Start learning →

CA Final Permanent Account Number — practice questions — page 3

Explore 82 free Permanent Account Number questions in CA Final Taxation. Open each question or exercise to read its content, reference answers and available explanation.

Practise Permanent Account Number with Quill →

Permanent Account Number questions and exercises with answers

Showing questions 61–82 of 82.

Which vehicle sale or purchase is outside the all-transactions PAN rule of Rule 114B?Read the answer and worked solution →PAN is quoted for an immovable property deal when the value exceedsRead the answer and worked solution →PAN is quoted for sale or purchase of unlisted company shares above which amount per transaction?Read the answer and worked solution →A cash hotel or restaurant payment needs PAN quoting when the bill exceedsRead the answer and worked solution →Life insurance premium needs PAN quoting when payments in a financial year exceedRead the answer and worked solution →A time deposit with a bank needs PAN quoting if it exceeds Rs 50,000 or aggregates in a year aboveRead the answer and worked solution →A general sale of goods or services falls under Rule 114B if the amount per transaction exceedsRead the answer and worked solution →Which bodies are exempt from Rule 114B PAN quoting?Read the answer and worked solution →Which section of the Income-tax Act provides for the audit of accounts known as tax audit?Read the answer and worked solution →Who must audit the accounts of a person covered by section 44AB?Read the answer and worked solution →The specified date for a 44AB audit report falls how long before the return due date under section 139(1)?Read the answer and worked solution →Under section 271B, the penalty is the lower of a share of turnover or what fixed cap?Read the answer and worked solution →The section 271B penalty is not levied when the taxpayer showsRead the answer and worked solution →A taxpayer whose accounts are audited under another law furnishes the audit report inRead the answer and worked solution →Form 3CD in a tax audit serves as theRead the answer and worked solution →The forms for the section 44AB audit report are prescribed under which rule of the Income Tax Rules 1962?Read the answer and worked solution →The higher Rs 10 crore turnover limit for tax audit is available toRead the answer and worked solution →A person audited under another law avoids a second audit only if a CA report is also furnished inRead the answer and worked solution →Under section 139A(1-A), the Central Government may notify classes of persons such asRead the answer and worked solution →Under section 139A(5-A), a person whose income is taxed at source must give PAN toRead the answer and worked solution →Under section 139A(5)(d), a PAN holder must intimate the Assessing Officer of a change inRead the answer and worked solution →When a new-series PAN is allotted under section 139A(4), the earlier PANRead the answer and worked solution →

Worked practice questions

Which vehicle sale or purchase is outside the all-transactions PAN rule of Rule 114B?

  1. Private cars
  2. Two-wheelers
  3. Goods trucks
  4. City buses
Show answer and solution

Correct answer: B. Two-wheelers

The rule covers motor vehicles other than two-wheeled vehicles, so two-wheelers are excluded.

Open this question →

PAN is quoted for an immovable property deal when the value exceeds

  1. Rs 1 lakh
  2. Rs 2 lakh
  3. Rs 10 lakh
  4. Rs 50 lakh
Show answer and solution

Correct answer: C. Rs 10 lakh

Rule 114B covers property sale or purchase above Rs 10,00,000, or a stamp valuation above that amount.

Open this question →

PAN is quoted for sale or purchase of unlisted company shares above which amount per transaction?

  1. Rs 50,000
  2. Rs 5 lakh
  3. Rs 2 lakh
  4. Rs 1 lakh
Show answer and solution

Correct answer: D. Rs 1 lakh

Rule 114B fixes Rs 1,00,000 per transaction for shares not listed on a recognised stock exchange.

Open this question →

How to practise

  1. Choose a Permanent Account Number question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

More Taxation topics

Double TaxationTransfer PricingDeduction, Collection and Recovery of TaxIncome Tax DepartmentBasic ConceptsAnti-avoidance ProvisionsAppeals, Revision and Dispute ResolutionSpecial Tax Regimes for Companies