Q27. Pick the odd one out:-
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c) Section 145A – 50
👍👍👍👍👍👍👍 91%

a) Section 143(3) – 2
▫️ 4%

b) Section 144 – 1
▫️ 2%

d) Section 147 – 1
▫️ 2%

e) Section 153A – 1
▫️ 2%

👥 55 people voted so far.

Answer to Q27 is (c). While all other sections relate to assessments, section 145A tells incomes under different heads are taxed on accrual/cash basis

Q28. Mr. A, a chartered accountant, issues a certificate under the income tax act, to his client. He furnishes incorrect information in it. How much penalty is leviable for such mistake?
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c) 10,000 each certificate – 57
👍👍👍👍👍👍👍 86%

d) 10,000 for all incorrect certificates issued in a PY – 4
▫️ 6%

b) 1% of fee for every month or part thereof – 3
▫️ 5%

a) 2% of turnover – 2
▫️ 3%

👥 66 people voted so far.

Answer to Q28 is (c). Penalty for furnishing such incorrect information, as per Section 271J, is 10,000 per certificate.

Q29. Mr. John has been living in Amsterdam since past 57 years. His current age is 67. He knows that slab rate is applicable to his incomes earned in India but wants to know which slab is applicable.
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b) Slab with exemption limit of 2.5 lacs – 58
👍👍👍👍👍👍👍 87%

e) None of these – 4
▫️ 6%

c) Slab with exemption limit of 3 lacs – 3
▫️ 4%

a) Slab with exemption limit of 2 lacs – 1
▫️ 1%

d) Slab with exemption limit of 5 lacs – 1
▫️ 1%

👥 67 people voted so far.

Answer to Q29 is (b) as Non-Resident Individuals are taxed at slab rate and the benefit of higher exemption of 3/5 lacs is not available to NR individuals

Q30. Mr. X celebrated his 25th Anniversary with a lavish function. Department found that he spent 4 crores on this function. If Mr. X is not able to explain the source of this 4 crores that he spent on function, at what rate will this amount be taxed?
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b) 4 Cr. taxed @ 60% – 57
👍👍👍👍👍👍👍 89%

a) 4 Cr. taxed @ 30% – 3
▫️ 5%

c) 4 Cr. taxed at the general rate applicable to the assessee – 2
▫️ 3%

d) 2.8 Cr. taxed @ 30% – 1
▫️ 2%

e) 2.8 Cr..taxed @ 60% – 1
▫️ 2%

👥 64 people voted so far.

Answer to Q30 is (b). As per section 115BBE, such unexplained expenditure is taxed at a flat rate of 60%

Q31. Mr. A files his income tax return without paying the self assessment tax due u/s 140A. Which of the following statements is not incorrect?
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b) Such a return is NOT deemed to be a Defective Return – 42
👍👍👍👍👍👍👍 70%

a) Such a return is deemed to be a Defective Return – 18
👍👍👍 30%

👥 60 people voted so far.

Answer to Q30 is (b). Refer the amended section 115BBE for details

Q31. Is "Provision for doubtful debts" an allowable expense under the PGBP head?
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c) Depends on who the assessee is – 62
👍👍👍👍👍👍👍 70%

b) No – 14
👍👍 16%

a) Yes – 13
👍 15%

d) None of these
▫️ 0%

👥 89 people voted so far.

Answer to Q31 is c. While Prov. for Bad debts is generally disallowed, it is allowed by section 36(1)(viia) in case of some assessees like banks etc.

All the best for your results everyone. The fear of losing is one of the major reasons of failure. Do not take unnecessary pressure about the results. Just be happy :)

Answer to Q32 is (b) since every assessee has the right to appear in his case as default. If however he chooses to, he can give that right to the people mentioned u/s 288

Mr. A passed CA in first attempt and Mr. B passed it in 9th attempt.

Can you tell me which one amongst these 2 is more intelligent and who amongst them will earn more in life?

If you can't answer these questions, stop judging yourself based on your grades!