cs executive free tx law and practice mcq

Posted on 25-03-2016        By admin

cs executive free tx law and practice mcq

1.Surcharge of 10 per cent is payable by an individual where the total incomeexceeds:
a) Rs.7,50,000 b) Rs.8,50,000 c) Rs.10,00,000 d) None of the three
Ans c

2. Additional surcharge (education cess) of 3% per cent is payable on
a) Income tax b) Income tax plus surcharge c) Surcharge
Ans b

3. Family pension received by a widow of a member of the armed forces where thedeath of the
member has occurred in the course of the operational duties, is
a) Exempt up to Rs.3,00,000 b) Exempt up to Rs. 3,50,000
c) Totally exempt under section 10(19) d) Totally chargeable to tax
Ans c

4. In respect of shares held as investment, while computing the capital gains,securities transaction
tax paid in respect of sale of listed shares sold in a recognized stockexchange,
a) Is deductible up to Rs.1,00,000 b) Is deductible up to Rs.2,00,000
c) Is deductible if C.G.’s is < 5,00,000 d) Is not deductible at all
Ans d

5. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee chequefrom a non-relative
regularly assessed to income-tax, is
a) A capital receipt not chargeable to tax b) Chargeable as other sources
c) Chargeable to tax as business income
d) Exempt up to Rs.50,000 and balance chargeable to tax as income from othersource
Ans b

6. The rate of tax that is leivable on STCG arising from transfer of Equityshares of a Company or
units of an Equity oriented fund is
a) 10% b) 15% c) 20%
Ans b

7. For an employee in receipt of hostel expenditure allowance for his threechildren, the maximum
annual allowance exempt under section 10(14) is
a) Rs.10, 800 b) Rs.7,200 c) Rs.9,600 d) Rs.3,600
Ans b

8. For an industrial undertaking fulfilling the conditions, additionaldepreciation in respect of a
machinery costing Rs.10 lakh acquired and installed on October 3, 2005 is
a) Rs.75,000 b) Rs.1,50,000 c) Rs.1,00,000 d) None of the above
Ans c

9. Assessee is always a person but a person may or may not be an assessee.
a) True b) False
Ans a

10. A person may not have assessable income but may still be assessee.
a) True b) False
Ans a

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