approach
C. Historical cost approach
D. None of the above
Ans : B

44. Match the items of List-I with those of List-
II and select the correct code :
List-I List-II
(a) High levered fund (i) Market risk
(b) Increase in bank rate (ii) Purchasing power risk
(c) Inflation (iii) Financial risk
(d) Political instability (iv) Interest rate risk
Codes :
(a) (b) (c) (d)
A. (iii) (i) (ii) (iv)
B. (i) (iii) (iv) (ii)
C. (iii) (iv) (ii) (i)
D. (ii) (iii) (i) (iv)
Ans : C

45. Which of the following are the instruments of money market?
(i) Call money market
(ii) Commercial bill market
(iii) Industrial securities market
(iv) Short-term loans market
(v) Treasury bill market
Codes :
A. (i), (ii), (iv), (v)
B. (i), (ii), (v)
C. (i), (ii), (iii), (iv), (v)
D. (i), (ii), (iii), (iv)
Ans : A

46. Accounting Standard-6 is meant for
A. Accounting for Fixed Assets
B. Accounting treatment for goodwill
C. Depreciation Accounting
D. Disclosure of Accounting policies
Ans : C

47. Which of the following is not a feature of OTCEI?
A. Quick transfer and disposal system
B. Nationalised computerised networking
D. Fragmentation of regional stock exchanges
Ans : D

48. Which of the following requires consumers to interpret ambiguous stimuli?
A. Focus group method
B. Projective techniques
C. Rejective techniques
D. Semantic differential scales
Ans : B

49. Which of the following passes through the four stages of distinctiveness, emulation, mass fashion and decline?
A. Style B. Fashion
C. Fad D. Style and Fashion
Ans : B

50. Which of the following positioning strategies is adopted by marketers to position their product in two categories simultaneously?
A. Point of Difference
B. Point of Parity
D. Emotional Positioning
Ans : C

51. Statement (I) : Marketing is the process by which a firm profitably translates customer needs into revenue.
Statement (II) : Marketing is the messages and/or actions that causes messages and/or actions.
Codes :
A. (I) is correct but (II) is not correct.
B. (II) is correct but (I) is not correct.
C. (I) and (II) both are correct.
D. (I) and (II) both are incorrect.
Ans : C

52. Assertion (A) : Odd pricing aims at maximising profit by making micro-adjustments in pricing structure.
Reasoning (R) : Odd pricing refers to a price ending in 1, 3, 5, 7, or 9.
When examining a price, the first digits carry more weight than the last ones.
Codes :
A. (A) is right and (R) is wrong.
B. (A) is wrong and (R) is right.
C. Both (A) and (R) are right.
D. Both (A) and (R) are wrong.
Ans : C

53. Name the process in which a buyer posts its interest in buying a certain quantity of item and sellers compete for the business by submitting lower bid until there is only one seller left.
A. Internet B. Reverse auction
C. B2B market place D. B2C market place
Ans : B

A. Black-out B. Consolidation
Ans : C

55. Which of the following is the mental condition or attitude of individuals and groups which determines their willingness to cooperate?
A. Motivation B. Morale
C. Excitement D. Delight
Ans : B

56. Which of the following is not provided under the Factories Act, 1948?
A. The certificate of fitness is granted by a certifying surgeon on the application of any young person or a parent or a guardian.
B. An adolescent who has not been granted a certificate of fitness shall be deemed to be a child for the purpose of the act.
C. The certificate of fitness granted or renewed remains valid for a period of six months from the date of issue.
D. Any fee payable for the certificate of fitness shall be paid by occupier and not by the young person or his parent or guardian.
Ans : C

57. Arrange the following steps of developing Behaviourally Anchored Rating Scales
(BARS) in the right sequence :
(a) Developing performance dimensions
(b) Generate critical incidents
(c) Scale the incidents
(d) Reallocate the incidents
(e) Develop the final instrument
Codes :
A. (a), (b), (c), (d), (e)
B. (b), (a), (d), (c), (e)
C. (a), (b), (d), (c), (e)
D. (a), (c), (b), (d), (e)
Ans : B

58. Within how much period from the close of accounting year, bonus must be paid, if there is no dispute about the payment of bonus?
A. Two months B. Six months
C. Eight months D. Ten months
Ans : C

59. Which of the following statements is correct about Wage Boards in India?
(a) A Wage Board is a tripartite body.
(b) Labour and management representatives on a Wage Board can be selected from industries other than the one which is investigated
(c) Wage Boards are always statutory in nature.
(d) Wage Boards work on the principle of living wage.
Codes :
A. (a) only B. (b) and (c)
C. (c) and (d) D. (a), (b), (c) and (d)
Ans : A

