Suraj Patel Education
DIRECT TAX
T.Y.B.COM STUDENTS
(ATKT) Question Bank-2020
Part 2 Link Click Here
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1) Income earned during what
period is taxed?
b) Previous year
c) Financial year
d) Calendar year
2) Whose income is chargeable
to income tax?
b) Income of only residents
c) Income of all persons
3) One who is liable to pay
the income tax in India
b) Resident in India
c) Any person
d) An assessee
4) Income-Tax Act extends to
b) Whole of India except Jammu & Kashmir
c) Whole of Maharashtra only
5) A.O.P should consist
of:
b) Person other than individual only
c) Both the above
6) Assessment year is the period of twelve
months commencing on
a) The first day of march every year
b) The first day of January every year
c) Financial year immediately preceding the previous year
d) The first day of April every year
7) A charitable trust is treated under income
tax law as
a) A
company
b) An association of a persons
c) A
body of individuals
d) An artificial juridical person
8) A new business was set up on 15-11-2019 and
it commenced its business from 1-12- 2019.The previous year in this case
shall be:
b) 1-12-2019 to 31-3-2020
c) 2019-20
9) Shivaji university is
assessable under the Income Tax Act as
b) An artificial juridical person
c) A local authority
10) In which Year Income Tax
liability computed?
b) Previous year
c) Financial year
d) Calendar year
11) A club is treated under income tax law as
a) A
company
b) An association of persons
c) A
body of individuals
d) An
artificial juridical person
12) Life insurance corporation is treated under
income tax law as
a) A
company
b)
Local authority
c) A
body of individuals
d) An artificial juridical person
13) The rates of income tax are laid down by
a)
The income tax act
b)
The income tax rules
c)
The finance act 1994
d) The finance act passed by the parliament every year
14) Residential status is to be determined for
a) Previous year
b)
Assessment year
c)
Accounting year
d)
None of these
15) Incomes which accrue or arise outside India
but are received directly into India are taxable in case of
a)
Resident only
b)
Both ordinarily resident and NOR
c) Non-resident
d) All the assesses
16) Recovery of bad debt is
a)
Allowed as deduction from gross income
b)
Exempt from tax
c) Chargeable to tax as income from business
d)
Chargeable to tax as capital gains
17) A capital receipt
a) Is
always exempt
b) Is
always taxable
c) Is
always taxable unless specifically exempted under the income tax
d) Is exempt unless specifically made taxable under the income tax
act
18) Total income of a person is determined on
the basis of his
a) Residential status in India
b)
Citizenship in India
c)
None of these
d)
Both of the above
19) Income which accrue or arise outside India
and also received outside India is taxable in case of
a) Resident only
b)
Not ordinarily resident
a)
Both ordinarily resident and NOR
c) None
of the above
20) Income which accrue outside India from a business controlled from India is taxable in case of
a)
Resident only
b)
Not ordinarily resident only
c) Both ordinarily resident and NOR
d)
Non-resident
21) Mr. Sameer Khanna, a German citizen, came to India on 23-05-2018 and left India on 03-05-2019. For the assessment year 2020-21, he is
a) A
resident and ordinarily resident
b) A
resident but not ordinarily a resident
c) A non- resident
d)
None of these
22) Mr. Manmohan Sharma goes out of India every year for 247 days. For the assessment year 2020-21, he is
a) A
resident and ordinarily resident
b) A resident but not ordinarily a resident
c) A
non-resident
d)
None of these
23) Mr.Rishab Patil, a citizen of Japan, has come to India for the first time on 03-10-2019 for 200 days. For the assessment year 2020-21, he is
a) A
resident and ordinarily resident
b) A
resident but not ordinarily a resident
c) A non-resident
d)
None of these
24) Entertainment allowance in case of
government employee is
a)
Fully exempt
b)
Fully taxable
c)
Exempt upto certain limits mentioned in sec.16(ii)
d) First included in full in gross salary and thereafter deduction allowed from gross salary under sec.16 (ii)
25) Pension received by an employee of the central or state government who has been awarded “Param Vir Chakra”
a) Is taxable as income from salaryb) Is exempt from tax
c) Is taxed after deducting ₹ 15000 or 1/3 whichever is lower
26) Compensation for termination of employment
a) Is
not taxable
b) Is
taxable as capital gain
c) Is
taxable in case of only ‘specified’ employees
d) Is taxable as ‘profit in lieu of salary
27) Gas, electricity or water supply provided
free of cost
b) Is a perquisite taxable in case of all employees
c) Is a perquisite taxable in case of only ‘specified’ employees
28) Un-commuted pension received by a government
employee is
a)
Exempt
b) Taxable
c)
1/3 is exempt
d) None of these
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29) Compensation received on voluntary retirement is exempt under sec.10(10C) to the maximum extent of
a) ₹
2,40,000
b) ₹
3,00,000
c) ₹ 5,00,000
d)
None of these
30) M is entitled children education allowance @ ₹ 80 p.m. per child for 3 children amounting ₹240 p.m. it will be exempt to the extent of
a)₹
200 p.m.
