INCOME TAX RETURN PREPARATION - 2020 MCQS - Study For Buddies

Saturday, May 15, 2021

INCOME TAX RETURN PREPARATION - 2020 MCQS

S.Y B.COM
SEMESTER - 4

INCOME TAX RETURN PREPARATION
(ITRP)
MCQS - 2020

1) Where the Permanente Account Number should be quoted from the following given transactions ?

(A) Purchase of bank drafts or pay orders or banker’s cheques from a banking company
(B) Sale or purchase of a motor vehicle other than two-wheeled vehicles
(C) Cash payment of over Rs.50,000 to a hotel or restaurant against a bill or bills at any one time
(D) A, B, and C

2) Loss of house property set off against other heads of income up to ........... for the assessment year 2019-20.

(A) Rs.3,00,000 
(B) Rs.2,00,000 
(C) Rs.3,50,000 
(D) Rs.2,50,000

3) Mr.X has transferred house property to Mr.Y. However, Mr.X has right to revoke the transfer during lifetime of Mr.Y then income arising on such house property is taxable in hands of
...........

(A) Both of Mr.X and Mr.Y 
(B) Mr.X 
(C) Father of Mr.X 
(D) Mr.Y

4) Choose the correct status of PAN with number of FASLK4406H.

(A) Company 
(B) Local Authority 
(C) Trust 
(D) Individual

5) Among which of the following is not a benefit of e-filling ?

(A) Procession of return can be monitored
(B) Paper work decreases
(C) Accuracy does not ensured 
(D) A, B and C

6) As per Section 16(ia) of Income Tax Act, 1961 ............... standard deduction available from salary for the assessment year 2019-20.

(A) Rs.30,000 
(B) Rs.40,000 
(C) Rs.60,000 
(D) Rs.70,000

7) Statement I: The fourth character of PAN represents the status of the PAN holder.
Statement II: The fifth character of PAN represents first alphabet of the PAN holder’s Last name/surname.
State whether the statements given is/are true or false.

(A) Statement I is False and Statement II is correct 
(B) Both the statements are false
(C) Statement I is correct and Statement II is False 
(D) Both the statement are true.

8) Mr.Kevin is having salary income of Rs.2,00,000 p.a. and income from other sources Rs.1,40,000 and he fails to furnish his return of income for previous year 2018-19 on 31st July, 2019. Which of the following is true ?

(a) He can file return up to 31st March 2020 or completion of assessment whichever is earlier.
(B) Interest u/s 234A & late filing fees u/s 234F will be applicable
(C) Both A & B 
(D) None of these

9) ITR - 1 & ITR - 4 also known as ............ & ............ respectively.

(A) Sugan, Sahaj 
(B) Sahaj, Sugam 
(C) Sugam- 1, Sugam - 4 
(D) Sahaj-1, Sahaj - 4

10) When provisions of Section 139AA, as per Income Tax Act, 1961, quoting of Aadhar not applicable ?

(A) Residing in the States of Assam, Jammu and Kashmir and Meghalaya
(B) a non-resident as per the Income tax Act, 1961
(C) not a citizen of India 
(D) A, B and C

11) Which of the following makes an assesses not eligible to use ITR -1 ?

(A) loss under the head Income from other sources
(B) agricultural income in excess of Rs.5,000
(C) Income from more than one house property 
(D) All of these

12) Net Income of Mr.Bahubali is Rs.5,14,000 for the assessment year 2019-20. Calculate the total liability.

(A) Rs.15,300
(B) Rs.12,500 
(C) Rs.15,910 
(D) Rs.2,800

13) As per clubbing provisions, Income from asset transferred to spouse, the relationship of husband and wife should subsist both at the time of transfer of asset and at the time when income is accrued. It means that transfer of asset ........... marriage is outside the scope of clubbing provisions of Income Tax Act, 1961.

(A) 5 years after 
(B) 2 years after 
(C) after 
(D) before

14) Full form of EVC is

(A) Electrical Vocal Code 
(B) Electrical Verified Code
(C) Electronic Verified Centre 
(D) Electronic Verification Code

15) From the following information, what will be gross total income as per Income Tax Act, 1961?
Loss from ordinary Business 1. Rs.70,000; Profit from ordinary Business2. Rs.60,000; Income from house property Rs.1,40,000; Loss from speculative business Rs.5,000 and salary income Rs.2,20,000.

