161. Maximum limit for the deduction of life insurance premium from the Gross Total income as per Income Tax Act is
(A) 2 lac.
(B) 1.50 lac.
(C) 1 lac.
(D) 1.25 lac.
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162. Minors income is clubbed to which of the following as per Income Tax Act ?
(A) Father’s income
(B) Mother’s income
(C) Father or Mother’s income whichever is greater
(D) both Mother and Father income
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163. The provisions regarding TDS on salaries are contained in which Section of Income Tax Act, 1961 ?
(A) Sec. 190
(B) Sec. 191
(C) Sec. 192
(D) Sec. 193
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164. Auditing is a fact finding process that compares actual results with
(A) Specified standards and plans
(B) Expected results
(C) Premature results
(D) Preliminary results
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165. Which is also expected to provide the resources needed and select staff members to accompany the auditors ?
(A) Auditor
(B) Client
(C) Internal auditor
(D) Auditee
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166. Which is a systematic examination of the books and records of business ?
(A) Auditing
(B) Vouching
(C) Verification
(D) Checking
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167. Which kind of audit is conducted generally between two annual audit ?
(A) Internal audit
(B) Interim audit
(C) Final audit
(D) Continuous audit
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168. Vouchers relates to
(A) Cash Receipt
(B) Cash Payment
(C) Credit Transactions
(D) All of these
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169. The main objective of investigation is
(A) to discover errors and frauds
(B) to prevent errors and frauds
(C) to verify statements
(D) All of these
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170. Cost Audit under Section 233(b) of the Companies Act is
(A) Voluntary
(B) Compulsory
(C) Advisable
(D) Avoidable
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