Practice Test

Q1) Alia Bhatt, an actress is employed in Chopra films where she is paid monthly remuneration of Rs.2, 00, 000. She acts in various films produced by various producers. Remuneration for acting in such films is directly paid to Chopra films by different producers. Rs.2, 00, 000 will be taxable under which head- Show Answer

Q2) Mr. Jagdish, an employee instructs his employer that he is not interested in receiving the salary for April 2018 and same might be donated to charitable institution. Taxability of such amount in hands of Mr. Jagdish will be- Show Answer

Q3) Income tax paid by the employer on non-monetary perquisite on behalf of employer is in the hands of employee Show Answer

Q4) Salary is taxable on- Show Answer

Q5) Servant Allowance provided by employer to employee is- Show Answer

Q6) Transport allowance granted to an employee to meet his expenditure for commuting between place of residence and place of his duty is- Show Answer

Q7) Children Education Allowance is exempt to what extent- Show Answer

Q8) Any allowance granted for encouraging the academic research and training pursuits in educational and research institutions provided by employer to employee is- Show Answer

Q9) Which of the following allowances are fully exempt- Show Answer

Q10) State whether true or false. "When gratuity is received from 2 or more employers in the same year then the aggregate amount of gratuity exempt from tax cannot exceed Rs.20, 00,000 in case covered by payment of Gratuity Act, 1972." Show Answer

Q11) Exemption amount in the case of leave salary received at the time of retirement to nongovernment employees is the least of-
(i) Rs.3, 00,000
(ii) Leave salary actually received
(iii) average salary
(iv) Cash equivalent of leave to the credit of employee at the time of retirement or death
Show Answer

Q12) A fund constituted under Employee Provident Fund and Miscellaneous Provisions Act, 1952 will also be a- Show Answer

Q13) Interest is credited to the account of employee of Statutory Provident Fund. What will be the taxability of interest earned-? Show Answer

Q14) On retirement, receipt of accumulated balance of Recognized Provident Fund will be exempt only if employee has rendered continuous service of years Show Answer

Q15) Compensation on account of termination of employment and compensation on account of modification in the terms and conditions of employment would be- Show Answer

Q16) Amount of contribution to an approved superannuation fund by the employer with respect to assessee is exempt to the extent of- Show Answer

Q17) Contribution to which of the following fund by employees is not eligible for deduction u/s 80C Show Answer

Q18) Miss Aarti is an employee of Infosys Ltd. She gets subsidized lunch at Rs.25 per plate. Market value of the same is Rs.50. Perquisite taxable in the hands of Miss Aarti is- Show Answer

Q19) Medical facilities provided by employee to employer is fully taxable except- Show Answer

Q20) Interest free loan will not be regarded as perquisite given by employer to employee if loan given is upto- Show Answer

Q21) As per FA 2018, standard deduction of _______ will be provided to all the employees from their salary Show Answer

Q22) Deduction of Entertainment Allowance is available only to- Show Answer

Q23) Maximum ceiling limit for exemption u/s 10(10) in respect of gratuity for employees covered by payment of Gratuity Act, 1972 is- Show Answer

Q24) HRA paid to an employee residing in Patna is exempt up to lower of actual HR k, excess of rent paid over 10% of salary and Show Answer

Q25) For the purpose of determining the perquisite value of loan at concessional rate given to the employee, the lending rate of State Bank of India as on _____ is required Show Answer

Q26) Srahma and Company, a partnership firm, according to its partnership deed, is engaged in the business of letting out of properties. Rental income received from letting out of property will be chargeable under the head- Show Answer

Q27) Mr. Shiva, a salaried individual has a vacant land which is given on rent by him. Rental income received by Mr. Shiva is taxable under the head- Show Answer

Q28) Annual value of property being held as stock-in-trade would be treated as NIL for the period of _______ from the end of the FY in which Completion Certificate of construction of property is obtained from competent authority- Show Answer

Q29) Mr. A received composite rent for building and furniture from Mr. B. Mr. B does not accept letting out of buildings without other assets. Total rent received is Rs.9, 60,000. Now, Rs.9, 60,000 will be taxable in the hands of Mr. A under which head- Show Answer

Q30) For computation of Income from House Property, Gross Annual Value is- Show Answer

Q31) For calculating expected rent, should be taken- Show Answer

Q32) If a single unit of property is self-occupied for part of the year and let out for rest of the year, the Expected Rent for _____ shall be taken into account- Show Answer

Q33) Unrealized rent should not be taken into consideration for calculating actual rent. Which of the following condition is required to be fulfilled for the same- Show Answer

Q34) Municipal taxes will be deducted from GAV only when- Show Answer

Q35) Deduction of which of the following is allowed as deduction while computing income from house property- Show Answer

Q36) Pre-construction period interest can be claimed as deduction over a period of in equal annual installments commencing from the year of acquisition or completion of construction Show Answer

Q37) When loan is taken for repair, renewal or reconstruction of house property in case of self-occupied property, maximum interest allowable is- Show Answer

Q38) Mr. Bunty let out his house property and received Rs.1, 32,000 as rent. Municipal value =
1,30,000 p.a.; Fair rent = 1,10,000; Standard rent = 1,20,000 p.a. Mr. Bunty took a loan for acquisition of this property from Singapore and paid interest of Rs.40,000 without deduction of IDS. Compute income from house property (Municipal taxes accrued = 13,000 but paid during the year is Rs.10, 000)-
Show Answer

Q39) Mr. Nazish received unrealized rent of Rs.49,000 on 05/06/18. In this year, he was not the owner of house property. This 49,000 will be taxable under which head and how much will be taxable- Show Answer

Q40) SMr. Ramnath transferred his house property to his wife in an agreement to live apart without consideration .Who will be the owner of house property- Show Answer

Q41) A person who acquires any rights in or with respect to any building or part thereof i.e. transfer by way of lease for not less than. Years, shall be deemed to be the owner of the building. Show Answer

Q42) Which of the following house property income is exempt from tax- Show Answer

Q43) Siddhartha and Varun Dhawam are co-owners of self-occupied property, They own 50% share each. The interest paid by each co-owner during Previous Year on loan (taken for acquisition of property during year 2004) is Rs.2.05,000, The amount of allowable deduction in respect of each co-owner is- Show Answer

Q44) Vidya received Rs.90, 000 in May, 18 towards recovery of unrealised rent, which was deducted from actual rent during Previous Year 16-17 for determining annual value. Legal expense incurred in relation to unrealized rent Is Rs.20, 000. The amount taxable u/s 25A AY 2019-10 would be- Show Answer

Q45) Where an assessee has two house properties for self-occupation, the benefit of nil annual value will be available in respect of- Show Answer

Q46) Deduction u/s 24(a) is- Show Answer

Q47) Treatment of unrealized rent for determining income from house property- Show Answer

Q48) Priyanka Bhati opened Umbrella shop during rainy season for 3 months. It was not a continuous venture. During these 3 months she earned Rs.5, 00,000 and incurred expenses of Rs.1, 00,000. This income will be taxable under Show Answer

Q49) Which of the following is not profit for taxability under section 28? Show Answer

Q50) Mini started a small venture of selling ice creams. Though started by Mini, business is fully carried on by her brother Sanjay under her directions and control. Tax on profits of this venture will be paid by Show Answer

Q51) Method of accounting to be employed for computing income under other sources are Show Answer

Q52) Central government has notified _______ ICDS to be applicable from AY 2017-18 Show Answer

Q53) Mr. BB followed cash system of accounting for PGBP who is required to get his accounts audited under section 44AB. Whether ICDS has to be followed by Mr. BB Show Answer

Q54) In which of the following circumstances ICDS is applicable? Show Answer

Q55) If there is a conflict between ICDS and Income Tax provisions, what will prevail? Show Answer

Q56) ICDS-I (Accounting policies) does not recognize Show Answer

Q57) State whether true or false "As per ICDS-I (Accounting policies), treatment and presentation of transactions has to be governed by legal form and not by substance." Show Answer

Q58) ICDS-II - Inventories deals with Show Answer

Q59) ICDS-II- Valuation of inventory, requires inventory to be valued at cost or ______ whichever is lower Show Answer

Q60) ICDS-III-Construction contract is to be applied by Show Answer

Q61) Mr. Shivansh Handloi started his contract work on 31/12/2015 but was unable to compete it before 31/03/2016. From FY 16-17, ICDS-III became applicable to Mr. Shivansh. Now for FY 16-17 contract revenue and contract costs will be recognized based on Show Answer

Q62) Which ICDS recognizes revenue earned by giving its resources yielding interest, royalties, or dividends for use of some other person Show Answer

Q63) Mr. Ashwin is in agency business whereby he is a real estate broker. For Mr. Ashwin as per ICDS- IV, revenue will be Show Answer

Q64) Mr. BB taught DT for 80 days to students. How will the revenue be recognised by Mr. BB as per ICDS- IV? Show Answer

Q65) ICDS- IV Revenue Recognition requires disclosure of Show Answer

Q66) When an asset is acquired in exchange of other asset, value of acquired asset should be measured at Show Answer

Q67) ICDS V - Tangible Fixed Asset does not require disclosure of which of the following Show Answer

Q68) Foreign currency monetary items at end of PY shall be converted into reporting currency by applying as per ICDS VI Show Answer

Q69) What are the types of government grants as per ICDS VII-Government grants? Show Answer

Q70) As per ICDS VII- Government Grants relatable to depreciable fixed assets shall be Show Answer

Q71) When a security is acquired in exchange of another security, value of acquired security which is to be recorded in books will be Show Answer

Q72) At end of PY, listed securities held as stock - in - trade have to be valued at as per ICDS. VIII-Securities Show Answer

Q73) As per ICDS VIII- Securities, comparison of actual cost and net realizable value has to be done Show Answer

Q74) Where actual cost initially recognised cannot be ascertained by reference to specific identification, which of the following method shall be used for subsequent measurement of securities held as stock - in - trade as per ICDS VIII Show Answer

Q75) Which of the following is not dealt by ICDS IX- Borrowing Costs? Show Answer

Q76) ICDS-X requires recognition of Show Answer

Q77) State whether the following statement is true or false "ICDS will apply only if the assessee follow Ind-AS" Show Answer

Q78) Provisions of ICDS is not applicable for which of the following Show Answer

Q79) Which ICDS is applicable on recognizing revenue from BOT projects? Show Answer

Q80) Mr. Dattaram sold debenture on 30/04/2018 for Rs.60, 000 which he acquired on 26/07/2015 for Rs.40,000. Interest payment is on 30/06/2018 but interest on accrual basis of Rs.1,250 has been accounted as income on 31/03/2018. Amount of capital gain will be ____ Cl I for FY15-16 is 254 and for FY18-19 is 280 Show Answer

Q81) Interest of Rs.50, 000 is eligible for capitalization as per ICDS IX. In this interest of Rs.15, 000 is disallowed as per section 40(a)(ia). Amount of capitalization will be Show Answer

Q82) Provision for post-employment benefits will be done as per Show Answer

Q83) Unlisted securities should be valued at the end of PY as per ICDS VIII - Securities at Show Answer

Q84) pragya, proprietor of "Sakhi" business entered into a contract with Neshma to deliver the goods with in 3 months. Neshma modified the terms and stated that she will deliver the goods within 9 months and not within 3 months. Due to this modification, Pragya received Rs.50,000 as compensation from Neshma. This amount of Rs.50000 shall be taxable under which head? Show Answer

Q85) Which of the following is not taxable under PGBP? Show Answer

Q86) Interest received by partner of firm from firm will be deemed to be income from Show Answer

Q87) In Manikchand partnership firm, Popatlal is one of the partners whose capital is Rs.1,00,000 in firm. Firm gave interest on capital @30% to all partners i.e. Popatlal received Rs.30,000. Taxability of Rs.30,000 in hands of Popatlal is Show Answer

Q88) Any sum received on account of transfer of right to carry on any business or profession, is chargeable under which head? Show Answer

Q89) When inventory is converted into capital asset, ___________ of inventory on date of its conversion would be charged as business income Show Answer

Q90) Which of the following is a speculation business? Show Answer

Q91) If assessee is the owner of premises and occupies them for business purpose then Show Answer

Q92) Which of the following is not allowed as deduction under section 30? Show Answer

Q93) In order to claim deduction under section 31 for repairs of plant, usage of plant means Show Answer

Q94) In a business, plant is used only 3 months for business purpose in FY 18-19. Total expense on repairs made during the year for plant isRs.12000, Deduction allowed under section 31 will be Show Answer

Q95) Deduction allowable with respect to premium paid for insuring the machinery, plant or furniture is subject to which of the following deductions? Show Answer

Q96) AB Ltd earned a profit of Rs.12,00,000 before Depreciation as he does not want to deduct it from profit. Depreciation for the whole year is Rs.80,000. Total taxable income will be Show Answer

Q97) For which of the following asset, Depreciation is not allowed Show Answer

Q98) Depreciation is allowed on plant. Definition of plant under section 43(3) does not include Show Answer

Q99) Depreciation is allowed on plant. Definition of plant under section 43(3) includes Show Answer

Q100) Taarak Ltd has following assets –
Bridges
Trademarks
Animals
Vehicle
Books
Depreciation will not be available on
Show Answer

Q101) Under section 32 Depreciation is allowed when Show Answer

Q102) Where any asset is acquired and is put to use for a period of less than days, Depreciation shall be allowed at 50% of allowable Depreciation Show Answer

Q103) Cabbage Pvt Ltd has acquired a new machinery for Rs.8, 00,000 on 18/10/17 which was not put to use in FY17-18. In FY18-19, on 17/10/18, it was put to use. Depreciation in FY18-19 will be Show Answer

Q104) Megha Pvt Ltd owned an asset which it provided on lease to Aakriti Ltd. Who will take the Depreciation? Show Answer

Q105) Standby equipment, fire extinguishers and machinery spares can be capitalized once it is Show Answer

Q106) Which of the following undertaking has an option to either use SLM or WDV option Show Answer

Q107) Additional Depreciation under section 32(iia) is available on Show Answer

Q108) APJ and Co. Purchased AC and installed in office on 5/12/18. Additional Depreciation will be available @ Show Answer

Q109) Rate of additional Depreciation will be u/s32 (iia) Show Answer

Q110) Modi LLP purchased machine for Rs.9, 60,000 on 9/07/18. This machine was used outside India by previous owner. Whether additional Depreciation is allowable? Show Answer

Q111) ABC Ltd engaged in printing business. It purchased a new machinery on 4/10/18 for Rs.15,00,000. Total Depreciation allowable under section 32 will be Show Answer

Q112) Rate of Depreciation as per rule 5(1) for temporary wooden structures Show Answer

Q113) Rate of Depreciation as per Rule 5(1) for motor buses used in business of running them on hire Show Answer

Q114) Rate of Depreciation as per Rule 5(1) for aero plane is Show Answer

Q115) Rate of Depreciation as per Rule 5(1) for life saving medical equipment is Show Answer

Q116) Rate of Depreciation for windmills installed after 1/4/14 is Show Answer

Q117) Depreciation in case of succession of firm/sole proprietary concern by a company shall be apportioned between the two entities in the ratio of Show Answer

Q118) Anjali, lessor gave asset on hire to Mr. Rahul wherein Rahul will pay Rs.10,000 p.m. to Anjali as installment. Agreement says that lessor has right to sue for installments but not right to recover asset. Depreciation in such case will be available to Show Answer

Q119) Eureka purchase machinery of Rs.35,000 from Miss Mini and the asset was put to use on 15/09/18. Eureka paid Rs.12,000 in cash on 04/07/18 to Miss Mini and rest paid by account payee cheque on 16/08/2018. Depreciation for FY18-19 available to Eureka Show Answer

Q120) Cost for the purpose of Depreciation means Show Answer

Q121) Mr. Ravi Shankar Prasad, a retailer acquired furniture on 10/05/2018 for Rs.l0,000 in cash and on 15/05/18 for Rs.15,000 and Rs.20,000 by a bearer cheque and A/c payee cheque respectively, Depreciation allowable for AY 19-20 could be Show Answer

Q122) Mr. X acquires an asset which was previously used for scientific research for Rs.275000. Deduction u/s 35(l) (iv) was claimed in PY 14-15. Asset was brought into use for the business of Mr. X after the completion of research. Actual cost of asset to be included in block of assets is Show Answer

Q123) Where an depreciable asset is acquired by way of gift or inheritance, actual cost to the recipient shall be Show Answer

Q124) Mr. A acquired asset and WDV of this asset as on 31/3/18 is Rs.1,20,000. This asset was transferred on 5/8/18 for Rs.5,00,000 and again reacquired by him for Rs.4,50,000 on 8/8/18. Depreciation will be calculated on Show Answer

Q125) Miss Pav Bhaji owns an asset and WDV as on 31/3/18 is Rs.4, 30,000. Miss Pav Bhaji transferred the asset to Mr. Chole Bhature for Rs.5, 00,000. Pav Bhaji acquired the same asset back from Chole Bhature on lease, hire or otherwise. Chole Bhature being the new owner will be entitled to Depreciation on Show Answer

Q126) Building which was previously property of assessee is brought into use for business or profession, its actual cost to the assessee Show Answer

Q127) If any capital asset is transferred by amalgamating company to amalgamated Indian company, actual cost of transferred capital asset to the amalgamated company for the purpose of Depreciation will be Show Answer

Q128) In which of the following situation, Depreciation will not be available
(i) Where cost includes payment made by cash in excess of Rs.10000
(ii) Where interest paid in relation to asset after asset put to use is capitalized.
(iii) Where capital asset transferred by amalgamating company to amalgamated company
(iv) Where building previously used for personal purpose now brought into business
Show Answer

Q129) Asset acquired outside India by an assessee being NR and such asset is brought by him to India and used for the purpose of his business or profession, actual cost of asset for Depreciation will be Show Answer

Q130) Holding company transferred its asset to wholly owned subsidiary on 5/4/18. Holding company has taken deduction of 35AD with respect to such asset. Cost of acquisition for subsidiary company will be Show Answer

Q131) Mr. Franky purchased asset of Rs.5, 00,000 on 09/03/2018 for specified business and claimed deduction under section 35AD. On 05/06/2018, Mr. Franky brought the asset to normal use from specified business use. Actual cost for Mr. Franky for the purpose of Depreciation will be Show Answer

Q132) Closings WDV will be Show Answer

Q133) Krishna Ltd is engaged in tea business. Turnover of Krishna Ltd for FY 18-19 is Rs.20,00,000, Depreciation Rs.1,00,000, other expenses Rs.4,00,000, then profit would be Rs.15,00,000. Business income would be Rs.6, 00,000 (being 40% of 15, 00,000). Now Depreciation to be deducted from the block will be Show Answer

Q134) Carried forward unabsorbed Depreciation can be set off against Show Answer

Q135) Where any asset is not exclusively used for the purpose of business or profession, deduction on account of expenses with respect to such asset will be Show Answer

Q136) Miss Panipuri is an assessee engaged in generation of power. She opted SLM for charging Depreciation. On 6/5/16, she purchased furniture ofRs.1, 00,000. Depreciation @10% is charged. WDV as on 31/3/18 is Rs.80, 000. On 16/8/18, furniture was sold for Rs.1, 17,000. How much amount will be taxable under PGBP as balancing charge and how much amount will be taxable under capital gain Show Answer

Q137) Section 32AD provides for a deduction to 15% of actual cost of new plant and machinery which is set up in notified backward areas of states. Which among the following is not a notified backward area state? Show Answer

Q138) Section 32AD allows deduction at the rate for new machinery setup in notified backward areas Show Answer

Q139) Arana Ltd set up manufacturing unit on 6/9/16 in Chittor of Andhra Pradesh. It purchased new computer for office purpose for Rs.45,000 on 12/7/18. Deduction available under section 32AD for Arjuna Ltd will be Show Answer

Q140) Bhima Ltd set up manufacturing unit on 6/9/16 in Jalpaiguri of West Bengal. It purchased new machinery for Rs.45, 000 on 12/7/18. Deduction available under section 32AD for Bhima Ltd will be Show Answer

Q141) Ones deduction under section 32AD is taken i.e. 15% on purchase of new plant and machinery in notified backward areas, such plant and machinery cannot be transferred with in years from date of installation Show Answer

Q142) Deduction under section 32AD for investment in new plant and machinery will be available when asset is Show Answer

Q143) For a unit set up in notified backward area, additional Depreciation @ % is allowed Show Answer

Q144) Haldi and Co., is a manufacturing unit set up in notified backward area of West Bengal. It purchased new plant and machinery of Rs.1,60,000 on 5/1/19. Additional Depreciation under section 32(l) (iia) for Haldi and Co will be Show Answer

Q145) Section 33AB provides for a deduction in computation of taxable profits in case of an assessee carrying on business of growing and manufacturing. Show Answer

Q146) For claiming deduction under section 33AB, assessee who is engaged in tea business has to deposit amount as per Tea Coffee board with in Show Answer

Q147) Gazar and Co. engaged in business of growing tea earned a profit of Rs.7,50,000 in FY 18- 19 before taking deduction of 33AB for which it is eligible. It has brought forward business loss of Rs.2,50,000. Gazar and Co. deposited Rs.3,50,000 on 18/6/18. Deduction under section 33AB available to Gazar and Co. is Show Answer

Q148) Section 33AB deduction is available to those assessees who are engaged in growing tea or coffee or rubber. Amount of deduction under section 33AB is Show Answer

Q149) v Show Answer

Q150) Where any amount is withdrawn by the assessee from the special account u/s 33AB on the closure of his business, the whole of such withdrawal Show Answer

Q151) In PY 17-18 assessee engaged in manufacturing of rubber has taken deduction under section 33AB by depositing Rs.50,000 in special account. In PY 18-19, Rs.25,000 is withdrawn and spent as per scheme for revenue expenses. While calculating profit of PY 18-19, Rs.25,000 will be Show Answer

Q152) Where an asset is acquired in accordance with scheme i.e. From amount deposited with National bank as per section 33AB, such asset should not be sold within years Show Answer

Q153) When an asset is acquired in accordance with scheme from amount deposited with National Bank as per section 33AB, it should not be transferred within 8 years. Exceptions to this are Show Answer

Q154) Site restoration fund under section 33ABA, deduction is available to Show Answer

Q155) Section 33ABA deduction is available to those assessees who are engaged in business of extraction of petroleum or natural gas. Amount of deduction under section 33ABA Show Answer

