Top 250+ Solved Direct Taxation MCQ Questions Answer
Q. When an employee receives money on closure of national pension system trust it is
a. chargeable to tax
b. exempt from tax
c. 40% is exempt from tax
d. 60% is exempt from tax
Q. When employer contributes to approved superannuation fund it is chargeable to tax asperquisite when the contribution exceeds-
a. Rs. 1,50,000
b. Rs. 1,00,000
c. Rs. 50,000
d. Rs. 20,000
Q. When the return of income for the assessment year 2017-18 is filed under Section 139(4),the assessee can revise the return on or before-
a. 31-3-2018
b. 31-12-2018
c. 31-03-2019
d. 31-12-2019
Q. When copyright is acquired for Rs. 50 lakhs on 10-11-2016 and used from 01-12-2016,the amount of depreciation under Section 32 would be ____
a. Nil
b. Rs. 12,50,000
c. Rs. 6,25,000
d. Rs. 15,00,000
Q. Mr. Raj (age 62) is Karta of HUF which is engaged in textile trade. The total income of theHUF is Rs. 3,40,000. The tax liability of the HUF would be ______
a. Rs. 9,270
b. Rs. 4,120
c. Nil
d. Rs. 1,05,060
Q. Interest on Post Office SB joint account is exempt upto _____
a. Rs. 3,500
b. Rs. 7,000
c. Rs. 10,000
d. Rs. 20,000
Q. When cash is deposited into savings bank account, quoting of PAN is mandatory whenthe amount of deposit is ____ or more.
a. Rs. 20,000
b. Rs. 50,000
c. Rs. 1,00,000
d. Rs. 2,00,000
Q. Financial Year 2017-18 shall be considered as
a. Assessment Year for the P.Y. 2016-17 and previous year for the A.Y. 2017-18
b. Assessment Year for the P.Y. 2016-17 and previous year for the A.Y. 2018-19
c. Assessment Year for the previous year 2017-18
d. Previous year for the assessment year 2017-18
Q. For the purpose of levying tax on income other than agricultural income, Union Listcontained entry
a. 82
b. 92C
c. 92D
d. None of the Above
Q. Following is not a head of income:
a. Income from House Property
b. Salaries
c. Income from Interest on securities
d. None of the Above
Q. If total income of a person is Rs. 2,67,888.34, it shall be rounded off to:
a. Rs. 2,67,888/-
b. Rs. 2,67,890/-
c. Rs. 2,67,880/-
d. None of the Above
Q. A Hindu Undivided family is said to be resident in India if
a. The family has a house in India where some of its members reside
b. The member of such HUF is in India during the previous year
c. Control and management of its affairs wholly or partly situated in India
d. The Karta has been resident in India in atleast 9 out of 10 previous years preceding the relevant previous year