Free Access AAFM.GLO_CWM_LVL_1.v2021-10-25.q359 Practice Test (Page 13)

Question 56

Which of the following is a type of Demand Deposit?

A.Savings Account

B.Recurring Deposit

C.FCNR account

D.Fixed Deposit

Question 57

Any amount payable and the amount of refund due under the Income Tax Act,1961 shall be rounded off to the nearest multiple of.......... ?

A.Rs. 1

B.Rs. 10

C.Rs. 100

D.No rounded off is done

Question 58

What is the time limit for assessment made u/s 16?

A.Five years

B.No time limit

C.Two years

D.One year

Question 59

Suppose there is Portfolio "P" available for investment in the market which has a correlation with the market of 0.70.
What portion of the risk of the portfolio can be eliminated through diversification?

A.51%

B.30%

C.49%

D.70%

Question 60

Where the return of income is filed after the due date specified u/s 139(1):

A.all deductions under Chapter VIA i.e. 80C to 80U excepting 80-IA, 80-IAB, 80-IB, 80-IC will be allowable

B.all deductions under Chapter VIA i.e. 80C to 80U except 80-IA will be allowable

C.all deductions under Chapter VIA i.e. 80C to 80U will be allowable

D.all deductions under Chapter VIA i.e. 80C to 80U will not be allowable

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Question 56

Question 57

Question 58

Question 59

Question 60

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