NTA UGC NET/JRF Exam, Dec. 2020/June 2021 (Commerce) Shift-II

Total Questions: 100

31. Which of the following is not true for supply chain management approach?

Correct Answer: (b) Large breadth of supplier base to increase competition and spread risk
Solution:“Large breadth of supplier base to increase competition and spread risk” is not true regarding supply chain management approach.
ElementTraditional managementSupply chain management
Breadth of supplier baseLarge to increase competition and spread riskSmall to increase co-ordination

SCM-Benefits
• Enhances inventory management supporting the successful execution of just-in-time stock models.
• Minimizes warehouse and transportation costs
• Assists in achieving shipping of right products to right place at the right time.

32. Which one of the following is true for consumers?

Correct Answer: (b) Culture and society have relationship to consumers thoughts and feelings
Solution:

 “Culture and society have relationship to consumers thoughts and feelings” is true for consumers.
• Cultural factors have significant effect on an individual’s buying decision. Every individual has different sets of habits, beliefs and principles which he/she develops from his family status & background. What they see from their
hildhood becomes their culture.
• For Example:- In India, people still value joint family system and family ties. Children in India are conditioned to stay with their parents till they get married as compared to foreign countries where children are more independent and leave their parents once they start earning a living for themselves.

33. The amount of penalty for making a false statement to the “Competition Commission” by a person who is a party to combination shall be between:

Correct Answer: (b) 50 lakhs to 1 crore
Solution:

The amount of penalty for making a false statement to the “competition commission” by a person who is a party to a combination shall be between 50 lakhs to 1 crore.
• Section 44 of the competition Act 2002. States that.
(b) If a person, being a party to the combination, fails to make a particular statement or makes the false statement to its knowledge, then he is punishable with a fine of 50 lakh, as penalty which may be extended to 100 lakh.

34. ‘A’ Minor takes a loan Rs. 4,000/- from ‘B’ during his minority, on attaining majority, he applies to ‘B’ for a further loan of Rs. 3,000/- ‘B’ gives this loan and obtains from ‘A’ a combined promissory note of Rs. 7,000/- for the two loans. This is considered as:

Correct Answer: (b) Valid Contract
Solution:

This is considered as ‘Valid contract’.
• Ratification of minor's contract-
→ A minor's agreement or contract cannot be ratified by him when he becomes a major. A consideration given by a person when he was a minor is no consideration in the eyes of law and therefore no implied given under earlier contract cannot be implied into the contract which the minor enters on attaining majority.
→ However a minor can enter into the fresh contract. It is necessary, on attaining majority if supported by a fresh consideration and not by past consideration.

35. Which among the following essence of the information technology act is not a correct statement?

Correct Answer: (b) Any contract for the sale or conveyance of immovable property or any Interest in such property
Solution:

“Any contract for the sale or conveyance of immovable property or any Interest in such property” is not correct statement regarding information technology Act.
• It Act 2000 does not apply to:-
• A negotiable instrument as defined in Negotiable instruments Act 1881.
• A power of attorney as defined in powers of attorney Act 1882.
• A trust as defined in Indian succession Act 1925.
• Any contract for the sale or conveyance of immovable property.

36. Which one of the following is not included in the term “Work” under copyright Act 1957?

Correct Answer: (b) Layout designs of integrated circuits
Solution:

“Layout designs of integrated circuits” is not included in the term work under copyright Act 1957.
• Copyright is a bundle of rights given by the law to the creators of literary (book, poems, blogs etc) dramatic (plays, TV scripts), musical & artistic (paintings, sculptures, graphics etc).
• works and the producers of cinematographic films and sound recordings.

37. Tax audit is compulsory in case of a person in profession whose gross receipts from profession exceed:

Correct Answer: (d) Rs. 50 Lakh
Solution:

Tax audit is compulsory in case of a person in a profession whose gross receipts from the profession exceeds 50 Lakh.
• Compulsory Audit of Books of Accounts (Section 44 AB) Section 44 AB makes it obligatory for a person to get his accounts audited before the “specified date” by a “chartered Accountant”, if the total sales, turnover or gross receipts in business for the previous year exceeds INR 1 crore or his gross receipts in profession for the previous year exceeds INR 50 lakhs.

38. Maximum tax-free limit for payment received under voluntary retirement scheme is:

Correct Answer: (b) Rs. 5,00,000
Solution:

Maximum tax-free limit for payment received under voluntary retirement scheme is 5,00,000.
• As per section 10(10), any compensation received at the time of voluntary retirement or termination of service is exempt from tax, if certain conditions are satisfied maximum exemption limit is ₹5,00,000.
• Conditions for claiming exemption (Rule 2BA)
→ It applies to an employee who has completed 10 years of service or completed 40 years of age.
→ Deduction U/S 10(10C) can be taken once only.

39. A is a Resident in India aged 60 years earned agricultural income of Rs. 5,00,000 and non-agricultural income Rs. 3,00,000 during the previous year 2019-20. What is tax liability of A?

Correct Answer: (d) Nil
Solution:

The tax liability of A will be NIL
• The partial integration scheme is applicable if the tax payer … non-agricultural income exceeding the amount of exemption limit.
→ As a senior citizen and his exemption limit will be 3,00,000 in year 2019-2020.
A’s non-agricultural income is 3,00,000 which is not exceeding the amount of exemption limit.

40. Any planning of tax which aims at reducing tax liability in legally recognised permissible way can be termed as an instance of:

Correct Answer: (b) Tax avoidance