S.Y. B.COM
SEMESTER - 3
ELEMENTS OF DIRECT TAXES
(EDT)
MCQs: 2010-11
1. During previous year 2019-20, Mr. Raymond, a foreign national (not being a person of Indian origin), visits India for 84 days. Previously he visited India during previous years 2016-17, 2017-18 & 2018-19 for 365 days, 50 days & 365 days respectively. What would be the residential status of Mr. Raymond for the Assessment Year 2020-21 ?
a. Non-resident in India
b. Resident & ordinarily resident
c. Resident but not ordinarily resident
d. Extra-ordinarily resident
2. Mr. Naresh, an Indian citizen, who is Resident but Not Ordinarily Resident in India has earned following incomes during previous year 2019-20
- Income from business in London which is controlled from Pune (1/3 received in India) Rs.1,50,000.
- Salary from Government of India received in London (1/2 is paid for rendering service in India) Rs.2,00,000.
- Gift of Rs.40,000 received in India from a friend on 10/12/2019.
What is the gross total income?
a. Rs.2,50,000
b. Rs.2,90,000
c. Rs.3,50,000
d. Rs.3,90,000
3. Which of the following receipt is not treated as 'Income' under the provisions of the Income Tax Act, 1961?
a. Illegal income
b. Dividend
c. Pin money
d. Extra money on account of devaluation of currency
4. Incidence of tax in India is the highest in case of an individual whose residential status is -
a. Non-resident in India
b. Resident & ordinarily resident
c. Resident but not ordinarily resident
d. Extra-ordinarily resident
5. Mr.Mahesh, an Indian citizen, leaves India for the first time on 11/08/2019 for pursuing M.B.A. from Oxford University of London. What would be the residential status of Mr.Mahesh for the A.Y. 2020-21?
a. Non-resident in India
b. Resident & ordinarily resident
c. Resident but not ordinarily resident
d. Extra-ordinarily resident
6. Which of the following Incomes is not taxable in the immediately following financial year?
a. Income of Non-Resident from shipping business
b. Income of Resident Individual from salary
c. Income of Resident Individual from house property
d. Income of Resident Individual from profession
7. Exempted Income means _________.
a. Income earned but not received
b. Income received in cash
c. Foreign income
d. Income not forming part of total income
8. Salary of Ms.Janki is Rs. 20,000 p.m. who had taken salary in advance for the month of April 2020 to June 2020 in March 2020 itself. Professional tax of Rs.200 per month has been deducted. The gross salary of Ms. Janki for the previous year 2019-20 shall be:
a. 2,40,000
b. 1,80,000
c. Nil
d. 3,00,000
9. Salary income is taxable on __________.
a. due basis
b. receipt basis
c. due or receipt basis whichever is earlier
d. as per wish of the assessee
10. Mr.X retires from ABC LTD on 31.03.2019. He receives monthly pension and also received gratuity from ABC LTD. On request of Mr. X, ABC Ltd pays a lump sum amount in lieu of commutation of 50% of pension from 01.02.2020. To what extent, the commuted pension will be exempt from tax for the assessment year 2020-21?
a. 1/2 of commuted value of full pension
b. 1/3 of commuted value of full pension
c. Fully exempt
d. 1/4 of commuted value of full pension
11. Leave salary received during continuity of employment is __________.
a. Always taxable
b. Always not taxable
c. Taxable in the hands of Non Govt, employees only
d. Taxable in hands of Govt. employees only
12. Out of the following, which allowance is exempt on the basis of actual expenditure incurred by the employee?
a. Children education allowance
b. Hostel expenditure allowance
c. Uniform allowance
d. Medical allowance
13. In case of an employee who is blind or orthopedically handicapped, transport allowance exemption limit is __________ p.m.
a. Rs.3,200
b. Rs.1,000
c. Rs.800
d. Rs.1,200
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