Practice Test

Q1) Company for income tax purpose includes- Show Answer

Q2) Hillary Clinton Ltd is a Company formed under laws of America situated in India and it made arrangements for declaration of dividend within India. It is treated as- Show Answer

Q3) Rate of income tax for domestic Company when turnover in FY 16-17 is 250 crore Show Answer

Q4) Rate of income tax for domestic Company when turnover in FY 16-17 is 265 crore Show Answer

Q5) Surcharge of domestic Company if total income is 12 crore in FY 18-19 Show Answer

Q6) Which of the following section is not applicable to public Company- Show Answer

Q7) Section 115BBD i.e. concessional rate @15% for dividend received from specified foreign Company is applicable to- Show Answer

Q8) Dividend received by Indian companies from specified foreign Company as per Sec 115BBD is j taxed @15%. What is specified foreign Company? Specified foreign Company means Company in j which Indian Company holds or more of equity share capital of Company- Show Answer

Q9) MT is applicable to _______ Show Answer

Q10) Amit Shah Ltd, a domestic Company has in FY18-19 book profit of 1,40,00,000 and profit as per income tax is Rs. 70,00,000. Income tax payable by Amit Shah Ltd is- Show Answer

Q11) Which of the following should be added as per explanation 1 to Sec 115JB in book profit of Indian Company? Show Answer

Q12) Amount of dividends paid or proposed by Company should be while doing adjustment in book profit as per explanation 1 to Sec 115JB Show Answer

Q13) Expenditure related to royalty u/s 115A incurred by foreign Company should be while doing adjustments in book profit as per explanation 1 to Sec 115JB? Show Answer

Q14) Shivaji Ltd an Indian Company, received units of business trust worth Rs. 79,000 in exchange of shares of SPV which was acquired for 1,50,000 by Shivaji Ltd. Loss of Rs. 71,000 was charged to P/L. While calculating book profit, what adjustment needs to be done for this notional loss- Show Answer

Q15) Gokul Ltd has revaluation reserve of Rs.1,00,000 for the asset which is discarded. Adjustment of Rs.1,00,000 in computing book profit will be- Show Answer

Q16) In FY 15-16, amount of Rs.50,000 which was transferred to reserve was added back while calculating book profit of that year. Now, in FY 18-19, Rs.10,000 was withdrawn from these reserves. Treatment of same in FY 18-19 for computing book profit will be Show Answer

Q17) While calculating book profit, amount was withdrawn from reserve which is not created through P/L. Adjustment of withdrawal of amount from reserve while calculating book profit will be- Show Answer

Q18) which among the following adjustments will not be reduced while calculating book profit - Show Answer

Q19) Sosa private limited has b/f business loss and unabsorbed depreciation of Rs. 60,000 and Rs.1, 20,000 respectively as per books of accounts and as per income tax act, b/f business loss is f=50,000 and unabsorbed depreciation is Rs.70,000. Dosa private Ltd is in the process of insolvency and application for insolvency was admitted. While calculating book profit for purpose of MAT, how much loss will be reduced from book profit? Show Answer

Q20) While calculating book profit, amount of b/f loss or unabsorbed depreciation whichever is lower, has to be reduced. This b/f business loss or unabsorbed depreciation should be as per- Show Answer

Q21) Gains or losses from investment in equity designated at fair value through other comprehensive income recorded in OCI should be adjusted in book profit when- Show Answer

Q22) In case of Ind AS compliant Company, book profit of year of convergence and each of following four previous years, shall be further increased or decreased by _______ of transition amount Show Answer

Q23) Under Ind AS, investments in preference shares is considered to be a liability and corresponding dividend expense is debited to P/L account as interest cost. Adjustment of interest cost on MAT will be Show Answer

Q24) Capital reserve or securities premium existing as on convergence date as per erstwhile Indian GAAP which is re-classified to retained earnings/other reserves under Ind AS and vice versa shall for purposes of transition amount Show Answer

Q25) Every Company to which Sec 115JB applies shall furnish along with return of income, a report from certifying that book profit has been computed in accordance with provisions of this Sec Show Answer

Q26) State whether the following statement is true or false? “If provisions of MAT are applicable, then sec 234A, 234B and 234 C is not applicable.” Show Answer

Q27) Income accruing or arising to Company from ______ would not be subject to MAT- Show Answer

Q28) MAT is not applicable to foreign Company with which we have DTAA Agreement only if- Show Answer

Q29) MAT is not applicable to foreign Company with which we do not have DTAA Agreement only if- Show Answer

Q30) John May Ltd, foreign Company engaged in shipping business and therefore are profit are taxable under presumptive scheme u/s 44AB, Whether MAT is applicable- Show Answer

