DIT
SEM V
Important
Objectives
1) Previous year means the ______ year
immediately preceding the assessment year.
a) Financial Year
b) year
c) Assessment year
d) Fiscal year
2) A period of twelve months commencing on
the first day of April every year is called ______
a) Financial Year
b) year
c) Assessment year
d) Previous year
3) A person by whom any tax is payable
under the act is known as an ______.
a) Taxpayer
b) Person
c) Assessee
d) Individual
4) Shivaji University is assessable under
the Income Tax Act as ______
a) Individual
b) Person
c) Artificial juridical person.
d) Firm
5) A new business was set up on 1-10-2016.
Its first previous year will ends on
______.
a) 31-3-2016
b) 31-3-2015
c) 31-3-2017
d) 31-3-2018
6) A new business was set up on 1-1-2017.
Its first previous year will ends on
______.
a) 31-3-2016
b) 31-3-2015
c) 31-3-2017
d) 31-3-2018
7) Mumbai University is assessed to Income
Tax Act as ______.
a) Individual
b) Person
c) Artificial juridical person.
d) Firm
8) If the business is commenced on 31st
December 2017, the first previous year end on
______.
a) 31-3-2016
b) 31-3-2015
c) 31-3-2017
d) 31-3-2018
9) The
Legal status of Bar Council of India is ______.
a) Individual
b) Person
c) Artificial juridical person.
d) Firm
10) The legal status of Mumbai Port Trust is ______.
a) Individual
b) Person
c) local authority
d) Firm
11) ______ is
liable to pay income tax on his income received in India.
a) Resident
b) Non-Resident
c) Both Resident
and Non resident
d) Person
12) The
legal status of Ms. Hima Das Indian Sprint runner is ______
a) Individual
b) Person
c) local authority
d) Firm
13) HUF is said to be ______ in India if the
control & management of its affairs is situated partly in India.
a) Resident
b) Non-Resident
c) Both Resident and Non resident
d) Person
14) Foreign Company is ______ in India if the control & Management of its affairs is
situated wholly in India during the previous year.
a) Resident
b) Non-Resident
c) Both Resident and Non resident
d) Person
15) Residential status is to be determined for
______
a) Previous year
b) Year
c) Assessment year
d) Fiscal year
16) Income deemed to accrue or arise in India
is taxable in case of ______
a) Resident
b) Non-Resident
c) Both Resident and Non resident
d) All the assesses
17) Income which accrue or arise outside India
& also received outside India is taxable in case of ______ only.
a) Resident
b) Non-Resident
c) Both Resident and Non resident
d) All the assesses
18) Manish a foreign national but a person of
Indian origin visited India during the previous year 2011-12 for 181 days.
During the 4 preceding previous year he was in India for 366 days. Manish shall
be ______ in India.
a) Resident
b) Non-Resident
c) Resident and ordinary resident
d) Resident but not
ordinary resident
19) Padma Ltd. is an Indian company whose
entire control & management of its affairs is situated outside India Padma
Limited shall be ______ in India.
a) Resident
b) Non-Resident
c) Resident and ordinary resident
d) Resident but not
ordinary resident
20) Padma Ltd, is registered in U.K. The
control & management of its affairs is situated in India Padma Ltd. shall
be ______ in India.
a) Resident
b) Non-Resident
c) Resident and ordinary resident
d) Resident but not
ordinary resident
21) Income earned in India by a Non Resident
is ______ in India.
a) taxable
b) Non taxable
c) Partly taxable
d) Exempt
22) An individual
who does not satisfy both the basic conditions under section 6 (1) of Income
Tax Act 1961 is considered to be ______
in India during the previous year.
a)
Resident
b) Non-Resident
c) Resident and ordinary resident
d) Resident but not
ordinary resident
23) Residential
status of Indian company is ______ in India.
a) Resident
b) Non-Resident
c) Resident and ordinary resident
d) Resident but not
ordinary resident
24) Share of income received by a member of
HUF is ______ income.
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
25) Scholarship to meet cost of education are ______.
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
26) Amount received under life Insurance
policy is ______.
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
27) Daily allowance & Constituency
allowance received by a member of legislative assembly are ______ from tax.
