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Module Iii: Various Statutory and Business Registrations: Answer Key

This document contains an answer key for a test on various statutory and business registrations in India. It provides the correct answers and descriptions for 10 multiple choice questions related to registrations like GST returns, Import-Export Code (IEC), Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), documents required for a new PAN, the department that issues PANs, the International Organization for Standardization (ISO), National Industry Classification Code (NIC Code), details required in GST returns, and types of PAN applications.

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3K views

Module Iii: Various Statutory and Business Registrations: Answer Key

This document contains an answer key for a test on various statutory and business registrations in India. It provides the correct answers and descriptions for 10 multiple choice questions related to registrations like GST returns, Import-Export Code (IEC), Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), documents required for a new PAN, the department that issues PANs, the International Organization for Standardization (ISO), National Industry Classification Code (NIC Code), details required in GST returns, and types of PAN applications.

Uploaded by

ShelendraSingh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MODULE III: VARIOUS STATUTORY AND BUSINESS

REGISTRATIONS
ANSWER KEY

1 : which return form includes Return for a Non-Resident foreign taxable person?
1. GSTR-6
2. GSTR-5
3. GSTR-7
4. none of them

YOUR ANSWER: GSTR-5


CORRECT ANSWER: GSTR-5
DESCRIPTION: GSTR-5 Return for a Non-Resident foreign taxable person

2 : IEC stands for________


1. Income & Expenditure licence
2. Income & Export department
3. Import & Export Licence
4. none of them

YOUR ANSWER: Import & Export Licence


CORRECT ANSWER: Import & Export Licence
DESCRIPTION: IEC stands for Import & Export Licence

3 : If a typical PAN is AFZPK7190K. What does "K" stand for?


1. Individual
2. Company
3. PAN holder's last name/surname.
4. Firm

YOUR ANSWER: PAN holder's last name/surname.


CORRECT ANSWER: PAN holder's last name/surname.
DESCRIPTION: Fifth character i.e. "K" in the above PAN represents first character of the PAN holder's last name/surname.

4 : Form 49B is for ?


1. Application for issuance of new TAN
2. Form for change or correction in TAN data for TAN allotted.
3. both of them
4. none of them

YOUR ANSWER: Application for issuance of new TAN


CORRECT ANSWER: Application for issuance of new TAN
DESCRIPTION: There are two types of TAN applications: • Application for issuance of new TAN(Form 49B) This Application form
should be used when the deductor has never applied for a TAN or does not have a TAN. • Form for change or correction in TAN data
for TAN allotted.

5 : Documents Required for Application for new PAN Card by For Individuals & HUF?
1. Proof of Identity
2. Proof of Address
3. Proof of date of Birth
4. all of them

YOUR ANSWER: all of them


CORRECT ANSWER: all of them
DESCRIPTION: Individual applicants should provide proof of residential address, Proof of Identity, Proof of date of Birth

6 : By which department is the PAN number is issued?


1. GST department
2. Income Tax Department
3. information department
4. commerce department

YOUR ANSWER: Income Tax Department


CORRECT ANSWER: Income Tax Department
DESCRIPTION: Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the
Income Tax Department, to any "person" who applies for it

7 : Full form of ISO?


1. Indian organizationforStandardisation
2. International organizationforStandardisation
3. International orientation for Standardisation
4. International organization for standard

YOUR ANSWER: International organizationforStandardisation


CORRECT ANSWER: International organizationforStandardisation
DESCRIPTION: The International Organization for Standardization (ISO an international standard-setting body composed of
representatives from various national standards organizations.

8 : NIC Code stands for?


1. National Industry Class Code
2. National Indian Classification Code
3. National Industry Classification Code
4. none of them

YOUR ANSWER: National Industry Classification Code


CORRECT ANSWER: National Industry Classification Code
DESCRIPTION: NIC Code stands for National Industry Classification Code.

9 : Under GST, a registered dealer has to file GST returns that include_________
1. Purchases
2. Sales
3. Output GST (On sales)
4. all of them

YOUR ANSWER: all of them


CORRECT ANSWER: all of them
DESCRIPTION: Under GST, a registered dealer has to file GST returns that include: • Purchases • Sales • Output GST (On sales) •
Input tax credit (GST paid on purchases)

10 : how many types of PAN applications are there?


1. 4
2. 3
3. 2
4. 1

YOUR ANSWER: 2
CORRECT ANSWER: 2
DESCRIPTION: There are two types of PAN applications Application for allotment of PAN Application for new PAN Card or/and
Changes or Corrections in PAN Data

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