NTA UGC NET/JRF Exam, June 2025 (Commerce)

Total Questions: 100

21. Any assessee (except an eligible assessee in respect of an eligible business referred to in section 44 AD or 44 ADA) must pay upto 75 per cent of advance tax payable:

1. on or before June 15 of the previous year
2. on or before September 15 of the previous year
3. on or before December 15 of the previous year
4. on or before March 15 of the previous year

Correct Answer: 3. on or before December 15 of the previous year

Solution:As per the Income Tax Act, any assessee (other than an eligible assessee under Section 44AD or 44ADA) is required to pay advance tax in installments. Up to 75% of the advance tax payable must be paid on or before December 15 of the previous year. The remaining 25% is due by March 15. Thus, for non-eligible assessees:
• 15% by June 15
• 45% (cumulative) by September 15
• 75% (cumulative) by December 15
• 100% by March 15.

22. Arrange the following human needs as per Maslow's Hierarchy of needs.

A. Social Needs
B. Safety Needs
C. Esteem Needs
D. Physiological Needs
E. Self-actualisation Needs
Choose the correct answer from the options given below:

1. D, B, A, C, E
2. A, B, C, D, E
3. B, D, C, E, A
4. D, A, B, C, E

Correct Answer: 1. D, B, A, C, E

Solution:Maslow's Hierarchy of Needs (from bottom to top) is arranged as:
1. Physiological Needs (D) - Basic survival needs like food, water, shelter.
2. Safety Needs (B) - Security, stability, protection from harm.
3. Social Needs (A) - Belongingness, love, relationships.
4. Esteem Needs (C) - Respect, recognition, self-esteem.
5. Self-actualization Needs (E) - Realizing personal potential, self-fulfillment.
Correct sequence: D → B → A → C→ E

23. Match the LIST-I with LIST-II.

Choose the correct answer from the options given below:

1. A-IV, B-III, C-II, D-I
2. A-II, B-I, C-III, D-IV
3. A-I, B-II, C-IV, D-III
4. A-III, B-II, C-I, D-IV

Correct Answer: 3. A-I, B-II, C-IV, D-III

Solution:

24. Match the LIST-I with LIST-II.

Choose the correct answer from the options given below:

1. A-I, B-II, C-III, D-IV
2. A-I, B-III, C-II, D-IV
3. A-II, B-III, C-I, D-IV
4. A-IV, B-III, C-II, D-I

Correct Answer: 4. A-IV, B-III, C-II, D-I

Solution:A. Section 2(85) defines a Small Company, characterized by paid-up capital and turnover not exceeding prescribed limits. This is intended for small-scale businesses that are not public companies.
B. Section 455 pertains to a Dormant Company, which is formed for future projects or to hold assets and intellectual properties without significant financial transactions.
C. Section 378A deals with the definition and provisions related to a Producer Company, which mainly involves activities linked to primary produce and is governed under Chapter XXIA of the Companies Act.
D. Section 2(6) defines an Associate Company, where another company exercises significant influence but it is neither a subsidiary nor a joint venture.
Thus, the correct match is: A-IV (Small Company); B-III (Dormant Company); С-II (Producer Company); D-I (Associate Company).

25. What rights does an unpaid seller have against the goods?

A. Right of lien
B. Right to sue for specific performance
C. Right of resale
D. Right of stoppage of goods in transit
E. Right to reorganise possession of goods
Choose the correct answer from the options given below:

1. A, B and C only
2. B, C and D only
3. С, D and E only
4. A. C. D only

Correct Answer: 4. A. C. D only

Solution:An unpaid seller has the following rights against the goods:
A. Right of lien - Retaining possession until payment is made.
C. Right of resale - Reselling the goods after notifying the buyer.
D. Right of stoppage in transit - Stopping goods in transit if buyer becomes insolvent.
В. Right to sue for specific performance is a personal remedy against the buyer, not a right against the goods.
E. Right to reorganise possession of goods is not a recognized right.
Thus, correct rights are: A, C, D only.

