Banking and insurance, Lecture notes of Banking and Finance

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d) Auditor Answer: a) Taxpayer

18. Can a return file be used to claim a refund?

a) Yes b) No c) Only in certain circumstances d) Only with court approval Answer: a) Yes

19. What is the importance of accuracy in a return file?

a) To avoid penalties b) To ensure correct tax calculation c) Both a and b d) Neither a nor b Answer: c) Both a and b

20. Can a return file be filed for a previous year?

a) Yes, within a certain time frame b) No c) Only with court approval d) Only with tax authority approval Answer: a) Yes, within a certain time frame

1. What is the full form of GST?

A. General Sales Tax B. Goods and Service Tax ✅ C. Government Service Tax D. Gross Sales Tax

2. GST in India is a:

A. Single stage tax B. Multi-stage tax ✅ C. Direct tax D. Export tax

3. Which of the following is not a GST rate slab in India?

A. 5% B. 12% C. 20% ✅ D. 28%

4. TDS stands for:

A. Tax Due on Sale B. Tax Deducted at Source ✅ C. Total Deduction System D. Tax Division Scheme

5. Under TDS, the tax is deducted by the:

A. Seller B. Buyer ✅ C. Government D. Chartered Accountant 6.Which option is not a TDS Section. A. 192 B. 194C ✅ C. 194J D. 195

7. In Tally, TDS is enabled from:

A. Company Info B. Gateway of Tally > F11 > Statutory & Taxation ✅ C. Accounts Info D. Inventory Info

8. In Tally, the GST feature is activated from:

A. Inventory Info B. Accounts Info C. F11: Features > Statutory & Taxation ✅ D. Chart of Accounts

9. Which key is used in Tally to configure TDS deduction at

voucher level? A. F B. F12 ✅ C. Alt+F D. Ctrl+F

10. In Tally, which report helps in viewing GST liability?

A. Day Book B. Trial Balance C. GSTR-1 & GSTR-3B Reports ✅ D. Balance Sheet

11. In Tally, GSTR-1 shows:

A. Purchase details B. Sales outward supplies ✅ C. Journal entries D. Bank reconciliation

12. In Tally, data security can be managed by:

A. Creating users only B. Using ODBC C. Setting security control ✅ D. Exporting data

13. Tally allows backup of data from:

A. Only primary system B. Gateway of Tally > F C. Gateway of Tally > Alt+Y > Backup ✅ D. Display menu

14. What is the purpose of data synchronization in Tally?

A. To export data B. To import files C. To maintain same data at different locations ✅ D. To hide company data

15. Which option is used to change the company data path in

Tally? A. Load Company B. Alter Company ✅ C. Create Company D. Delete Company

16. How is TDS recorded in Tally?

A. Through payment voucher B. Through journal voucher ✅ C. Through receipt voucher D. Through contra voucher

17. TDS deduction entry should be passed at the time of:

A. Payment only B. Receipt only C. Journal or payment ✅ D. Sales

18. What is the main purpose of enabling security control in

Tally? A. To make it colorful B. To automate taxes C. To restrict unauthorized access ✅ D. To import data

19. Which feature is used in Tally for user-wise access control?

A. Company Info B. Tally Audit C. Security Levels ✅ D. Gateway of Tally

20. In Tally, audit trail helps in:

A. Deleting vouchers B. Editing reports C. Tracking changes made to data ✅ D. Hiding vouchers

21. Which return is filed monthly under GST for outward

supplies? A. GSTR-3B B. GSTR- C. GSTR-1 ✅ D. GSTR-

22. What is the due date for filing GSTR-3B?

A. 20th of next month ✅ B. 1st of the month C. 15th of the month D. 25th of the month

23. IGST is applicable when:

A. Transaction is within the same state B. Intra-state supply C. Inter-state supply ✅ D. No tax is applicable

B. Quarterly C. Annually ✅ D. Half-yearly

37. GST Return Filing in Tally is done from:

A. Daybook B. Display More Reports > Statutory Reports ✅ C. Inventory Info D. Accounting Info

38. In Tally, to split company data, we go to:

A. Accounts Info B. Company Info > Split Company Data ✅ C. Reports D. Inventory Info

39. What is the shortcut key to shut a company in Tally?

A. Alt+F B. Ctrl+F3 ✅ C. Ctrl+F D. Ctrl+Q

40. What does "PAN" stand for?

A. Primary Account Number B. Permanent Account Number ✅ C. Public Account Number D. Personal Account Number

41. Which feature in Tally provides access to multiple users?

A. User Access Control ✅ B. Multi-Company C. Audit Trail D. ODBC

42. In Tally, the shortcut to create a company is:

A. F B. Alt+F C. F3 ✅ D. Ctrl+F

43. What is the shortcut to open Calculator in Tally?

A. F B. Ctrl+N ✅ C. Alt+C D. Ctrl+C

44. To configure GST in Tally for a company, which option

must be enabled first? A. TDS B. Inventory C. Statutory & Taxation ✅ D. Multi-Currency

45. Which ledger group is used for GST Payable?

A. Direct Expenses B. Duties & Taxes ✅ C. Current Liabilities D. Indirect Incomes

46. GST returns are filed with which government portal?

A. www.irs.gov B. www.incometax.gov.in C. www.gst.gov.in ✅ D. www.mca.gov.in

47. What is the full form of DTA in context to export-import?

A. Data Transfer Area B. Domestic Tariff Area ✅ C. Duty Tax Account D. Direct Transfer Application

48. The section for TDS on professional fees is:

A. 192 B. 194C C. 194J ✅ D. 195

49. The ‘Reverse Charge’ mechanism in GST is applicable

when: A. Buyer is unregistered B. Seller is unregistered C. Buyer pays tax directly to the government ✅ D. Seller refuses to pay tax

50. What is the maximum number of characters in a GSTIN?

A. 12 B. 15 ✅ C. 10 D. 20