Top 250+ Solved Direct Taxation MCQ Questions Answer
Q. Where a partner of a firm transfers any capital asset to the firm by way of capital contribution, for the purpose of computing capital gain in the hands of the partner, the amount of deemed consideration is
a. cost to the partner.
b. fair market value of the asset on the date of transfer.
c. the amount recorded in the books of the firm.
d. value as determined by the Stamp valuation authority.
Q. Medical insurance premium incurred for senior citizen is eligible for deduction up to________ under section 80D.
a. Rs. 30,000
b. Rs. 50,000
c. Rs. 1,00,000
d. Rs. 60,000
Q. When a resident senior citizen having gross total income of Rs. 5,56,000, has derived interest from savings account in a nationalized bank of Rs. 8,200 and fixed deposit interest of Rs. 47,000 from such bank, he is eligible for deduction of Rs. ________ from the gross total income.
a. 55,200
b. 8,200
c. 47,000
d. 50,000
Q. Seshan, a retired civil servant received monthly pension of Rs. 60,000 during the previous year 2018-19. The amount of pension liable to tax after standard deduction would be Rs. ________.
a. 7,10,000
b. 7,00,000
c. 6,80,000
d. 6,30,000
Q. Mr. Atul (aged 63), a resident Indian, paid for himself through account payee cheque, health insurance premium of Rs. 2,10,000 for 5 years in one lump sum on 28.03.2019. The eligible amount of deduction under section 80-D for the assessment year 2019-20 would be _______.
a. Rs. 50,000
b. Rs. 30,000
c. Rs. Nil
d. Rs. 42,000
Q. When a charitable trust registered under section 12AA paid rent of Rs. 50,000 per month throughout the PY 2018-19 and no tax was deducted at source, the amount of expenditure to be considered for computing the application of income by the trust would be __________ .
a. Rs. 6,00,000
b. Nil
c. Rs. 3,00,000
d. Rs. 4,20,000
Q. Manoj,a resident, employed in ABC Ltd., an Indian company, has gross annual salary income of Rs. 20,60,000. The standard deduction available under section 16(1) would be _________ .
a. Nil
b. Rs. 30,000
c. Rs. 40,000
d. Rs. 50,000
Q. Shares in unlisted companies, in order to be treated as long-term capital asset, should be held for a minimum period of ____________ immediately prior to the date of transfer.
a. 365 days
b. 12 months
c. 24 months
d. None of the above
Q. Padmaja Power Co. (P) Ltd. is engaged in generation and distribution of electrical power. It avails deduction under section 80-IA. The gross receipts of the company is Rs. 89 lakhs. The last date for filing the return of income in order to be eligible to avail deduction under section 80-IA is ________________ . (Note: Assume there is no extension of time for filling the return of income)
a. 30.09.2019
b. 31.07.2019
c. 30.11.2019
d. 31.03.2020
Q. Mr. Harivallabh incurred medical expenditure of Rs. 1,20,000 in respect of the disease specified in rule 11DD for his father (aged 66) who is wholly dependent on him. The amount eligible for deduction from his gross total income would be ________.
a. Rs. 40,000
b. Rs. 60,000
c. Rs. 80,000
d. Rs. 1,00,000