Q156) Where any amount standing to credit of assessee in special account or in site restoration account as per sec 33ABA is utilized by assessee for purpose of any expenditure as per this scheme, such expenditure shall Show Answer

Q157) Mr. Naman engaged in business of manufacturing incurred revenue expenditure on notified scientific research. Maximum deduction allowable to Mr. Naman Show Answer

Q158) Deduction of which of the following expenditure is not allowed under section 35 i.e. under scientific research Show Answer

Q159) If scientific research is done before commencement of business, deduction will be allowed for expenditures incurred within years immediately preceding the date of commencement of business Show Answer

Q160) Which of the following expenditure is allowed as deduction for scientific research made before commencement of business Show Answer

Q161) Absorbed capital expenditure on scientific research can be carried forward for Show Answer

Q162) Binani Ltd. engaged in manufacturing of cement, purchased a new machinery of Rs.1,50,000 for use in approved scientific research on 5/12/18. Effect on P/L will be Show Answer

Q163) Miss Trupti gave asset of Rs.1,50,000 to notified Mumbai University for Scientific research. Amount of deduction under section 35(l) (ii) will be Show Answer

Q164) Maximum deduction @ would be allowed for sum paid to college for scientific research u/s 35(l) (ii). Show Answer

Q165) Maximum deduction @ available for payment made to approved Indian Co and has its main object of scientific research as per sec 35(l) (iia) Show Answer

Q166) Deduction @100% of capital expenditure incurred if amount paid to approved India; Co, undersection 35(l) (iia). What is approved Indian Co.? Show Answer

Q167) Any amount paid to a research association which has its object of undertaking of research in social science or statistical research is eligible for deduction @ Show Answer

Q168) Garima and Co. made payment of Rs.7,80,000 to approved institution on 9/7/18 which undertook statistical research. On 9/9/18 approval granted to this institution is withdrawn. Amount of deduction eligible to Garmin under section 35 is Show Answer

Q169) contribution made to an approved research association is available as deduction under section 35. For taking this approval, such associations have to make application to CG and CG shall issue order within a period of from end of month in which application was received Show Answer

Q170) Any sum paid by an assessee to a National laboratory for carrying out programmes of scientific research approved by prescribed authority will be eligible for deduction @ Show Answer

Q171) Assessee engaged in business of biotechnology incurred Rs.15,00,000 on purchase of land. Deduction under section 35 will be Show Answer

Q172) ABC and Co, a partnership firm contributed Rs.19,00,000 to approved Aryabhatta Research Institute of Observational Sciences (ARIES), Uttarakhand for scientific research. Eligible deduction under section 35 will be Show Answer

Q173) Khushi Ltd started business on 6/8/14. It paid spectrum fee of Rs.90,000 to government on 7/2/19 and it will be in force till 2027-2028. For calculating number of relevant previous years for deduction under section 35ABAwill start from which year? Show Answer

Q174) Deduction for expenditure incurred for spectrum fees is available when Show Answer

Q175) In case, when the spectrum is transferred and proceeds of transfer of spectrum are less than the expenditure incurred remaining unallowed, amount of deduction available to assessee in the year of transfer Show Answer

Q176) Expenditure incurred on spectrum by assessee on 6/7/2009 effective till 20-21. On 9/1/19, spectrum was transferred @Rs.9,00,000. On this date, expenditure remaining to be allowed as per section 35ABA is Rs.8,75,000. Amount of deduction in FY18-19 is Show Answer

Q177) Assessee incurred expenditure on spectrum fees ofRs.12,00,000 in FY 13-14 effective till 20-21. This spectrum was transferred in FY 18-19 forRs.10,00,000. Expenditure remaining to be allowed till FY 18-19 is Rs.4,50,000. Treatment of gain of Rs.5,50,000 will be Show Answer

Q178) Assessee incurred expenditure on spectrum fee of Rs.12,00,000 in FY 13-14 effective till 20-21. It transferred spectrum in FY 18-19 forRs.14,00,000. Expenditure remaining to be allowed till FY 18-19 is Rs.4,50,000. Treatment of gain of Rs.9,50,000 will be Show Answer

Q179) Where a part of spectrum is transferred and the proceeds of transfer of a part of the spectrum does not exceed the amount of expenditure remaining unallowed, amount of deduction will be Show Answer

Q180) Sachin and Co paid Rs.4,00,000 on 4/4/18 as spectrum fees to government. This fee will be in force till PY 27-28. Deduction under section 35ABAfor FY18-19 will be Show Answer

Q181) Krish LLP started business on 15/2/16. It paid spectrum fees of Rs.10,00,000 to government on 10/3/13. It is effective till PY 20-21. For calculating number of relevant previous years for deduction under section 35ABB will start from which year Show Answer

Q182) Capital expenditure is not allowed under Income Tax. But exception to this is Show Answer

Q183) Which of the following is not a specified business under section 35A Show Answer

Q184) Which of the following is included in definition of specified business? Show Answer

Q185) Capital expenditure @ is allowed under section 35AD incurred for specified business Show Answer

Q186) Capital expenditure on deduction under section 35AD excludes which of the following capita expenditure? Show Answer

Q187) MR. Gunjan is engaged in setting up and operating warehousing facilities for storage of sugar. It purchased land of Rs.10,00,000, machinery of Rs.5,00,000, salary to employees of Rs.2,00,000. It also an investment in mutual fund of Rs.2,00,000. Expenditure to be allowed under section 35ADwill be Show Answer

Q188) Janu Pvt Ltd is engaged in specified business specified in section 35AD. It incurred expenditure for FY 18-19 for purchase of goodwill of Rs.5,00,000, purchase of furniture for Rs.60,000 in which Rs.20,000 is paid by cash on 8/7/18 and Rs.40,000 paid by bearer cheque on 9/7/18. Total amount of deduction under section 35AD will be. Show Answer

Q189) State whether the following statement is true or false. "Expenditure incurred prior to commencement of operation for the purpose of specified business would not be allowed as deduction Show Answer

Q190) Sakshi Ltd purchased a Machinery from David Cameron for Rs.7,00,000 which was previously used by David Cameron in England. This Machinery is used in specified business by SakshiLtd. Amount of deduction available under section 35AD will be Show Answer

Q191) Rohit and Co an eligible start up incorporated on 04/07/18 and it is engaged in business of production of fertilizers. Turnover in FY 18-19 is Rs.Scrores and it holds certificate from IMBC. It purchased new machinery of Rs.10,00,000 and bonds of Rs.5,00,000. Total profits for FY 18-19 after taking benefit of section 35AD is Rs.99,00,000. Deduction available under section 80IAC will be Show Answer

Q192) Less of specified business can be set off against Show Answer

Q193) Mr. Chotu built a 4-star hotel on 1/4/12. He transferred the operation of hotel to Miss Shahnaz on 1/4/18. Whether deduction under section 35AD available in FY 18-19. If yes then who will claim the deduction Show Answer

Q194) Where any goods or services held for the purpose of specified business are transferred to any other business carried on by assessee then the profits and gains of the specified business shall be computed as if the transfer was made at Show Answer

Q195) Section 35AD(7A) provides that any asset in respect of which a deduction is claimed and allowed under section 35AD shall be used only for the specified business for a period of years from the year of acquisition Show Answer

Q196) If asset is used for any purpose other than specified business during 8 years then which amount will be taxable under head PGBP? Show Answer

Q197) Section 35CCC provides a deduction of a sum equal to of expenditure incurred by an assessee on agriculture extension project Show Answer

Q198) Section 35CCC deduction i.e. Expenditure on agriculture extension project is available to Show Answer

Q199) Section 35CCD i.e. Deduction with respect to expenditure incurred on notified skill development project is available to Show Answer

Q200) Rate of deduction available with respect to deduction of expenditure incurred on notified skill development project under section 35CCD is Show Answer

Q201) A Ltd incurred Rs.5,00,000 on skill development project. This money is reimbursed by an institution. Deduction under section 35CCD will be Show Answer

Q202) BEF and Co, a partnership firm incurred Rs.2,00,000 on notified skill development project.
Deduction under section 35CCD will be
Show Answer

Q203) Section 35D deduction i.e. Deduction with respect to amortization of preliminary expenses is available to Show Answer

Q204) A.Ltd incurred expenditure of Rs.1,00,000 on 4/9/17 for conducting market survey and for preparing feasibility report. It commenced its business on 5/5/18. Deduction under section 35D will be for PY18-19 Show Answer

Q205) Bade Ltd incurred preliminary expenses of Rs.2,60,000. it started its operations on 1/4/18. On 31/3/19, its cost of project was Rs.50,00,000 and share capital Rs.20,00,000, debentures Rs.25,00,000 and reserves and surplus Rs.10,00,000. What will be the amount of deduction under section 35D in FY18-19? Show Answer

Q206) If there is demerger, remaining Unamortized preliminary expenses deduction will be taken by Show Answer

Q207) D and B Ltd amalgamated to form C Ltd on 5/4/18. c Ltd incurred Rs.57,000 for This amalgamation. Deduction under section 35DD for PY18-19 will be Show Answer

Q208) k Ltd and B Ltd amalgamated to form C Ltd on 5/4/18. A Ltd incurred Rs.57,000 fot itos amalgamation. Deduction under section 35DD for PY 19-20 will be Show Answer

Q209) Section 35DDA i.e. amortization of expenditure incurred under voluntary retirement scheme is available to Show Answer

Q210) Amount of deduction under section 35DDA i.e. amortization of expenditure incurred under
Voluntary retirement scheme is __________ of amount paid for that year
Show Answer

Q211) Section 35DD i.e. amortization of expenses for amalgamation / demerger is applicable to Show Answer

Q212) Madhur Metals proprietor made payment to Shivam Pandey of Rs.6,00,000 on his voluntary retirement as per voluntary scheme on 6/12/15 and availed deduction under section 35DDA. On 6/6/18, Madhur Metals is succeeded by Madhur Pvt Ltd. Deduction under section 35DDA for FY 18-19 will be available to and how much ? Show Answer

Q213) Section 35E i.e. amortization of expenses for prospecting and development of certain minerals is applicable to Show Answer

Q214) Which of the following items of expenses do not qualify for deduction under section 35E i.e. amortization of expenses for prospecting and development of certain minerals Show Answer

Q215) Amount of deduction available under section 35E i.e. amortization of expenses for prospecting and development of certain minerals is Show Answer

Q216) Manish and Co is engaged in business of prospecting and development of minerals. It started its commercial production on 1/4/18. Deduction under section 35E for FY 18-19 is Rs.2,00,000 and profit for FY 18-19 before this deduction is Rs.1,50,000. State the treatment of remaining Rs.50,000 which cannot be set off due to inadequate profit in FY 18-19 Show Answer

Q217) Which of the following premium is allowed as deduction under section 36 under PGBP Show Answer

Q218) Map Steel and Co has taken insurance on health of employees and paid Rs.5,000 as premium in cash. Deduction under section 36 admissible to Map Steel and Co Show Answer

Q219) Loan taken by Avni LLP for paying off creditors. Interest on such loan for FY 18-19 was Rs.15,000. Whether deduction of Rs.15,000 is admissible? Show Answer

Q220) Interest with respect to capital borrowed for any period from the date on which asset was first put to use till repayment should be Show Answer

Q221) which of the following deduction is not allowed to employer as per section 36? Show Answer

Q222) Deduction of under section 36 is available to employer's contribution to account of employee under pension scheme referred to in section 80CCD Show Answer

Q223) Maggi Ltd contributes 20% of basic salary to the account of each employee under a pension scheme referred to in section 80CCD. DA is 40% of basic salary and it forms part of pay of employees. Compute the amount of deduction not allowable under section 36(l)(iva), if basic salary of employees aggregate to Rs.10,00,000 Show Answer

Q224) Deduction in respect of any sum received by the taxpayer as contribution from his employees wards any welfare fund will be allowed only if such sum Show Answer

Q225) Allowance for capital expenditure made on animals will be received Show Answer

Q226) Assessee has a business of manufacturing steel. It lent Rs.5,00,000 to his friend for his daughter's marriage. Friend is not going to pay Rs.2, 00,000 which is written off as bad debts.
Treatment will be Show Answer

Q227) State whether true or false. "Assessee has to establish that the debt has in fact become irrecoverable, only then deduction is allowed." Show Answer

Q228) Deduction for provision for bad and doubtful debts can be taken by Show Answer

Q229) Income has been recognised as per ICDS but not recognised in books as per AS. Now some amount is irrecoverable of this income. Whether bad debts can be taken as deduction of income if not booked in BOA. Show Answer

Q230) A and Co., a sole proprietor concern was allowed a deduction of Rs.50,000 in the FY 16-17 as deduction of bad debts. Business was closed in FY 17-18. Subsequently in FY Rs.25,000 recovered which was taken as deduction. Rs.25,000 will be taxable under which head? Show Answer

Q231) Nirmal Bank Ltd, a scheduled Bank will get maximum deduction for provision of doubtful debts upto Show Answer

Q232) Bank of Baroda, a scheduled Bank has created 50,600 as PFD. Its aggregate total advances are Rs.4,00,000 in which rural advances is Rs.2,50,000. Its GTI is Rs.3,00,000. Deduction allowed will be Show Answer

Q233) Deduction allowed to foreign bank for provision of doubtful debts is upto Show Answer

Q234) Diwan Finance Corporation Ltd (NBFC), has created Rs.25,000 as PFD. Its gross total income before this deduction is Rs.4,00,000. Deduction under section 36(l) (viia) will be Show Answer

Q235) NHP, a housing finance company has taken deduction of Rs.5, 00,000 under section 36(l) (viii) for transfer to special reserve in FY 13-14. In PY 18-19, Rs.20, 00,000 withdrawn from such special reserve. Treatment of this Rs.20, 00,000 will be Show Answer

Q236) Deduction under section 36(l) (ix) for expenditure incurred on family planning of employee is available to Show Answer

Q237) A Ltd incurred Rs.2,50,000 as revenue expense and Rs.5,50,000 as capital expenditure for promotion of family planning among employees. Deduction allowable under section 36(l) (ix) will be Show Answer

Q238) B Ltd incurred Rs.7,00,000 on family planning of its employees. Profit for FY 18-19 is Rs.3,60,000 before this deduction. Rs.3,60,000 expenditure set off against profit. Remaining Rs.3,40,000 expenditure treatment will be Show Answer

Q239) State whether true or false.
"CTT and STT are allowed as deduction only if this expenditure is incurred by assessee with respect to sale and purchase of taxable securities transactions entered into in the course of business.
Show Answer

Q240) What are the conditions to be fulfilled for getting deduction under season 37? Show Answer

Q241) Aloo Matar Chandni partnership firm, paid key man insurance premium of Rs.6,00,000 for its partners on 5/7/18. Whether the above expenditure is eligible for deduction? Show Answer

Q242) Whether expenditure incurred in providing freebies to medical practitioners will be allowed as deduction? Show Answer

Q243) Which of the following expenditure will not be allowed as deduction? Show Answer

Q244) Sanjay Leela Bhansali made a film. Cost of which was Rs.60 crore. Film was abandoned on 26/5/18 i.e. no certificate received. What will be the treatment of this Rs.60 crores? Show Answer

Q245) Cost of contribution on development of infrastructure facility, being roads / highways under BOT projects will Show Answer

Q246) Disallowance of expenditure in form of------- will be made if payment is made to NR but TDS not deducted Show Answer

Q247) Under section 40(a)(i), if royalty paid to person and TDS not deducted, entire amount of royalty expenditure will be disallowed. Show Answer

Q248) Mr. A paid interest of Rs.70, 000 to NR and no TDS deducted in PY 17-18. TDS deducted in PY 18- 19 and paid to Central Government. Treatment of Rs.70, 000 in PY 18-19 will be Show Answer

Q249) Section 40(a) (ia) provides that _________ of any sum payable to a resident on which tax is deductible at source shall be disallowed if such tax is not deducted or deducted but not paid on or before due date. Show Answer

Q250) Royalty paid to Mr. Priyanka Ranke, a resident, deducted TDS of Rs.5,00,000 on 6/5/18 and deposited to government on 15/10/19. Deduction with respect to royalty available in FY 18-19 and FY 19-20 will be (Assume: due date of return filing of assessee is 30/9/19) Show Answer

Q251) Section 201 provides that payer who fails to deduct the whole or any part of tax on the amount credited or payment made to resident payee shall not be deemed to be assessee in default if payee Show Answer

Q252) Person responsible for deducting tax will not be deemed to be an assessee in default if resident payee pays taxes. It will be deemed that payer has deducted taxes and paid it on Show Answer

Q253) Miss Monika Choudhary paid Rs.5,00,000 to Mr. Nilesh as commission and Rs.4,00,000 is payable as on 31/3/19. But Monica did not deduct TDS on the same. Expenditure disallowed in hands of Monika as on 31/3/19 will be Show Answer

Q254) Following payments were made by Mr. Anjan, a resident individual whose turnover during the year ended 31/3/18 was Rs.99,00,000. Interest of Rs.12,000 was paid to Mr. Ramesh, a resident partnership firm without deduction of IDS. Rs.3,00,000 was paid as salary to resident individual without deduction of TDS. Commission of Rs.16,000 was paid to Mr. Vidyasagar on 2/7/18 without deduction of TDS Disallowance under section 40(a)(1) will be Show Answer

Q255) Miss Kiya Sharma paid Rs.7,00,000 to Facebook Inc. (NR) but on which equalization levy which is required to be deducted was not deducted. Disallowance under section 40(a)(ib) will be Show Answer

Q256) Mr. Nathdwarais required to payRs.12,50,000 as salary to Thomson James (NR) on which TDS was not deducted by him. Disallowance under section 40(a) (iii) will be Show Answer

Q257) Employer paid Rs.4,00,000 as salary and Rs.30,000 as perquisites. Employer paid Rs.2,000 as tax on non-monetary perquisites on behalf of employee. Amount of deduction available in P/L to employer will be Show Answer

Q258) Harshita partnership firm, paid the following amounts Remuneration to non-working partner Rs.2,00,000 Remuneration to working partner from 1/4/18 to 31/3/19 Rs.5,40,000 Remuneration to working partner from 1/4/17 to 31/3/18 Rs.2,50,000 Interest to partner @15% (authorized from starting) Rs. 3,50,000 Partnership deed was executed on 1/8/18,authorizing payment of remuneration. Book profit Rs.9,00,000 Deduction under PGBP will be Show Answer

Q259) A firm has paid Rs.7,50,000 as Remuneration to its partners for PY 18-19 in accordance with its partnership deed, and it has a book profit of Rs.10,00,000. What is the Remuneration allowable as deduction under section 40(b)? Show Answer

Q260) Where an individual is a partner in a firm otherwise than in a representative capacity, interest paid to him by the firm shall _______ if he received the same on behalf of another person. Show Answer

Q261) Essel World AOP paid interest of Rs.5,00,000 to its members and Rs.2,50,000 as bonus to its members. Allowable deduction for Essel World AOP under PGBP will be Show Answer

Q262) State whether true or false "Sec 40A(2) provides that where assessee incurs any expenditure in respect of which a payment has been or is to be made to a specified person, so much of expenditure as is considered to be excessive or unreasonable shall be disallowed by AO." Show Answer

Q263) According to section 40A(3), where assessee incurs any expenditure in respect of which payment made to a person in a day otherwise than by an account payee cheque drawn on bank or account payee bank draft or use of ECS through bank exceeds ______ ,such expenditure shall not be allowed as deduction. Show Answer

Q264) Mr. A, a practicing CA paid Rs.20,000 in cash for stationery expenditure on 20/7/2018 allowable under the head PGBP will be Show Answer

Q265) Mr. Franky aged 41 years incurred expenditure of Rs.15,000 in FT 17-18 For stationery. In Fy-19 this expenditure of Rs.15,000 was paid by Mr. Franky in cash. What will be the treatment of Rs.15,000 in FY 18-19. Show Answer

Q266) Payment or aggregate of payments up to in a day can be made to transport operator otherwise than by way of account payee cheque or account payee bank draft or use of ECS through bank account. Show Answer

Q267) Dr. Neil Mukesh paid bank interest of Rs.20,000 in cash on single day to SBL Expenditure allowable under PGBP will be Show Answer

Q268) Mr. Bansi made the following payments in cash. Whether expenses are allowed under the head PGBP
Payment made to Dhairya residing in village of Rs.25,000 where there is no bank
Office expense of Rs.9,000 paid to Shastri
Paid salary of Rs.40,000 to Neeraj posted for a temporary period for 25 days at any other place Paid Rs.12,000 as factory expenses
Show Answer

Q269) Ashwin and Co. paid Rs.45,000 in cash on a single day to employee as retrenchment compensation. Treatment of Rs.45, 000 in P/L will be Show Answer

Q270) Provision for gratuity is………expense. Show Answer

Q271) whether true or false deduction in respect of gratuity will be allowable to the employer in the year when gratuity is actually paid" Show Answer

Q272) Sumit Khemudi proprietorship business follows mercantile system of accounting and therefore made a provision of Rs.1,50,000 as gratuity provision and debited to P/L Rs. 1,50,000. What will be the treatment of this Rs.1,50,000? Show Answer

Q273) Leela and Co made contribution to renowned AOP of Rs.50,000 for welfare of its employees. Whether deduction allowable under the head PGBP? Show Answer

Q274) Mr. A took a loan for his business on 1/4/16 for 5 years. He debited P/L with Rs.36,000 as interest for FY 16-17 and FY 17-18 each. As on 31/3/17, Mr. A closed his business. Subsequently in FY 18-19, interest paid was received back by Mr. A. What will be the treatment of interest received back by Mr. A? Show Answer

Q275) Miss Noodles running a proprietorship business purchased an asset in foreign currency for her business on 5/4/18 for $10,000. The rate of exchange on that date was l$=Rs.74. Miss Noodles made payment of $10,000 on 28/2/19 when rate of $ was Rs.76. Loss of (Rs.2 * $10,000) will be Show Answer

Q276) Where an assessee has acquired any asset from a foreign country and due to change thereafter in exchange rate of two currencies involved, there is an increase or decrease in liability of assesse eat time of making payment, gain or loss due to change in currency should be Show Answer

Q277) Certain deductions are allowed only if payment is made. Which of the following are covered under such payments? Show Answer

Q278) Mr. Hari engaged in steel trading business. It has outstanding interest of Rs.45,000 to be paid for f-Y 18-19. On 30/6/19, it converted interest on advance in 45 instalments. It repaid 5 instalments on 29/7/19. Deduction of interest allowable under PGBP will be in PY19-20 Show Answer

