Articleship assessment test ICAI – Level 2 | International Tax MCQ – Black Money

Articleship assessment test ICAI – MCQ

Question 1:- 

Which of the following assets may be considered as undisclosed asset located outside India (i.e., foreign assets)?

(a) Bank Account outside India

(b) Immovable Property outside India

(c) Financial interest in an entity located outside India

(d) All of the above




Question 2:- 

Choose the asset which would be considered as undisclosed asset located outside India

(a) A holds immovable property outside India in his name and he has bought such property from his income declared in his income tax return in India.

(b) B holds immovable property outside India as beneficial owner and he has bought such property from his income declared in his income tax return in India.

(c) C holds immovable property outside India in his name and he has bought such property from his undisclosed income

(d) All of the above

Question 3:- 

Raman has paid Rs 10 crores to purchase a property outside India. However, the property was purchased in the name of his friend Chaman. Who will be considered as beneficial owner of the property outside India?

(a) Raman

(b) Chaman

(c) Both

(d) None of the above

Question 4:- 

In which of the following cases, it is mandatory to file return of income in India?

(a) Ram is resident in India and has earned total income of Rs 2,00,000 during the PY 2018-19. However, he has bank account outside India.

(b) Shyam is resident in India and has earned total income of Rs 1,50,000 during the PY 2018-19. However, he is the owner of bungalow outside India.

(c) A and B

(d) None of the above




Question 5:- 

Which of the following assets would be considered as undisclosed asset located outside India (i.e., foreign assets)?

(a) Mr. Sumit is currently a resident of India. However, he was a non-resident in India during PY 2011-12 when he had acquired immovable property outside India out of income which was not chargeable to tax in India.

(b) Mr. Tom is a non-resident of India. However, he was a resident in India during PY 2011-12 when he had acquired immovable property outside India out of his undisclosed income chargeable to tax in India

(c) Both A and B

(d) None of the above

Answers

1. (d) All of the above

2. (c) C holds immovable property outside India in his name and he has bought such property from his undisclosed income

3. (a) Raman

4. (c) A and B

5. (b) Mr. Tom is a non-resident of India. However, he was a resident in India during PY 2011-12 when he had acquired immovable property outside India out of his undisclosed income chargeable to tax in India

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