Direct Tax MCQs and Notes

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📊 Direct Tax
Q. Employee M is neither a government employee nor covered under payment of gratuity Act, 1972. He has completed 16 years and 8 months of service. The number of completed years considered for gratuity exemption shall be _____________
  • (A) 17 years
  • (B) 16 years
  • (C) 16 years and 8 months
  • (D) 19 years
💬 Discuss
✅ Correct Answer: (B) 16 years
📊 Direct Tax
Q. M.claimed the exemption of gratuity in the past to the extent of Rs.2,50,000.He was entitled to the gratuity from the present employer amounting to Rs.2,00,000 in the previous year 2017-18. M can claim exemption to the maximum extent of ___________
  • (A) Rs.2,00,000
  • (B) Nil
  • (C) Rs.1,00,000
  • (D) Rs.1,50,000
💬 Discuss
✅ Correct Answer: (A) Rs.2,00,000
📊 Direct Tax
Q. Un -commuted pension received by a Government employee is ____________
  • (A) Exempt
  • (B) Taxable
  • (C) 1/3 is exempt
  • (D) Non taxable
💬 Discuss
✅ Correct Answer: (B) Taxable
📊 Direct Tax
Q. M.Ltd announced increase in D.A. on 21-03-2017 with retrospective effect from 21-3-2012 and the same were paid on 6-04-2017. The arrears of D.A. shall be taxable in the previous year ________
  • (A) 2016-17
  • (B) 2017-18
  • (C) In respective previous years to which these relate
  • (D) Previous years
💬 Discuss
✅ Correct Answer: (B) 2017-18
📊 Direct Tax
Q. Salary of M becomes due on 1st of next month and it is paid on 7th of that month. For the assessment year 2018-19, the salary of M shall be taken from ________
  • (A) April 2017 to March 2018
  • (B) March 2017 to February 2018
  • (C) April 2018 to March 2019
  • (D) April 2019 to March 2020
💬 Discuss
✅ Correct Answer: (B) March 2017 to February 2018
📊 Direct Tax
Q. M, who is entitled to salary of Rs.12,000 p.m. took advantage salary from his employer for the month of March, 2018 on 31-3-2018.The gross salary of M for assessment year 2018-19 shall__________
  • (A) 1,44,000
  • (B) 1,68,000
  • (C) Rs.24,000
  • (D) 2,90,000
💬 Discuss
✅ Correct Answer: (B) 1,68,000
📊 Direct Tax
Q. M,who is entitled to a salary of Rs.20,000 p.m took an advance of Rs.50,000 against the salary in the month of March ,2018. The gross salary of m for assessment year 2018-19 shall be _________
  • (A) 2,90,000
  • (B) 2,40,000
  • (C) 50,000
  • (D) 60,000
💬 Discuss
✅ Correct Answer: (B) 2,40,000
📊 Direct Tax
Q. M.a chartered accountant is employed with M ltd, as an internal auditor and requests the employer to call the remuneration as internal audit fee.M. shall be chargeable to tax for such fees under the head __________
  • (A) Income from salaries
  • (B) Profit and gains from business and profession
  • (C) Income from other sources
  • (D) None of these
💬 Discuss
✅ Correct Answer: (A) Income from salaries
📊 Direct Tax
Q. Mr. Manmohan Sharma goes out to India every year for 274 days. For the assessment year 2018 -19, he is ____________________
  • (A) A resident and ordinarily resident
  • (B) A resident but not ordinarily a resident
  • (C) A non-resident
  • (D) Resident
💬 Discuss
✅ Correct Answer: (B) A resident but not ordinarily a resident
📊 Direct Tax
Q. Income accruing in Japan and received there is taxable in India in the case of ______________
  • (A) Resident and ordinarily resident only
  • (B) A resident but not ordinarily resident
  • (C) A non -resident
  • (D) Resident
💬 Discuss
✅ Correct Answer: (A) Resident and ordinarily resident only

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