Q279) State whether true or false.
“Any sum payable by assessee to Indian Railways for use of Railway assets is allowable only when actual payment is made on or before the due date of return filing under section 139(1)."
Show Answer

Q280) When stock in trade of amalgamating company is taken over at revalued price by the amalgamated company, COA when this stock in trade is subsequently sold by amalgamated company will be Show Answer

Q281) When capital asset is converted into stock in trade by amalgamating company with revaluation revalued asset is taken over by amalgamated company under scheme of amaigamat amalgamated company subsequently sold this asset. What will be the COA of such asset in hands of amalgamated company? Show Answer

Q282) State whether true or false
"In case transfer land and building being stock in trade, SDV Should actual consideration received should be considered."
Show Answer

Q283) Mr. Morry (resident), a builder sold a plot of land (SIT) on 9/1/19 for Rs. 5 crores. SDV of such land is Rs.5.1 crore. This land was purchased on 5/1/17 forRs.4.75 crore. Profit from sale of land will be C11 for 17-18 - 272, 18-19 - 280; 01-02 -100 Show Answer

Q284) Where date of an agreement fixing the value of consideration for transfer of asset and date of registration of transfer of asset are not same, stamp duty value may be taken as on the date of agreement for transfer, provided at least a part of the consideration has been received through.......upto date of agreement. Show Answer

Q285) When the valuation of asset is referred to the valuation officer and value so ascertained by valuation officer exceeds the value adopted or assessed by stamp valuation authority. Which of the following will be taken as FVOC? Show Answer

Q286) Mr. Nandlal transferred land for Rs.100 lakhs on 1/5/18. Date of agreement was 1/9/17 on which Rs.10 lakhs was received in cash. Stamp duty value on the date of agreement is Rs.120 lakhs and on the date of registration i.e. on 1/5/18 isRs.210 lakhs. What will be the FVOC? Show Answer

Q287) In case of public financial institution, income by way of interest on such categories of bad and doubtful debts, as maybe prescribed shall be Show Answer

Q288) Boat Club is an association governed by provisions of section 44A of Income Tax Act, 1961. The subscription received from members for the year ended 31/3/19 was Rs.2,00,000. Expenditure in the normal course of its activities was Rs.3,85,000. Its other income taxable under the Act works out to beRs.2,75,000. Income of the association will be Show Answer

Q289) In case where income of assessee (other than individual and HUF) from business exceeds Rs.1,20,000 or sales turnover in business exceeds Rs.10,00,000 in any of three years immediately I preceding previous year, such assessee is required to maintain its books of accounts as per section 44AA State true or false Show Answer

Q290) As per Rule 6F, every person carrying on notified profession shall keep and maintain books of accounts and other documents if his gross receipts exceed _______ In all three years immediately preceding the PY Show Answer

Q291) Mr. Ramunajam, a cameraman's gross receipts for the following PY are as follows PY 15-16:1,60,000 PY 16-17:1,50,000 PY 17-18:1,75,000 Whether Ramunajam is required to maintain specified books of accounts as per section 44M? Show Answer

Q292) Books of accounts and documents prescribed under section 44AA shall be kept and maintained for a minimum of years from the end of relevant AY. Show Answer

Q293) Assessee is required to get his accounts audited if total sales turnover in business exceeds…….. in any PY. Show Answer

Q294) Assessee is required to get his accounts audited if receipts in profession exceed …….in PY Show Answer

Q295) In which of the following cases, audit is required to be done Show Answer

Q296) Form of tax audit report under section 44AB for company is Show Answer

Q297) State ’ whether true or false "If audit is required to be done under any other law then tax audit report is not required to be submitted." Show Answer

Q298) Audit under section 44AB is not required under which of the following conditions Show Answer

Q299) Presumptive taxation scheme under section 44AD covers all small businesses with total turnover upto------ Show Answer

Q300) Parvati LLP has total turnover of Rs. 160 lakhs in FY 18-19 Out of 160 lakhs, 120 lakhs received by A/c payee cheque and 40 lakhs received by cash, income taxable as per presumptive scheme under section 44AD will be Show Answer

Q301) Section 44AD is not applicable to which of the following Show Answer

Q302) Rate of presumptive taxation under section 44AD will be in case of cash receipts and ___________ in case of digital receipts. Show Answer

Q303) Which of the following person are excluded from applicability of section 44AD Show Answer

Q304) Where assessee declares profit as per section 44AD and then does not declare profit as per section 44A for any of 5 consecutive years he shall not be eligible to claim benefit of section 44AD for _________ AYs subsequent to AY in which profit not declared as per section 44AD. Show Answer

Q305) Section 44ADA is applicable to assessee whose total gross receipts do not exceed ______ in PY Show Answer

Q306) Presumptive rate under section 44ADA would be sum equal to of total gross receipts Show Answer

Q307) Section 44ADA is applicable to which of the following Show Answer

Q308) State whether true or false
"Eligible assessee opting for presumptive taxation scheme will not be required to maintain its books of accounts under section 44AA and get accounts audited under section 44AB in respect of such income."
Show Answer

Q309) In FY17-18 Hari opted for presumptive taxation scheme u/s 44ADA. In FY18-19 he claimed that his profits are lower than profit deemed to be his income under section 44ADA. Total income chargeable to tax in FY 18-19 is Rs.2,10,000. Whether audit under section 44AB is required? Show Answer

Q310) Presumptive taxation scheme is available to which of the following person Show Answer

Q311) Section 44AE presumptive scheme is applicable to person owning not more than……. goods vehicle at any time during PY. Show Answer

Q312) Presumptive income to be calculated as per section 44AE for heavy goods vehicle is @rate Show Answer

Q313) Heavy goods vehicle for the purpose of section 44AE means any goods carriage, the gross vehicle weight of which exceeds------- kgs Show Answer

Q314) In case of reorganization of cooperative Bank i.e. amalgamation of two or more cooperative banks. Section 32 Depreciation deduction will be allowable to Show Answer

Q315) Alpha Co-operative bank amalgamated with Beta Cooperative Bank on 1/2/19. The Depreciation for year ended 31/3/19 amounts to 4,50,000. Depreciation allowance available in hands of Alpha Cooperative Bank Show Answer

Q316) Income from the growing & manufacture of rubber will be considered as business income to the extent of % of total business income. Show Answer

Q317) state whether true or false
“In computing income from growing ^manufacture of rubber, an allowance shall be made in- respect of cost of planting rubber plants in replacement of plants.
Show Answer

Q318) In case assessee is engaged in business of growing, curing, roasting, and grounding coffee ______ % of total income will be exempt and ________ % will be taxable Show Answer

Q319) Assessee Ltd engaged in business of growing and curing coffee. His total income from coffee is Rs. 1,10,00,000. Total tax payable by him in PY 18-19 is. Show Answer

Q320) Income received from sale of tea grown and manufactured by seller in India shall be considered as agricultural Income to the extent of ______ % Show Answer

Q321) Income from sale of tea grown and manufactured outside India is considered as agricultural income to the extent of Show Answer

Q322) As per section 43 B, certain expenses are allowed as deduction only if payment is made. Payment includes Show Answer

Q323) BEF Ltd is engaged in manufacturing shampoos. It received a group free air ticket of Rs 10,00,000 provided by supplier for reaching a certain volume of purchase during FY 18-99, This Rs.10,00,000 will be taxable under the head ______ Show Answer

Q324) Which of the following penalty is not allowed under head PGBP? Show Answer

Q325) Advertisement expense debited to P/L is Rs.60, 000 paid in cash to son of director. Market value of same is 51,000. Allowed expenditure under the head PGBP will be Show Answer

Q326) WDV of block (P&M rate 15%) as on 1/4/18 is Rs.3,20,000. Second hand machinery costing Rs.50,000 was acquired on 1/9/18 but put to use on 1/11/18. During January 2019, part of this block was sold for Rs.2,00,000. Depreciation for AY 19-20 will be Show Answer

Q327) x Ltd incurred capital expenditure of Rs.1,50,000 on 1/4/18 for acquisition of patents and copyrights. Such expenditure is Show Answer

Q328) State whether true or false. "Securities held as stock-in-trade by foreign institutional investor is as treated as capital asset." Show Answer

Q329) For treating unlisted Zero Coupon Bond as long-term capital asset it should be held - Show Answer

Q330) Units of business trust of India will be treated as Long Term capital asset if it is held for more than ______ months immediately preceding the date of its transfer? Show Answer

Q331) Land and building will be treated as Long Term capital asset if it is held for more than -----months immediately preceding the date of its transfer? Show Answer

Q332) Himanshu Goya I transferred the shares and received units of business trust in exchange of shares. What will be the holding period of these business trust units? Show Answer

Q333) Under IDS scheme, 2016 if any immovable property is declared, if period for which such property is held is not evidenced by deed registered with authority of State Government then such property shall be reckoned from Show Answer

Q334) Rate of tax including surcharge and penalty) payable under IDS scheme 2016 if income or property declared under this scheme was Show Answer

Q335) Jai Lokwani purchased deposit certificates from Sitare Ltd. on 05/02/2014. On 07/09/2017 Deposit certificates were converted into debentures of Sitare Ltd. These debentures were subsequently sold by Jai on 15/12/18. What will be the period of holding for sale of debentures among the following? Show Answer

Q336) Which of the following does not constitute transfer? Show Answer

Q337) On 26/07/2015, due to severe flood, assets of Neha Dhupia were distracted which has a book value (WDV) of Rs.5,00,000as on 26/07/2015. On 05/08/2018, Neha Dhupia received Rs.6,00,000 from insurance company for the assets which were acquired by her on 09/05/2013. What will be the period of holding and amount of capital gain? Show Answer

Q338) Mr. Tarun Agrawal converted his capital asset into stock in trade on 10/03/18 which was acquired by him on 07/07/03. He subsequently sells the stock in trade on 19/05/18. Which years among the following will be considered for indexation? Show Answer

Q339) For securities which are sold by depository but the income of which is chargeable in hands beneficial owner, cost of acquisition and Period of Holding shall be determined on me oasis which method? Show Answer

Q340) Full value of consideration for partner when he transfers his capital asset to partnership firm will be Show Answer

Q341) Full value of consideration for AOP when it transfers its capital asset to members will be Show Answer

Q342) If compensation is received due to interim order, when will it be taxable? Show Answer

Q343) COA in case of enhanced compensation will be Show Answer

Q344) Sec 45(5A) i.e. taxability of Capital Gain in case of specified agreement is applicable to Show Answer

Q345) Capital Gain arising from transfer of land or building under specified agreement for development of project to developer will be taxable in the year Show Answer

Q346) What will be the FVOC among the following in case land is transferred under specified agreement to developer to develop real estate project? Show Answer

Q347) Capital assets distributed by co. to shareholders on its liquidation, Capital Gain will arise to Show Answer

Q348) FVOC in case of assets received under liquidation by shareholder will be Show Answer

Q349) In case of buyback of listed shares by company, tax will be payable by Show Answer

Q350) In case of buyback of unlisted shares, tax is payable by co. at which of the following tax rate? Show Answer

Q351) Which of the following is not a transfer? Show Answer

Q352) Capital asset transferred to member by HUF due to partial partition of HUE. What will by the FVOC to be considered by HUF? Show Answer

Q353) Mr. Shriniwas Gorane acquired sovereign gold bonds for Rs.65000 on 07/04/2016. These bonds were redeemed on 07/08/2018 by Mr. Shriniwas for Rs.95700. Income chargeable under capital gain Show Answer

Q354) Painting, which is of national importance is transferred to National Art Gallery. State whether it is transfer for capital gain? Show Answer

Q355) Transfer of capital or intangible asset by firm on succession into company is not transfer subject to certain conditions. Which among the following is incorrect condition in this regard? Show Answer

Q356) Transfer of capital of capital asset by Pvt. Co. to LLP is not regarded as transfer subject to certain conditions. Which of the following is a correct condition? Show Answer

Q357) Mr. Abhishek, a senior citizen mortgaged his residential house with a bank, under a notified reverse mortgage scheme and received Rs.6000 as monthly payment from bank. What will be the FVOC for transfer of house property to bank in hands of senior citizen? Show Answer

Q358) Urmila Ltd transferred capital asset to Shruti Ltd (its wholly owned subsidiary) on 14/03/14 which was acquired by Urmila Ltd. on 06/07/2007 for Rs.5,00,000. WDV as on 14/03/14 is Rs.2,50,000and ' FMV as on 14/03/14 was Rs.6,00,000. On 20/06/18, Urmila Ltd. sold 20% of its stake holding in Shruti Ltd. to Reliance Ind. Ltd. What will be the income under capital gain and when will it be charged in hands of Urmila Ltd? Show Answer

Q359) Where a firm transfers its asset to successor company and conditions are not fulfilled, who will pay tax and in which PY? Show Answer

Q360) What among the following will not be deducted from FVOC? Show Answer

Q361) Benefit of Indexation is not available to Show Answer

Q362) what will be the FVOC for shares, debentures issued under ESOP in case of transfer under a gift? Show Answer

Q363) Foreign currency rate which is to be used for converting cost of acquisition in case of 1st proviso of sec 48 is Show Answer

Q364) Rate of tax for NR in case of long term capital gain on transfer of unlisted shares is-i.20% (without indexation)
ii. 10% (without indexation)
iii. 10% (with indexation)
iv. 20% (with indexation)
Show Answer

Q365) Damini LLP was formed after transferring all assets of Shivam Pvt. Ltd. Assets were transferred on 19/09/2014 which was acquired by Shivam Pvt. Ltd. on 23/11/2002. The asset was sold by Damini LLP on 15/02/2019. What will be the period of holding among the following in this case? (Conditions of 47 satisfied) Show Answer

Q366) Mr. Rohan, an employer of CSR Ltd. received sweat equity shares under ESOP which was subsequently sold by Mr. Rohan. What will be the COA for Rohan among the following in such a case? Show Answer

Q367) What will be the COA of shares received on redemption of GDR? Show Answer

Q368) Miss Janvi Chheda received shares of resulting company due to demerger. Other information is as under:
Cost of Acquisition of shares of demerged company 40,000
FMV on date of demerger of shares 50,000
BV of asset transferred by demerged company 5,00,000
Net worth of demerged co 12,00,000
What will be the COA of shares of resulting co for Janvi?
Show Answer

Q369) State whether true or false "Conversion of stock in trade into capital asset and subsequently capital asset is sold. COA for such capital asset will be cost at which inventory is acquired." Show Answer

Q370) What will be the COA of reconstituted plot or land received under land pooling scheme if transfer after 2 years from the end of FY in which such possession is received? Show Answer

Q371) Section 37A which provides for exemption on transfer of specified capital asset in context of land pooling scheme is applicable to Show Answer

Q372) Section 37A provides exemption for transfer of specified capital asset in context of land pooling scheme. Which of the following is specified capital asset among the following
i. Land or building transferred under land pooling scheme
ii. Reconstituted plot or land received transferred within 2 years from date of possession
iii. Reconstituted plot or land received transferred after 2 years from date of possession
iv. Land pooling ownership certificate
Show Answer

Q373) Mr. Pawan Kumawat, an individual transferred land in Amravati under land pooling scheme on _ 5/07/16 which was acquired by him on 09/05/2003 for Rs.2,50,000. Mr. Pa wan received possession of reconstituted plot on 17/01/18 and transferred the same on 20/02/2020 for Rs.9,50,000 Other Info: FMV as on 06/07/16 - 2,80,000 FMV as on 09/05/03 - 5,00,000 SDV as on 31/03/18 - 6,00,000 SDV as on 31/03/20 - 9,20,000 What will be the capital gain for FY19-20? Show Answer

Q374) On which date, Individual / HUF should be owner for the purpose of exemption under Sec. 10(37A) in context of land pooling scheme? Show Answer

Q375) What will be the COA for bonus shares is acquired before 01/04/2001? Show Answer

Q376) Mr, Aakash purchased rights of subscribing to shares from Aayushi Agrawal at Rs.15 per share for 10 shares. Mr. Aakash purchased the shares for Rs.50 per share. He subsequently sold the share for Rs.55 per share. What will be the amount of Capital gain? Show Answer

Q377) For which among the following capital asset, COA will be MIL? Show Answer

Q378) Rate of tax for NR if he has long-term capital gain from sale of land in India is- Show Answer

Q379) C/'A is case of unit of equity oriented funds on which STT paid at the time of transfer u/s 112A is: Show Answer

Q380) On 01/05/2018 Mr. Yam transferred self-generated goodwill of his profession for 50000, what will be the capital gain Amount? Show Answer

Q381) Cost of Improvement done before01/04/2001 should be _______ while computing capital gain? Show Answer

Q382) Mr. Manan Shah (proprietor of DAGA and Co.) transferred a depreciable asset for Rs.2,50,000 which was acquired by him on 20/12/2008 for Rs.60,000. WDV of block to which this asset belonged was Rs.2,00,000 as on 01/04/18. What will be the Amount of capital gain and type of capital gain? Show Answer

Q383) Provisions under Sec. 50 for computation of capital gain in case of depreciable assets can be invoked under the following circumstances - Show Answer

Q384) Indexation benefit is available to which of the following assets? Show Answer

Q385) Revaluation of asset should be ignored while calculating net worth of undertaking in case of slump sale. State whether the following statement is true or false. Show Answer

Q386) Miss Bhavna Maniar entered into an agreement for sale of her house property for Rs.45,00,000 and received cross cheque of Rs.5,00,000. SDV on date of agreement was Rs.46,00,000. SDV on date of registration was Rs.46,90,000. What will be FVOC for purpose of computing capital gain in hands of Miss Bhavna? Show Answer

Q387) Mr. Sahil Jain has an agricultural land costing Rs.5,00,000 in Lonavala on 01/04/2003 and is using it for agricultural purpose when Government compulsorily acquired this land. Rs.15 lakhs given as compensation on 01/06/18. What will the Amount of capital gain? CII: 2002-03. 105, 11-12 : 184,18-19:280 Show Answer

Q388) If cost of new residential house Show Answer

Q389) For exemption under Sec. 54B, once urban agricultural land is transferred, new agricultural land should be purchased within -
i. 1 yr before date of transfer
ii. 2 years after date of transfer
iii. 3 years after date of transfer
iv. Constructed within 3 years after date of transfer
Show Answer

Q390) Exemption under Sec 54D i.e. capital gain on transfer by way of compulsory acquisition of land and building of an industrial undertaking is available to - Show Answer

Q391) For claiming Sec. 54D exemption, with respect to industrial undertaking, asset transferred should be of- Show Answer

Q392) Sec. 54EC exemption is available by transfer of Show Answer

Q393) For claiming Sec 54EC exemption, long term specified bonds should be purchased which is
Redeemable after years within 6 months
Show Answer

Q394) Mr. Harsh S (50% shareholder) received assets which has a FMV of Rs.650000 and cash of Rs.100000 from the company which went into liquidation in FY 18-19 in lieu of its shareholding which he acquired on 10-09-2007 for Rs.200000. Company DDT on deemed dividend u/s 2(22)(b) of Rs.3,00,000. Mr. Harsh invested Rs.50,000 within ?months in NHAI bonds. What will be the Amount of capital gain? Cll for years 07-08:129,18-19:280. Show Answer

Q395) If asset transferred within 3 years for which exemption has been claimed then under which of the following sections, exemption amount will not be deducted from cost of asset but will be taxable in the year in which it is transferred Show Answer

Q396) Section 54GB i.e. investment in equity shares by transfer of residential house is applicable to Show Answer

Q397) In sec 54GB, eligible company should invest in purchase of new plant and machinery within 1 year form Show Answer

Q398) In which of the following asset should eligible start up invest so that assessee can claim exemption under sec. 54GB? Show Answer

Q399) If equity shares of Co. are acquired by individual/HUF or new Plant and Machinery acquired by CO are sold within _______ years, then Amount of Capital Gain earlier exempt u/s 54GB shall be deemed to be income of Individual or HUF under Capital Gain? Show Answer

Q400) Mr. Tomato transferred the asset and deposited the amount in CAGS scheme as per Sec. 54F and claimed exemption of Rs.58000. Within stipulated period of investment, he died. What will be the amount of capital gain chargeable in hands of legal heir? Show Answer

Q401) Mr. Jikku, a NR has income from other sources of Rs.70,000 and Short-Term Capital Gain of Rs.30,000 from sale of equity-oriented MF. What will be amount of tax for Mr. Jikku? Show Answer

Q402) Concessional rate of 10% on transfer of long - term unlisted securities or shares is available to - Show Answer

Q403) Mr. Tukaram transferred unit of business trust for Rs.2,50,000 on 07/08/2018 which was acquired by him for Rs.60,000 on 06/06/2010. What will be Amount of capital gain tax payable by Mr. Tamara? Cl I for FY 10 -11-167, FY 18-19; 280. FMV as on 31/01/2018 -13000 Show Answer

Q404) Once sec 112A is exercised, which of following benefit is not available against LTCG
i. Chapter Vl-A deduction
ii. Transfer expenses deduction
iii. Relate u/s 87A deduction
iv. Unexhausted basic exemption in case of resident
Show Answer

Q405) Long term capital loss incurred due to Sec. 112A i.e. concessional rate of 10% for transfer of listed equity shares, unit of equity oriented MF or unit of business trust Show Answer

Q406) Under Sec. 50C, SDV taken as FVOC only if Show Answer

Q407) Mr. Nipun Asliwal, who is a salaried employee, invests in equity shares.What is the benefit available in respect of STT paid by him on sale and acquisition of 100 listed shares of X Ltd. which has been held by him for 14 months before sale? Show Answer

Q408) Mr. Sabudana inherited land from his father which was mortgaged by his father. Sabudana paid the outstanding money to bank which released the mortgage due. What will be the COA for Mr. Sabudana? Show Answer

Q409) "Deemed Dividend under sec. 2(22)(a) to sec 2(22)(d) to the extent accumulated profit: - Show Answer

Q410) What among the following is treated as deemed dividend under sec 2(22)(b)? Show Answer

Q411) Distribution of dividend to the extent of accumulated profits by closely held co. in which public are not substantially interested is taxable under which section? Show Answer

Q412) Under sec 2(22)(e), how much percentage of shareholding should shareholder hold in closely held company for taxability of dividend? Show Answer

