Final PN-15 DIT Quiz 3

1. Two enterprises shall be deemed to be an associated enterprise when one enterprise directly holds shares carrying :

2. GAAR provisions shall not apply to

3. General Anti Avoidance Rule (GAAR) is applicable from

4. If any person fails to keep and maintain any such information and document as required by sec. 92D in respect of an international transaction or specified domestic transaction , the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay , by way of penalty , a sum equal to           

5. Information and documents required to maintained u/s 92D shall be kept and maintained for a period of              from the end of the relevant assessment year .

6. Uncontrolled transaction means a transaction between           , whether resident or non-resident

7. The provisions of sec.92 will apply only if the aggregate value of specified domestic transactions entered into by the taxpayer during the year exceeds a sum of ₹      

8. Arm's length price is to be determined by applying

9. Advance Pricing Agreement shall be valid for such period not exceeding   consecutive previous years as may be specified in the agreement.

10. As per sec. 94B, interest expenses claimed by an entity to its associated enterprises shall be restricted to   of its earnings before interest , taxes, depreciation and amortization (EBITDA) or interest paid or payable to associated enterprise , whichever is less.

11. When an assessee fails to furnish any information relating to a specified domestic transaction , the quantum of penalty as a percentage of value of the transaction would be  

12. As per section   when any specified domestic transaction is carried out between associated enterprises, the said transaction should be carried out at arm's length price.

13. Section   deals with methods of computation of arm's length price.

14. In respect of DTAA, generally , India follows :

15. Sec.91 deals with

16. A public charitable trust having it's object medical relief to poor , running a medical shop in which it has commercial receipts which exceeds 20% of total receipts. Wheather such trust can claim application based exemption in relation to receipts of medical shop?

17. Who among the following is not mandated to file the return of income under section 139 for AY 2024-25 ?

18. X Ltd. , a domestic company not opting for the provisions of section 115BAA , has a total income of Rs. 10,01,00,000 for AY 2024-25. The gross receipts of X Ltd.for PY 2021-22 is Rs.260 Crore. The tax liability of X Ltd. For AY 2024-25 is -

19. Mr.Ram a resident indian, wins ₹10,000 in a lottery . Which of the statement is true ?

20. The rate of TDS on rental payments of plant , machinery or equipment is -

21. Mr.Ram has Received a sum of Rs.51000 on 15.09.2023 from relatives on the occasion of his marriage

22. The due date of filling of return for a company with a business loss of Rs.130,000 for AY 2024-25 is

23. The return of a company has to be verified by

24. For filling return of Income in respect of various entities , the Income-tax Act, 1961 has prescribed -

25. Under which section interest shall be charged to deferment of advance tax