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1. Dr. Rao, a well-known physician in Chennai, had a total income of ₹ 48,40,000 for the financial year 2022-23. What amount should he declare as income under the presumptive provisions of the Income-tax Act, 1961?

₹ 24,20,000 ₹ 7,26,000 ₹ 2,90,400 ₹ 3,87,200

2. On his birthday, Mr. Sanjay received cash gifts of ₹ 60,000 from relatives and ₹ 1,10,000 from friends. How much of this cash gift is taxable under the Income-tax Act, 1961 for the assessment year 2023-24?

₹ 1,10,000 ₹ 1,20,000 ₹ 1,70,000 ₹ 60,000

3. According to Section 194I of the Income-tax Act, 1961, which entity is required to deduct tax at source on rent paid to a resident if the total rent exceeds what amount during the financial year 2023-24?

₹ 50,000 ₹ 1,00,000 ₹ 1,20,000 ₹ 2,40,000

4. The maximum deduction allowed under sections 80C, 80CCC, and 80CCD of the Income-tax Act, 1961 (excluding employer's contribution and additional deduction under 80CCD(IB)) is capped at what amount for the assessment year 2023-24?

₹ 1,00,000 ₹ 1,50,000 ₹ 2,00,000 No limit

5. Madhav, a resident individual, has a father who is fully dependent on him and has a 90% disability. Madhav spent ₹ 85,000 on his father's maintenance and medical treatment. What is the deduction he can claim under section 80DD of the Income-tax Act, 1961 for the assessment year 2023-24?

₹ 50,000 ₹ 85,000 ₹ 1,25,000 ₹ 1,50,000

6. Which of the following qualifies as agricultural income under the Income-tax Act, 1961?

Dividend from a company engaged in agricultural activities Interest on arrears of rent for agricultural land Interest received by a money lender in agricultural produce Interest on capital received by a partner from an agricultural firm

7. Under section 40(b) of the Income Tax Act, 1961, what is the maximum interest on capital or loan from a partner that a firm can deduct?

18% p.a. or the rate specified in the partnership deed, whichever is lower 12% p.a. regardless of the partnership deed 12% p.a. or the rate in the partnership deed, whichever is lower 9% p.a. or the rate in the partnership deed, whichever is lower

8. Under GST law, how long is an e-way bill valid when goods are transported to a destination 290 km away from the point of dispatch?

1 day 2 days 14 days 15 days

9. What is the voting majority required for decisions in the GST Council?

One-third One-half Two-thirds Three-fourths

10. A & Co. (a firm) had its GST registration canceled on 31.08.2022. What is the deadline for filing the final return in form GSTR-10?

On or before 31.03.2023 On or before 31.12.2022 On or before 30.11.2022 On or before 30.09.2022

11. Jagat & Co., a footwear manufacturer registered under GST, wants to avail the QRMP Scheme. What is the maximum aggregate turnover limit in the preceding financial year to qualify for this scheme?

₹ 1.50 crore ₹ 2 crore ₹ 10 crore ₹ 5 crore

12. For taxable services provided by a banking company, what is the time frame within which an invoice must be issued?

30 days from the date of service 45 days from the date of service 60 days from the date of service 90 days from the date of service

13. How should input tax credit on IGST in the electronic credit ledger be utilized for tax payments?

Only for IGST First for IGST, then for CGST, and then for SGST First for IGST, then for CGST or SGST as per dealer's choice First for IGST, then for SGST, and then for CGST

14.Laxman & Co., Hyderabad is engaged in supply of both goods and services which are liable for GST. What is the threshold limit for GST registration for Laxman & Co., which supplies both goods and services?

₹ 10 lakh ₹ 20 lakh ₹ 40 lakh ₹ 1.50 crore

15. What is the limit of the exclusive economic zone of India from the nearest baseline according to Customs regulations?

12 nautical miles 24 nautical miles 100 nautical miles 200 nautical miles

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