Q413) Santa Ltd. is a company in which public is not substantially interested. Banta is a shareholder holding 15% of equity shares. Accumulated profits as on 31.3.19=10, 00,000.Company lent 12,50,000 to Banta. How much dividend will be taxable under sec 2(22) (e)? Show Answer

Q414) Under sec 115-0, dividend is payable by at the rate of [excluding 2(22)(e)] Show Answer

Q415) Under Sec 115-0 tax is payable by company under Sec 2(22) (e) at rate of Show Answer

Q416) Tara (P) Ltd. is a company is which public is not substantially interested. It advanced loan of Rs. 13,00,000 to shareholder Chanda who holds 12% of voting power. Tara (P) ltd. paid corporate dividend tax @ 30%. Whether Chanda is liable to pay tax under Sec 115BBDA if yes, how much? Show Answer

Q417) Mr. Jaher a non-resident person received dividend from Reliance Industries Ltd. amounting to Rs. 7,00,000, from ICS Ltd. of Rs. 8,00,000 and from BPCL amounting to Rs. 3,00,000. How much tax is payable under Sec. 115BBDA? Show Answer

Q418) Under Section 56(2)(vii b), shares are issued at premium by closely held Co. in which public is not substantially interested, tax is payable by co. at which amount among the following? Show Answer

Q419) MR. Jara entered into an agreement for sale of house property on 30/03/2014 and received advance money of Rs. 76,000 on 30/03/2014 but the sale could not materialise as on 31/03/14. Jara forfeited the advance money of Rs. 76,000. How will the same will be taxable in the hands of Mr. Jara? Show Answer

Q420) Mrs. Lilavati has acquired jewellery worth Rs. 6,00,000 on 05/06/2018 and FMV on 05/06/2018 is Rs. 6,75,000. Income chargeable under IFOS in hands of Mrs. Lilavati is Rs Show Answer

Q421) Mr. Gangadhar Chaudhary has acquired building of Rs. 40,00,000 on 20/07/2018 and SDV is Rs. 41,75,000. Income charged in hands of Gangadhar is Rs.? Show Answer

Q422) In respect of dividend received from domestic companies in excess of Rs. 10,00,000 by an individual Show Answer

Q423) Section 56(2)(x) is applicable to Show Answer

Q424) Mr. Sumit Khemka received cash gift of Rs.75,000 from his friend SagarDedhia on the occasion of marriage. How much amount will be taxable under sec 56(2)(x) in hands of Mr. SumitKhemka? Show Answer

Q425) Sumera (a dealer in jewellery) received jewellery worth Rs.16,00,000 from Priyal Shah on 09/08/2018. FMV of this jewellery on that date is Rs.18,50,000. How much income is taxable under Sec. 56(2)(x) in hands of Sumera? Show Answer

Q426) ABC Ltd. is wholly owned subsidiary of PQR Ltd. ABC Ltd. received shares from PQR Ltd. without consideration. FMV of shares on date of transfer is Rs.5,00,000. How much income is taxable under Sec. 56(2)(x). Show Answer

Q427) Mr. Yash Porwal received cash gift of Rs.3,00,000 from his wife's sister on occasion of his birthday. Amount taxable under sec. 56(2)(x) in hands of Yash Porwal- Show Answer

Q428) Mr. Yash Bhandari received land without consideration from his best friend Pratik Baldawa. SDV on if receipt of land is Rs.60,00,000. Discuss taxability under Sec. 56(2)(x) in hands of Mr. Yash Bhandari? Show Answer

Q429) Mir Harsh Thakkar employed at TCS Ltd. Compensation received by Harsh Thakkar from Meghain connection with termination of his employment. Such receipt of compensation is taxable under which head? Show Answer

Q430) Under section 10(15), limit of exemption for interest received from post office savings bank account is Show Answer

Q431) Government employee Shubham Gandhi received interest of Rs.8,500 from the money deposited by him in the scheme for retirement as notified by Government, taxability of interest is hands of Shubham is- Show Answer

Q432) Interest on bonds issued by a ‘state pooled finance entity' is Show Answer

Q433) Salary received from government by Shri Narendra Modi is taxable under Show Answer

Q434) bank 'Kotak Bank of India' made an investment in non-SLR security and received interest on such security. Under which head will this interest be taxable? Show Answer

Q435) Dividend stripping is applicable when a person acquires unit within a period of 3months prior to record date and sells such unit Show Answer

Q436) Miss Akshara is a resident individual who won Rs.2,10,000 from lottery. Tax payable by Akshara will be Show Answer

Q437) Mr. Kunal Mandowara earned rent from letting on hire his machinery of Rs.56,000 in FY 18-19. He paid Rs.10,000 on repairs of machinery, Rs.5,000 on insurance premium, Rs.8,400 is depreciation. Income taxable is FY 18-19 is hands of Mr. Kunal is Show Answer

Q438) Income in nature of family pension is exempt to the extent of Show Answer

Q439) Widow of Major Sandeep Unnikrishnan received family pension of Rs.18,000 p.m. i.e. 2,16,000. Exemption with respect to family pension will be: Show Answer

Q440) Mrs. Iyer received interest on enhanced compensation of Rs.5,00,000. She incurred expenditure of legal fees of Rs.50,000. Income chargeable under other source in hands of Mrs. Iyer will be Show Answer

Q441) Mr. Pawan Kumawat borrowed money from his sister and the same money is lent to his friend Parth. Pawan received interest of Rs.50,000 and paid Rs.65000 to his sister. Rs.35000 was considered as unreasonable by the Assessing Officer. How much income will be taxable in hands of Pawan under IFOS? Show Answer

Q442) Deduction u/s 57 was allowed in AY 19-20 for expenditure incurred. The expenditure made in AY 19-20 was reimbursed in AY 20-21, what will be the treatment of reimbursed expenditure? Show Answer

Q443) Miss Akruti Agrawal received car without consideration from her friend Sudha Singh. FMV on date of transfer is Rs.35,00,000. How much is taxable under IFOS? Show Answer

Q444) Bimal is employed in a factory at a salary of Rs.2400 per month. He also gets dearness allowance @Rs.600 p.m. and bonus @Rs.200 p.m. He retired on 31st Dec, 2022 and received Rs.75,000 as gratuity under the Payment of Gratuity Act, 1972 after serving 31 years and 4 month in that factory. The amount of gratuity exempt under the Income-tax Act,1961 will be- Show Answer

Q445) Akash is entitled to get a pension of Rs.6,000 p.m. from a private company. He gets 60% of the pension commuted and receives Rs.3,60,000. He also receives Rs.2,00,000 as gratuity from the same employer. The taxable portion of commuted value of pension will be- Show Answer

Q446) Chandan, a handicapped employee receives Rs.1,500 per month as transport allowance from his employer. His actual expenditure on transport is Rs. 1,000 per month. The amount of transport allowance taxable under the head income from salaries will be- Show Answer

Q447) Joy ltd. transfer a honda city car to its employee Happy after using it for 4 years and 10 months, for Rs.2,10,000. Cost of the car is Rs.10,00,000. The value of taxable perquisite in the hands of Happy is- Show Answer

Q448) Ramesh, an employee of Gauri & Co. of Delhi, received the following payments during the previous year ended 31st March, 2023:
Basic Salary : Rs.2,40,000 and dearness allowance : 40% of basic salary (40% forming part of salary). Rent- free unfurnished accommodation provided by employer for which rent paid by employer being Rs.50,000. The value of taxable perquisite in the hands of Ramesh will be- Show Answer

Q449) For the year ended 31st March, 2023 Paresh receives a salary of Rs.2,80,000. Paresh's contribution to employees' recognized provident fund account is Rs.59,000 and matching contribution has been made by employer. Taxable income of Paresh will be- Show Answer

Q450) Children education allowance received by an employee from his employer is Rs.80 per month per child for 3 children. Taxable education allowance will be- Show Answer

Q451) Raman purchased a residential house property in Ahmedabad on loan for which he paid an interest of Rs.50,000 during the previous year. He is working in Delhi and getting HRA of Rs.4,000 per month. He can claim exemption/ deduction for- Show Answer

Q452) Which of the following is not correct about the approved superannuation fund- Show Answer

Q453) Ashraf is an employee of Moon Public School. His daughter, Zara, is studying in the said school at a concessional fess of Rs.600 per month (Actual fee Rs.4000 per month). The amount taxable in the hands of Ashraf will be- Show Answer

Q454) Ashok took an interest-free loan of Rs. 15,000 from B ltd.(the employer). Assuming that the market rate of interest on similar loan is 10%, the taxable value of the perquisite in the hands of Ashok will be- Show Answer

Q455) During the previous year 2022-23, Barun received a watch worth Rs.20,000 from his employer. The taxable value of the watch will be- Show Answer

Q456) X, Manager of XYZ Ltd. since 2001 was, terminated by the company on 1st August, 2022 by paying a compensation of Rs.200 lakh. Such compensation is- Show Answer

Q457) HSK, a LLP has taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th Sept,2022 and an amount of Rs.75 lakh was paid by the insurers to the managing partner. The amount so received on maturity of the policy by the managing partner is - Show Answer

Q458) Pankaj joins service on 1st April, 2018 in the grade of 15,000 - (1,000) - 18,000-(2,000)-26,000. He shall be paying tax for the year ended on 31st March, 2023 on the total salary of- Show Answer

Q459) Kapil gets salary of Rs.12,000 p.m. and is provided with rent-free unfurnished accommodation at Pune (population 20 lakh). House is owned by employer, fair rental value of which is Rs.1400 p.m. House was provided with effect from 1st July 2022. Value of the perquisite of rent-free accommodation will be: Show Answer

Q460) Anil is employed in a company with annual salary of Rs.8,60,000(computed). The company paid income-tax of Rs.37,000 on his non-monetary perquisite. He paid Rs.1,20,000 to recognized provident fund during the year 2022-23. His total income would be: Show Answer

Q461) Anjan joins a service in the grade of Rs.15,600 - 39,100 plus grade pay of Rs.6,000 on 01.08.2022. He also gets dearness allowance @ 107% of salary. His tax liability for assessment year 2023-24 will be- Show Answer

Q462) Rohan retires from private service on 30th April, 2022 and his pension has been fixed at Rs.1,500 p.m. He gets 1/2 of his pension commuted during January, 2023 and receives Rs.75,000. He also gets Rs.60,000 as gratuity. The total pension taxable including commuted value will be- Show Answer

Q463) Murali is employed in Megha Ltd., Delhi. He is paid house rent allowance of Rs.9,000 per month in financial year 2022-23. His salary for the purpose of computation of house rent allowance relief may be taken as Rs.20,000 per month. Murali pays actual rent Rs.10,000 per month. How much of the house rent allowance is tax-free- Show Answer

Q464) Satish is employed as chief engineer in Gama Ltd., Chennai w.e.f. 1st April, 2022 for a consolidated salary of Rs.60,000 per month. He is provided with rent-free unfurnished accommodation owned by the employer from 1st July, 2022 onwards. The value of taxable perquisite is- Show Answer

Q465) Mrs. Meena retired from service with Sky Ltd. on 31st January, 2023. She received the following amounts from unrecognized provident fund:
(i) Own contribution Rs.1,50,000;
(ii) Interest on own contribution Rs.21,000
(iii) Employer's contribution Rs.1,10,000; and
(iv) interest on employer's contribution Rs.15,000.
How much of the receipt is chargeable to tax as income from salary - Show Answer

Q466) An employee of a company, who was entitled for a gratuity of Rs.8,00,000, also received Rs.12,00,000 by commuting 40% of his pension. The taxable amount of commuted pension is- Show Answer

Q467) Ravi is receiving Rs.10,000 as medical allowance from his employer. Out of this, he spends Rs.5,000 on his own medical treatment, Rs.2,000 on the medical treatment of his dependent wife and another Rs.3,000 for the medical treatment of his major son who is not a dependent on him.The amount of medical allowance taxable in his hand is - Show Answer

Q468) Ms. Janhvi is provided with an interest free loan by her employer for the purchase of a house. The value of the perquisite shall be - Show Answer

Q469) A company acquired a motor car for Rs.8 lakh on 30th June, 2021. It sold the said motor car to its employee, Jayant, for Rs.6 lakh on 10th June, 2022. The company claimed depreciation @ 15% for the year ended 31st March, 2022. The perquisite value in the hands of Jayant on sale of motor car would be - Show Answer

Q470) Pawan, employed in Magic Ltd., was eligible for transport allowance of Rs.2,000 per month to meet his travel expenses from residence to office. He actually incurred Rs.1200 per month towards travel. The amount of travel allowance chargeable to tax as perquisite would be - Show Answer

Q471) An employee of a public limited company received Rs.3,00,000 as encashment of leave salary at the time of retirement. He has 18 months' leave to his credit at the time of retirement and his average salary for last 10 months is Rs.24,000. The taxable amount of leave encashment would be- Show Answer

Q472) A company has provided laptop worth Rs.50,000 to its employee for official as well as personal purposes. The taxable amount of perquisite will be- Show Answer

Q473) Interest credited to statutory provident fund shall be: Show Answer

Q474) Mr. Ashwin retired on 31-10-2022 after rendering 35 years of service in PLN & Co. Ltd. He received gratuity of Rs.18 lakhs. He is governed by Payment of Gratuity Act, 1972. The monetary limit eligible for exemption is: Show Answer

Q475) Mr. A is employed in ABS Transports as cabin driver. He is paid Rs.15,000 every month in the whole of previous year 2022-23 as allowance for meeting his personal expenditure in the course of running the goods vehicle. Mr. A does not receive any other amount by way of daily allowance. The amount of allowance eligible for exemption is: Show Answer

Q476) Mr. Arjun employed in KL (P) Ltd. at Mumbai was provided rent-free accommodation by the employer who owned such accommodation. The salary income of Mr. Arjun for the purpose of computing the perquisite value is Rs.8 lakhs. The perquisite value of rent-free accommodation in the hands of Mr. Arjun is : Show Answer

Q477) Mr. Gupta is given a motor car with chauffeur by the employer which is used for both official and personal purpose. The entire running expenses of the car amounting to Rs.64,800 was met by the employer in the previous year 2022-23. The cubic capacity of the engine of the motor car exceeds 1.6 litres.The perquisite value of motor car taxable in the hands of Mr. Gupta is: Show Answer

Q478) Ashwin Co.Ltd. contributed 15% of the salary of the employee Virat towards recognized provident fund. The amount liable to tax as perquisite in the hands of Virat would be ..............of contribution. Show Answer

Q479) During the previous year, the employee was reimbursed Rs.24,000 as medical expenses incurred by him which includes Rs.7,000 spent in Government hospital. The taxable perquisite in this case shall be: Show Answer

Q480) The employee is provided with furniture costing Rs,1,50,000 along with house w.e.f. 1-7-2022. The value of the furniture to be included in the valuation of unfurnished house shall be: Show Answer

Q481) Mr.Vijay employed in ABC Ltd. opted for voluntary retirement and received Rs.12 lakhs by way of gratuity. The Payment of Gratuity Act, 1972 is applicable in his case. The monetary limit for exemption under Section 10(10) is : Show Answer

Q482) The maximum amount eligible for exemption in respect of encashment of earned leave on retirement is: Show Answer

Q483) Mr. Murthy is employed in ABC Management Institute, Pune. He is eligible for Rs.24,000 as allowance for the year towards academic and research work. The amount of academic and research allowance chargeable to tax is: Show Answer

Q484) Mr. Amit employed in X Co. Ltd., Salem received Rs.10,000 per month as house rent allowance in the year 2022-23. His total salary is Rs.4 lakhs consisting of Basic pay + DA. He paid rent of Rs.8,000 per month. How much of HRA is exempt from tax? Show Answer

Q485) Mr. Balan is employed in SS Ltd. at Madurai. He is provided with a rent free accommodation owned by the employer . The percentage of salary to be adopted for the purpose of valuation of perquisite would be: Show Answer

Q486) Mr. Ravi employed in Cotton India Ltd. as accounts manager. The employer paid Rs.1,60,000 as contribution to approved superannuation fund to benefit the employee Ravi. The amount of such contribution liable to tax as perquisite in the hands of Mr. Ravi is: Show Answer

Q487) Mr. Bobby employed in PQR Ltd. was permitted to admit his only son in the school run by the employer. No fee was charged on such education provided to the son of Mr. Bobby. The cost of such education for other children is Rs.1800 per month. The perquisite value of free education in the hands of Mr. Bobby would be: Show Answer

Q488) When interest on employee's own contribution from unrecognized provident fund is received, it is: Show Answer

Q489) Mr. Sridhar employed in KL Ltd. took voluntary retirement in December 2022 and received Rs.2,00,000 from National Pension System Trust. The amount so received chargeable to income-tax is: Show Answer

Q490) What will be the amount of gross salary which shall be required to be declared in the return of income to be filed for the previous year 2022-23 by Harun, who joined services as Manager Accounts on the salary of Rs.17,000 p.m. in XYZ Ltd. on 1st April 2020 in the grade of 15000-2000-19000-3000-28,000? Show Answer

Q491) Total income of Nand Kishore under the head 'Salary' for the financial year 2022-23 of whose basic salary and DA per month was of Rs.40,000 and Rs.3,000 respectively and who was also paid leave salary of Rs.6,000 and Rs.1,000 of professional tax by the employer shall be...... . Show Answer

Q492) A central government officer received during the year 2022-23 salary excluding all allowances of Rs.9,00,000 and amount of entertainment allowance of Rs.12,000 @ Rs.1,000 p.m. The maximum amount of entertainment allowance so received by him being exempt under section 16(ii) of the Act is..... . Show Answer

Q493) Paresh, a company Secretary working in Roly Ltd.Chennai besides Salary, HRA, DA and Bonus was also getting fixed medical allowance of Rs.10,000 from the employer. He spent out of the medical allowance so received an amount of Rs.6,000 on his treatment, Rs.2,000 on the treatment of his wife and Rs.1,000 on the treatment of his major son not dependent on him. The amount of medical allowance received and to be exempt for Asst. Year 2023-24 shall be....... . Show Answer

Q494) Charles Fried working in Coal Mines in Dhanbad was receiving 'underground allowance for working in uncongenial, unnatural climate in underground Coal Mines' of an amount of Rs.2,000 per month from the employer. Amount of Rs.......received per month shall be treated as exempt as per section 10(14) of the Act. Show Answer

Q495) Mr. A( age 70) being a pensioner has total income (computed) of Rs.5,50,000 for the previous year ended 31.03.2023. What would be his net tax liability payable by him including Higher Education Cess if opts for section 115BAC? Show Answer

Q496) Mr. Y is a visually impaired person. He is employed in a public sector undertaking since 01.06.2021. He was paid 30,000 for the financial year ended 2022-23 by way of transport allowance. How much of transport allowance is exempt from Income-tax? Show Answer

Q497) Chaturvedi is employed in a company at Delhi. He was paid monthly house rent allowance of Rs.15,000 during the previous year 2022-23. His Basic pay + DA (eligible for retirement benefits) for the year ended 31st March, 2023 is Rs.12 lakhs. Chaturvedi paid Rs.20,000 as rent per month for the accommodation occupied by him throughout the year. Compute the amount of HRA exempt from tax. Show Answer

Q498) State which of the following perquisite is not exempt perquisite for the assessment year 2023-24? Show Answer

Q499) Vignesh was appointed in XYZ Ltd. on 01.12.2022 for a monthly salary of Rs.80,000. He was not employed prior to that date during the previous yaer 2022-23. Compute the salary income chargeable to tax for the assessment year 2023-24 on the assumption that Vignesh opted for section 115BAC. Show Answer

Q500) Harsh (age 45 years) is appointed as Vice-President in High Hope India Ltd. Mumbai on 1/02/2022. He has been provided a car of 2000 cubic capacity (CC) which is exclusively used by him for private and personal purposes only. The actual cost of the car is Rs.18,00,000 and the monthly expenditure of Car of Rs.5,000 is fully met by the employer. perquisite value of Car subject to tax in the hands of Harsh in A.Y. 2023-24 would be : Show Answer

Q501) No. of days in a month for purposes of computing taxable Gratuity in case the employee is covered under the Payment of Gratuity Act,1972, are: Show Answer

Q502) An employer provided free refreshment to his employee for which he incurred an amount of Rs.80 per such refreshment. State the amount which is treated as a perquisite for the employee and its taxable value as per sec 115 BAC of the Income Tax Act, 1961 for the Assessment Year 2023-2024: Show Answer

Q503) Priya, (Non- Government Employee) an employee of S Ltd. have received the amount of retrenchment compensation as she is going out of the company due to the retrenchment process. The total years she worked in the company is 17 years. The average pay equals to 15 days is Rs.30,500. You are required to compute the income which is chargeable under the head salaries in the hands of Priya.
(Assessee has not opted for section 115BAC). Show Answer

Q504) B (Non- Government Employee) stays at Delhi received s basic of Rs.60,000 p.m. and dearness allowance Rs.3,000 p.m.(forming part of salary) and he is also given a rent-free furnished home.The fair rent of the house is Rs.1,20,000 p.a. and rent of furniture is rs.24,000 p.a. Compute the tax liability for the A.Y. 2023-24 (Assessee has not opted for section 115BAC). Show Answer

Q505) Which is the charging section of Income under the head salaries ? Show Answer

Q506) Mr. A, a Chartered Accountant is employed with ABC Ltd., as an Internal Auditor and requests the Employer to call the remuneration as Internal Audit Fee. Mr.A shall be chargeable to tax for such fee under the head: Show Answer

Q507) Ashni Ltd. pays s Salary Rs.2,50,000 to his Employee Vanisha and undertakes to pay the Income tax amounting to Rs.10,300 during the previous year 2022-23 on behalf of Vanisha. The Gross Salary of Vanisha shall be: Show Answer

Q508) R was employed from 1.8.2019 in the grade of Rs.15,000 - 400 - 17,000 - 500 - 22,000 and his salary was fixed at Rs.16,200 from the date of joining. His gross salary for the assessment year 2023-24 shall be. Show Answer

Q509) Kishan, who is entitled to a Salary of Rs.20,000 p.m., took an advance of Rs.50,000 against the salary in the month of March 2023. The Gross Salary of Kishan shall be : Show Answer

Q510) Alok, who is entitled to a Salary of Rs.20,000 p.m. took advance salary from the Employer for the months of April and May 2023 alongwith Salary of March 2023 on 31-3-2023. The Gross Salary of Alok for A.Y. 2023-24 is: Show Answer