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
28) If the income of Minor child is less than ______ entire income is exempt.
a) Rs 1,000
b) Rs 50,000
c) Rs 2,000
d) Rs 1,500
29) As per section 14 of the Income Tax Act,
there are ______ heads of income.
a) 2
b) 3
c) 4
d) 5
30) Income computed under each head when added
together is called ______.
a) Net income
b) Taxable income
c) Total income
d) Gross total income
31) Lottery prize won is charged to tax under
the head ______.
a) House property income
b) Salary income
c) Business income
d) Income from other sources
32) Share of profit received by a partner of
partnership firm is ______.
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
33) Award received fm the government is ______.
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
34) Salary received by the partner from the
firm in which he is a partner is taxable under the head ______.
a) House property income
b) Salary income
c) Business income
d) Income from other
sources
35) Profit in lien of salary is taxable under
the head ______
a) House property income
b) Salary income
c) Business income
d) Income from other
sources
36) Compensation payable to an employee on
termination of service is a capital receipt. It is ______
a) taxable
b) Exempt upto Rs 50,000
c) Partly taxable
d) Fully Exempt
37) Medi-claim insurance premium paid by
employer on the behalf of employee is a ______ perquisite.
a) tax-free
b) Exempt upto Rs 50,000
c) Partly taxable
d) taxable
38) Employer’s contribution to recognized
provident fund during the previous year in excess of ______ of basic salary is
taxable as salary.
a) 12%
b) 6%
c) 9.5%
d) 10%
39) Amount notified as exempt gratuity for a
non-government employee is ______.
a) Rs 20,00,000
b) Rs 5,00,000
c) Rs 3,00,000
d) Rs 1,00,000
40) Leave encashment received while in service
is ______.
a) tax-free
b) Exempt upto Rs 5,000
c) Partly taxable
d) taxable
41) Roma a chartered accountant is employed
with Padma Limited as an internal auditor & request employer to call the
remuneration as internal audit fee. Roma shall be chargeable to tax such fee
under the head ______.
a) House property income
b) Salary income
c) Business income
d) Income from other sources
42) Un-commuted pension received by government
employee is ______.
a) tax-free
b) Exempt upto Rs 5,000
c) Partly taxable
d) taxable
43) Employee Krishna is neither a government
employee nor covered under payment of Gratuity Act 1972. He has completed 16
years & 8 months of service. The number of completed years considered for
gratuity exemption shall be ______.
a) 15 years
b) 18 years
c) 17 years
d) 16 years
44) Compensation received on voluntary
retirement is exempt u/s 10 (10C) to the maximum extent of ______.
a) Rs 1,00,000
b) Rs 2,00,000
c) Rs 3,00,000
d) Rs 5,00,000
45) Deduction on account of Entertainment
allowance is allowed to ______.
a) Private Employees
b) All Employees
c) Employer
d) Government Employees
46) Employer’s contribution to recognized
provident fund account of an employee in excess of the prescribed limit is
taxable as income from ______.
a) House property
b) Salary
c) Business
d) Income from other
sources
47) Unrealized rent is deduction from ______
value.
a) Annual value
b) Gross Annual
value
c) Net Annual value
d) Municipal taxes
48) Mr. Tanwani has two house properties. Both
are self occupied. The annual value of ______ shall be nil.
a) two houses
b) one house
c) three houses
d) none
49) In case of self-occupied property the
deduction on account of interest on money borrowed for the purpose of
construction of such house property can-not exceed
______.
a) Rs 1,00,000
b) Rs 2,00,000
c) Rs 50,000
d) Rs 1,50,000
50) Municipal Taxes are deductible from the
gross annual value only when they are ______.
a) Outstanding
b) Paid
c) Partly paid
d) Paid upto Rs 10,000
51) Net annual value of SOP is ______.
a) Rs 50,000
b) Nil
c) Rs 5,000
d) Rs 10,000
52) Municipal valuation of the house is Rs 1,00,000
fair rent Rs 1,20,000 standard rent Rs 1,10,000 & actual rent received is Rs
1,40,000. The gross annual value in the case shall be ______.
a) Rs 1,00,000
b) Rs 1,40,000
c) Rs 1,20,000
d) Rs 10,000
53) Interest of Rs 5,00,000 on borrowings for a Deemed to be
Let out property is eligible for a deduction of Rs ______.
a) Rs 1,00,000
b) Rs 5,00,000
c) Rs 1,20,000
d) Rs 10,000
54) Salary, bonus, commission or remuneration
due or to be received by a working partner from the firm is taxable under the
head ______.