Q31) In case of Company, being unit located in International Financial Service Centre, MAT shall be chargeable @ ______. Show Answer

Q32) Excess realized or sale of land is credited to P/L. while calculating book profit for the purpose MAT, how will this excess be adjusted- Show Answer

Q33) Provision for doubtful debts is debited to P/L. Adjustment for computing book profit for this doubtful debt will be- Show Answer

Q34) Tax credit under MAT is allowed to be carried forward for ____ assessment years succeeding the Assessment Year in which credit became allowable. Show Answer

Q35) Tax credit under MAT can be- Show Answer

Q36) Krishna private Ltd paid MAT of Rs. 2,42,000 in Previous Year 17-18 where income tax was Rs. 1,94,000. In FY 18-19, tax as per income tax is Rs. 2,10,000 and as per MAT is Rs.1,79,000. So credit of MAT to be set off in FY 18-19 will be- Show Answer

Q37) In case of conversion of Private Company into a LLP, tax credit u/s 115JAA for MAT would Show Answer

Q38) Jharna Ltd is required to pay DDT u/s 115-0. For payment of DDT on dividend paid, which of the following receipt of dividend can be deducted by Jharna Ltd Show Answer

Q39) Jharna Ltd is required to pay DDT u/s 115-0. For payment of DDT on dividend paid, which of the following receipt will not be deducted by Jharna Ltd- Show Answer

Q40) Sec 115-0 i.e. payment of dividend distribution tax on payment of dividend will be applicable to Show Answer

Q41) Which of the following are conditions of DDT Show Answer

Q42) DDT u/s 115-0 must be paid to the credit of CG within ______ days Show Answer

Q43) Who among the following is not required to pay DDT Show Answer

Q44) A Ltd. is a domestic company in which business trust holds 100% from 1/4/18. A Ltd paid interim dividend out of profit of first 6 months on 31/12/18 of Rs.20,000. DDT payable is Show Answer

Q45) A Ltd. is a domestic company in which business trust holds 96% and remaining 4% is held by regulatory body from 28/9/18. A Ltd declared interim dividend of Rs.20,000 on 30/9/18 out of profits from 1/4/18. DDT payable by company is Show Answer

Q46) If DDT not paid within time allowed u/s 115-0 simple interest @ ______ p.m. is payable Show Answer

Q47) Parathe Pvt Ltd declared dividend of Rs.80,000 on 26/11/18. It paid DDT on 18/2/19. Calculate Interest on late payment of DDT Show Answer

Q48) Maggi Pvt Ltd, an unlisted company bought back shares from shareholders. What will be the tax treatment? Show Answer

Q49) Mr. Bhatt, shareholder who holds 12% in ABC Private Ltd which is not listed on stock exchange received consideration of Rs.50,000 on 16/08/18 for buy back of shares by ABC Private Ltd which was acquired by Mr. Bhatt on 26/07/12 for Rs.30,000. Tax treatment of Rs.50,000 in the hands of Mr. Bhatt will be- (Cll for 12-13:200 and Cl I for 18-19:280) Show Answer

Q50) When unlisted Company buys back shares, it is required to pay DDT on distributed income which is consideration paid - amount received for issue of shares. Now, where shares were issued under ESOP, then amount received for issue of shares will be taken as Show Answer

Q51) When unlisted Company buys back shares, it is required to pay DDT on distributed income which is consideration paid - amount received for issue of shares. Now, where shares were allotted without any consideration on the basis of existing shareholding in the Company, then amount received for issue of shares will be taken as- Show Answer

Q52) When unlisted Company buys back shares, it is required to pay DDT on distributed income which is consideration paid - amount received for issue of shares. Now, where shares have been issued on conversion of preference shares, then amount received for issue of shares will be taken as- Show Answer

Q53) Which of the conditions is required to be fulfilled for availing benefit of tonnage scheme-? Show Answer

Q54) Special provisions i.e. tonnage scheme relating to taxation of income of shipping companies is- Show Answer

Q55) Benefit of tonnage scheme is available to qualifying companies having a qualifying ship. Which of the following is a qualifying ship- Show Answer

Q56) Tine tonnage income of a qualifying ship is to be calculated on basis of daily tonnage income of such ship multiplied by- Show Answer

Q57) For calculating daily tonnage income, if net tonnage is exceeding 10,000 but not more than
25,000,daily tonnage income will be-
Show Answer

Q58) For calculating daily tonnage income, if net tonnage is exceeding 25,000, daily tonnage income will be Show Answer

Q59) Khushi private Ltd is a qualifying Company engaged in shipping business and has a qualifying ship. It has availed the option of calculating income as per tonnage scheme. Ship has a 9000-tonnage capacity and incurred an expense of Rs.2,000. Calculate tonnage income- Show Answer

Q60) When option of calculating income as per tonnage scheme is taken. What is the effect- Show Answer

Q61) In order to avail option for tonnage scheme, a qualifying company has to make an application to the having jurisdiction over the company Show Answer

Q62) Once application for availing tonnage tax option is received by Joint Commissioner, it should pass an order for granting or refusing the approval of option- Show Answer

Q63) An option for tonnage tax scheme would remain in force for a period of _____ years- Show Answer

Q64) An option for tonnage tax scheme approved u/s 115VP may be renewed within ____ year from the end of Previous Year in which option ceases to have effect Show Answer

Q65) In order to take benefit of tonnage tax scheme, an amount not less than _____ of book profits derived from its core and incidental activities should be transferred to reserve account (called tonnage tax reserve account)- Show Answer

Q66) Under tonnage tax scheme, minimum 20% of profits should be transferred to special reserve. Now, this reserve has to be utilized for- Show Answer

Q67) Virtual Fund Company distributed income from its liquid fund to partnership firm. Rate of additional income tax payable by MF Company- Show Answer

Q68) Income distributed to unit holders of equity-oriented fund. Additional income tax payable @ ____ Show Answer

Q69) Income distributed by infrastructure debt fund to Non-Resident is liable to additional income tax @ Show Answer

Q70) Mutual Fund Company repurchased its equity-oriented units and paid Rs.2,50,000 as consideration. Rate of additional income tax to be levied u/s 115-R is - Show Answer

Q71) Income received by unit holders from Mutual Fund for its Money Market Mutual Fund is taxable in the hands of unit holders at the rate - Show Answer

Q72) State whether the following statements are true or false- “Allotment of bonus units by Mutual Funds company is not subject to additional income tax u/s 115-R.” Show Answer

Q73) Tax on income of securitization trust is paid by- Show Answer

Q74) Rate of income tax to be payable by securitization trust on income of securitization is Show Answer

Q75) Securitization trust is required to furnish statement containing details of nature of income paid to Principal Commissioner up to ____ of relevant Assessment Year Show Answer

Q76) Securitization trust earned interest income from Alpha Ltd of Rs.2 crores. Securitization trust distributed Rs.10,00,000 to one of its investors, Mr. Ranbir Kapoor. In the given scenario, who will deduct IDS and how much- Show Answer

Q77) Rate of IDS to be deducted by Securitization trust on distribution of income to investor which is a partnership firm- Show Answer

Q78) State whether the following statement is true or false “Units of REIT shall be mandatorily listed on a Recognized Stock Exchange.” Show Answer

Q79) Which of the following income is not exempt in the hands of REIT business trust- Show Answer

Q80) Rent received from own building by REIT business trust and then distributed to investors will be taxable in the hands of- Show Answer

Q81) STCG on sale of property is Rs. 10,00,000 earned by business trust. This income is distributed to unit holders. Rate of tax payable by unit holders on this income is Show Answer

Q82) Statement of income distributed by business trust to unit holders has to be furnished to unit holders by- Show Answer

Q83) Business trust paid Rs.5,00,000 as interest to unit holders received from SPV. TDS is required to be deducted by business trust in case of resident unit holder ____ and in case of Non-Resident _______ . Show Answer

Q84) Business trust holds 51% of Equity share capital in SPV. SPV is a company regulated under Companies Act, 2013. It paid dividend of Rs.12,00,000 to the business trust. Tax treatment in the hands of business trust is- Show Answer

Q85) Dividend received from SPV by business trust in which business trust has become the holder of the entire nominal value of equity share capital of the company and further distributed to unit holders is _____ in the hands of the business trust and _____ in the hands of unit holders Show Answer

Q86) STCG, other than gain on sale of listed shares would be subject to rate in the hands of business Show Answer

Q87) Capital Gain on disposal of assets by business trust is distributed to unit holders, such capital gain is ______ in the hands of unit holder. Show Answer

Q88) TDS @ ________ in case of distribution to resident unit holder of rental income from real estate assets by jREIT business trust- j Show Answer

Q89) TDS @ ______ in case of distribution to Non-Resident unit holder of rental income from real estate assets by REIT business trust- Show Answer

Q90) STCG of Rs.1 crore on sale of developmental properties earned by business trust and the same is distributed to unit holders. Tax liability will be @ _____ in hands of unit holder. Show Answer

Q91) Which of the following is taxable for investment fund- Show Answer

Q92) Interest income received by investment fund will be in the hands of investment fund and when the same is distributed to unit holders, it will be in the hands of unit holder Show Answer