Q511) Q was employed on 1.7.2016 in the grade of Rs.15,000 - 400 - 17,000 - 500 - 22,000. His gross salary for the assessment year 2023-24 shall be: Show Answer

Q512) Salary of A becomes due on 1st of next month and it is paid on 5th of that next month. For A.Y. 2023-24 the Salary of A shall be taken from: Show Answer

Q513) The maximum exemption under section 10(10AA) in case of leave encashment is - Show Answer

Q514) Encashment of Leave Salary at the time of retirement is fully exempt in the case of : Show Answer

Q515) Salary for the purpose of exemption of Leave Encashment shall be taken as: Show Answer

Q516) Gratuity shall be fully exempt in the case of : Show Answer

Q517) What is the specified limit in case of employees covered by the Payment of Gratuity Act, 1972 ? Show Answer

Q518) Salary for the purpose of calculating 15 days salary for each completed year of service shall be: Show Answer

Q519) Salary for the above purpose shall: Show Answer

Q520) If the Employee has completed service of 16 years 6 months and 5 days , the no. of completed year shall be taken as: Show Answer

Q521) If he has completed exactly 16 years and 6 months, the completed year shall be: Show Answer

Q522) For the purpose of computing 15 days' Salary, the no. of days in a month shall be taken as : Show Answer

Q523) Salary for purpose of calculating gratuity based on half month salary shall be taken as: Show Answer

Q524) Salary for the above purpose - Show Answer

Q525) If the Employee has completed 16 years and 8 months of service. the no.of completed years is: Show Answer

Q526) The maximum exemption of Gratuity shall be: Show Answer

Q527) A worked with a previous Employer for 3 years but was not entitled to any gratuity. He worked with the present Employer for 8 years and 7 months. The completed years of service for calculating exemption of gratuity shall be taken as: Show Answer

Q528) For the purpose of calculating exemption of Gratuity, Salary shall include: Show Answer

Q529) Uncommuted Pension received by a Government Employee is: Show Answer

Q530) Commuted Pension received shall be fully exempt in case of: Show Answer

Q531) Where the employee is not in receipt of gratuity what will be the exemption in respect of commuted pension? Show Answer

Q532) An employee, who was also entitled to Gratuity, got 60% of his pension commuted and received a sum of Rs.1,20,000 as commuted pension. The exemption is: Show Answer

Q533) An employee who was not entitled to gratuity, got 30% of his total pension commuted in the past. He wished to commute another 25% of his total pension in the previous year. He shall be allowed exemption to the extent of: Show Answer

Q534) Compensation received in Voluntary Retirement is exempt u/s 10(10C) to the maximum extent of: Show Answer

Q535) An employee availed the exemption of VRS of Rs.1,00,000 in the past. He received from the second Employer a sum of Rs.2,50,000 as VRS Compensation. He will be entitled to exemption to the extent of: Show Answer

Q536) If rent is paid for a house situated in Mumbai, the HRA shall be exempt to the maximum extent of: Show Answer

Q537) A is entitled to Children Education Allowance at Rs.80 p.m. per child for 3 children amounting Rs.240 p.m. It will be exempt to the extent of: Show Answer

Q538) B is entitled to Hostel expenditure allowance of Rs.600 p.m. for his 3 children at Rs.200 per child. The exemption in this case shall be: Show Answer

Q539) C is entitled to Rs.1,000 p.m. for commuting from his residence to office and back. He spends Rs.600 p.m. the exemption shall be: Show Answer

Q540) D is entitled to Rs.6,000 as Medical Allowance. He spends Rs.4000 on his medical treatment and Rs.1,000 on the medical treatment of his major son not dependent on him. The exemption in this case shall be: Show Answer

Q541) Entertainment Allowance in case of Government Employee is: Show Answer

Q542) During the previous year, the Employee was reimbursed Rs.24,000 as medical expenses incurred by him which includes Rs.7,000 spent in Govt. hospital. The taxable perquisite in this case shall be: Show Answer

Q543) Mrs.C wife of C, who is employed in G Ltd. went for by-pass surgery in England along with her husband. Expenses on medical treatment of wife and stay outside India of wife and C amounted to Rs.7,00,000 as against Rs,6,50,000 permitted by RBI. The travel expenses amounted to Rs.1,50,000. All expenses were reimbursed by the Employer. Assume the gross salary and income from other sources of the Employee are Rs.1,40,000 and Rs.40,000 respectively. The taxable perquisite in this case shall be: Show Answer

Q544) Leave Travel Concession is a tax free perquisite for: Show Answer

Q545) Employee is provided with furniture costing Rs.1,50,000 along with house w.e.f. 1-4-2022. The value of the furniture to be included in the valuation of unfurnished house shall be: Show Answer

Q546) Salary of an Employee is Rs.2,00,000. Rent paid by the Employer for the unfurnished house provided to Employee at Coimbatore is Rs.1,500 pm. The Employer charges Rs.1,000 p.m. as rent from the Employee. The valuation of this perquisite shall be: Show Answer

Q547) A is an Employee of Indian Oil Corporation Ltd. He is provided with free gas for his personal purposes by the Employer. The value of this perquisite shall be: Show Answer

Q548) A owns a house in which he lives. His Employer reimburses to him the electricity bill amounting to Rs.5,000. It shall be a perquisite for: Show Answer

Q549) An Employer provides free facility of gas, electricity etc. to his Employee which he uses partly for official and party for his personal purposes. The actual amount spent by Employer is Rs.10,000 and the Salary of the Employee is Rs.2,00,000. The valuation of this perquisite shall be: Show Answer

Q550) An employer provides free facility of Watchman, Sweeper and gardener to his Employees. It will be a perquisite for: Show Answer

Q551) Gardener, Sweeper and watchman are employed by the Employee but their salary of Rs. 500 p.m. per person is paid by the Employer. The valuation of this perquisite shall be: Show Answer

Q552) Employer's Contribution to Statutory Provident Fund shall be: Show Answer

Q553) Interest credited to Statutory Provident Fund shall be: Show Answer

Q554) Employer's Contribution to Recognized Provident Fund shall be: Show Answer

Q555) Interest credited to Recognized Provident Fund is: Show Answer

Q556) Employer's contribution to unrecognized Provident Fund shall be: Show Answer

Q557) Interest on Employer's Contribution credited to Unrecognized Provident Fund is: Show Answer

Q558) Sajal is the owner of a house property covered under the Rent Control Act. Municipal value Rs.30,000, actual rent Rs.25,000, fair rent Rs.36,000 and standard rent is Rs.28,000. The gross annual value of the house property will be: Show Answer

Q559) Composite rent of let-out house property is taxable as- Show Answer

Q560) Suresh owns two house properties. First property was used half for running his business and the other half was let-out at Rs.4,000 per month. The second property was wholly used as a residence by Suresh. Municipal value of the two properties were the same at Rs.72,000 each per annum and local taxes @ 10%. Suresh's income from house property for the previous year 2022-23 will be: Show Answer

Q561) Rohit owns a house property in Delhi which he wants to give on rent. He seeks your help to determine the reasonable expected rent when monthly municipal value is Rs.20,000, fair rent Rs.25,000 and standard rent Rs.22,000. The reasonable expected rent will be computed with reference to following amount per month: Show Answer

Q562) Ramesh let-out his house on 1st April, 2022 on rent of Rs.15,000 p. m. The fair rent and the municipal value of house are Rs.13,500 p.m. and Rs.16,000 p.m. respectively. Municipal taxes paid for the year were Rs.12,000. Income from house property for the assessment year 2023-24 will be: Show Answer

Q563) When a house property is let-out throughout the year for a monthly rent of Rs.22,000 and municipal tax paid for current year Rs.24,000 and for the earlier year paid now is Rs.16,000, the income from house property would be: Show Answer

Q564) When share of each co-owner in a house property is not definite, the income from such property shall be: Show Answer

Q565) Ms. Padmaja let out a property for Rs.20,000 per month during the year 2022-23. The municipal tax on the let-out property was enhanced retrospectively. Hence, she paid Rs.60,000 as municipal tax which included arrears of municipal tax of Rs.45,000. Her income from house property is - Show Answer

Q566) The municipal value of a property is Rs.2,10,000; fair rent is Rs.1,90,000; standard rent is Rs.1,80,000 and the actual rent is rs.2,40,000. The gross annual value of the property would be - Show Answer

Q567) Mr. Ahmed acquired a property in April, 2021 for self-residential use. The loan interest payable to State Bank of India for the financial year 2022-23 amounts to Rs.2,10,000. The amount eligible for deduction under section 24 is : Show Answer

Q568) A borrowed Rs.5,00,000 @ 12% p.a. on 1-4-2018 for construction of house property which was completed on 15-3-2022. The amount is still unpaid. The deduction of interest for previous year 2022-23 shall be: Show Answer

Q569) DPM Ltd. constructed staff quarters and let out the same during the financial year 2022-23. Its rent received rs.7,50,000 by way of rent from employees during the year. The rental receipt is taxable as: Show Answer

Q570) When a house property is let out for a monthly rent of Rs.25,000 during the financial year 2022-23 and maintenance expenses by way of salary to sweeper and watchman is Rs.6000 per month, the income from house property would be : Show Answer

Q571) Mr. Zen owns a flat in Mumbai which was let out by him in the previous year 2022-23 on a rent of Rs.20,000 p.m. upto December, 2022 and for Rs.30,000 p.m. thereafter. The annual municipal value is of Rs.3,00,000. Fair rent is Rs.2,50,000 and Standard Rent is rs.2,90,000. The gross annual value of the flat shall be taken as: Show Answer

Q572) Santhnam purchased in October, 2022, a flat in Chennai, to be used for his own residential purposes with the financial assistance of housing loan taken from PNB Housing Finance Ltd. He has paid interest on such loan till March,2023 of Rs.1,78,780. The amount of interest paid on such loan allowed u/s 24 is: Show Answer

Q573) Rajendra a non-residential Indian in the previous year 2022-23 was in receipt of rent of house property located in Dubai of Rs.27,50,000. The amount of rent was transferred and credited in the bank account of Rajendra maintained with SBI, Vadodara by the tenant quarterly. The Annual Letting Value (ALV) of the house located in Dubai subject to tax under the head Income from house property in A.Y. 2023-24 shall be ...... . Show Answer

Q574) What will be the Gross Annual value (GAV) of a House owned by Ramesh covered by Rent Control Act remained let out during the year 2022-23 of which ;
(i) Municipal value is Rs.3,50,000
(ii) Actual (De Facto) Rent is Rs.3,20,000
(iii) Fair Rent is Rs.3,00,000 and
(iv) Standard Rent is rs.3,60,000 Show Answer

Q575) Santhnam purchased in October, 2021 with the financial assistance by way of housing loan provided by PNB Housing Finance Ltd. a flat in Chennai to be used exclusively for his own residential purposes. Interest on the housing loan from 1.4.2022 till March, 2023 paid by him was Rs.2,18,780. He wants to know the Amount of deduction to be available to him in respect of interest so paid on the housing loan while computing his income for A.Y. 2023-24. Show Answer

Q576) House owned by Suresh was sold on 1st January, 2023 and till the date of sale, the house was on rent on Rs.7,000 p.m. The other relevant details of this house are (i) municipal value Rs.72,000 p.a. (ii) fair rent Rs.66,000 p.a. and standard rent Rs.60,000 p.a.The income chargeable under the head House Property in A.Y. 2023-24 of this house shall be : Show Answer

Q577) Pushpal, a non-resident Indian in the previous year 2022-23 was in receipt of rent of the house property located in Singapore of Rs.30,00,000. The amount of rent was transferred and credited in the bank account of Pushpal, maintained with SBI, New Delhi by the tenant quarterly. However, the rent for the last quarter of Rs.7,50,000 was not transferred by the tenant in the account of Pushpal till 31-03-2023. The Rental Income of the house located in Singapore which will be subject to tax in India under the head Income from house property in A.Y. 2023-24 shall be ....... . Show Answer

Q578) Find out with the help of given details information, the gross annual value (GAV) of a house owned by Ramnath covered by Rent Control Act remained let out during the year 01-04-2022 to 01-04-2023 :
(i) Municipal value Rs.7,00,000
(ii) Actual (de facto) Rent Rs.6,48,000
(ii) Fair Rent Rs.6,60,000 and
(iv) Standard Rent Rs. 7,20,000 Show Answer

Q579) Sonu has let out a house located at Jaipur to Monu since 1.04.2021 on a rent of Rs.3,000 p.m. Monu paid the rent regularly up to 30.11.21 and vacated the house on 31.03.2022 when it was sold by Sonu to Ramu. Sonu after great persuasion could recover an amount of Rs.9,000 from Monu in July, 2022. The income chargeable under House Property in A.Y. 2023-24 shall be ...... . Show Answer

Q580) Sreelekha let out a property on rent from 01.08.2022 which was self-occupied previously for residential purposes. The actual rent was Rs.30,000 per month. The municipal value was Rs.35,000 per month. The fair rent is Rs.40,000 per month. Standard rent under the Rent Control Act is Rs.32,000 per month. What is her income under the head "house property" for the assessment year 2023-24. Show Answer

Q581) Rajsekar owned three identical properties. He let out one property for a monthly rent of Rs.50,000 during the financial year 2022-23. The other two properties are self-occupied by him. Compute his income under the head house property for the assessment year 2023-24. Show Answer

Q582) Siddharth has 3 houses in different buildings in Mumbai kept and used for self-occupation. Treatment to be given in respect of income under the head house property relating to these 3 houses for A.Y. 2023-24 shall be : Show Answer

Q583) Rajneesh and Amarjeet are the co-owners of a house located at Delhi having 50% share each, which is being used by both of them as self-occupied property. The house was purchased in the year 2005 by taking the loan from SBI. The interest paid by each co-owner during the previous year 2022-23 on loan (taken for acquisition of property during the year 2005) is Rs.3,05,000. The amount of allowance deduction in respect of interest paid to each of the co-owner when both of them do not opt for section 115BAC in A.Y. 2023-24 would be : Show Answer

Q584) A house owned by Meghna and located at Jaipur was on rent till it was sold out in the month of March,2022. She received an amount of Rs.45,000 as arrears of rent from the tenant in the month of February, 2023. The taxable amount of arrears of rent so received by her in A.Y. 2023-24 would be : Show Answer

Q585) Satish aged 45 years is having a house property at Hyderabad. The municipal valuation is Rs.12,50,000 & fair rent of the property is Rs.11,00,000. The standard rent is Rs.11,50,000. He let out the property for a rent of Rs.1,05,000 per month during the financial year 2022-23. Rent of March could not be realized despite all efforts, as the tenant have vacated the property. All the conditions for unrealized rent were satisfied. He has paid the municipal taxes of Rs.2,30,000. He had paid an interest of Rs.2,50,000 during the year for the amount borrowed for construction of the property. Compute the income from house property for Assessment Year 2023-24 ? (Assessee has not opted for section 115BAC) : Show Answer

Q586) Sanghvi purchased her first house at Vijayawada for occupation on 10th June, 2021 for Rs.80 Lakhs (stamps duty value being the same) with bank loan sanctioned on 1st June, 2021 she paid on interest of Rs.4.5 Lakhs during the Previous Year 2022-23. What is the tax treatment of interest paid by her for the Assessment Year 2023-24?
(Assessee has not opted for section 115BAC). Show Answer

Q587) Bhuvana transferred the rental income of Rs.1,20,000 p.m. to Sneha during the previous year 2022-23 but she did not transfer the property in the name of Sneha. As per provision of the Income Tax Act, 1961, the rental income will be taxed in the hands of ............for the Assessment Year 2023-24. Show Answer

Q588) Charging section of Income from house property is Show Answer

Q589) Income from building constructed on leasehold is taxable as: Show Answer

Q590) Composite rent of let out house property which is not separable, will be taxable as: Show Answer

Q591) Deemed owner is specified in which section of the income tax act, 1961: Show Answer

Q592) A gifted his house property to his wife in 2022. Mrs. A has let out the house property @ Rs.10,000 p.m. The income from such house property will be taxable in the hands of: Show Answer

Q593) Arun gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of: Show Answer

Q594) Mr. Kamal had two children Sumit and Sushmita (married with Aman) of age 14 and 16 respectively and wife named Anu. In which of the following case he will not be considered as deemed owner? Show Answer

Q595) Find out the expected rent of house property H, if the following is given: Municipal value = Rs.70,000; Fair Rent = Rs.80,000; Standard Rent = Rs.1,12,000. Actual Rent = Rs.1,25,000 Show Answer

Q596) Standard deduction u/s 24(a) of the income tax act, 1961 is: Show Answer

Q597) Deduction allowed from annual value- Show Answer

Q598) Mohan took a loan of Rs.6,00,000 on 1-4-2020 from a bank for construction of a house. The loan carries an interest @ 10% p.a. The construction is completed on 15-6-2022. The entire loan is still outstanding. Compute the interest allowable for the assessment year 2023-24. Show Answer

Q599) Which of the following deduction are to be made from income house property? Show Answer

Q600) When did pre- acquisition or pre- construction period ends ? Show Answer

Q601) Unrealised rent is specified in which Section of house property : Show Answer

Q602) In case of arrears of rent deduction allowed is: Show Answer

Q603) In case the property is owned by co-owners and it is self occupied by all co-owners. The annual value of: Show Answer

Q604) Ashi received Rs.30,000 as arrears of rent during the previous year 2022-23. The amount taxable under section 25A would be .............. . Show Answer

Q605) An individual assessee can show maximum loss from a self-occupied residential house property to the extent of: Show Answer

Q606) In case of unrealized rent deduction allowed is: Show Answer

Q607) In case of self-occupied property, statutory deduction under section 24(a) shall be:Nil Show Answer

Q608) Where the assessee does not himself carry on scientific research but makes contributions to an approved university, college or institution, to be used for scientific research related or unrelated to the business of assessee, then the amount of deduction from income of business shall be allowed on such contribution to the extent of- Show Answer

Q609) In the case of companies, capital expenditure incurred for the purposes of promoting family planning amongst the employees would be deductible to the extent- Show Answer

Q610) A person carrying on profession will also have to get his accounts audited before the specified date, if gross receipts from the profession for a previous year or years relevant to assessment year exceed- Show Answer

Q611) Rate of depreciation chargeable on temporary wooden structure for the assessment year 2023-24 is- Show Answer

Q612) In case of foreign companies having branches in India, maximum deduction (in respect of head office expenditure) allowed-in computing their income under section 44C is- Show Answer

Q613) Under the Income-Tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head - Show Answer

Q614) Under the Income-Tax Act, 1961, dividend derived from the shares held as stock-in-trade are taxable under the haed- Show Answer

Q615) Under the Income-Tax Act, 1961, ' national profit' from speculative business is- Show Answer

Q616) A person carrying specified profession will have to maintain books of account prescribed by Rule 6F of the Income-Tax Rules, 1962, if gross receipts are more than Rs.1,50,000 for- Show Answer

Q617) If a block of assets ceases to exist on the last day of the previous year, depreciation admissible for the block of assets will be - Show Answer

Q618) Provisions of section 44AD for computation of presumptive income are not applicable to- Show Answer

Q619) Vaibhav, deriving business income, owns a car whose WDV as on 1st April, 2021 was Rs.3,00,000. This is the only asset in the block of assets with rate of 15%. It is estimated that one-third of the total usage of the car is for personal use in both years. The WDV of the block of assets as on 31st March, 2023 would be - Show Answer

Q620) Sunil acquired a building for Rs.15 lakh in June, 2020 in addition to cost of land beneath the building of Rs.3 lakh. It was used for personal purposes until he commenced business in June, 2022 and since then it was used for business purposes. The amount of depreciation eligible in his case for the assessment year 2023-24 would be : Show Answer

Q621) X Ltd. paid Rs.10 lakh to an approved college to be used for scientific research unrelated to its business. The amount eligible for deduction u/s 35(1)(ii) is: Show Answer

Q622) Saraswath Ltd. made provision of Rs.12 lakh for bonus payable for the year ended 31st March, 2023. It paid Rs.7 lakh on 31st July, 2023; Rs.3 lakh on 30th September,2023; and Rs.2 lakh on 15th December, 2023. The amount eligible for deduction u/s 43B would be: Show Answer

Q623) When a cash payment of rs.30,000 is made on 10th May,2021 towards purchase of raw material effected in the earlier year i.e., on 5th June,2020, the amount liable for disallowance u/s 40A (3) would be: Show Answer

Q624) When a partnership firm has total sales of Rs.90 lakh, the maximum amount deductible as salary of working partners on the basis of presumptive income determined u/s 44AD is: Show Answer

Q625) Raman & Co., a partnership firm, received Rs.5,00,000 from an insurance company under keyman insurance policy consequent to demise of partner Pramod. The amount of premium Rs.2,30,000 paid earlier was claimed as deduction u/s 73 by the firm. The amount received from the insurance company is - Show Answer

Q626) Under the head 'Profits & gains of business or profession', the method of accounting that should be followed by an assessee is- Show Answer

Q627) Madhu Ltd. owns machinery (rate of depreciation is 15%), the written down value of which as on 1st april, 2022 is Rs.30,00,000. Due to fire, entire assets in the block were destroyed and the insurer paid Rs.25,00,000. The eligible depreciation in respect of this machinery is - Show Answer

Q628) DP & Co. is a partnership firm with 3 partners. The capital of each partner was Rs.2 lakh. The partnership deed authorized interest on capital @ 15% and working partner salary to each partner @ Rs.10,000 p.m. for all the partners. The total sales amounted to Rs.70 lakh. The total income of the firm u/s 44AD would be - Show Answer

Q629) Salary received by a partner from his partnership firm is considered in his personal assessment as- Show Answer

Q630) Ramson industries acquired a factory building for self use in November, 2022. The value of land underneath the building was Rs.5 lakh and value of building was Rs.10 lakh. The amount of eligible depreciation allowable for assessment year 2023-24 is- Show Answer

Q631) Where an asset used for scientific research for more than three years is sold without having been used for other purposes, then the sale proceeds to the extent of the cost of the asset already allowed as deduction u/s 35 in the past shall be treated as- Show Answer

Q632) Where an assessee doing a business incurs any expenditure in respect of which payments made to a person in a day exceeds Rs.10,000 should be paid through account payee cheque or demand draft to claim deduction for such expenditure. This restriction does not apply to - Show Answer

