Question46:-A Ltd. is a company incorporated outside India but all its board meetings are held in India during PY 2017-18.
What is its residential status for income tax for AY 2018-19

A:-Resident in India
B:-Not ordinarily resident
C:-Non resident
D:-Foreign company
Correct Answer:- Option-A

Question47:-Any sum of money, received as an advance in the course of negotiations for transfer of a capital asset is
such sum is forfeited and the negotiations do not result in transfer of such capital asset.

A:-Treated as Exempted income from tax
B:-Chargeable to income-tax under the head Capital gain
C:-Chargeable to tax under the head Capital gain without indexing.
D:-Chargeable to income-tax under the head Income from other sources.
Correct Answer:- Option-D
Question48:-The cofee is grown, cured and further processed. For income tax purpose the agricultural income is .....
A:-40% agricultural and 60% non-agricultural
B:-50% agricultural and 50% non-agricultural
C:-60% agricultural and 40% non-agricultural
D:-65% agricultural and 35% non-agricultural
Correct Answer:- Option-C
Question49:-What is the time of supply of service for GST if Mr. A provides services worth Rs.20,000 to Mr.B on 1st January
and the invoice was issued on 20th January and the payment for the same was received on 1st February.
A:-1st January
B:-20th January
C:-31st January
D:-1st February
Correct Answer:- Option-B

Question50:-Express Pvt. Ltd. makes gifts to an employee worth Rs.45,000 during the year. Does such gifts qualify as a
supply leviable to GST?

A:-Yes, supply of goods or services between rrelated persons is treated as supply even if it is without consideration
B:-No, supply of goods or services between related persons is not treated as supply if it is without consideration.

C:-No, gifts not exceeding Rs.50,000 in value in a financial year by an employer to an employee shall not be treated as
supply of goods or services.

D:-Yes, gifts exceeding Rs.25,000 in value in a financial year by an employer to an employee shall be treated as supply
of goods or services.

Correct Answer:- Option-C

Question51:-..... is a merger between companies selling similar products in the same market and in direct competition and
share the same product lines and markets.

A:-Horizontal merger
B:-Vertical merger
C:-Conglomerate merger
D:-Congeneric merger
Correct Answer:- Option-A
Question52:-an Inbound merger is one where a foreign company merges with an Indian company resulting
A:-In an Indian company being formed
B:-In a Foreign company being formed
C:-In a Foreign company or Indian company being formed
D:-In a guarantee company being formed
Correct Answer:- Option-A

Question53:-For amalgamation in the nature of merger, the shareholders holding at least ..... or more of the equity shares of
the transferor company becomes the equity shareholders of the transferee company
A:-50%

Correct Answer:- Option-C

Question54:-According to the Insolvency and Bankruptcy Code, 2016, application for Fresh Start Process shall be filed before
..... 85 they are the adjudicating authority for individuals and unlimited partnerships.

A:-Debt Recovery Tribunal
B:-National Company Law Tribunal