Question 1

Full form of IRA is_____________

Options :

A : Individual Revocable Account

B : Individual Retirement Arrangement

C : Individual Retirement Attorney

D : Individual Retirement Aggregation

Answer: B

Question 2

The defined period for fraudulent transfers under the Bankruptcy Code was formerly ____________prior to the debtor’s filing for bankruptcy. This period was ____________ by the Bankruptcy Abuse Prevention and Consumer Protection Act of ___________.Transfers to self-settled trusts may be recaptured if made within _________ of the debtor’s filing for bankruptcy if the transfer in trust was made with the intent to hinder, delay or defraud present or future creditors.

Options :

A : One year ; Extended to two years; 2005; 10 years

B : Two years; Reduced by one year; 2005; 10 years

C : One year; Extended to two years; 2008; 15 years

D : Two years; Reduced by one year; 2008; 15 years

Answer: A

Question 3

Which of the following is/are the neccessary contents of a will?

Options :

A : I, II and III

B : I, III and IV

C : I, II and IV

D : All of these

Answer: B

Question 4

Mr. Sahil has two daughter and is in receipt of education allowance of Rs 200 per month for each of them. What would be the taxable allowance in the hands of Mr. Sahil for the full FY.

Options :

A : NIL

B : Rs 1,200

C : Rs 2,400

D : Rs 4,800

Answer: C

Question 5

Deduction u/s 80-IC regarding special provisions for enterprices in special catogries states is allowed to the extent of

Options :

A : 100% of profits and gains for ten assessment years

B : 100% of profits and gains for ten assessment years in case of any undertaking or enterprise in the States of Sikkim or North Eastern Region and 50% in case of undertaking in Uttaranchal and Himachal Pradesh

C : 100% of profits and gains for ten assessment years in case of any undertaking or enterprise in the States of Sikkim or North Eastern States and 100% of profits and gains for the first 5 assessment years and 25% (30% in case of companies) for next 5 assessment years.

D : None of the these

Answer: C

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