(A) Rs.3,45,000 
(B) Rs.3,50,000 
(C) Rs.4,20,000 
(D) Rs.3,10,000

16) Mr.James who is an age of 62 years not being a citizen of India. Choose the form to be filled in for allotment of PAN card by him............

(A) Form number 15G 
(B) Form number 49A
(C) Form number 49AA 
(D) Form number 15H

17) What is the time of filling the return of income under section 139(1) of Income Tax Act, 1961 ?

(A) June 30 
(B) July 31
(C) March 31 
(D) None of these

18) ............ form is available for firms, AOP and BOI or any other person (not being individual or HUF or company or to whom ITR - 7 is applicable) for filling return of income.

(A) ITR - 3 
(B) ITR - 5 
(C) ITR - 6 
(D) ITR - 4

19) Loss from the activity of owning and maintaining horse race can be carried forward for ............. assessment years immediately succeeding the assessment year in which the loss was first computed.

(A) 6 
(B) 4 
(C) 8 
(D) Zero

20) Mrs.Preeti Patel having PAN number MFZPP1457X in this Pan 4th letter “P” stands for .......

(A) Individual
(B) Preeti 
(C) Person 
(D) Parmar

21) Match the follwing :

Loss Under the head

Number of years to be carried forwards

1. House Property

a. Eight Years

2. Speculative Business Loss

b. Four Years

3. Loss of Specified business u/s 35AD

c. Infinity Years


(A) 1-a, 2-c, 3-b
(B) 1-b, 2-c, 3-a 
(C) 1-c, 2-a, 3-b 
(D) 1-a, 2-b, 3-c

22) Revised return could be filed at any time before the end of relevant ............. or before the completion of the .......... whiever is earlier for the assessment year 2019-20.

(A) Assessment year, Assessment 
(B) Assessment year, calendar year
(C) Financial year, audit 
(D) Calender year, scrutiny

23) Mr.Mahesh files return of income on 2nd October 209 and his total income is Rs.4,20,000.
What amount of late filing fees will be applicable ?

(A) Rs.5,000 
(B) Rs.10,000 
(C) Rs.1,000 
(D) None of these

24) ITR - V (Acknowledgement) should be sent within .......... days from date of filling return of income.

(A) 60 
(B) 50 
(C) 100 
(D) 120

25) Short term capital loss can be adjusted against ............ as per the provision of the Income Tax Act, 1961.

(A) short term capital gain 
(B) Long term capital gain
(C) Both A and B 
(D) None of these

26) Full form of ITR is ...............

(A) Indian Tax Return 
(B) Income Tax Refund
(C) Income Tax Return 
(D) Income Tax Remuneration

27) Kapil Shah is employed with ABC Private Limited during the year 2018-19, he has received from ABC Private Limited of Rs.10,00,000. During the year he sold house property on which he made a capital gain of Rs.1,00,000. He is also having forward loss Rs.80,000 from house property of earlier years. Which of the following ITR Kapil Shah will use to file his return for the assessment year 2019-20 ?

(A) ITR 2 
(B) ITR 4 
(C) ITR 3 
(D) ITR 1 (Sahaj)

28) Which of following loss/es can be carried forward even if return of loss is not submitted on time ?

(A) Loss from house property 
(B) Business Loss
(C) Capital Loss 
(D) A, B and C

29) During financial year 2018-19 Mr.Suresh Parmar is working partner in Bipin and company and he had made international transaction u/s 92E during same year, in this case what is time for filing return of income ?

(A) 30th, November, 2019 
(B) 30th September, 2019
(C) 31st July, 2019 
(D) 31st March, 2020

30) As per the Income Tax Act, 1961, loss from specified business and speculation business can be carry forward for ..... & ........... respectively.

(A) Infinity & 4 years 
(B) 4 years & 8 years 
(C) 4 years & Infinity 
(D) 8 years & 4 years

For More Detail Contact Us And Follow On Study For Buddies

Thank You

1 comment: