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MCQs

Total Questions : 274 | Page 9 of 28 pages
Question 81. Is definition of Inputs includes capital goods
  1.    Yes
  2.    No
 Discuss Question
Answer: Option B. -> No
Question 82. Whether credit on capital goods can be taken immediately on receipt of the goods?
  1.    Yes
  2.    After usage of such capital goods
  3.    After capitalizing in books of Accounts
  4.    None of the above
 Discuss Question
Answer: Option A. -> Yes
Question 83. When can a registered person avail credit on inputs?
  1.    on receipt of goods
  2.    on receipt of documents
  3.    Both
  4.    None of the above
 Discuss Question
Answer: Option C. -> Both
Question 84. In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit?
  1.    Yes, it will be automatically show in recipient monthly returns.
  2.    No, as one of the conditions of section 16(2) is not fulfilled.
  3.    Yes if the receiver can prove later that goods are received subsequently
  4.    None of the above
 Discuss Question
Answer: Option B. -> No, as one of the conditions of section 16(2) is not fulfilled.
Question 85. Input tax credit on capital goods and Inputs can be availed in
  1.    In thirty six installments
  2.    In twelve installments
  3.    In one installment
  4.    In six installments
 Discuss Question
Answer: Option C. -> In one installment
Question 86. The time limit to pay the value of supply with taxes
  1.    90 days
  2.    6 months
  3.    180 days
  4.    365 dyas
 Discuss Question
Answer: Option C. -> 180 days
Question 87. Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?
  1.    Yes
  2.    No
  3.    Yes, in specific instances
  4.    Can be availed only after transfer of document of title after movement of goods
 Discuss Question
Answer: Option C. -> Yes, in specific instances
Question 88. Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?
  1.    Yes
  2.    No
  3.    Input tax credit is eligible if depreciation on tax component is not availed
  4.    None of the above
 Discuss Question
Answer: Option C. -> Input tax credit is eligible if depreciation on tax component is not availed
Question 89. Banking company or Financial Institution have an option of claiming ITC:
  1.    Actual Credit or 50% credit
  2.    Only 50% Credit
  3.    Only cctual credit
  4.    Actual credit and 50% credit
 Discuss Question
Answer: Option A. -> Actual Credit or 50% credit
Question 90. For capital goods, proportionate credit is allowed
  1.    for business and non-business purpose
  2.    for business or non- business purpose
  3.    both of the above
  4.    none of the above
 Discuss Question
Answer: Option A. -> for business and non-business purpose

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