60. Who gave the surplus value theory of wage?
A. David Ricardo B. Karl Marx
C. Adam Smith D. F.A. Walker
Ans : B

61. Who gave the systems approach to industrial relations?
A. Beatrice Webb B. John Dunlop
C. Eric Trist D. Henry Fayol
Ans : B

62. Which among the following are multinational corporations?
(a) A multinational, decentralized corporation with strong home country presence.
(b) A global, centralized corporation that acquires cost advantage through centralized production when cheaper resources are available.
(c) An international company that builds on the parent corporations technology and R & D.
(d) A transnational enterprise that combines the (a), (b) and (c).
Codes :
A. (a) and (b) B. (b) and (c)
C. (a), (b) and (c) D. (a), (b), (c) and (d)
Ans : D

63. Which among the following are full member countries of ASEAN?
(a) Brunei Darussalam (b) Cambodia
(c) Vietnam (d) Myanmar
(e) Sri Lanka
Codes :
A. (a), (b) and (e) B. (a), (b), (c) and (e)
C. (b), (c), (d) and (e) D. (a), (b), (c) and (d)
Ans : D

64. Assertion (A) : Capital Account convertibility is introduced only sometime after the introduction of convertibility on current account when exchange rate of currency of a country is relatively stable.
Reasoning (R) : Capital Account convertibility is necessary for faster growth and development of economy and it makes foreign exchange rate more stable.
Codes :
A. (A) is correct but (R) is not correct.
B. (A) and (R) both are correct and (R) is the right explanation of (A).
C. (A) and (R) both are correct but (R) is not the right explanation of (A).
D. Both (A) and (R) are incorrect.
Ans : A

65. Statement (I) : WTO is only international organization which deals with the rules of trade between organizations.
Statement (II) : The limit of holding by individual foreign institutional investors in a company has been raised from 5 to 10% of company’s share while the aggregate limit has been increased from 24 to 34%.
Codes :
A. Statement (I) is correct but Statement (II) is false.
B. Statement (II) is correct but Statement (I) is false.
C. Statements (I) and (II) both are correct.
D. Statements (I) and (II) both are false.
Ans : C

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.
Codes :
A. (a) and (d) B. (d) only
C. (c) only D. (b) and (c)
Ans : C

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.
Ans : C

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.
Ans : C

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. Rs. 1,00,000 B. Rs. 2,00,000
C. Rs. 2,40,000 D. Rs. 3,00,000
Ans : D

70. Gratuity received by a government employee is
A. exempted upto Rs. 3,50,000
B. exempted upto Rs. 10,00,000
C. fully exempted
D. fully taxable
Ans : C

71. Match the items of the List-I with those of the List-II and indicate the correct code :
List-I List-II
(a) Residential status of an individual(i) Section 10 (13A)
(b) Agricultural income (ii) Section 10 (10)
(c) House rent allowance(iii) Section 6
(d) Gratuity (iv) Section 10 (1)
Codes :
(a) (b) (c) (d)
A. (i) (iii) (ii) (iv)
B. (iii) (iv) (i) (ii)
C. (ii) (i) (iii) (iv)
D. (iv) (ii) (i) (iii)
Ans : B

72. Match the items of the List-I with List-II and indicate the correct code :
List-I List-II
(a) House rent allowance (i) A deduction from income
(b) Casual income (ii) A step taken by tax authorities
(c) Collection charges of interest on securities (iii) Taxable income
(d) Best judgement assessment (iv) Partly taxable allowance
Codes :
(a) (b) (c) (d)
A. (iv) (iii) (ii) (i)
B. (iv) (iii) (i) (ii)
C. (iii) (iv) (i) (ii)
D. (ii) (iv) (i) (iii)
Ans : B

73. The statutory limit for deduction u/s 80 GG of Income Tax Act, 1961, for the assessment year 2015-16 is
A. Rs. 2,000 per month
B. Rs. 3,000 per month
C. Rs. 2,500 per month
D. Rs. 5,000 per month
Ans : A

74. For the purpose of assessment under Income Tax Act, 1961, which combination of the following represent income?
(I) Tax-free salary from the private sector employer.
(II) Pin money received by a family member.
(III) Awards received by the sports persons.
(IV) Loss incurred by the assessee.
Codes :
A. (I), (II), (III), (IV) B. (II), (III), (IV), (V)
C. (I), (III), (IV), (V) D. (I), (II), (IV), (V)
Ans : C

75. Indicate the correct code for forms for filing Income Tax return from the following Income Tax Return Forms :
(a) ITR-4S (b) ITR-2
(c) ITR-2B (d) ITR-3
Codes :
A. (a), (b) and (c) B. (b), (c) and (d)
C. (a), (b) and (d) D. (a), (c) and (d)
Note :
This paper contains fifty (50) objective type questions of two (2) marks each. All questions are compulsory.
Ans : C

error: Content is protected !!