Top 250+ Solved Direct Taxation MCQ Questions Answer
Q. When the total income of an individual exceeds Rs.50 lakhs, the surcharge is payable @
a. 5%
b. 7%
c. 10%
d. 12%
Q. Ms. Jothi (aged 23) got married and left India to join her husband in the United Kingdom on 10.06.2017. She had never left India earlier. Her residential status for the assessment year 2018-19 is:
a. Resident and ordinarily resident
b. Resident but not ordinarily resident
c. Non-resident
d. None of the above
Q. While computing TDS on salary paid to employees, the losses given below to the applicable extent would be considered by the employer:
a. Loss from business
b. Loss from house property
c. Long-term capital loss
d. Short-term capital loss
Q. When tax is not deducted at source on annual rent of Rs.2 lakhs paid to landlord by a company, the amount liable for disallowance under section 40(a) (ia) is
a. Nil
b. Rs.2,00,000
c. Rs.20,000
d. Rs.60,000
Q. When the assessee has loss from house property, the maximum amount of such loss eligible for set off against other permissible incomes would be
a. Rs.30,000
b. Rs.1,50,000
c. Rs.2,00,000
d. No Limit
Q. When a capital asset was acquired on 01.04.1980 and sold in June, 2017, the cost of acquisition or the fair market value of the asset as on ------, at the option of the assessee is to be adopted for indexation purpose:
a. 01.04.2011
b. 01.04.2001
c. 01.04.1991
d. 01.04.1981
Q. When a motor car is sold for Rs.12 lakhs by a dealer to a buyer holding PAN, the amountof tax collectible as source shall be _______ .
a. Rs.12,000 (1%)
b. Rs. 24,000 (2%)
c. Rs. 1,20,000(10%)
d. NIL
Q. Cash donation given to a charitable trust (approved under section 80G) is eligible fordeduction under that section, when the amount of donation does not exceed
a. Rs. 2,000
b. Rs. 5,000
c. Rs. 7,000
d. Rs. 10,000
Q. When a charitable trust registered u/s 12AA pays Rs. 50,000 towards rent to a resident for the premises occupied by it without deduction of tax at source for the entire previous year 2018-19, the amount of rental expenditure liable for disallowance would be ________.
a. Nil
b. Rs. 6,00,000
c. Rs. 4,20,000
d. Rs. 1,80,000
Q. The lock-in-period for capital gain bonds issued by National Highway Authority of Indiafor the purpose of deduction under section 54EC is ________.
a. 5 years
b. 3 years
c. 7 years
d. 1 year
Q. The TDS rate for payments made to a non-resident sportsman is ________ %.
a. 20
b. 20.8
c. 30
d. Nil