Q633) Appu Ltd.contributed Rs.8,70,000 towards provident fund account of its employees. It actually remitted Rs.5,00,000 upto 31st March and Rs.2,50,000 upto the due date for filling the return specified in section 139(1). The amount liable to tax in its assessment would be - Show Answer

Q634) Ekta Ltd., engaged in manufacturing activity, acquired new plant and machinery for Rs.100 lakh for its manufacturing unit located in Bihar. The acquisition and use was from 1st june,2022. The assessee is eligible for additional depreciation of- Show Answer

Q635) A company incurred capital expenditure on scientific research viz., (i) land Rs.5 lakh; (ii) building Rs.10 lakh; and (iii) equipments Rs.7 lakh. The amount of expenditure eligible for deduction u/s 35 would be - Show Answer

Q636) Which of the following is not deductible while calculating taxable income from business - Show Answer

Q637) Swan (Pvt.)Ltd. acquired machinery for Rs.5,75,000 which included GST of Rs.75,000 eligible for input credit. It borrowed Rs.3,00,000 from a bank for purchase of the said machine. Interest on the bank loan up to the date of usage of machine was ascertained as Rs.25,000. The machine was put to use from 15th Sept 2022. Assume the rate of depreciation at 15%. The eligible amount of depreciation will be- Show Answer

Q638) As per Section 35DDA, total expenditure in a voluntary retirement scheme is deductible in - Show Answer

Q639) Any capital expenditure incurred on acquiring telecom license is deductible in - Show Answer

Q640) Varun Ltd. paid fees for technical services of Rs.6 lakh but omitted to deduct tax at source and such omission continued till the due date for filing the return of income specified in Section 139(1). The amount of expenditure liable for disallowance would be - Show Answer

Q641) Mrs. Rose derives Rs.5,40,000 by way of income from sale of coffee grown and manufactured in India. The income chargeable to income-tax would be - Show Answer

Q642) Dr. Sen has surgical equipements whose WDV as on 1.4.2022 was Rs.4,10,000. He acquired some more equipments in December 2021 for rs.3,50,000. He sold equipment in March 2023 for Rs.2,00,000 whose original cost was Rs.1,70,000. The written down value of the block for the purpose of computing depreciation for the assessment year 2023-24 is: Show Answer

Q643) Rosy Ltd. engaged in manufacture of bio-medicines in August, 2022 converted one equipment which was used for scientific research purposes previously, for regularly business use. The original cost of the plant is Rs.15 lakhs which was acquired in April, 2021. The company had claimed deduction at 100% u/s 35(2AB) in the assessment year 2023-24. The plant used for scientific research would be included in the block of assets now at a value of: Show Answer

Q644) Which of the following is a 'specified business' eligible for deduction u/s 35AD? Show Answer

Q645) Malick & Co. engaged in trading activity could not recover Rs.5 lakhs from a customer. It claimed the entire amount as bad debt by writing off in the books of account.The aggregate sale made during the year to the party amounts to Rs.30 lakhs. the amount eligible for deduction by way of bad debt is: Show Answer

Q646) Ravi & Co. paid Rs.40,000 by cash to Mr. Balu a supplier on 5-9-2022. The cash payment was made on the day on which the bank was on strike. The amount of expenditure liable for disallowance u/s 40A(3) is : Show Answer

Q647) Where the payment of an expenditure claimed as deduction by any assessee carrying on business or profession other than who is in transport business exceeds Rs.10,000, it should be paid by : Show Answer

Q648) Raju succeeded to the business of his father Ramu consequent to demise of Ramu on 1-2-2023. Raju recovered Rs.30,000 due from a customer which was written off by late Ramu as bad debt and allowed in the assessment year 2019-20. The amount recovered is : Show Answer

Q649) Mr. Siraj engaged in retail trade reports a turnover of Rs.43 lakhs for the previous year 2022-23. He deposited Rs.30,000 in his PPF account held with SBI. His total income for the assessment year 2023-24 by applying Section 44AD provision is: Show Answer

Q650) Mr. Ramesh engaged in the business of growing and manufacturing tea in India received Rs.2 lakhs from Tea Board towards replacement of tea bushes destroyed by forest fire. The amount received from Tea Board by Mr. Ramesh is : Show Answer

Q651) Vikram Mfg. Co. Ltd. located in a backward area in the State of Andhra Pradesh acquired some machinery for Rs.20 Lakhs on 10-08-2022. It was put to use from 01-09-2022. The applicable rate of depreciation is 15%. How much would be the eligible additional depreciation for the assessment year 2023-24 in respect of the said machinery ? Show Answer

Q652) Donation to university for research in Social Science is eligible foe deduction at: Show Answer

Q653) When ABC Ltd. incurred Rs.10 lakhs in F.Y. 2022-23 as capital expenditure for the purpose of family planning amongst the employees, the expenditure allowable for the assessment year 2023-24 would be : Show Answer

Q654) Alpha & Co. is a proprietary concern owned by Vimala. The total turnover for the year 2022-23 is Rs.52 lakhs which includes proceeds realized through banking channel before 31st july 2023 was Rs.12 lakhs. the presumptive income under Section 44AD would be : Show Answer

Q655) Dr. Ravi practicing medicine has gross receipt of Rs.18,40,000 for the financial year 2022-23. His presumptive income u/s 44ADA would be : Show Answer

Q656) Books of accounts of an individual is liable for tax audit u/s 44AB on mandatory basis, if the annual turnover exceeds: Show Answer

Q657) Padmaja Traders a partnership firm with turnover of Rs.140 lakhs omitted to get the books of account audited u/s 44AB. The amount of penalty leviable for failure to get the accounts audited u/s 44AB is: Show Answer

Q658) Ranga & Co. had as on 01-04-2022 plant & machinery whose written down value was Rs.12,00,000. It acquired 2 plants on 03.11.2021 for Rs. 6 lakhs. The applicable depreciation rate is 15%. The eligible depreciation for the assessment year 2023-24 would be: Show Answer

Q659) Which out of the following elements you find are sufficient for bringing to tax as income from business or profession:
(i) Ownership of the business is not necessary
(ii) Business must be legal
(iii) Income may be earned in cash or kind
(iv) Profit motive is the sole consideration Show Answer

Q660) Sakshita Pvt.Ltd., has spent a sum of Rs.30 lakh towards meeting its Corporate Social Responsibility (CSR) obligation. The amount of deduction available while computing the business income is Rs. : Show Answer

Q661) Expenses not specifically being allowed under any of sections 30 to 36 and incurred for the purpose of business or profession are allowable as per section 37(1) of the Act. The following expenses are allowable under this section :
(i) Expenditure on issue of share capital
(ii) Expenses for the installation of new telephone
(iii) Annual listing fees paid to stock exchange
(iv) Loss caused by robbery or dacoity incidental to business Show Answer

Q662) John Miller & Co. of UK is maintaining and operating a branch in India for sale of its garment products. The adjusted total income of the branch for the year prior to charge of H.O. expenses of Rs.20 lakh is of Rs.100 lakh. Indian branch intends to know the maximum amount of H.O. expenses as allowable during the year under the Act. Specify the amount : Show Answer

Q663) The additional depreciation on the factory building constructed during the P.Y. 2022-23 and put to use for manufacturing of garments on 1st Feb, 2023 having cost of Rs.100 lakh shall be allowed in A.Y. 2023-24 at a rate of : Show Answer

Q664) Amount of Rs.5,00,000 received by Ram & Co., as a compensation for premature termination of contract of agency in the month of April,20321 is to be treated as : Show Answer

Q665) The WDV of a block of asset depreciated @ 15% as on 1st April,2022 was of Rs.3,00,000. Out of this block, one machine was sold for Rs.2,00,000 on 1st July,2022 and a new machine of Rs.6,00,000 added on 1st August, 2022 was put to use only from 1st Sept, 2022.
The amount of depreciation to be claimed (in the manner most beneficial to the assessee) in the A.Y. 2023-24 shall be : Show Answer

Q666) Zing Zang is an individual, manufacturing a product. He has turnover of Rs.98,50,000 which is inclusive of amount of Rs.25 lakh received through electronic clearing system. The accounts are not properly maintained and you have advised him to pay tax u/s 44AD of the Act. On how much income he will pay tax for A.Y. 2023-24 : Show Answer

Q667) XYZ Ltd. engaged in manufacture of a product, has incurred an expenditure of Rs.3 lakh on notified skill development project u/s 35CCD. The deduction available for such expenditure is Rs..........lakh. Show Answer

Q668) SH made three different cash payments of Rs.10,000, Rs.10,000 and of Rs.11,500 to a supplier for purchase of goods and material on 11th Sept.,2022. The payments were made during different times in the day. Amount to be disallowed u/s 40A(3) is : Show Answer

Q669) Depreciation whether to be allowed on the purchase and installation of a fire extinguisher by a practicing CS in his office, even when the same is not put to use or used during the year of acquisition as stipulated u/s 32 of Income Tax,1961 : Show Answer

Q670) Radha engaged in the trading business and had contributed a sum of Rs.1 lakh to an approved university in July, 19 to be used for scientific research, which is not related to her business. The amount of deduction or which she is eligible u/s 35 of Income Tax- Act,1961 for assessment year 2023-24 would be : Show Answer

Q671) The assessee opting to pay tax under the provisions of section 44ADA is not be required to maintain books of accounts as per section 44AA and get the accounts audited u/s 44AB of the Income Tax Act,1961 where.......... . Show Answer

Q672) Income of a non- resident from airline business u/s 44BBA of Income Tax Act,1961 is calculated at the rate of _________percentage of the aggregate amounts specified, on presumptive basis. Show Answer

Q673) Royalty of Rs.105 lakh received by a foreign company from an Indian concern in pursuance of an agreement approved by the Central Government in the previous year 2022-23. The amount of tax payable on such Royalty Income for Asst year 2023-24 is: Show Answer

Q674) Hari Krishna Vidhyut Company Ltd. engaged in the business of generation and distribution of power and electricity has opted WDV method for claiming depreciation on its assets. opening balance of the block of Plant & Machinery depreciated @ 15% on 1st april 2022 was Rs.15,00,000. New Machines of an amount of Rs.25,00,000 were purchased on 15th November 2022 but to use from 1st December 2022. Computers for Rs.2,00,000 were purchased on 9th September 2022 and put to use in business since that date. The depreciation including the additional depreciation available to the company on plant & machinery and on the computers shall be of an amount of_____________for A.Y. 2023-24. Show Answer

Q675) Radhey a trader having turnover of Rs.90,00,000 from textile business inclusive of turnover of Rs.20,00,000 carried through banking channel by way of drafts and online payments has opted to pay tax as per section 44AD of the Income Tax Act. The amount of income which shall be taken for the purpose of tax for Asst Year 2023-24 under the head income from business and profession is_____________ . Show Answer

Q676) Sardar Sekhdev Singh engaged in the business of plying, hiring or leasing of heavy goods carriages owned 6 vehicles during the period 1st April, 2022 to 31st March, 2023 which were given on lease for plying to GS Transport Company on a fixed rate of Rs.5,000 p.m. per truck for whole year . He has opted to pay tax as per section 44AE of the Income Tax Act. The amount of income which shall be taken for all such trucks for the purpose of tax for Asst. Year 2023-24 is________ . Show Answer

Q677) DAS Pvt.Ltd. fulfilling all the conditions as being specified in section 35AD of the Income Tax Act, 1961 has incurred capital expenditure of Rs.30 lakh on purchase of land, Rs.80 lakh (Rs.75 lakh by cheque and Rs.5 lakh in cash) on construction of building and Rs.10 lakh on the Plant and Machinery during the previous year 2022-23 for setting up and operating a warehouse for the storage of sugar. The warehouse became operational on 1st March, 2023. The amount of deduction which the company can claim for such capital expenditure as per section 35AD in A.Y. 2023-24 shall be ____________ . Show Answer

Q678) Assets put to use in business for more than 180 days during the previous year consisting (i) Factory Building, (ii) Computers, (iii) Motor Vehicles used for Commercial Purposes and (iv) Intangible Assets shall be depreciated at the rate of ..........respectively. Show Answer

Q679) The WDV of the block of asset of plant & machinery depreciated @ 15% as on 1st April, 2022 was of Rs.13,50,000. Out of this block, one machine was sold 1st July, 2021 for Rs.4,50,000 and a new machine of Rs.7,50,000 was purchased on 1st August, 2022 which could be put to use from 1st March, 2023. The amount of depreciation to be claimed on the block of plant & machinery in the computation of income for A.Y. 2023-24 shall be: Show Answer

Q680) A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January, 2023 for Rs.5 lakh of which actual cost and WDV was of Rs.3 lakh & 2 lakh respectively. However, the fair market value on the date of transfer of machine was of Rs.4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at Rs...... . Show Answer

Q681) Any Asset, on which depreciation is claimed on the basis of Straight Line Method (SLM) is sold and the amount by which money payable together with scrap value, fall short of the Written Down Value (WDV) of such asset, the amount of such deficiency in value of asset is allowed to be written off in the year of sale as ................... Show Answer

Q682) Anirudh had made payment of (i) Rs.30,000 , to IIT, Kanpur for an approved scientific research programme (ii) Rs.45,000 revenue expenditure on in house R&D facility as approved by prescribed authority and (iii) Rs.1,00,000 to Indian Institute of Science, Bengaluru for scientific research, wants to know about the deduction available while computing the income under" Profits and gains from business" in the Assessment Year 2023-24. Show Answer

Q683) XAB Ltd. has incurred amount of Rs.4,00,000 towards capital expenditure and Rs.1,50,000 towards bona fide revenue expenditure for the purpose of promoting family planning amongst its employees during the year 2022-23. company can claim deduction of an amount of Rs.____________for such expenses in the return to be filled for A.Y. 2023-24. Show Answer

Q684) Ping Pong is a Proprietorship firm of Pinga, resident in India having turnover from manufacturing and sale of steel balls for the year 2022-23 of Rs.148 lakh which is inclusive of amount of Rs.42 lakh received through electronic clearing system/RTGS/NEFT. The accounts are not properly maintained by Pinga and therefore he wants to pay tax on the income computed u/s 44AD of Act. Advise Pinga, how much income he will be required to pay tax for A.Y. 2023-24 as per section 44AD: Show Answer

Q685) Mr. Ramanand, engaged in the business of plying, hiring or leasing of goods carriers as on 1st April 2022 was having 3 trucks of gross vehicles weight of less than 12,000 kgs each. One truck out of these 3 trucks was sold by him on 23rd July, 2022 and after its sale, 2 more trucks(1 of less than 12,000 kgs. and 1 of 16,900 kgs) were purchased on 5th September 2022. He wants to declare the income of trucks as per provisions of section 44 AE of the Act and be required to declare such income at Rs.____in the return for A.Y. 2023-24 from plying of these vehicles during the previous year ended on 31st March 2023. Show Answer

Q686) Supreme Court in case of Chennai Properties and Investments Ltd. vs. CIT (2015) has held that income from letting of properties by a company whose main object as per the Memorandum of Association (MOA) is to acquire and let out properties be taxable as: Show Answer

Q687) the Income Computation and Disclosure Standard (ICDS) for the purpose of computation of Income under the head "Profits & gains of business or profession" and "Income from other Sources" shall not apply for computation of ____ but shall apply for computation of _________ . Show Answer

Q688) Which out of the following elements shall be considered for bringing to tax the income under the head Income from Business & Profession?
(i) Ownership of the business is not necessary
(ii) Business must be legal
(iii) Income may be earned in cash or kind
(iv) Profits motive is not the sole consideration Show Answer

Q689) The WDV of a block of asset of plant & machinery subject to depreciation @ 15% as on 1.4.2022 was of Rs.27,50,000. One machine out of this block, was sold on 1.7.2022 for Rs.4,50,000 and a new machine of the value of Rs.17,50,000 purchased on 1.8.2022 was put to use from 1.03.2023. The amount of depreciation to be claimed on the block of plant & machinery in the computation of income for A.Y. 2023-24 shall be : Show Answer

Q690) Amitav had made payment of (i)Rs.60,000 to IIT, Kanpur for an approved scientific research programme; (ii) Rs.90,000 revenue expenditure on in house R&D facility as approved by prescribed authority and (iii) an amount of Rs.2,00,000 to Indian institute of Science, Bengaluru for scientific research. He wants to know about the total amount of deduction available as per provisions of the Act while computing the income under
"Profits and gains from business" in the Asst. Year 2023-24. Show Answer

Q691) Pink & Pink is a Proprietorship firm of Pingajee, resident in India having turnover from manufacturing and sale of Toys for the financial year 2022-23 of Rs.160 lakh. The gross turnover of Rs.160 lakh includes the amount of Rs.60 lakh received through electronic clearing system/RTGS/NEFT. The accounts are being not properly maintained by Pingajee and therefore, he wants to pay tax on the income to be computed u/s 44AD of Act. Advise Pingajee, as to the amount of income on which he will be required to pay tax for A.Y. 2023-24 as per Section 44AD : Show Answer

Q692) Ram, engaged in the business of plying, hiring or leasing of goods carriages as on 1st April,2022 was having 5 trucks of gross vehicles weight of each truck of less than 12,000 kgs. One truck out of these 5 trucks was sold by him on 23rd July 2022 and after sale of one truck; 2 more trucks (1 less than 12,000 Kgs and 1 of 16,900 Kgs of gross vehicles weight) were purchased on 5th Sept 2022 and plied. He wants to declare the income of trucks as per provision of Section 44AE of the Act. He shall be required to declare an income of Rs.________in the return for A.Y. 2023-24 from plying of these vehicles during the previous year ended on 31.03.2023. Show Answer

Q693) Grow Green Tea company having tea gardens in Assam engaged in growing and manufacturing of tea in India. Total profits of the company from the business of growing/ plantation & manufacturing of tea for the year ended 31.3.2023 are of Rs.2,50,000. Profits subject to tax as business income under Rule - 8 of the Income Tax Rules for A.Y. 2023-24 shall be: Show Answer

Q694) Barua & Co. is a partnership firm. The firm earned Rs.8,00,000 for the year ended 31st March 2023 from sale of coffee grown and manufacturing in India. How much of the income of the firm is chargeable to income tax for the assessment year 2023-24 ? Show Answer

Q695) Red Mfg. Ltd. purchased a new motor car for Rs.14 lakhs on 1.11.2021 and used the same w.e.f. 01.12.2021. How much is the amount of depreciation allowable on the car for the assessment year 2023-24? Show Answer

Q696) Green Ltd. is located in a notified backward area in the State-of-Bihar. It is engaged in manufacturing activity. It acquired secondhand plant & machinery by import from Japan for Rs.100 lakhs on 01.05.2022. It also acquired new machinery from Chennai for Rs.50 lakhs on 10.11.2022. Compute eligible deduction u/s 32AD in respect of the said plant & machineries acquired for the assessment year 2023-24. Show Answer

Q697) Browny Processors (P) Ltd. paid Rs.4,50,000 as contract charges to Martin. It deducted tax at source @ 1% for the expenditure incurred up to 30th April, 2022 of Rs.1,50,000 and did not deduct tax on the subsequent payments of Rs.3,00,000 made during the previous year 2022-23. How much of the expenditure would be added to its income while computing the income of Browny Processors (P) Ltd. of the assessment year 2023-24? Show Answer

Q698) Which of the following expenditure is liable for disallowance for contravention of section 40A(3) read with rule 6ABBA ? Show Answer

Q699) Shruthi Herbals (P) Ltd. engaged in manufacturing activity acquired an equipment for Rs.5 lakhs meant for scientific research purposes in the financial year 2019-20. It claimed 150% of the cost of expenditure as deduction u/s 35. The asset ceased to be used for scientific research purposes subsequently and it was sold for Rs.4 lakhs on 16.08,2022. How much is taxable as a result of sale of such asset ? Show Answer

Q700) Mahadev (age 66) discontinued his wholesale trading business w.e.f. 10.09.2021. He wrote off a sum of Rs.2,70,000 due from Sankar in the previous year 2018-19 which was allowed as deduction in the tax assessment. Now in March, 2023 Mahadev recovered Rs.90,000 as final and full settlement from Sankar. What is the tax consequence of the receipt of amount by Mahadev for the assessment year 2023-24? Show Answer

Q701) Dr. Kamlesh Pai is a cardiac surgeon. For the previous year 2022-23, his gross receipts from profession was Rs.36,40,000. He wants to declare income as per the applicable presumptive provision. Determine the amount of income as per the applicable presumptive provision for the assessment year 2023-24: Show Answer

Q702) Ramnath has 4 heavy goods vehicle (gross un laden weight of each vehicle was 13,000 kilograms) and 1 light vehicles (gross weight was less then 12000 kilograms). He operated the vehicles on contract basis to a paper manufacturing company throughout the previous year 2022-23 and received Rs.90 lakhs as hire charges as per contract. How much is the income chargeable to tax under applicable presumptive provision ? Show Answer

Q703) Senthil & Co. is a partnership firm consisting of 2 partners with equal share. The partnership deed provides for interest on capital @ 18% p.a. on capital of Rs.5 lakhs each contributed by the partners. Both are working partners eligible for monthly salary of Rs.10,000 each as per partnership deed. The firm has done total sales of Rs.60 lakhs. amounts realized by cash was Rs,.10 lakhs and balance through account payee cheque/draft/ECS through a bank account. How much is the presumptive income of the firm u/s 44AD for the assessment year 2023-24? Show Answer

Q704) Larry Games Co. Ltd. engaged in medicine manufacture acquired on 22.11.2022 a patent from Andy Roberts by paying Rs.100 lakhs. This enabled Larry Games Co.Ltd. to manufacture "Garner" a product for treatment of deadly contagious disease. How much is the eligible amount of depreciation on acquisition of patent? Show Answer

Q705) Samode power generation Ltd. an electricity company charging depreciation on straight line method (SLM) on each asset separately, sell one of its machinery in June, 2022 for rs.3,40,000. The WDV of the machinery at the beginning of the year on 1st April 2022 is Rs.3,70,000. No new machinery was purchased or added during the year 2022-23. The shortfall of Rs.30,000 between the sale value and the WDV of the machine shall be treated as: Show Answer

Q706) Narendra Singh, engaged in Retail Cloth business purchased furniture for shop on 10.04.2022 for Rs.7,500 in cash and again on 15.04.2022 for Rs.30,000 and Rs.50,000 by a bearer cheque and account payee cheque, respectively. The furniture was fitted in the shop by 20.04.2022. Depreciation allowable for A.Y. 2023-24 would be: Show Answer

