Taxation - 7

LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question Deductions for income tax, payable by the employed person is
permissible.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question Proxy form should be deposited with the company :-
Correct Answer 48 hours before the meeting
Your Answer 48 hours before the meeting
Match The Following
Question Correct Answer Your Answer
Deduction for absence of
duty
Section 9 Section 9
Deductions for payment to
insurance and post office
Section 7(2) Section 7(2)
Amendment to pay by
cheques
1976 Amendment to pay by cash
Fine Section 8 Section 8
Multiple Choice Single Answer
Question To whom does the payment of wages act apply to ?
Correct Answer Persons employed in any factory
Your Answer Persons employed in any factory
Select The Blank
Question A person who stands for directorship other than retiring director
has to give notice to the company at least ________ before the
date of general meeting.
Correct Answer 14 days
Your Answer 7 days
Multiple Choice Single Answer
Question Audit committee shall consist of not less than :-
Correct Answer Three directors
Your Answer Three directors
True/False
Question A temporary workman is not entitled to bonus though he works
for a few days in the organisation.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Who is entitled to bonus?
Correct Answer Temporary workmen , Part time employee , Retrenched
employee
Your Answer Temporary workmen , Part time employee , Retrenched
employee
Multiple Choice Single Answer
Question A director is deemed to be interested in a contract if he holds
paid up capital of the company exceeding :-
Correct Answer 0.02
Your Answer 0.02
Select The Blank
Question To avoid conflicts of interest, ________ committee would
determine the remuneration packages of the executive directors.
Correct Answer Remuneration
Your Answer Management
Multiple Choice Single Answer
Question If an auditor after his appointment becomes subject to any of the
disqualifications, it is treated that the office is :-
Correct Answer Vacated
Your Answer Vacated
Select The Blank
Question Free selling/drawl of foreign exchange to authorized dealer(AD)
for ________.
Correct Answer Current account
Your Answer Current account
Multiple Choice Single Answer
Question What is the minimum salary under which the persons are
covered in this act?
Correct Answer Less than Rs 1600
Your Answer Less than Rs 1200/-
Multiple Choice Single Answer
Question In case a company has an executive director, how much
percentage of the board of Directors should comprise of
independent directors?
Correct Answer 0.5
Your Answer 0.5
True/False
Question Acquiring foreign security on gift is allowed.
Correct Answer True
Your Answer False
True/False
Question An employee employed through contractors on building
operations is entitled to bonus.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Borrowings for Indian companies are for :-
Correct Answer In Rupees , On repatriation , Non-repatriation
Your Answer In Rupees , On repatriation
True/False
Question An apprentice is not entitled to bonus.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question FEMA allows free selling of foreign exchange to/from whom from
current transaction?
Correct Answer Authorised Dealer
Your Answer Authorised Dealer
Multiple Choice Single Answer
Question Define an employed person under section 2 of the act.
Correct Answer Includes legal representative of a deceased employed person
Your Answer Any establishment
Select The Blank
Question A member shall have right to apply for operations and
mismanagement of the company provided application is made
bymembers not less than ________ or by the members holding
not less than one tenth of total number of shares in the share
capital of the company.
Correct Answer 100
Your Answer 100
Multiple Choice Multiple Answer
Question Who has not prescribed particular set of documentation for
current account remittances?
Correct Answer RBI , Central Govt.
Your Answer RBI , Central Govt.
Select The Blank
Question The uses and applications of the funds raised shall be disclosed
to the audit committee on a ________basis.
Correct Answer Quarterly
Your Answer Yearly
Select The Blank
Question For Special Resolution, votes cast in favour of the resolution
should be ________ times more than votes cast against the
resolution.
Correct Answer 3
Your Answer 3
Multiple Choice Multiple Answer
Question Object Clauses are divided into :-
Correct Answer Main Object , Object incidental or ancillary to Main , Other
Objects
Your Answer Main Object , Object incidental or ancillary to Main , Other
Objects
True/False
Question Charge includes Mortgage.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question When was the factories act passed?
