Practice Test

Q1) Advance Ruling was brought by Finance Act: Show Answer

Q2) Application for Advance Ruling may be made by: Show Answer

Q3) Fee for Advance Ruling Application: Show Answer

Q4) Application for Advance Ruling can be withdrawn within: Show Answer

Q5) Application for Advance Ruling is made in: Show Answer

Q6) GAAR stands for Show Answer

Q7) Authority for advance ruling shall not allow an application where the question raised Show Answer

Q8) The authority for advance ruling in income tax is appointed by- Show Answer

Q9) Application for advance ruling is made in: Show Answer

Q10) The term advance ruling has been defined in section _______ of the Act. Show Answer

Q11) The powers and functions of the Authority may be discharged by its Benches as may be constituted by the _________ from amongst the Members thereof.

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Q12) The application for advance ruling shall be made in quadruplicate and it should be accompanied by a fee of __________ rupees. Show Answer

Q13) Where the Authority finds that an advance ruling has been obtained by the applicant by fraud or misrepresentation of facts the ruling shall be considered as _____________. Show Answer

Q14) __________ is a concept which generally empowers the Revenue Authorities in a country to deny the tax benefits of transactions or arrangements which do not have any commercial substance or consideration other than achieving the tax benefit. Show Answer

Q15) Provisions of SAAR are there in _________ of the Income Tax Act 1961. Show Answer

Q16) The advance ruling pronounced by the authority for advance rulling as per section 245 is binding

1) In respect of transaction for which ruling has been sought
2) On income-tax authorities
3) On the applicant
4) On all other persons having similar transaction select the correct answer from the option given below-
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Q17) Which of the following person is eligible to seek advance ruling? Show Answer

Q18) When an advance ruling is obtained it is applicable to – Show Answer

Q19) Advance ruling was brought by finance Act Show Answer

Q20) Application for advance ruling may be made by

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Q21) Who can seek advance ruling? Show Answer

Q22) The power of giving advance rulings has been entrusted by the Central Government to an independent adjudicatory body designated as____________.

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Q23) An applicant may withdraw an application within ______ days from the date of the application. Show Answer

Q24) Application for advance ruling need to be made by a non-resident applicant in form _________. Show Answer

Q25) Application for advance ruling need to be made by a resident having transactions with a non-resident applicant in form _________. Show Answer

Q26) Application for advance ruling need to be made by the notified residents applicant in form _________. Show Answer

Q27) The authority shall pass the ruling in writing within _______ months of the receipt of application. Show Answer

Q28) Which of the following is not a benefit of obtaining an advance ruling? Show Answer

Q29) As per the final recommendations of expert committee on GAAR, GAAR needs to be deferred for 3 years upto A.Y __________.

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Q30) SAAR refers to –

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Q31) SAAR specifically aims at certain arrangements of___________.

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Q32) Which amongst the following is not a power of Authority for Advance Ruling?

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Q33) Can a resident assessee claim that the advance ruling obtained by his brother in respect of a similar issue faced by him is applicable to him also?

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Q34) Can a public sector undertaking which has undertaken a transaction with a non-resident, seek an advance ruling in respect of tax liability of the non-resident and also its own liability ? Show Answer

Q35) When an application for advance ruling has been made, in respect of an issue by a resident applicant, No income-tax authority shall give a decision on the same issue. Show Answer

Q36) GAAR stands for- Show Answer

Q37) Authority for Advance Rulings shall not allow an application where the question raised: Show Answer

Q38) The advance ruling pronounced by the Authority for Advance Ruling as per section 245 is binding:
(1) In respect of transaction for which ruling has been sought
(2) On income - tax authorities
(3) On the applicant
(4) On all the other persons having similar transaction
Select the correct answer from the options given below- Show Answer

Q39) Which of the following person is eligible to seek advance ruling - Show Answer

Q40) The authority for advance ruling in income - tax is appointed by- Show Answer