26. What is the amount of net cash from operating activities of A Ltd. if it has net profit before tax5,90,000: Depreciation on Property, Plant and Equipment 4,30,000: Decrease in current Assets 30,000: Decrease in Current Liabilities 85,000: and Tax Paid 80,000.

1. ₹9,65,000
2. ₹ 8,85,000
3. ₹ 10,75,000
4. ₹9,95,000

Correct Answer: 2. ₹ 8,85,000

Solution:Given: Net Profit before Tax = ₹ 5,90,000
Depreciation = 4,30,000
Decrease in Current Assets =30,000
Decrease in Current Liabilities = ₹ 85,000
Tax Paid = ₹ 80,000
Calculation:
Add Depreciation:
5,90,000 + 4,30,000 = 10,20,000
Add Decrease in Current Assets:
10,20,000 + 30,000 = 10,50,000
Subtract Decrease in Current Liabilities:
10,50,000 - 85,000 = 9,65,000
Subtract Tax Paid:
9,65,000 - 80,000 = 8,85,000
Net Cash from Operating Activities = ₹8,85,000.

27. Match the LIST-I with LIST-II.

LIST-I	LIST-II
A. Ind AS 2	I. Property, Plant and Equipment
B. Ind AS 16	II. Fair Value Measurement
C. Ind AS 103	III. Inventories
D. Ind AS 113	IV. Business Combinations

1. A-I, B-II, C-III, D-IV
2. A-IV, B-III, C-II, D-I
3. A-III, B-I, C-IV, D-II
4. A-III, B-I, C-II, D-IV

Correct Answer: 3. A-III, B-I, C-IV, D-II

Solution:Matching Indian Accounting Standards (Ind AS) with their subjects:
A. Ind AS 2 - Relates to Inventories Matches III
B. Ind AS 16 — Relates to Property, Plant and Equipment (PPE) → Matches I
C. Ind AS 103 - Relates to Business Combinations (Amalgamations, Mergers) → Matches IV
D. Ind AS 113 - Relates to Fair Value Measurement → Matches II.

28. Which of the following statements are incorrect for amalgamation in the nature of merger?

A. All the assets and liabilities of the transferor company are taken over by transferee company.
B. Shareholders holding not less than 95% of the face value of the equity shares of the transferor company become equity shareholders of the transferee company.
C. Payment of purchase consideration may be made in cash per share.
D. Journal entries for recording the merger are passed by pooling of interest method.
E. The business of the transferor company is not intended to be carried on by the transferee company.
Choose the correct answer from the options given below:

1. A, B and C only
2. B, C and D only
3. A and D only
4. B, C and E only

Correct Answer: 4. B, C and E only

Solution:In Amalgamation in the Nature of Merger:
A. Correct - All assets and liabilities are transferred to the transferee company.
B. Correct - Shareholders holding at least 90% (not 95%) of face value must become shareholders of transferee. Statement mentions 95%, so Incorrect.
C. Incorrect - Purchase consideration must not be paid in cash, except for fractional shares.
D. Correct - Pooling of Interests Method is used for accounting.
E. Incorrect - The business of transferor must be intended to be carried on by transferee.
Thus, statements B, C, E are incorrect.

29. The term 'marketing myopia' was coined by:

1. Philip Kotler
2. Gary Armstrong
3. Peter Drucker
4. Theodore Levitt

Correct Answer: 4. Theodore Levitt

Solution:The term 'Marketing Myopia' was coined by Theodore Levitt in his 1960 Harvard Business Review article. It describes a shortsighted focus on selling products rather than understanding customer needs and market evolution.

30. In case the income of an individual includes the income of₹ 25,000 of his minor child in terms of section 64(IA), such individual shall be entitled to an exemption under section 10(32) of:

1. ₹ 25,000
2. ₹ 1,500
3. ₹ 2,500
4. ₹ 15,000

Correct Answer: 2. ₹ 1,500

Solution:As per Section 10(32) of the Income Tax Act, when an individual's income includes the income of a minor child under Section 64(1A), an exemption of 1,500 per child is allowed. Thus, the exemption is ₹1,500.