(a) Income
from salaries
(b)
Income from other sources
(c) Business income
(d)
none of the above
55) Perquisite
received by the assessee during the course of carrying on his business or
profession is taxable under the head ______.
(a) Salary
(b)
Other sources
(c) Business / Profession income
(d)
None of the above
56) Export
incentives received by an assessee are ______.
(a) Exempt
(b) Taxable as business
income
(c) Exempt upto certain limits
(d)
None of the above
57) M, who was
carrying on agency business, received a sum of Rs 5,00,000 from his principal
for termination of agency. Compensation so received shall be ______.
(a) exempt
as it is capital receipt
(b) fully taxable as
business income
(c)
taxable as income from other sources
(d)
None of the above
58) Depreciation
is allowed in case of ______.
(a)
Tangible fixed asset only
(b)
Intangible assets only
(c) Tangible & intangible assets
(d)
Wasting assets only
59) If the asset
of a particular block is acquired and put to use during the previous year for
less than 180 days, the assessee shall be entitled to depreciation ______.
(a) at
normal size
(b) at 50% of normal
rate
(c) No depreciation
is allowed
(d)
None of these
60) Where the
amount of an expenditure claimed as deduction exceeds Rs 10,000 and it is not
made by account payee cheque / draft ______.
(a) 20% of
such payment shall be disallowed
(b) 100% of such payment shall be
disallowed
(c) 20% of
the excess over ` 10,000 of such payment shall be disallowed
(d) None
of the above
61) Mobile
handset received by the assessee Doctor during the course of carrying on his
profession is taxable under the head ______.
(a) Salary
(b)
Other sources
(b) Professional
income
(d)
none of the above
62) Capital gain arises from the transfer of ______.
(a) any asset
(b) any
fixed asset
(c)
Any capital asset
(d) Land and
buildings only
63) Short-term capital gain arise on transfer
of shares and units held by the assessee for not more than ______.
(a) 36 months from the date of acquisition
(b) 12
months from the date of acquisition
(c) 54 months from the date of acquisition
(d) None of the above
64) In case of long term capital gain, the
amount to be deducted from sale consideration shall be ______.
(a) cost of acquisition
(b) indexed
cost of acquisition
(c) Market value of 1-4-2001
(d) None of the above
65) For claiming
exemption under Sec. 54, the assessee should purchase residential property ______.
(a) 2
years before the date of transfer
(b) 3
years after the date of transfer
(c) 1 year before or 2 years after the date
of transfer
(d) None
of the above
66) For computing
lottery income, the assessee shall ______.
(a)
Be entitled to any deduction for purchase of lottery tickets
(b) Not entitled to any deduction for
purchase of lottery tickets
(c)
Be entitled to deduction upto 1% of total purchase of tickets.
(d)
none of above
67) The legal
heir of the deceased who receives family pension is allowed a standard
deduction from such pension to the extent of ______.
(a) 1/3 of
such pension, subject to maximum of Rs 25,000
(b) 1/3 of such pension or Rs 15,000
whichever is less
(c) 1/3 of
such pension or Rs 15,000 whichever is more
(d) None
of the above
68) Deductions
u/s 80C in respect of LIP, Contribution to provident fund, etc, is allowed to ______.
(a)
any assessee
(b)
an individual
(c) an individual or
HUF
(d)
Company
69) Deduction
u/s 80C is allowed to the maximum of ______.
(a)
Rs 70,000
(b)
Rs 1,50,000
(c) Rs 1,40,000
(d) None of the above
70) Deduction
u/s 80CCC is allowed to the extent of ______.
(a)
Rs 2,00,000
(b)
Rs 1,50,000
(c) Rs 4,00,000
(d) Rs 10,000
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