S.Y B.COM
SEMESTER - 3
ELEMENTS OF DIRECT TAXES
(EDT)
MCQs - 29 NOVEMBER 2021
A. Rs. 7,25,000
B. Rs. 7,50,000
C. Rs. 6,40,000
D. Rs. 7,30,000
2. Decide the residential status of HUF wholly controlled from London where, Mr. X the Karta of HUF stays in India for 3 years out of 10 previous years immediately preceding the relevant previous year.
A. Resident in India
B. Resident and ordinarily resident in India
C. Resident and not ordinarily resident in India
D. Non-resident in India
3. Mr. P is a partner in partnership firm and he received a profit of Rs. 8,00,000 from the firm, the amount will be -
A. Partly taxable in the hands of P
B. Fully taxable in the hands of P
C. Exempt in the hands of P
D. It is not considered as income
4. Salary received by the partner from the partnership firm would be taxable under the head
A. Profit and Gains from Business and Profession
B. Salaries
C. Other sources
D. House Property
5. Mr. Ram (Non-Resident ) furnishes following information during previous year 2020-21. Calculate gross total income of Mr. Ram
a) Business income earned in New York Rs. 20,00,000 and received there, The head office of such business is situated in Kerala.
b) Income earned in the earlier previous year and received in abroad Rs. 4,50,000 of which he has brought Rs. 1,50,000.
A. Rs. 20,00,000
B. Rs. 21,50,000
C. Rs. 19,50,000
D. Nil
6. Mr. Q is a member of HUF and he received a profit of Rs. 5,00,000 from HUF business, the amount will be -
A. Partly taxable in the hands of Q
B. Fully taxable in the hands of Q
C. Exempt In the hands of Q
D. It is not considered as Income
7. Pin-money received by wife from Husband is
A. always considered as an Income
B. Not treated as Income at all
C. it is always taxable
D. it is income or not, it depends on case to case basis
8. Which is not an exempted income?
A. Agricultural income
B. Retrenchment compensation
C. Educational scholarships
D. Dearness allowance
9. Mr. Manish Parmar receive Rs.15,000 p.m. as House Rent Allowance from his company, he also pays Rs. 5,800 p.m. for rented house in Vadodara and his salary is Rs.25,000 per month. What will be the taxable amount of the House Rent Allowance for the AY 2021-22?
A. Rs. 1,80,000
B. Rs. 1,20,000
C. Rs. 1,40,400
D. Rs. 39,600
10. Mr. Y was in Indian army, died on August 30, 2020. From September 1, 2020 his Family started receiving family pension of Rs. 20,000 per month. Pension is taxable under the head _______.
A. Under the head Salary
B. Under the head House Property
C. Under the head income from other source
D. Exempt from tax
11. Mr. Y has two sons. He is in receipt of children education allowance of Rs. 150 p.m. for his elder son and Rs. 170 p.m. for his younger son. Both his sons are going to school. Compute his taxable children education allowance.
A. Rs. 3840
B. Rs. 1200
C. Rs. 2400
D. Rs. 1440
12. Mr. Sagar retired on 01.10.2020 receiving Rs. 5,000 p.m. as pension. On 01.12.2020, he commuted 60% of his pension and received Rs.3,00,000 as commuted pension. You are required to compute his taxable pension if he is a Government Employee.
A. Rs. 50,000
B. Rs. 18,000
C. Rs. 1,33,333
D. Rs. 2,66,667
13. Which of the following income is not taxable in the same year in which it is earned-
A. Income of Non-resident from shipping business
B. Income from the business situated at Delhi
C. Income from the discontinued business
D. Income of the bodies formed for the shorter duration
14. Mr. Z, a Central Government employee gets Rs. 18,000 p.a. as entertainment allowance out of which he spends Rs. 2,500 for official purpose; Rs. 1,800 for personal purposes & save the balance Rs. 13,700. Basic salary of Z amounts to Rs. 50,000. Compute the taxable entertainment allowance.
A. Rs. 10,000
B. Rs. 5,000
C. Rs. 13,000
D. Rs. 18,000
15. Mr. Ravi retired on 15.06.2020 after completion of 26 years 8 months of service and received gratuity of Rs.12,00,000. At the time of retirement his salary was Rs. 15,000 per month (including Rs.2,000 Dearness Allowance). Gratuity is covered by the payment of Gratuity Act,1972. Pls calculate exempted amount of Gratuity for the AY 2021-22.
A. Rs. 2,30,660
B. Rs. 2,30,640
C. Rs. 2,33,653
D. Rs. 2,33,670
16. Assessment year is always of ________.
A. 12 Months
B. Less than 12 Months
C. More than 12 Months
D. 15 Months
17. A person as per Income Tax Act who is required to deduct tax at source has deducted the tax but he failed to pay tax on due date. The person will be __________.
A. Deemed to be an Assessee
B. Deemed to be an Assessee at default
C. Representative Assessee
D. Criminal
18. Mr. Sagar Mehta gets Rs. 4,00,000 as leave salary from ABC Ltd in the year 2014 and gets exemption u/s 10(10AA) of Rs.60,000. He retires from PQR Ltd in the year 2020 now What is the maximum limit in case of Leave Salary at the time of calculation of Leave Salary?
A. Rs. 3,00,000
B. Rs. 20,00,000
C. Rs.19,40,000
D. Rs. 2,40,000
19. Illegal Income is
A. Not taxable under the Income Tax Act
B. Not treated as income under Income Tax Act
C. It is always treated as Income under Income Tax Act and it is taxable
D. if it become legal then it is taxable
20. Nachiket, who resides in Surat, gets Rs. 1,50,000 per annum as basic salary and commission @2% (on turnover Rs. 5,00,000). He receives Rs. 28,000 per annum as house rent allowance. Rent paid by him is Rs. 25,000 per annum. Find out the amount of exempt house rent allowance for the assessment year 2020-21.