b) ₹ 160 p.m.
c) ₹ 240 p.m.
d)
None of the above
31) Value of rent-free accommodation provided by
the employer
a) Is
exempt from tax
b) Is a perquisite taxable in case of all employees
c) Is
a perquisite taxable in case of only ‘specified’ employees
d) Is
a perquisite taxable in case of only non-government employees
32) Salary received by partner from firm
a)
Salary
b)
Income from other sources
c) Income from business
d)
Exempt income
33) Municipal valuation of the house is
₹1,20,000, fair rent ₹1,40,000, standard rent ₹1,30,000 and actual rent received or receivable is ₹1,25,000. The gross
annual value in this case shall be
a) ₹1,30,000
b)
₹1,25,000
c)
₹1,40,000
d)
None of above
34) A has two house properties. Both are self-occupied.
The annual value of
a) Both house shall be nil
b)
One house shall be nil
c) No
house shall be nil
d)
None of the above
35) An Assessee has borrowed money for purchase
of a house & Interest is payable outside India. Such interest shall :
a) Be
allowed as deduction
b)
Not to be allowed as deduction
c) Be allowed as deduction if the tax is deducted at source
d)
None of the above
36) Municipal tax is deducted from
a)
Net Annual Value
b)
Gross
Annual Value
c)
Municipal Valuation
d)
None of the above
37) Unrealised rent is a deduction from
a) Gross annual value
b)
Net annual value
c)
Municipal Value
d)
None of the above
38) Salary received by a member of parliament
a)
Salary
b) Income from other sources
c)
Income from business
d) Exempt income
39) Payment received by a college lecturer from
University for setting question papers
a) Salary
b) Income from other sources
c)
Income from business
d)
Exempt income
40) Municipal valuation of the house is
₹1,00,000 fair rent ₹1.20,000, standard rent ₹1,10,000 and actual rent
received or receivable is ₹1,40,000. The Gross Annual Value in this case shall
be
a)
₹1,10,000
b)
₹1,20,000
c) ₹1,40,000
d)
None of above
41) Standard Deduction under section 24(a) from
Income from House Property is
a)
1/3 rd of NAV
b)
repairs actually incurred by the owner
c) 30% of NAV
d)
₹30,000
42) The maximum limit of deduction under section
24(b) in respect of interest on loan taken on
1-4-2017 for repairs of a self-occupied house is
a) 30,000 p.a.
b)
2,00,000 p.a.
c)
No limit
d)
Nil
43) Municipal valuation of the house is
₹1,30,000, fair rent is ₹1,50,000 standard rent is ₹1,40,000 whereas
actual rent receivable is ₹1,35,000; municipal taxes paid are 40,000. Net
Annual Value is
a)
₹1,10,000
b)
₹90,000
c)
₹95,000
d) ₹1,00,000
44) Following will be taxable as Income from
house property
a)
sub-letting of a house
b) letting of an office building
c)
sale of house at profit
d)
rent from open land used for wedding functions
45) Municipal taxes to be deducted from GAV
should be
a)
Paid by the tenant during the previous year
b) Paid by the owner during the previous year
c)
Accrued during the previous year
d)
Accrued or paid by owner whichever is lower
46) If a house has been constructed on
01-07-2019 by taking a loan on 01-11-2015, pre-construction
period for allowing interest
in Ass. Year 2020-21 shall be
a) from
01.07.2015 to 31.03.2019
b) from
01.07.2015 to 01.11.2015
c) from
01.11.2015 to 31.03.2019
d) from
01.11.2015 to 31.03.2020
47) L received ₹30,000 as arrears of rent during
the P.Y. 2019-20. The amount taxable under section 25A would be
a)
₹30,000
b) ₹21,000
c)
₹20,000
d)
Nil
48) Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.
a) Income from salariesb) Other sources
c) Business Income
e) None of the above
49) Under the head Business or Profession, the
method of accounting which an assessee can follow shall be:
a)
Mercantile system only
b)
Cash system only
c) Mercantile or cash system
d)
Hybrid system
50) Export incentives received by an assessee
are
a)
Exempt
b) Taxable as business income
c)
Exempt upto certain limits
d)
None of the above
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Answer of Question no.92 will be 25,000
ReplyDeletesir very useful and imp mcq given i have kt in direct tax i study hard with your given mca thanks sir can u upload or tell the step for reapeter from filling plz
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