DIRECT TAX M.COM PART 2 IMPORTANCE MCQ PDF

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YOUTUBE CHANNEL: SURAJ PATEL EDUCATION 

DIRECT TAX 

M.COM PART 2 
IMPORTANCE MCQ QUESTION BANK 

 

DIRECT TAX M.COM PART 2 IMPORTANCE MCQ PDF

1) 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

 

 

         2) If self-generated goodwill of a profession is transferred, there will

a) be capital gain

b) not be any capital gain

c) be a short-term capital gain

d) None of the above

 

 

3) Exemption under section 54 is available to

a) all assessees

b) individuals only

c) individual as well as HUF

d) HUF only

 

 

4) For claiming exemption under section 54, the assessee should purchase residential property

a) 2 years after the date of transfer

b) 3 years after the date of transfer

c) one year before and two years after the date of transfer

d) one year before and 3 years after the date of transfer

 

 

5) Under section 54EC, the assessee shall be allowed exemption

a) to the extent of capital gain invested subject to maximum of ₹ 50 lakhs per financial year

b) proportionate to the net consideration price so invested

c) to the extent of the capital gain invested

d) None of these

 

 

6) Income under the head income from other sources is taxable on

a) Due basis

b) Receipt basis

c) On the basis of method of accounting regularly employed by the assessee

d) None of the above

 

 

  

7) Dividends declared by Unit Trust of India is

a) Fully exempt in the hands of unit holders

b) Fully taxable in the hands of unit holders

c) Taxable but deduction is allowed under sec. 80

d) None of the above

 

 

8) Gift received by an individual ₹70,000 from his relative M shall be

a) Fully exempt

b) Fully taxable

c) Exempt upto₹ 50,000

d) None of the above

 

 

9) The deduction allowable in respect of family pension taxable under "Income from other sources is

            a)33- 1/3% of the pension

            b) 30% of the pension or 15,000, whichever is less

            c) 33-1/3% of the pension or ₹15,000, whichever is less

            d) Nil

 

 

10) Agricultural income from a place outside India is

a) exempt from tax

b) taxable only in case of a non-resident

c) taxable as income from business

d) taxable as income from other sources

 

 

11) The deduction in respect of interest on enhanced compensation of ₹1,50,000 received during previous year 2019-20, would be

a) ₹1,50,000 being 100% of 1,50,000

b) ₹75,000 being 50% of 1,50,000

c) ₹45,000 being 30% of 1,50,000

d) Nil

 

 

12) Deduction 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) An individual or HUF who is resident in India

 

 

13) Deduction u/s 80C is allowed to the maximum of

a) ₹50,000

b) ₹1,50,000

c) ₹1,00,000

d) None of the above

 

  

14) Deduction u/s 80C in respect of tuition fee is allowed to

a) An individual only

b) Individual or HUF

c) Any assessee

d) None of the above

 

 

15) Rakesh received ₹70,000 from his friend on the occasion of his birthday.

            a) The entire amount of ₹70,000 is taxable

            b) ₹20,000 is taxable

            c) The entire amount is exempt

            d) None of the above

 

 

16) Family pension received by a widow of a member of the armed forces is, subject to conditions,

            a) Exempt upto ₹3,00,000

            b) Exempt upto ₹3,50,000

            c) Totally exempt under section 10(19)

            d) Totally chargeable to tax

 

 

17) The payment for Insurance premium under section 80D should be :

a) In cash

b) By any mode other than cash

c) Cash / by cheque

d) None of the above

 

 

18) The quantum of deduction allowed under section 80D for self and spouse shall be limited to:

a) ₹25,000

b) ₹10,000

c) ₹15,000

d) None of the above

 

 

19) Deduction u/s 80DD in case of dependent with severe disability shall be allowed

a) To the extent of actual expenditure

b) ₹75,000

c) ₹1,25,000 irrespective of actual expenditure

d) None of the above

 

 

20) The deduction u/s 80E is allowed for repayment of interest to the extent of:

a) ₹25,000

b) ₹40,000

c) Any amount

d) None of the above

  

 

21) Deduction under section 80CCC is allowed to the extent of:

a)    ₹2,00,00

b)    ₹1,00,000

c)    ₹2,50,000

d)    ₹1,50,000

 

 

22) Deduction u/s 80D is allowed to an individual for premium paid to insure the health of

a) Individual himself

b) Individual and his family

c) Individual, his spouse, parents and dependent children

d) None of the above

 

 

23) Deduction u/s 80E shall be allowed for the higher education of

a) Assessee himself

b) Assessee, spouse and children

c) Assessee and dependent children

d) None of the above

 

 

24) The quantum of deduction allowed u/s 80U

    a)₹40,000

    b)₹75,000

    c) ₹60,000

    d) ₹70,000

 

 

25) Annual interest accrued on NSC’s VII issue shall be

a) Exempt

b) Taxable only in VIth year

c) Taxable on the basis of annual accrual

d) None of the above

 

 

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