Q707) The WDV of a block (Plant & machinery, rate of depreciation 15%) as on 1.4.2022 is Rs.5,00,000. A second hand machinery costing Rs.1,00,000 was acquired on 15.11.2022 through account payee cheque but put to use on 01.12.2022. Part of this block was sold for Rs.3,00,000 on 05.01.2023. The depreciation allowable as per section 32 of the Act for A.Y. 2023-24 would be : Show Answer

Q708) According to section 35 (2AA) of the Income Tax Act, 1961, the amount of deduction to be claimed for the sum paid to a National Laboratory for carrying out scientific research under an approved program in A.Y. 2023-24 would be: Show Answer

Q709) HSP, an eligible assessee, following mercantile system of accounting and carrying on eligible business as specified in section 44 AD of the Act provides the following details relating to the business carried out during the year ended on 31.03.2023:
(i) Total Turnover of business Rs.120 lakh
(ii) Out of the total turnover of Rs.120 lakh amount of Rs.25 lakh received by account payee cheques. Rs.40 lakh received by cash upto March,22 but amount of Rs.25 lakh received by account payee bank drafts in May, 2023 and amount of Rs.30 lakh would be received till due date of filing of return for A.Y. 2023-24.
The amount of deemed profits to be declared by HSP as per section 44AD(I) for A.Y. 2023-24 shall be: Show Answer

Q710) John Miller & Co. of UK is maintaining and operating a branch in India for sale of its garment products. The adjusted total income of the Indian branch for the year ended on 31.03.2023 was of Rs.80 lakh after charge of H.O. expenses of Rs.20 lakh. The Indian branch intends to claim the maximum amount of H.O. expenses which is being allowable while computing its income to be declared in the return for A.Y. 2023-24. The amount of HO expenses allowable shall be: Show Answer

Q711) Net Profit of Honey Sugar Ltd. Jalgoan for the year ended 31.03.2023 is Rs.8,60,000 after charge of the following expenses to Profit and loss account :
(i) Interest on loan payable to SBI of Rs.45,000 (shall be paid on 10.10.2023)
(ii) License fees to Maharashtra Govt. of Rs.50,000 (was paid on 25.05.2023)

Honey Sugar Ltd. during the previous year 2022-23, made payments of the following expenses pertaining to earlier years which have not been debited to Profits & loss account for the period 01.04.2022 to 31.03.2023:
(i) Interest on loan payable to SBI of Rs.30,000 for the P.Y. 2021-22 (was paid on 10/10/2022)
(ii) License fee to Maharashtra Govt. of Rs.60,000 for the P.Y. 2021-22 (was paid on 25.5.2022)

Compute the total income of Honey Sugar Ltd. for A.Y. 2023-24 by taking that due date for submission of return of income (ROI) is Sept.30th of the A.Y. Show Answer

Q712) The benefit of payment of advance tax in one installment on or before 15th march is available to assessees computing profits on presumptive basis : Show Answer

Q713) DG & Co. of USA is maintaining and operating a branch in India for sale of its textile products. The adjusted total income of the branch for the previous year 2022-23 prior to charge of H.O. expenses of Rs.45 lakh is of Rs.250 lakh. Indian branch intends to know the maximum amount of H.O. expenses as allowable during the year under the Act. Specify the amount : Show Answer

Q714) The rate of depreciation for fluidized bed type heat treatment furnaces is: Show Answer

Q715) PQR. an eligible assessee, following mercantile system of accounting, carrying on eligible business under see 44AD provides the following details. Total turnover for the financial year 2022-23 is Rs.180 lakhs out of the above:
(i) 30 lakhs received by cash during the financial year
(ii) 80 lakhs not received till due date of filing of the return
(iii) 70 lakhs received by account payee draft before the date of filing of return
What will be the amount of deemed profit of PQR u/s 44AD(1) of Income Tax Act, 1961 for Assessment Year 2023-24: Show Answer

Q716) Santa, aged 50 years, provides the following details for P.Y. 2022-23.
Fabric business income- Rs.36 lakhs
Speculative business loss- Rs.9 lakhs
Fabric business loss- Rs.12 lakhs
Income of his son clubbed (After deduction of Rs.1500) - Rs.4 lakhs
Deduction under chapter VI-A - Rs.3.5 lakhs
TDS- Rs.2 lakhs
Advance tax paid- Rs.3.6 lakhs
What shall be the net tax payable (refundable) as per regular provisions of Income Tax Act, 1961 for the Assessment Year 2023-24 for Santa ? (Assessee has not opted for section 115BAC). Show Answer

Q717) Which is the charging section of income under the head profits & gains of business or profession ? Show Answer

Q718) Which of the following are included in business according to section 2(13) : Show Answer

Q719) Transaction in which a contract for the purchase or sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or script is known as : Show Answer

Q720) Disallowed expenses when computing business income- Show Answer

Q721) Any sum received by an employer from keyman insurance policy taken on the life of the employee shall be: Show Answer

Q722) Where the machinery, plant & furniture is used by the assessee for the purpose of carrying on business & profession, he shall be entitled to deduction u/s 31 on account of : Show Answer

Q723) Which of the following condition should be fulfilled for claiming depreciation u/s 32 ? Show Answer

Q724) Rate of depreciation chargeable on fully temporary wooden structure for the assessment year 2023-24 is- Show Answer

Q725) While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the Central Govt. or State Government or any authority under any law or any other person, in the form of a subsidy or grant or reimbursement, shall be : Show Answer

Q726) Opening WDV of the block of assets was Rs.15,00,000. During the year, asset was acquired under this block on 15th June 2022 amounting to Rs.10,00,000. Rate of depreciation of the block is 15%. Calculate the amount of depreciation available during the previous year for the block. Show Answer

Q727) Where a part of block of assets is old for a price more than the opening WDV plus cost of asset acquired during the year, if any, the assessee shall be subject to : Show Answer

Q728) Ashni, an assessee carries on business in respect of which it holds tenancy rights. It carries out improvements to the said building at a cost of Rs.2 lakhs and claims depreciation @ 10% thereon. Which is the correct answer ? Show Answer

Q729) In the case of any new machinery or plant (other than ships and aircraft), acquired by an assessee engaged in the business of manufacture or production of any article or thing as well as assessees engaged in the business of generation or transmission or distribution of power, how much additional depreciation of actual cost of such plant & machinery is available ? Show Answer

Q730) A car is imported after 1.4.2022 by R Ltd. from London to be used by its employee. R Ltd. shall be allowed depreciation on such car at : Show Answer

Q731) Deduction of Tea/ Coffee/ Rubber Development Account shall be allowed to : Show Answer

Q732) The amount of deduction in relation in site restoration fund u/as 33ABA is: Show Answer

Q733) The maximum deduction for Site Restoration Fund u/s 33ABA shall be : Show Answer

Q734) If the income of a business before claiming capital expenditure on scientific research is Rs.50,000 and the capital expenditure incurred on scientific research related to the business of the assessee is Rs.80,000. then Rs.30,000 shall be : Show Answer

Q735) Expenditure incurred on acquisition of patents and copyrights are subject to : Show Answer

Q736) Riya Ltd., paid Rs.1,10,00,000 during the previous year 2021-22 for acquiring the telecommunication rights which were effective for 11 years. It commenced the business of operating the telecommunication service with effect from previous year 2022-23. Riya Ltd. shall be entitled to a deduction of : Show Answer

Q737) The amount of deduction available u/s 35AC for expenditure incurred on Eligible Projects or Schemes is: Show Answer

Q738) Specified business u/s 35 AD includes : Show Answer

Q739) The amount of deduction available u/s 35AD for capital expenditure incurred in business of Cold chain facilities will be : Show Answer

Q740) Amount of deduction available u/s 35CCC for expenditure incurred on notified Agricultural Extension Project : Show Answer

Q741) X Ltd. spent Rs.1,00,000 as preliminary expenses on 31st March,2023 allowed deduction is- Show Answer

Q742) Interest incurred before the commencement of the production is to be: Show Answer

Q743) The expenditure incurred on payment under voluntary retirement scheme shall be allowed as deduction in Show Answer

Q744) Expenditure incurred on family planning amongst the employees is allowed to Show Answer

Q745) An assessee paid insurance premium against risk of damage or destruction of stocks or stores used for the purposes of his business or profession. Such expenditure shall be considered as : Show Answer

Q746) Ram was engaged in the business of trading of jewellery. During the previous year 2021-22 debt taken into account by him in computing the income amounted to Rs.2,50,000. However, during the previous year 2022-23 it was acknowledged that Rs.1,35,000 is to be considered as irrecoverable in the accounts of the assessee. Calculate the amount of bad-debts written off as irrecoverable to be allowed as a deduction in the previous year 2022-23 : Show Answer

Q747) M/s. Kajal and Company paid Rs.84,000 as advertisement in the annual magazine of Bhartiya Janata Party. For the organisation such expenditure shall be : Show Answer

Q748) Contribution was made by PFI towards Credit Guarantee Fund Trust. Such expenditure shall be considered as: Show Answer

Q749) An assessee was engaged in the business of dealing in commodities. He has paid Commodities transaction tax Rs. 15,000 in respect of the taxable commodities transaction.Income arising of Rs.3,00,000 from such taxable commodities transaction was included in the income computed under the head"profits & gains of business or profession". Such expenditure of Payment of Commodities transaction tax shall be considered as : Show Answer

Q750) To claim deduction of an expenditure u/s 37, the expenditure incurred must be : Show Answer

Q751) Allowed expenditure when computing business income - Show Answer

Q752) An assessee made a payment of Rs.25,000 as a secret commission, prohibited by law, for some offensive purpose. Such expenditure shall be considered as : Show Answer

Q753) Deductions u/s 37(1) shall be allowed of those expenditure which are of: Show Answer

Q754) Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the extent of : Show Answer

Q755) A person shall be deemed to have a substantial interest in a business or profession; if - Show Answer

Q756) Deduction u/s 40(b) shall be allowed on account of salary/ remuneration paid to: Show Answer

Q757) XYZ Ltd. paid a sum of Rs.25,000 to Mrs. Seema as employee bonus for services rendered by her which was otherwise have been payable to her as profit or dividend. The amount as per Section 40A (2) was Rs.20,000. Calculate the amount of deduction available. Show Answer

Q758) Payment of Rs.50,000 made in cash towards purchases of medicines. The amount of disallowance u/s 40A(3) is - Show Answer

Q759) Payment of Rs.50,000 by using credit card for fire insurance. The amount of disallowance u/s 40A(3) is- Show Answer

Q760) Mr. Ram made a contribution of Rs.45,000 to a Pension Scheme referred u/s 80CCD. The salary of the employee was of Rs.4,00,000 in the previous year. Calculate the amount of deduction available to employer in Previous year 2022-23. Show Answer

Q761) An assessee made a provision of Rs.5,00,000 for the payment of gratuity to his employees on their retirement. The gratuity fund was unapproved. Calculate amount of deduction allowable to assessee in respect of this provision. Show Answer

Q762) As per Section 43B, certain payments are to be allowed as deduction only on actual payment. Such sums include: Show Answer

Q763) AS & Association (trade association) furnishes profits of business before allowing deficiency was of Rs.80,000. The deficiency amount was of Rs.75,000 and the total income of assessee before allowing deficiency was Rs.1,40,000. What shall be the amount of deduction available to assessee for the deficiency ?
You with the following information - Show Answer

Q764) The books of accounts are to be kept and maintained for a period of how many years from the end of the relevant assessment year. Show Answer

Q765) A person carrying on profession is required to get his accounts compulsorily audited by a Chartered Accountant if his gross receipts from profession for the previous year exceed - Show Answer

Q766) The maximum penalty for failure to get accounts audited u/s 44AB or furnish audit report along with return of Income is - Show Answer

Q767) In case of non-resident, who is carrying on shipping business, his Indian income shall be presumed to be : Show Answer

Q768) Taxable percentage of profit on sales in case of Retail trade - Show Answer

Q769) In case of non-resident, who is engaged in the business of operation of aircraft, his income shall be presumed to be Show Answer

Q770) The amount of deduction on account of head office expenditure in case of non-resident cannot exceed_____of adjusted total income. Show Answer

Q771) Capital asset excludes all except- Show Answer

Q772) On 15th November 2022, Mohan sold 1 kg. of gold, the sale consideration of which was Rs.6,00,000. He had acquired the gold on 11th December,1999 for Rs.64,000. Fair market value of 1 kg. gold on 1st April, 2001 was Rs.62,000. The amount of capital gains chargeable to tax for the assessment year 2023-24 shall be- Show Answer

Q773) Cost of acquisition in case of bonus shares allotted before 1.4.2001 will be - Show Answer

Q774) Where the total income of an assessee, being a non-resident Indian includes income by way of long term capital gains arising from transfer of unlisted securities, applicable income-tax rate on such income is - Show Answer

Q775) Sarath has received a sum of Rs.3,40,000 as interest on enhanced compensation for compulsory acquisition of land by State Government in May, 2022, of this, only Rs.12,000 pertains to the current year and the rest pertains to earlier years. The amount chargeable to tax for the assessment year 2023-24 would be - Show Answer

Q776) In terms of Section 2(42A), listed securities are treated as long-term capital asset, if they are held for a period of more than - Show Answer

Q777) For claiming exemption u/s 54G, an assessee has to invest the resultant capital gains within a specified period. Which of the following is not eligible for such investment - Show Answer

Q778) Long-term capital gains on zero coupon bonds are chargeable to tax - Show Answer

Q779) Section 50C makes special provision for determining the full value of consideration in cases of transfer of - Show Answer

Q780) Which of the following is not a requisite for charging income-tax on capital gains - Show Answer

Q781) In order to enjoy exemption u/s 54EC, the resultant long-term capital gains should be invested in specified bonds within a period of ______from the date of transfer. Show Answer

Q782) Ramesh received Rs.7 lakh by way of enhanced compensation in March, 2023. A further sum of Rs.2 lakh decreed by The court/Tribunal is due but not received till 31st March,2023. The amount of income chargeable to tax for the assessment year 2023-24 would be: Show Answer

Q783) A residential house is sold for Rs.90 lakh and the long term capital gains computed are Rs.50 lakh. The assessee bought two residential houses for Rs.30 lakh and Rs. 20 lakh respectively. The amount eligible for exemption u/s 54 would be : Show Answer

Q784) When shares of a listed company held for more than 36 months are transferred privately for Rs.8 lakh with original cost of acquisition of Rs.1 lakh whose indexed cost of acquisition is Rs.2 lakh, the income-tax payable would be : Show Answer

Q785) Aman entered into an agreement with Brij for sale of a building for Rs. 20 lakh in June 2022. Aman received advance of Rs.2 lakh. Subsequently, the agreement was cancelled and Aman forfeited the advance money. The advance money is : Show Answer

Q786) Comfort (Pvt.) Ltd. issued 10,000 equity shares to Pawan at Rs.18 per share when the fair market value of each share was determined at Rs.11 per share. The tax implication of the transaction is - Show Answer

Q787) Manoj acquired 1,000 equity shares of Rs.10 each in a listed company for Rs.35,000 on 1st July 2014. The company issued 1,000 rights shares in April, 2016 at Rs.15 per share. The company issued 2,000 bonus shares in June,2022. The market price was Rs.50 per share before bonus issue and Rs. 25 after such issue. The cost of acquisition of bonus shares would be - Show Answer

Q788) Ms. Smita inherited a vacant site land consequent to the demise of her father on 10th June,2000. The land was acquired by her father on 10th April, 1970 for Rs.40,000. The fair market value of the land on 1st April,2001 was Rs.60,000 and on the date of inheritance,i.e., 10th June,2000 was Rs.2,00,000. The cost of acquisition for Ms.Smita is - Show Answer

Q789) Under which section, the assessee has to reinvest the entire net consideration to claim full exemption for the long term capital gains earned during a previous year - Show Answer

Q790) Short term capital gains arising from the transfer of equity shares in a company or units of an equity oriented fund or units of a business trust charged with security transaction tax are subject to income - tax at the rate of - Show Answer

Q791) Cost of acquisition of securities held with depository is to be computed by- Show Answer

Q792) Long-term capital gains on sale of a long-term capital asset in October, 2022 is Rs.105 lakh. The assessee invested Rs.50 lakh in REC bonds in March, 2023 and Rs.55 lakh in NHAI bonds in May, 2023. The amount of exemption eligible u/s 54EC is- Show Answer

Q793) Rajat purchased a car for his personal use for Rs.5,00,000 in April, 2022 and sold the same for Rs.5,50,000 in July, 2022. The taxable capital gains would be - Show Answer

Q794) Mr. Madan sold a vacant land for Rs.120 lakhs on 10-10-2022. The indexed cost of acquisition amounts to Rs.18 lakhs. He deposited Rs.50 lakhs in REC bonds in January 2023 and another Rs.50 lakh in March,2023. The amount of capital gain liable to tax after deduction u/s 54EC is: Show Answer

Q795) Which of the following is not a capital asset for Mr. Rao who is employed in a public sector bank ? Show Answer

Q796) On 01-06-2022 Kamlesh transferred his vacant land to Rajesh for Rs.12 lakhs. The land was acquired on 01-09-2020 for Rs.3 lakhs. If indexation is applied, the indexed cost of acquisition would be Rs.3.30 lakhs. The taxable capital gain would be : Show Answer

Q797) Dr. Sam sold a vacant land to Mr. Roy for Rs.35 lakhs. For stamp duty purpose, the value of land was Rs.41 lakhs. The indexed cost of acquisition of land was computed at Rs.20 lakhs. The taxable long-term capital gain would be: Show Answer

Q798) Out of the following , which income is chargeable as capital gain:
(i) from transfer of self generated goodwill of profession
(ii) from transfer of personal jewellery
(iii) from transfer of paintings and art-work
(iv) from transfer of furniture utilized for personal use Show Answer

Q799) Land or building, or both, if transferred on or after 1st April,2021 shall be treated as a long term capital asset, if it is being held immediately prior to the date of its transfer for more than : Show Answer

Q800) Base year for the purpose of calculation of indexed cost of acquisition or the cost of improvement in respect of long term capital asset acquired prior to 1st April, 2001 shall be taken as : Show Answer

Q801) X entered into an agreement for sale of his house located at Jaipur to Y on 1st April,2021 for a total sale consideration of Rs.90 lakh. Y paid an amount of Rs.20 lakh by account payee cheque to X on the date of agreement and balance was to be paid at the time of registration of deed. However, the conveyance deed could not be executed till 1st Sept.,2022. The Stamp Valuation Authority determined the value of the property on the date of registration of conveyance deed at Rs.120 lakh and the value determined by the Stamp Valuation Authority on the date of agreement was Rs.100 lakh. The value for the purpose of capital gain u/s 50C shall be taken : Show Answer

Q802) The cost of improvement in relation to the capital asset being goodwill of the business shall be taken to be as: Show Answer

Q803) Radhey has sold his house on 11th August 2022 for Rs.80 lakh. The value applied by Stamp Valuation Authority is Rs.100 lakh. He disputed this valuation and the departmental valuation cell made the valuation at Rs.110 lakh. The value to be taken for calculation of capital gain as per section 50C is Rs. : Show Answer

Q804) Radhey has sold his residential house on 11th September, 2022 for Rs.75 lakh. Value applied by the Stamp Valuation Authority on the date of registration of the Conveyance Deed on 15th Sept., 2022 was of Rs.115 lakh. Radhey disputed the valuation made by the Stamp Valuation Authority and asked the departmental valuation officer to determine the value of the house on the date of registration of deed. The departmental valuation officer determined the value of the house on the date of registration of the deed at rs.120 lakhs. Sale value of the house to be taken for calculation of capital gain in A.Y. 2023-24 as per section______shall be of __________. Show Answer

Q805) Indexed cost of acquisition of the house property purchased for Rs.80 lakh in June, 1998 and was sold in December,2022 will be of Rs.____(worked out by taking the CII of the year 2001-02 as 100; of the yaer 2022-23 as 331) and FMV of the house property as on 1st April, 2001 of Rs.90 lakh. Show Answer

Q806) Chirag entered into an agreement for sale of his house property located at Jaipur to Yash on 1st August, 2021 for a total sale consideration of Rs.95 lakh. Ysh paid an amount of Rs.20 lakh by account payee cheque to Chirag on 1st August,2021 and balance was agreed to be paid at the time of registration of the Conveyance Deed which could only be executed by Chirag on 1st September 2022. The Stamp Valuation Authority determined the value of the house property on the date of registration of deed at Rs.140 lakh. However, the value of the house property on the date of registration of deed at Rs.140 lakh. However, the value determined by the Stamp Valuation Authority of the house on the date of agreement (1st August 2021) aws Rs.110 lakh. The sale value for the purpose of computing the capital gain of the property in A.Y. 2023-24 to be taken by Chirag shall be: Show Answer

Q807) The essential requirement for the incidence of tax on capital gains is the transfer of a "Capital Asset". Definition of transfer given under the Act is an inclusive definition. Find out which of the following are being included under transfer:
(i) Conversion of asset into Stock in trade
(ii) Extinguishment of rights
(iii) Redemption of Sovereign Gold Bonds issued by RBI by an individual
(iv) Transfer of asset under reverse mortgage Show Answer

Q808) Moti & Sons-HUF purchased a piece of land for Rs.1,05,000 in July, 2002. In July, 2006 the HUF was partitioned and one of the coparcener Manak got this piece of land. The value of the land in July, 2006 was of Rs.2,44,000 as assessed by Stamp Valuation Authority. Manak, after receipt of the land incurred expenses in August, 2007 of Rs.2,58,000 on construction of room, boundary wall and kitchen. The land so received was sold by him on 11.2.2023 for Rs.17,50,000. The amount of Capital Gain chargeable to tax in A.Y.2023-24 will be ...........( Take CII of 2002-03 as 105 ; 2006-07 as 122; 2007-08 as 129 and of 2022-23 as 331) Show Answer

Q809) The Apex Court in case of CIT vs. Equinox Solutions Pvt. Ltd.(2017) 393 ITR 563 has led that the sale of a running business with all its assets and liabilities would be covered as ............under the Income-tax Act, 1961 for the purpose of tax thereon. Show Answer

