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Direct Tax MCQs

M

Mr. Dubey • 51.17K Points
Coach

Q 1. where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______

(A) Crossed cheque
(B) Account payee cheque / draft
(C) Cash
(D) None of these
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M

Mr. Dubey • 51.17K Points
Coach

Q 2. Which of the following tax is allowed as deduction while computing the business income________

(A) Wealth Tax
(B) Income Tax
(C) GST
(D) TDS
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M

Mr. Dubey • 51.17K Points
Coach

Q 3. 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 rate
(B) At 50% of normal rate
(C) No depreciation is allowed
(D) Depreciation
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M

Mr. Dubey • 51.17K Points
Coach

Q 4. Depreciation is allowed in case of __________

(A) Tangible fixed assets only
(B) Intangible assets only
(C) Tangible and intangible assets
(D) Wasting assets only
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M

Mr. Dubey • 51.17K Points
Coach

Q 5. 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) Intangible asset
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M

Mr. Dubey • 51.17K Points
Coach

Q 6. Export incentives received by an assessee are __________

(A) Exempt
(B) Taxable as business income
(C) Exempt up to certain limits
(D) Unexempt
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M

Mr. Dubey • 51.17K Points
Coach

Q 7. Interest on capital or loan received by a partner from a firm is __________

(A) Exempt u/s 10 (2A)
(B) Taxable as business and profession income
(C) Taxable as income from other sources
(D) None of the above
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M

Mr. Dubey • 51.17K Points
Coach

Q 8. Perquisite received by the assesses during the course of carrying on his business or profession is taxable under the head _______

(A) Salary
(B) Other Sources
(C) Business / Professional Income
(D) Professional income
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M

Mr. Dubey • 51.17K Points
Coach

Q 9. Salary, bonus commission or remuneration due to or received by a working partner from the firm is taxable under the head_______

(A) Income from Salaries
(B) Other sources
(C) Business income
(D) Salary
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M

Mr. Dubey • 51.17K Points
Coach

Q 10. Interest on borrowed capital accrued up to the end of the previous year to prior to the year of competition of construction is allowed__________

(A) As a deduction in the year of completion of construction
(B) In 5 equal annual installments from the year of competition of construction.
(C) In the respective year in which the interest accrues
(D) Up to Rs.30,000 on Rs.20,000.
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