The rate of CRR is fixed from time to time by ……
a. RBI
b. IBA
c. Ministry of Finance
d. RBI in consultation with Ministry of Finance
Ans – a
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The residential status of a person is determined in Income Tax Act on the basis of ……
a. the no. of days, the assessee was present in India during the previous year
b. the no. of days, the assessee was away from India during the previous year
c. the no. of days, the assessee was present in India during the financial year
d. the no. of days, the assessee was present in India during the previous financial year
Ans – a
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If the acknowledgement of debt by the borrower is for part amount only……
a. the limitation is extended for the entire loan
b. the limitation is extended for that portion of the loan
c. the limitation is not extended for the loan
d. such method of extension of limitation is unlawful
Ans – a
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The acknowledgement or the part payment, for the purpose of extension of limitation……
a. can be any time
b. can be any time before expiry of limitation
c. can be any time after expiry of limitation
d. can be before or after expiry of limitation
Ans – b
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The category not ordinarily residents is not relevant for which of the following types of assessee as per Income Tax Act……
a. individuals
b. Hindu Undivided family
c. company
d. none of the above
Ans – c
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Under Income Tax Act 1961, the income is taxed under different heads of income. Which of the following is not one such head?
a. capital gains
b. income from house property
c. income from salary
d. none of the above
Ans – d
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If there is contravention of provisions of Consumer Protection Act with any other Act (which one is correct)……
a. the provisions relating to other Act will not over-ride the provisions of Consumer Protection Act
b. the provisions of Consumer Protection Act shall over-ride the provisions of other Act.
c. the provisions of Consumer Protection Act are additional means of obtaining remedy by a consumer and if the remedy is barred in any Act, the consumer forum shall not grant such remedy.
d. none of the above
Ans – c
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A bank refuses acceptance of small denomination notes from a customer……
a. the complaint can be entertained by Ombudsman on this issue
b. the complaint cannot be accepted, as this relates to extra work load
c. the complaint can be entertained, if the customer proves that he was ready to pay extra charges for small denomination notes
d. this is excluded from grounds of complaint. Hence complaint cannot be made
Ans – a
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The bank discounted a usance bill of exchange. The limitation in this case is and begins from ……
a. 3 years, when there was dishonour
b. 3 years, from date of discount
c. 2 years, from due date
d. 3 years, from due date of the bill
Ans – d
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The District consumer protection council holds meetings, the periodicity of which is……
a. once in a year
b. twice in a year
c. once in every quarter
d. once in every month
Ans – b
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The limitation period for making complaint under the scheme is …… and it begins from ……
a. one year, from date of receipt of reply from the bank where customer is not satisfied or from expiry of one month, after making the complaint to the bank, which bank has not replied.
b. two years, from date of receipt of reply from the bank where customer is not satisfied or from expiry of one month, after making the complaint to the bank, which bank has not replied.
c. 3 years, from date of receipt of reply from the bank where customer is not satisfied or from expiry of one month, after making the complaint to the bank, which bank has not replied.
d. one year, from date of receipt of reply from the bank where customer is not satisfied or from expiry of one month, after making the complaint to the bank, which bank has not replied, whichever is earlier.
Ans – d
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The difference between partners on the matters relating to the business of the partnership firm can be decided by……
a. majority of the partners if it is an ordinary matter and all the partners if it relates to change in business of the firm
b. all the partners for all matters.
c. majority of the partners for all matters
d. all the above are correct
Ans – a
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