Top 250+ Solved Direct Taxation MCQ Questions Answer
Q. Short term capital gain not covered u/s 111A is:
a. Exempt
b. Taxable @ 15%
c. Taxable at normal rate applicable to the assessee
d. None of above
Q. Loss from house property can be carried forward and set-off in subsequent eight assessment years:
a. If return of loss is filed within due date
b. Even if return of loss is filed after due date
c. Even if return of loss is not filed
d. None of above
Q. The basic exemption limit in case of a non-resident firm is:
a. Rs. 2,50,000
b. Rs. 3,00,000
c. Rs. 5,00,000
d. None of these
Q. TDS u/s 194 in respect of dividend, if payee furnish PAN is:
a. 10%
b. 20%
c. 30%
d. None of above
Q. Tax payable by a resident individual, if he has long term capital gain of Rs. 2,60,000 buthas no other income is:
a. Rs. 1000 plus cess
b. Rs. 26,000 plus cess
c. Rs. 52,000 plus cess
d. None of above
Q. A winning from lotteries is Rs. 50,000 and expenses incurred to earn such income is Rs.5,000. Its taxable income is
a. Rs. 50,000
b. Rs. 45,000
c. Nil
d. None of above
Q. Net salary after deducting tax at source Rs. 10,000 is Rs. 2,50,000 .The amount of taxablesalary is:
a. Rs. 2,40,000
b. Rs. 2,50,000
c. Rs. 2,60,000
d. None of the above
Q. Amount of deduction in respect of donation to approved scientific research institution u/s80GGA is:
a. 100% of such donation
b. 200% of such donation
c. 175% of such donation
d. None of above
Q. Agricultural land located in rural area is:
a. Capital asset
b. Not a capital asset
c. Exempted capital asset
d. None of above
Q. TDS U/s 193 in respect of interest on securities if payee does not furnish PAN is:
a. Rate in force
b. Rate as per Act
c. Nil
d. None of above
Q. Income of public charitable trust registered u/s 12A is:
a. Exempt
b. Taxable at MMR
c. Taxable at slab rates
d. None of above
Q. The number of Income computation and Disclose Standards issued so far are:
a. 32
b. 24
c. 10
d. None of above
Q. Expenditure in respect of winnings from card games is:
a. Deductible
b. Not deductible
c. Deductible if conditions are satisfied
d. None of above
Q. Tax payable by a non-resident individual, if he has long term capital gain of Rs. 2,60,000but has no other income is:
a. Rs. 1000 plus cess
b. Rs. 26,000 plus cess
c. Rs. 52,000 plus cess
d. None of above
Q. Stake money on owning and maintaining race horses is Rs. 70,000 and expensesincurred is Rs. 20,000. Its taxable income is:
a. Rs. 70,000
b. Rs. 50,000
c. Nil
d. None of above