Correct Answer In 1948
Your Answer In 1948
Multiple Choice Multiple Answer
Question Public limited company's directors have following conditions :-
Correct Answer Minimum number is three , Should be individuals , Have sound
mind
Your Answer Minimum number is three , Should be individuals , Have sound
mind
True/False
Question Government can authorise for supply of essential commodities at
concessional rates and pay wages in kind.
Correct Answer True
Your Answer True
Select The Blank
Question A ________ shall not be made for the appointment of two or
more persons as directors of the company by single resolution in
any general meeting of public company, unless resolution has
been agreed by meeting without any vote being given against it.
Correct Answer Motion
Your Answer Resolution
Select The Blank
Question Preference shareholders have ________ to get dividend over
equity share holders.
Correct Answer Preferential right
Your Answer Preferential right
Multiple Choice Multiple Answer
Question What is the manner of fixation of minimum wages?
Correct Answer Time work known as minimum time rate , Piece work known as
minimum piece rate , Guaranteed time rate for those employed
in piece work for the purpose of securing to such employees a
minimum rate of wages on time work basis
Your Answer Time work known as minimum time rate , Piece work known as
minimum piece rate , Guaranteed time rate for those employed
in piece work for the purpose of securing to such employees a
minimum rate of wages on time work basis
Multiple Choice Multiple Answer
Question Form No. 1 can be signed by :-
Correct Answer Chartered Accountant , Cost & Works Accountant , Advocate
Your Answer Chartered Accountant , Cost & Works Accountant , Advocate
Multiple Choice Single Answer
Question When was the minimum wages act passed ?
Correct Answer 1948
Your Answer 1948
Select The Blank
Question Director has to vacate his office, if he has been ________ by a
court of any offence involving moral turpitude.
Correct Answer Convicted
Your Answer Convicted
Match The Following
Question Correct Answer Your Answer
Section 2(vi) Wages Wages
Wages act 1936 1936
Factories act 1948 1948
Section 3 of wages act Every employer
responsible for payment to
employed persons
Every employer
responsible for payment to
employed persons
Multiple Choice Single Answer
Question The Board of directors of the company has power to appoint an
additional director :-
Correct Answer Up to maximum permissible limit
Your Answer Up to maximum permissible limit
Select The Blank
Question The Forms 8 &13 should be filed in ________ to ragistrar of
companies.
Correct Answer Triplicate
Your Answer Triplicate
Multiple Choice Multiple Answer
Question Retiring director shall be deemed to be reappointed unless :-
Correct Answer He has expressed his unwillingness to be re-appointed , He is
disqualified for appointment , Resolution for reappointment has
been put to vote & lost
Your Answer He has expressed his unwillingness to be re-appointed , He is
disqualified for appointment , Resolution for reappointment has
been put to vote & lost
Multiple Choice Single Answer
Question Payment of wages act came into existence :-
Correct Answer To ensure regular and timely payment of wages to employed
persons
Your Answer To ensure regular and timely payment of wages to employed
persons
Multiple Choice Single Answer
Question What is computed by the competent authority at concessional
rates?
Correct Answer Cost of living allowance and cash value
Your Answer Cost of living allowance and cash value
Multiple Choice Single Answer
Question Minimum gap required between date of dispatch of notice and
date of AGM is :-
Correct Answer 25 days
Your Answer 21 days
Multiple Choice Single Answer
Question In which case did the Bombay high court observe the general
purpose of the act?
Correct Answer Arvind mills ltd case
Your Answer Arvind mills ltd case
Multiple Choice Single Answer
Question Settlement of gift or lawful obligation shall be surrendered within
:-
Correct Answer Seven days
Your Answer Four days
Multiple Choice Multiple Answer
Question Board's Report shall include :-
Correct Answer Dividend recommended , Financial position of the company ,
Amounts transferred to Reserves
Your Answer Dividend recommended , Taxes paid , Financial position of the
company
True/False
Question The independent director is a supplier of a service provider of
the company.
Correct Answer False
Your Answer False
Select The Blank
Question WOS can make payment of royalty by ________ route.