Q810) Chiranjeevi entered into an agreement for sale of his house property located at Noida to Yashashwi on 1st August 2021 for a total sale consideration of Rs.125 lakh. Yashashwi paid an amount of Rs.25 lakh by account payee cheque to Chiranjeevi on 1st August, 2021 and balance was agreed to be paid at the time of registration of the Coveyance Deed which could only be executed by chiranjeevi on 1st October, 2022. The Stamp Valuation Authority determined the value of the house property on the date of registration of deed at Rs.150 lakhs. However, the value determined by the Stamp Valuation Authority of the house on the date of agreement (1st August, 2021) was Rs.140 lakhs. The amount of sale consideration for the purpose of computing the capital gain of the property in A.Y. 2023-24 to be taken by Chiranjeevi shall be: Show Answer

Q811) Ajit (age 62) received 25,000 per month from 01.07.2022 by entering into reverse mortgage transaction with SBI. The property mortgaged was acquired by him on 01.01.2002 for Rs.30 lakhs. The fair market value of the property as on 01.07.2022 was Rs.70 lakhs. How much of the amount received by Ajit undet reverse mortgage is chargeable to tax for the assessment year 2023-24 ? Show Answer

Q812) Murali (age 67) reports the following transactions and you are required to determine which of the transaction shall be regarded as transfer and liable for tax ? Show Answer

Q813) Kapil Dev is engaged in manufacturing activity. The WDV of plant & machinery as on 01.04.2022 was Rs.6,88,000. The entire plant and machinery were sold on 30.03.2023 for Rs.7,80,000. The original cost of plant & machinery amounted to Rs.14,65,000 acquired on 05.04.2018. Cost inflation index: F.Y. 2018-19 = 280; 2022-23 = 331. Compute capital gain and state its nature. Show Answer

Q814) In the case of investment in eligible startups which of the following condition is not applicable for the purpose of allowing exemption under section 54EE ? Show Answer

Q815) Amin (age 68) sold on 12.05.2022 one vacant site at Baroda for Rs.90 lakhs. The vacant site was inherited by him from his father in July 1999 as per the 'will' of his father. The FMV of vacant site on 01.04.2001 was Rs.5 lakhs. He acquired a residential apartment in Singapore for Rs.70 lakhs on 15.10.2022. Compute the capital gain chargeable to tax in the hands of Amin for the assessment year 2023-24
Cost inflation index F.Y. 2001 -02 =100/F.Y. 2022-23 = 331 Show Answer

Q816) Rama Devi (age 53) sold 100 equity sharers for Rs.8,40,000 (STT paid) on 20.05.2022. Those shares were acquired on 21.03.2013 for Rs.3 lakhs. The FMV as on 31.01.2018 was Rs.5,50,000. How much is taxable u/s 112A ? What is nature of such gain/loss ? Cost inflation index F.Y. 2012-13 = 200/2017 -18= 272/2022-23 = 331. Show Answer

Q817) Ganesh has sold a piece of land located at Jaipur for a consideration of Rs.25 lakhs to Ram on 15-5-2022. Ram said stamp duty of Rs.3,00,000 @ 10% of the value determined by the Stamp Valuation Authority of the land.The land was purchased by Ganesh on 15.08.2021 for Rs.12 lakh. Ganesh was not satisfied with the value determined by the authority and therefore, his case was referred to valuation officer. The valuation officer determined the value of land at Rs.26 lakhs. The taxable capital gains in hands of Ganesh in A.Y. 2023-24 will be. Show Answer

Q818) Whenever there is a transfer of a capital asset by a partner to the firm by way of capital contribution or otherwise, the consideration of such transferred capital asset as per Income Tax Act, 1961 would be taken as: Show Answer

Q819) Xavier, citizen of India a resident individual engaged in salaried employment in Ahmedabad purchased 3000 shares on 03.07.2022 in CD Ltd. @ 75 per share. On 10.07.2022 these 3000 shares were gifted by him to his wife. CD Ltd. allotted 1000 bonus shares to Mrs.Xavier on 30.01.2023. Mrs.Xavier on 05.03.2023 sold/transferred 4000 shares of CD Ltd. for Rs.150 per share to Rajeev outside stock exchange. On the date of sale (05.03.2023), the lowest quotation of shares of CD Ltd. at BSE was Rs.250 per share. The tax implication of the above transaction in the hands of Mr. and Mrs. Xavier for A.Y. 2023-24 will be : Show Answer

Q820) Santhi sold a vacant land for Rs.2 crores on 18th June, 2022. The cost of acquisition of land was Rs.25 lakhs in the year 2009-10. She deposited 90 lakhs in REC bonds in October 2022. The amount of capital gain liable to tax after deduction u/s 54EC is................... .
(Assessee has not opted for section 115BAC)
Indexation F.Y. 2022-23 = 331, F.Y. 2009 - 10 = 148 Show Answer

Q821) The charging section of the income under the head capital gains is : Show Answer

Q822) Capital gain arises from the transfer of: Show Answer

Q823) In terms of Section 2(42A), listed securities are treated as long term capital asset, if they are held for a period of more than : Show Answer

Q824) Period of holding of Bonus Shares on any other financial asset allotted without any payment shall be reckoned from: Show Answer

Q825) Rural area means any area which is outside_________kilometers from the local limits of the jurisdiction of a municipality or a cantonment board, if the population of municipality or cantonment board is more than 1,00,000 but not exceeding 10,00,000. Show Answer

Q826) Period of holding of Right Shares or any other security shall be reckoned from : Show Answer

Q827) If the shares are sold through brokers, the date of transfer shall be: Show Answer

Q828) The cost inflation index no. of the previous year 2021-22 is : Show Answer

Q829) Distribution of assets by a company at the time of liquidation shall be regarded as a transfer and subject to Capital Gain : Show Answer

Q830) Transfer of capital asset in the scheme of demerger shall not be regarded as transfer for the purpose of capital gain if : Show Answer

Q831) Distribution of assets at the time of partial or complete partition of HUF shall: Show Answer

Q832) Transfer of Capital Asset under a gift or will or under an Irrevocable trust shall: Show Answer

Q833) Transfer of Capital Asset by a Holding Company to its Subsidiary Company or by a Subsidiary Company to its Holding Company shall not be regarded as transfer if the Holding Company owns: Show Answer

Q834) Amalgamation of Company as per scheme of amalgamation shall not be regarded as transfer provided the amalgamated Company is: Show Answer

Q835) The period of holding of shares acquired in exchange of convertible debentures shall be reckoned from : Show Answer

Q836) Securities Transaction Tax paid by the Seller of Shares & Units shall : Show Answer

Q837) Securities Transaction tax paid by the purchaser of shares/ units shall : Show Answer

Q838) The assessee is allowed to opt for Market Value as 1.4.2001 in case of: Show Answer

Q839) Where the Capital Asset became the property of the assessee in any manner given u/s 49(1), the cost of acquisition of such assets shall be: Show Answer

Q840) If a Shareholder of an Amalgamating Company gets the Shares of the amalgamated Company in lieu of the Shares held by him in an amalgamating Company, cost of acquisition of such shares shall be: Show Answer

Q841) If shares are acquired on conversion of debentures the cost of acquisition of such share shall be: Show Answer

Q842) The cost of acquisition of shares under employee stock option scheme shall be: Show Answer

Q843) If the Goodwill of a business, Right to manufacture of a product, Tenancy Rights, Router Permit or Loom Hours is acquired before 1.4.2001, the cost of acquisition of such asset shall be: Show Answer

Q844) Cost of improvement of Goodwill of a Business or Right to manufacture or produce any article or thing shall be: Show Answer

Q845) Cost of improvement of Tenancy Rights, Route Permits or Loom Hours shall be: Show Answer

Q846) In case of Long- Term Capital Gain, the amount to be deducted from price consideration shall be: Show Answer

Q847) Conversion of Personal Effect into Stock in Trade shall: Show Answer

Q848) No indexation of cost of acquisition is done even though there is Long-Term Capital Gain in case of: Show Answer

Q849) Conversion of capital asset into stock in trade will result into capital gain of the previous year: Show Answer

Q850) Where the Capital Asset is converted into Stock in Trade, the indexation of cost of acquisition and cost of improvement shall be done: Show Answer

Q851) Where Capital Asset is converted into Stock in Trade then for the purpose of computation of Capital Gain, the full value of consideration shall be: Show Answer

Q852) Where a Partner transfers any Capital Asset into the business of Firm, the sale consideration of such asset to the Partner shall be: Show Answer

Q853) Where any Capital Asset is transferred by a firm to its Partner by way of distribution of firm, the full value of consideration shall be : Show Answer

Q854) Where the entire block of the depreciable asset is transferred after 36 months, there will be: Show Answer

Q855) In case of compulsory acquisition, the indexation of cost of acquisition or improvement shall be done till the previous year : Show Answer

Q856) In case of compulsory acquisition, if enhanced compensation is received, then, for the purpose of computation of Capital Gain, the cost of acquisition and cost of improvement shall be taken as : Show Answer

Q857) In case of compulsory acquisition, if an assessee receives enhanced compensation, then enhanced compensation is taxable as: Show Answer

Q858) Conversion of debentures into shares shall: Show Answer

Q859) If Goodwill of a profession which is self-generated is transferred, there will: Show Answer

Q860) Where a Company purchases its own shares there will be CG to the : Show Answer

Q861) Exemption u/s 54 is available to: Show Answer

Q862) For exemption u/s 54, the assessee should transfer : Show Answer

Q863) In the above case, the Residential House Property should be transferred : Show Answer

Q864) For claiming exemption u/s 54, the assessee should purchase Residential Property with in: Show Answer

Q865) For claiming exemption u/s 54, the assessee should construct ther Residential Property within : Show Answer

Q866) The exemption u/s 54, shall be available : Show Answer

Q867) If the assessee wishes to deposit money under Capital Gain scheme for claiming exemption u/s 54, it should be deposited within: Show Answer

Q868) Amount unutilized in the CG scheme for which exemption was claimed u/s 54 shall be treated as LTCG of previous year: Show Answer

Q869) The new house purchased or constructed for which exemption was claimed u/s 54. should not be transferred within 3 years: Show Answer

Q870) Where a new HP for which exemption was claimed u/s 54 is transferred within 3 years from the date of its acquisition, then : Show Answer

Q871) The exemption u/s 54B is allowed to: Show Answer

Q872) For claiming exemption u/s 54B, the asset transferred should be: Show Answer

Q873) For claiming exemption u/s 54B, the agricultural land must have been used for agriculture purpose by the individual or his parents for at least : Show Answer

Q874) Amount unutilized in the CG scheme for which exemption u/s 54B was claimed shall be treated a Show Answer

Q875) Unuitilized amount deposited under CG scheme for claiming exemption u/s 54D shall be treated as: Show Answer

Q876) Exemption u/s 54EC is available for transfer of: Show Answer

Q877) For claiming exemption u/s 54EC, the amount shall be invested in notified securities for: Show Answer

Q878) For claiming exemption under Section 54B, the assessee should acquire: Show Answer

Q879) For claiming exemption under Section 54B the new Agricultural land should be purchased: Show Answer

Q880) If the new agricultural land purchased (for which exemption was claimed u/s 54B) is transferred, then: Show Answer

Q881) Exemption u/s 54D is available to: Show Answer

Q882) Exemption u/s 54D is available if there is: Show Answer

Q883) Exemption u/s 54D is available if there is a compulsory acquisition of : Show Answer

Q884) For claiming exemption u/s 54D, the assessee should purchase and/or construct another L&B, within: Show Answer

Q885) If the new L & B acquired for claiming exemption u/s 54D is transferred within 3 years, then there will be: Show Answer

Q886) New assets acquired for claiming exemption u/s 54, 54B or 54D, if transferred within 3 years, will result in: Show Answer

Q887) Exemption u/s 54EC shall be available to: Show Answer

Q888) U/s 54EC, the assessee shall be allowed exemption: Show Answer

Q889) For claiming exemption u/s 54EC, amount to the extent of Capital Gain should be invested: Show Answer

Q890) For claiming exemption u/s 54EC, the amount to the extent of Capital Gain should be invested within six months from the date of transfer in: Show Answer

Q891) The amount deductible from family pension is upto - Show Answer

Q892) Sammer received the following income during financial year 2022-23:
Director's fees Rs.5,000, income from agricultural land in Pakistan Rs.15,000, rent from let-out of land in Jaipur Rs.20,000 (assume computed), interest on deposit with HDFC Bank Rs.1,000 and dividend from Indian Company Rs.5,000. His income from other sources is- Show Answer

Q893) Akshay received a gift of Rs.35,000 each on 22nd May 2021 from his three friends. The amount chargeable to tax in this case would be- Show Answer

Q894) Which of the following income will be taxable as income from other sources Show Answer

Q895) John, engaged in fertilizer trade, received rent by sub-letting a building. This will be taxable under the head- Show Answer

Q896) Ms. Sitara is in receipt of family pension of Rs.15,000 p.m. during 2022-23. Income chargeable to tax for assessment year 2023-24 of Ms. Sitara is: Show Answer

Q897) A Pvt Ltd. company engaged in manufacturing activity has general reserve of Rs.20 lakh. It granted a loan of Rs. 5 lakh to a director who held 13% shareholding cum voting rights in the company. The said loan was re-paid by him before the end of the year. The amount of deemed dividend arising out of the above transaction is: Show Answer

Q898) Rajiv (aged 28 years) received cash gift of Rs.2 lakh on the occasion of his marriage. It includes gift from non-relative of Rs.80,000. His income by way of lottery winnings is Rs.3 lakh. His net income tax liability (ignoring TDS) would be: Show Answer

Q899) Raghu traced a missing girl by spending Rs.20,000. For this, he was awarded with a sum of Rs.1,20,000. In this case the award is taxable to the extent of- Show Answer

Q900) Rishabh received the following gifts during the previous year :
(i) Rs.50,000 from his employer
(ii) Rs.1,00,000 from mother's sister
(iii) Rs.10,000 from his friend on the occasion of his marriage
(iv) Rs.60,000 in the form of scholarship from a registered charitable trust.
The amount of taxable gift under the head 'income from other sources' is- Show Answer

Q901) A lady received gifts worth Rs.1,00,000 from her relatives as defined under the Income-tax Act, 1961 and Rs.60,000 from her office colleagues on her marriage anniversary. The taxable amount of gifts would be- Show Answer

Q902) R has taken a house rent and sublets the same to G. Income from such house property shall be taxable under the head: Show Answer

Q903) Libra P. Ltd.engaged in trading activity had accumulated profits of Rs.15,00,000 as on 1-4-2022, Mr. Gautam having 30% of the equity shares and voting rights in the company received Rs.5 lakhs as loan on 1.6.2022 from the company. The loan was repaid by him on 30-11-2022. The amount liable to tax in the hands of Mr. Gautam as deemed dividend is : Show Answer

Q904) Rakesh acquired a motor car for Rs.3,00,000 from his friend(non-relative) when the fair market value of the motor car was Rs.5,00,000. The amount liable to tax in the hands of Rakesh from the transaction is: Show Answer

Q905) Where a firm or closely held company received from any person any property being shares of closely held company without consideration: Show Answer

Q906) Mr. Ram received cash gift of Rs.51,000 from his friends on the occasion of his 50th birthday. None of the friend are relative. The amount liable to tax in the hands of Mr. Ram would be: Show Answer

Q907) Agni (P) Ltd. issued equity shares of Rs.10 each at Rs.40 per share. The fair market value of the share on the date of issue was ascertained as Rs.25 per share. The company issued 1,00,000 equity shares. The amount liable to tax in the hands of the company would be: Show Answer

Q908) Ram received Rs.80,000 by way of gift from friend upon retirement from service in a private company. The amount of gift chargeable to income-tax would be: Show Answer

Q909) Ms. Anshu received dividend of Rs.80,000 for her equity shareholding in MNO Ltd.(a listed company). She paid interest of Rs.12,500 for the amounts borrowed for investment in those sharers. The taxable dividend income would be: Show Answer

Q910) Lokesh (age 62) received following gifts on the occasion of his birthday : (i) cash gift from elder brother Rs.30,000; (ii) Gold chain from younger sister market value on the date of gift Rs.38,000; (iii) cash gifts from friends (non-relatives) Rs.45,000; (iv) purchased shares from younger brother for Rs.1 lakh when the market value of the shares was Rs.1,35,000. Amount of income chargeable to tax in respect to the above transactions would be: Show Answer

Q911) Suresh (age 65) won a prize on lottery ticket on 30-09-2022. The prize amount was Rs.5,50,000. He has bought lottery tickets for Rs.75,000 during the year. Assuming that he had no other income chargeable to tax for the year, his income tax liability (including cess @ 4%) would be: Show Answer

Q912) When Mr. X retired from X & Co. a partnership firm on 01-01-2023, he was paid Rs.5 lakhs for not doing a competing business for the next 5 years. The amount so received chargeable to tax in the hands of Mr. X is: Show Answer

Q913) In the hands of Mr. Sarath, a salaried employee, the following income shall be chargeable to tax as income under the head "Income from other sources".
(i) Dividend
(ii) Income from hiring of machinery
(iii) Winning from Lottery
(iv) Interest on securities Show Answer

Q914) Babu Lal won a prize of Rs.1,00,000 in Rajasthan State Lottery & Lottery Department paid him an amount of Rs.70,000 after deduction of tax at source of Rs.30,000. He had purchased lottery tickets for Rs.8,000. The amount chargeable to tax in the hands of Babu Lal under other sources shall be: Show Answer

Q915) Mr. Pankaj, a salaried employee, has taken a house on rent of Rs.12,000 p.m. which was sub-let by him for Rs.15,000 p.m. He has incurred miscellaneous expenses in relation to sub-let of the house of Rs.1,000. how much income from the sub-letting of house shall be taxable in the A.Y. 2023-24 where the house was taken on rent & also sub-let by him from 1st April, 2022 on wards: Show Answer

Q916) The provisions of "Deemed Dividend" under sec. 2(22)(e) of the Income Tax Act, 1961, in respect of advances or loans to shareholders, or any payment on behalf of shareholders or any payment for the individual benefit of a shareholder are applicable to: Show Answer

Q917) State which out of the following gifts received during the year by girish from different persons shall be subject to tax in the assessment year 2023-24:
(i) Wrist watch of Rs.75,000 given by a non-resident friend.
(ii) Cash of Rs.51,000 given by elder brother.
(iii) Cash of Rs.21,000 each given by 4 friends on his birthday.
(iv) Painting of Rs.30,000 given by employer on his birthday. Show Answer

Q918) Identify out of the following income which shall be chargeable to tax as income under the head - Income from Other Sources :
(i) Income of Dividend
(ii) Income from composite hiring of building with machinery
(iii) Income from speculative business
(iv) Income of a jockey Show Answer

Q919) A flat in Jaipur was booked by Aditi for Rs.30 lakh with UDB Builders on 01.09.2020 and an amount of Rs.10 lakh was paid by account payee cheque. The possession of flat was given by the builder on 13.01.2023. The Stamp Valuation Authority have determined the value of the flat on the date of booking at Rs.35,00,000 and on the date of possession given by the builder after execution of conveyance deed at Rs.45,00,000. Find out the amount if any, chargeable to tax in respect of this flat in the hands of Aditi in the A.Y. 2023-24 under the head 'Income from other sources'. Show Answer

Q920) Shivsagar (age 64) is a retired pensioner with pension of Rs.3,20,000 received during the previous year 2022-23. He has lottery winning of Rs.6 lakhs on 23.03.2023. Compute his income tax liability for the assessment year 2023-24. Show Answer

Q921) Which of the following income is not chargeable under the head "Income from other sources"? Show Answer

Q922) Geeta aged, 66 years received dividend of Rs.15,00,000 from ABC ltd. in P.Y. 2022-23 share of the company were purchased by her by taking loan of Rs.50,00,000 from a financial institution. Interest paid on loan so taken for the purpose of making investment in the shares of ABC Ltd. for the year was of Rs.6,00,000. State the income which would be subject to tax under other sources in the hands of Geeta for A.Y. 2023-24: Show Answer

Q923) Section 2(22)(e) of Income Tax Act, 1961, which deems certain payments as dividend, is applicable only to the shareholders of ................... . Show Answer

Q924) The family of deceased employee is receiving a pension of Rs.12,000 p.m. from the employer in financial year 2022-23. Compute the income to be chargeable in the hands of family member and also state under which head the income is taxable for the Assessment Year 2023-24 ?
(Assessee has not opted for section 115BAC) Show Answer

Q925) Which is the charging section for income chargeable under the head Income from other sources? Show Answer

Q926) Income from other sources is- Show Answer

Q927) "Specified foreign company" means: Show Answer

Q928) The date fixed by a company for entitlement of dividend or by a mutual fund/administration/ specified company for entitlement of dividend or bonus units is known as: Show Answer

Q929) Y Pvt. Ltd. gave a loan of Rs.5,00,000 to its shareholder. The shareholder was the beneficial owner of equity shares of the company as he held 12% of the voting power of the company. The company possessed accumulated profits of Rs.3,00,000 as on the date of advancement of loan. What shall be the amount to be assesseed as deemed dividend in the hands of shareholder? Show Answer

Q930) ABC Pvt. Ltd. gave a loan of Rs.9,00,000 to PQR & Co..'C', a shareholder of ABC Pvt.Ltd. was holding 20% of the voting power (equity shares) in the concern PQR & Co. The company possessed accumulated profits of Rs.5,20,000 as on the date of advancement of loan to the PQR & Co.. What shall be the amount to be assesseed as deemed dividend in the hands of shareholder ? Show Answer

Q931) Winnings from horse race (net) Rs.35,000. Calculate the amount to be included while computing income under the head 'Income from other sources'. Show Answer

Q932) Salary paid to a member of Parliament will be- Show Answer

Q933) Income from letting on hire of plant, machinery or furniture is chargeable under the head - Show Answer

Q934) Sum received under a Keyman insurance policy including bonus shall be taxable under the head: Show Answer

Q935) Mr. A received cash gift worth Rs.55,000 from his grandfather's brother Mahesh, on the occasion of the marriage of his son. What will be the taxable amount- Show Answer

Q936) Ruchira purchased bullion for Rs.4,40,000 whose fair market value is Rs.4,85,000. What will be the taxable amount? Show Answer

Q937) Interest on compensation/ enhanced compensation shall - Show Answer

Q938) Amounts that are not deductible while computing Income from Other Sources: Show Answer

Q939) Which out of the following transactions shall not be regarded as transfer as per provision of section 47 of the Income Tax Act, 1961 for the purpose of working of amount of Capital Gains ? Show Answer