S.Y. B.COM
SEMESTER - 3
ELEMENTS OF DIRECT TAXES
(EDT)
MCQs: 2011-12
1. Leave encashment received during continuity of employment is __________.
a. Taxable only for Government employees
b. Taxable only for Non-Government employees
c. Taxable for all employees
d. Not taxable for all employees
2. Gift of Rs.7,00,000 received on 10 July, 2019 through account payee cheque from a non-relative regularly assessed to income-tax is ___________.
a. A capital receipt not chargeable to tax
b. Chargeable to tax as income from other sources
c. Chargeable to tax as business income
d. Exempt up to Rs.50,000 and balance chargeable to tax under other sources
3. Krishiv received Rs.1,40,000 from his friend on the occasion of his birthday.
a. Entire amount of Rs. 1,40,000 is taxable.
b. Rs.50,000 is taxable.
c. The entire amount is exempt.
d. None of the above.
4. On 10-10-2019, Mrs. Malti has received gift of Rs. 1,16,000 from cousin of her mother.
a.Entire amount of Rs. 1,16,000 is taxable
b. The Entire amount is exempt
c. Chargeable to tax as business income
d. A Capital receipt not chargeable to tax
5. Mr. Abhijit, Citizen of US and a person of Indian Origin comes to India for the very first time on 29-8-2019 and leaves India on 1-4-2020. His Residential status for the P.Y. 2019-20 is __________.
a. Resident and Ordinarily Resident in India.
b. Resident but not Ordinarily Resident in India.
c. Non Resident in India.
d. Extra Ordinarily Resident in India
6. During previous year 2019-20, the affairs of X (HUF), a Hindu Undivided Family, are partly managed from India and partly from London. Mr. X, Karta of X (HUF), is non-resident in India for the assessment year 2020-21. What would be the residential status of X (HUF), for the Assessment Year 2020-21?
a. Non-resident in India
b. Resident & ordinarily resident in india
c. Resident but not ordinarily resident in India
d. Extra ordinarily resident in India
7. Which one of the following is not an income deemed to accrue or arise in India?
a. Capital gain on transfer of capital asset in India
b. Income from business connection in India
c. Profit from business in London which is controlled from Mumbai
d. Royalty received from Government of India
8. Mr. Munaf, an Indian citizen, leaves India for the first time on 30-05-2019 for going on a world tour and does not come back to India in P.Y. 2019-20. His residential status for the Assessment Year 2020-21 would be -
a Non-Resident in india
b. Resident & Ordinarily Resident in India
c. Resident but not Ordinarily Resident in India
d. Extra Ordinarily resident in India b
9. Mr. Milan, who is non-resident in India has earned following incomes during previous year 2019-20 Salary from an Indian company received in Canada (1/2 for rendering service in India) Rs. 2,50,000.
- Profit on sale of property in Delhi (1/3 received in Canada) Rs.3,00,000.
- Income from agriculture in India received in Canada Rs.50,000.
What is Gross Total Income of Mr. Milan for P.Y. 2019-20 ?
a. Rs.6,00,000
b. Rs.5,50,000
c. Rs.4,75,000
d. Rs.4,25,000
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