Correct Answer Automatic route
Your Answer Automatic route
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question Deductions for income tax, payable by the employed person is
permissible.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question Proxy form should be deposited with the company :-
Correct Answer 48 hours before the meeting
Your Answer 48 hours before the meeting
Match The Following
Question Correct Answer Your Answer
Deduction for absence of
duty
Section 9 Section 9
Deductions for payment to
insurance and post office
Section 7(2) Section 7(2)
Amendment to pay by
cheques
1976 Amendment to pay by cash
Fine Section 8 Section 8
Multiple Choice Single Answer
Question To whom does the payment of wages act apply to ?
Correct Answer Persons employed in any factory
Your Answer Persons employed in any factory
Select The Blank
Question A person who stands for directorship other than retiring director
has to give notice to the company at least ________ before the
date of general meeting.
Correct Answer 14 days
Your Answer 7 days
Multiple Choice Single Answer
Question Audit committee shall consist of not less than :-
Correct Answer Three directors
Your Answer Three directors
True/False
Question A temporary workman is not entitled to bonus though he works
for a few days in the organisation.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Who is entitled to bonus?
Correct Answer Temporary workmen , Part time employee , Retrenched
employee
Your Answer Temporary workmen , Part time employee , Retrenched
employee
Multiple Choice Single Answer
Question A director is deemed to be interested in a contract if he holds
paid up capital of the company exceeding :-
Correct Answer 0.02
Your Answer 0.02
Select The Blank
Question To avoid conflicts of interest, ________ committee would
determine the remuneration packages of the executive directors.
Correct Answer Remuneration
Your Answer Management
Multiple Choice Single Answer
Question If an auditor after his appointment becomes subject to any of the
disqualifications, it is treated that the office is :-
Correct Answer Vacated
Your Answer Vacated
Select The Blank
Question Free selling/drawl of foreign exchange to authorized dealer(AD)
for ________.
Correct Answer Current account
Your Answer Current account
Multiple Choice Single Answer
Question What is the minimum salary under which the persons are
covered in this act?
Correct Answer Less than Rs 1600
Your Answer Less than Rs 1200/-
Multiple Choice Single Answer
Question In case a company has an executive director, how much
percentage of the board of Directors should comprise of
independent directors?
Correct Answer 0.5
Your Answer 0.5
True/False
Question Acquiring foreign security on gift is allowed.
Correct Answer True
Your Answer False
True/False
Question An employee employed through contractors on building
operations is entitled to bonus.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Borrowings for Indian companies are for :-
Correct Answer In Rupees , On repatriation , Non-repatriation
Your Answer In Rupees , On repatriation
True/False
Question An apprentice is not entitled to bonus.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question FEMA allows free selling of foreign exchange to/from whom from
current transaction?
Correct Answer Authorised Dealer
Your Answer Authorised Dealer
Multiple Choice Single Answer
Question Define an employed person under section 2 of the act.
Correct Answer Includes legal representative of a deceased employed person
Your Answer Any establishment
Select The Blank
Question A member shall have right to apply for operations and
mismanagement of the company provided application is made
bymembers not less than ________ or by the members holding
not less than one tenth of total number of shares in the share
capital of the company.
Correct Answer 100
Your Answer 100
Multiple Choice Multiple Answer
Question Who has not prescribed particular set of documentation for
current account remittances?
Correct Answer RBI , Central Govt.
Your Answer RBI , Central Govt.
Select The Blank
Question The uses and applications of the funds raised shall be disclosed
to the audit committee on a ________basis.
Correct Answer Quarterly
Your Answer Yearly
Select The Blank
Question For Special Resolution, votes cast in favour of the resolution
should be ________ times more than votes cast against the
resolution.
Correct Answer 3
Your Answer 3
Multiple Choice Multiple Answer
Question Object Clauses are divided into :-
Correct Answer Main Object , Object incidental or ancillary to Main , Other
Objects
Your Answer Main Object , Object incidental or ancillary to Main , Other
Objects
True/False
Question Charge includes Mortgage.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question When was the factories act passed?