A. Rs. 25,000
B. Rs. 9,000
C. Rs. 16,000
D. Rs. 28,000
21. The maximum amount of Gratuity exempt from tax can not exceeds Rs. _________.
A. Rs. 10,00,000
B. Rs. 12,00,000
C. Rs. 20,00,000
D. Rs. 22,00,000
22. Mr. Y is said to be a resident but not ordinarily resident if he satisfies -
A. At least one of the basic conditions and both of the two additional conditions.
B. None of the two basic conditions and both of the two additional conditions.
C. At least one of the basic conditions and one of the additional conditions.
D. Neither of the basic nor the additional conditions.
23. salary received by the partner from the partnership firm would be taxable under the head
A. Profit and Gains from Business and Profession
B. Salaries
C. Other sources
D. House Property
24. Mr. A has three children. is getting hostel allowance of Rs. 550 p.m. per child. What will be the taxable amount for hostel allowance?
A. Rs. 10,200
B. Rs. 7,400
C. Rs. 12,600
D. Rs. 21,800
25. When company is not said as Resident in India
A. If it is an Indian Company
B. If its place of effective control and management is in India in the relevant Previous year
C. It is a foreign company and its place of effective control and management is not in India in the relevant previous year
D. If it is a foreign company
26. Any payment received by the person would be taxable under the head salaries only if the relationship between payer and payee is:
A. Employer-Employee relationship
B. Seller-Customer relationship
C. Father-son Relationship
D. client-consultant relationship
27. Helper allowance received of helper for official purposes Rs. 65,000 but actual amount spent is Rs. 60,000, the taxable amount of helper allowance will be ________.
A. Rs. 5,000
B. Rs. 6,000
C. Rs. 500
D. Rs. 6,500
28. As per the definition of "person" The Institute of Chartered Accountants of India is
A. An Individual
B. Company
C. Firm
D. Artificial Juridical Person
29. Income of a non-resident from shipping business is ________.
A. Taxable in the same Previous year in which it is earned
B. Taxable in next financial year
C. Taxable in preceding Financial Year
D. Taxable after two years
30. Income earned in _________ is taxable in __________.
A. Previous year, Assessment Year
B. Assessment year, Previous year
C. Calendar Year, Assessment Year
D. Calendar Year, Financial Year
31. Which of the following conditions is required to be satisfied by an Indian Citizen to be a resident in India, who leaves India during the previous year as a member of the crew of an Indian ship or for the purpose of employment outside India?
A. He has been in India during the previous year for a period of 182 days or more
B. He has been in India during the 4 years immediately preceding the previous year for a total period of 365 days or more and has been in India for at least 60 days in the relevant previous year.
C. If fulfills both the condition given as above
D. If fulfills any of the two above condition
32. Income of a non-resident from shipping business is ________.
A. Taxable in the same Previous year in which it is earned
B. Taxable in next financial year
C. Taxable in preceding Financial Year
D. Taxable after two years
33. A Resident Individual is treated as 'Resident and ordinarily resident in India' if-
A. He has been resident in India at least 2 years out of 10 previous years immediately preceding the relevant previous year along with 630 days during 7 years immediately preceding the relevant previous year.
B. He has been resident in India at least 1 year out of 10 previous years Immediately preceding the relevant previous year In India along with for a period of 630 days or more during 7 years immediately preceding the relevant previous year.
C. He has been in India in 3 years out of 10 previous years along with period of less than 729 days during 7 years immediately preceding the relevant previous year.
D. He has been resident in India for at least 2 years out of 10 previous years Immediately preceding the relevant previous year in India as well as he has been present in India for the period of 730 days or more during 7 years immediately preceding the relevant previous year.
34. Decide the residential status of HUF wholly controlled from London where, Mr.X the Karta of HUF stays in India for 3 years out of 10 previous years immediately preceding the relevant previous year.
A. Resident in India
B. Resident and ordinarlly resident in India
C. Resident and not ordinarily resident In India
D. Non-resident in India
35. The period of previous year ________.
A. is always of 12 Months
B. May be less than 12 Months
C. may be of 15 months
D. may be of more than 12 Months
36. As per the definition of "person" The Institute of Chartered Accountants of India is
A. An Individual
B. Company
C. Firm
D. Artificial Juridical Person
37. The head office of ABC Hindu Undivided Family is situated in Dubai which is partly controlled from Delhi. The family is managed by Mr. A who is resident in India in 3 out of 10 immediate preceding the previous years and present in India for 630 days during last 7 immediate preceding the previous year. Determine the residential status of Hindu Undivided Family for the Assessment year 2021-22.
A. Non-Resident in India
B. Resident and ordinary resident in India
C. Resident but not ordinary resident in India
D. Not-ordinarily Non-resident
38. Mr. Haresh is a Resident but not ordinary resident. find out his income chargeable to tax from the following particulars for the assessment year 2021-22
i. Rs. 1,00,000 were received from agricultural land situated in Delhi.
ii. Rent of Rs. 20,000 from house property situated in the U.S.A but received in India.
iii. Profit of Rs. 50,000 from the sale of machinery in India but received in japan.
iv. Profit Rs.2,00,000 from business in the U.S.A controlled and managed from India but being received in the U.S.A.
A. Rs. 3,70,000
B. Rs. 2,50,000
C. Rs. 2,70,000
D. Rs. 70,000
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