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

Total Questions: 100

61. Which of the following requirements have to be satisfied in order that an assessee is entitled to claim deduction under section 91 for doubly taxed income?

A. The assessee must have been nonresident in India in the relevant previous year.
B. The assessee must have been resident in India in the relevant previous year. C. Income must have been accrued or arisen to him during that previous year in India.
D. Income must have been accrued or arisen to him during that previous year outside India.
E.  In respect of that income which accrued or arouse outside India, he must have paid by deduction or otherwise tax under the law in force in the country in question.
Choose the correct answer from the options given below:

Correct Answer: 3. B, D and E only
Solution:For claiming deduction under Section 91 (Relief for Double Taxation) of the Income Tax Act, the following conditions must be satisfied:
B. The assessee must be Resident in India during the relevant previous year.
D. The income must have accrued or arisen outside India.
E. Tax must have been paid or deducted in the foreign country in respect of that income.
A is incorrect because Section 91 applies to Residents, not Non-Residents.
C is incorrect because the income must have arisen outside India, not in India. Correct set: B, D, E.

62. The price of a product decreases from 100 to60 per unit. If the price elasticity of demand in 1.5 and the original quantity demanded in 30 units. What will be the new quantity demanded?

Correct Answer: 2. 48
Solution:

63. Which of the following statement is incorrect for Management Audit?

Correct Answer: 1. Management audit is a statutory requirement.
Solution:Statement 1 is Incorrect because Management Audit is not a statutory requirement. It is a voluntary and comprehensive review of the efficiency and effectiveness of management practices. The other statements are correct.

64. The questions that are actually asked from the respondent are known as:

Correct Answer: 4. Measurement Questions
Solution:The actual questions that are posed to the respondent during a survey or questionnaire are called Measurement Questions.
• Management Questions are broad and strategic.
• Research Questions define the problem.
• Investigative Questions break down the research question into sub-questions.
• Measurement Questions are the direct questions asked from respondents to collect data.

65. State Bank of India came into existence in which of the following year?

Correct Answer: 3. 1955
Solution:The State Bank of India (SBI) was established on 1st July 1955, following the nationalization of the Imperial Bank of India through the State Bank of India Act, 1955.

66. Identify the areas of macro economics:

A. National Income
B. Balance of Payments
C. Level of savings and investment
D. Location of industry
E. Behaviour of firms
Choose the correct answer from the options given below:

Correct Answer: 1. A, В and C only
Solution:Macroeconomics focuses on aggregate economic variables and overall economic environment.
A. National Income - Macro variable.
B. Balance of Payments (BoP) - Macro area involving external sector balance.
C. Level of Savings and Investment - Macro variable affecting national income and growth.
D. Location of Industry - Microeconomic aspect (concerned with firm/industry decisions).
E. Behaviour of Firms - Microeconomic subject.
Correct Macro areas: A, В, С.

67. In which of the following year Investor Protection and Education Fund Regulations was issued by the Securities and Exchange Board of India?

Correct Answer: 4. 2009
Solution:The Investor Protection and Education Fund (IPEF) Regulations were issued by SEBI in 2009 to promote investor awareness and education, funded through unclaimed dividends, application money, etc.

68. According to Levitt and Drucker, the essence of marketing is:

Correct Answer: 4. Customer Orientation
Solution:Both Theodore Levitt and Peter Drucker emphasized that the essence of marketing is Customer Orientation. They stressed that marketing begins with identifying and satisfying customer needs, not just selling a product.

69. Arrange the following in chronological order of the Milestone achieved by the National Stock Exchange of India:

A. Commencement of Trading in Index options
B. Launch of securities Lending and Borrowing Scheme
C. Commencement of Derivatives Trading in Index Futures
D. Launch of Mutual Fund Service System
E. Launch of S & P CNX Nifty
Choose the correct answer from the options given below:

Correct Answer: 4. E, C, А, B, D
Solution:Chronological milestones of NSE:
E. Launch of S&P CNX Nifty - 1996
C. Commencement of Derivatives Trading in Index Futures - 2000
A. Commencement of Trading in Index Options - 2001
B. Launch of Securities Lending and Borrowing Scheme (SLBS) — 2008
D. Launch of Mutual Fund Service System (MFSS) - 2009 Correct sequence:
E → C → A → B → D.

70. Which of the following types of audit report are termed together as modified reports as per standards on Auditing (SA) 705?

A. Qualified Report
B. Audit Report with an 'Emphasis of Matter' paragraph
C. Disclaimer of Opinion Report
D. Adverse Report
Choose the correct answer from the options given below:

Correct Answer: 4. А, C and D only
Solution:As per SA 705 (Modifications to the Opinion in the Independent Auditor's Report), the following are classified as Modified Reports:
A. Qualified Report - Opinion modified due to material but not pervasive issues.
C. Disclaimer of Opinion - No opinion expressed due to lack of sufficient audit evidence.
D. Adverse Report - Material and pervasive misstatements found.
B. Emphasis of Matter paragraph is not a modified opinion; it is an addition to highlight an important matter without modifying the audit opinion.
Correct set: A, C, D.