YOUTUBE CHANNEL : SURAJ PATEL EDUCATION
DIRECT TAX
M.COM [PART 2]
100 + Importance DIRECT TAX MCQ PDF
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1) Where the amount of an expenditure claimed as deduction exceeds ₹10,000, it should be paid by
a)
Crossed cheque
b) Account payee cheque/ draft
c)
Cash
d)
None of these
ANS : B
2) Expenditure incurred on family planning
amongst the employees is allowed to
a)
Any assessee
b) A company assessee
c) An
assessee which is a company or co-operative society
d)
None of the above
ANS : B
3) Profit on sale of Import Licence is
a)
exempt from tax
b)
Taxed as profits and gains of business
c)
taxed as income from other sources
d)
taxed as capital gains
4) Profit on transfer of Duty Entitlement Pass
Book is
a)
exempt from tax
b)
axed as income from other sources
c) taxed as profits and gains of business
d)
taxed as capital gains
ANS : C
5) Any sum received under a Keyman Insurance
Policy including bonus is
a)
wholly exempt from tax
b)
exempt from tax to the extent of the bonus
c)
taxed as income from other sources
d) taxed as profits and gains of business
6) Depreciation is allowed in case of
a) Tangible Fixed Assets Only
b)
Intangible assets only
c)
Tangible and intangible assets
d)
Wasting assets only
7) Which of the following tax is allowed as a
deduction while computing the business income?
a)
Wealth Tax
b)
Income tax
c) GST
d)
None of the above
8) Income from illegal business e.g. smuggling
is
a)
wholly exempt from tax
b)
taxed as income from other resources
c) taxed as profits and gains of business
d) taxed
as profits and gains of business
5) The following business loss is deductible
from profits of business
a) theft of cash
b)
loss of machinery in fire
c)
estimated bad debts likely to arise in next year
d)
expenditure on new business not ultimately set up
10) Any sum paid to an approved university to be
used for scientific research
a) is
allowed to be deducted @ 100%
b) is
allowed to be deducted @ 125%
c) is allowed to be deducted @ 175%
d) is
allowed to be deducted @ 200%
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11) Which asset is not treated as capital asset
for capital gain purposes.
a) Motor car for business use
b) Jewellery
c) Tenancy rights
d) Plant and Machinery held as stock in trade
12) Short-term capital gain arise on transfer of
listed 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
33) The assessee is allowed to opt for market
value as on 1-4-2001 in case of
a)
All capital assets
b) All capital assets other than depreciable asset
c)
Only house properties
d)None
of the above
ANS : B
14) Cost of improvement of goodwill of a
business shall be
a) Nil
b)
The capital expenditure incurred
c)
Capital expenditure incurred on or after 1-4-2001
c)
None of the above
15) Any sum paid to an approved National
Laboratory for an approved research programme
a) is
allowed to be deducted @ 100%
b) is
allowed to be deducted @ 125%
c) is
allowed to be deducted @ 175%
d) is allowed to be deducted @ 200%
16) Section 35D provides for the amortisation of
preliminary expenses
a) in
the year such expenses are incurred
b) in
the year such expenses are paid
c) over a period of 5 years
d) over
a period of 10 years
17) Capital gain arises from the transfer of
a)
Any asset
b)
Any fixed asset
c) Any capital asset
d)
Land and buildings only lond
18) Income from sale of household furniture is
a)
Taxable capital gain
b) Not taxable as capital gain
c)
Short term capital gain
d)
Long term capital gain
19) Income from sale of rural agricultural land
is
a)
Taxable capital gain
b) Not taxable as capital gain
c)
Taxable income
d)
None of these
ANS : B
20) To be a long term capital asset, a residential
house property should be held for more than
a) 12
months
b) 24 months
c) 36
months
d) 60
months
ANS : B
21) Indexation is applicable to
a)
Sale of short-term capital assets
b)
Sale of long term debentures
c)
Sale of depreciable capital assets
d) Sale of long term capital assets which are not depreciable
assets
ANS : D
22) FMV on 1-4-2001 is applicable to assets
a) acquired prior to 1-4-2001
b)
transferred prior to 1-4-2001
c)
acquired after 1-4-2001
d)
none of the above
ANS : A
23) The cost inflation index number of the
previous year 2019-20 is
a) 289
b)
200
c)
100
d)
300
ANS : A
24) Conversion of debentures into shares shall
a)
be regarded as transfer for capital gain purpose
b) not
be regarded as transfer for capital gain purpose
c)
Both A & B
d)
none of these
25) shares held for less than 12 months are
a) Short term capital gain
b)
Long term capital gain
c)
Exempted capital asset
d)
Excluded from definition of capital asset
ANS : A
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