Correct Answer In 1948
Your Answer In 1948
Multiple Choice Multiple Answer
Question Public limited company's directors have following conditions :-
Correct Answer Minimum number is three , Should be individuals , Have sound
mind
Your Answer Minimum number is three , Should be individuals , Have sound
mind
True/False
Question Government can authorise for supply of essential commodities at
concessional rates and pay wages in kind.
Correct Answer True
Your Answer True
Select The Blank
Question A ________ shall not be made for the appointment of two or
more persons as directors of the company by single resolution in
any general meeting of public company, unless resolution has
been agreed by meeting without any vote being given against it.
Correct Answer Motion
Your Answer Resolution
Select The Blank
Question Preference shareholders have ________ to get dividend over
equity share holders.
Correct Answer Preferential right
Your Answer Preferential right
Multiple Choice Multiple Answer
Question What is the manner of fixation of minimum wages?
Correct Answer Time work known as minimum time rate , Piece work known as
minimum piece rate , Guaranteed time rate for those employed
in piece work for the purpose of securing to such employees a
minimum rate of wages on time work basis
Your Answer Time work known as minimum time rate , Piece work known as
minimum piece rate , Guaranteed time rate for those employed
in piece work for the purpose of securing to such employees a
minimum rate of wages on time work basis
Multiple Choice Multiple Answer
Question Form No. 1 can be signed by :-
Correct Answer Chartered Accountant , Cost & Works Accountant , Advocate
Your Answer Chartered Accountant , Cost & Works Accountant , Advocate
Multiple Choice Single Answer
Question When was the minimum wages act passed ?
Correct Answer 1948
Your Answer 1948
Select The Blank
Question Director has to vacate his office, if he has been ________ by a
court of any offence involving moral turpitude.
Correct Answer Convicted
Your Answer Convicted
Match The Following
Question Correct Answer Your Answer
Section 2(vi) Wages Wages
Wages act 1936 1936
Factories act 1948 1948
Section 3 of wages act Every employer
responsible for payment to
employed persons
Every employer
responsible for payment to
employed persons
Multiple Choice Single Answer
Question The Board of directors of the company has power to appoint an
additional director :-
Correct Answer Up to maximum permissible limit
Your Answer Up to maximum permissible limit
Select The Blank
Question The Forms 8 &13 should be filed in ________ to ragistrar of
companies.
Correct Answer Triplicate
Your Answer Triplicate
Multiple Choice Multiple Answer
Question Retiring director shall be deemed to be reappointed unless :-
Correct Answer He has expressed his unwillingness to be re-appointed , He is
disqualified for appointment , Resolution for reappointment has
been put to vote & lost
Your Answer He has expressed his unwillingness to be re-appointed , He is
disqualified for appointment , Resolution for reappointment has
been put to vote & lost
Multiple Choice Single Answer
Question Payment of wages act came into existence :-
Correct Answer To ensure regular and timely payment of wages to employed
persons
Your Answer To ensure regular and timely payment of wages to employed
persons
Multiple Choice Single Answer
Question What is computed by the competent authority at concessional
rates?
Correct Answer Cost of living allowance and cash value
Your Answer Cost of living allowance and cash value
Multiple Choice Single Answer
Question Minimum gap required between date of dispatch of notice and
date of AGM is :-
Correct Answer 25 days
Your Answer 21 days
Multiple Choice Single Answer
Question In which case did the Bombay high court observe the general
purpose of the act?
Correct Answer Arvind mills ltd case
Your Answer Arvind mills ltd case
Multiple Choice Single Answer
Question Settlement of gift or lawful obligation shall be surrendered within
:-
Correct Answer Seven days
Your Answer Four days
Multiple Choice Multiple Answer
Question Board's Report shall include :-
Correct Answer Dividend recommended , Financial position of the company ,
Amounts transferred to Reserves
Your Answer Dividend recommended , Taxes paid , Financial position of the
company
True/False
Question The independent director is a supplier of a service provider of
the company.
Correct Answer False
Your Answer False
Select The Blank
Question WOS can make payment of royalty by ________ route.
Correct Answer Automatic route
Your Answer Automatic route