Q93) TDS @ _____ needs to be deducted by investment fund on income credited to resident unit holder except PGBP income Show Answer

Q94) If in any year, there is a loss at the investment fund level, either current loss or the loss which remained to be set off, such loss shall be carried forward by- Show Answer

Q95) An investment fund (a partnership firm) earned PGBP income of Rs.5 crores. Tax payable by this investment fund will be- Show Answer

Q96) AMT is applicable to_____ Show Answer

Q97) The provisions of AMT would however not be applicable to an individual, HUF, AOPs and BOIs whether incorporated or not or artificial juridical person, if ATI of such person does not exceed - Show Answer

Q98) Adjusted total income for the purpose of AMT would mean the total income as increased by deduction claimed, if any, under Show Answer

Q99) Mr. Rambihari Hap, a LLP engaged in manufacturing of semiconductor wafer fabrication has total income of Rs.78,00,000 after giving effect to Sec 35AD deduction i.e. deduction taken on following assets-Purchase of New Machinery on 05/06/2018 Rs.10,00,000
Purchase of building on 18/10/2018 Rs.12,50,000
Calculate adjusted total income
Show Answer

Q100) Where the person subject to AMT is a unit located in an International Financial Service Centre driving its income solely in convertible foreign exchange- Show Answer

Q101) AMT credit can be carried forward for set off up to a maximum period of Assessment Years Show Answer

Q102) State whether true or false “No interest shall be payable on AMT credit.” Show Answer

Q103) If assessee has not claimed any deduction u/s 10AA or 35AD or chapter Vl-A under the heading “C- deduction in respect of certain incomes” in any Previous Year and Annual Total Income of that year does not exceed Rs.20,00,000. What will happen to AMT creuit available of preceding Previous Years- Show Answer

Q104) Mr, Rajesh has an income of Rs.45,00,000 under the head PGBP, One of his business is eligible for deduction @ 100% of profits u/s 80-IB for Assessment Year 19-20. Profit from such business included in business income is Rs.20,00,000. Compute tax credit to be carried forward by Mr. Show Answer

Q105) In the case of an individual who is a minor or a lunatic, assessment of his income will be made on- Show Answer

Q106) Flat 30% rate is applicable on- Show Answer

Q107) Mr. Lalit is a member of AOP and AOP paid tax at MMR. Mr. Lalit received his share of income from AOP. What will be the treatment of share of his income- Show Answer

Q108) Rebate u/s 87A is available up to- Show Answer

Q109) Sec 87A rebate is available to- Show Answer

Q110) Rebate u/s 87A is available when net total income does not exceed- Show Answer

Q111) State whether true or false “HUF is a separate and distinct tax entity and will be assessed separately.” Show Answer

Q112) Bhanwar Borana HUPs partial partition took place on 14/11/18. How will the income of HUF be assessed for FY18-19- Show Answer

Q113) Mr. Sumit Khemka transferred his building to HUF without consideration on 05/05/18. HUF received rent from such property on 31/03/19 of Rs.3,00,000. Rs.3,00,000 is taxable in the hands of- Show Answer

Q114) Receipt by an individual as member of HUF out of family income is- Show Answer

Q115) Miss Janvi Chheda receives Rs. 10,000 interest on capital from partnership firm ABC in which she is a partner. She invested Rs.10,00,000 in this partnership firm earlier out of the funds of HUF in which she is a member. Now, Rs.10,000 will be taxable in the hands of- Show Answer

Q116) Mr. Punit is a member of Krishna HUF He is a doctor by profession. He took an interest free loan from HUF and started his own clinic from this money. His gross receipts were Rs.12,00,000 from this clinic. This Rs.12,00,000 will now be assessable in the hands of - Show Answer

Q117) State whether true or false “It was held that remuneration received on account of personal qualification and exercise of individual exertion was assessable as income of HUF and not as individual income.” Show Answer

Q118) Member of HUF i.e. Jharna invested Rs.5,00,000 in shares of Reliance Industries Ltd from funds of HUF. Jharna received dividend of Rs.50,000. This 50,000 will be assessed in the hands of- Show Answer

Q119) Megha Agarwal HUF has business income of Rs.5,00,000 for the year ended 31/03/19. Miss Megha is Karta of HUF and is employed in a private Company. Her salary income for the same period is Rs.6,10,000. One of the member of HUF gave cash gift of Rs. 1,00,000 to Megha Agarwal HUF. What is the total income of HUF- Show Answer

Q120) Expression “Local Authority” includes which of the following- Show Answer

Q121) All the income of Local Authority is exempt from tax except- Show Answer

Q122) Tax rate applicable to Local Authority is- Show Answer

Q123) How will the residential status of firm be determined? Show Answer

Q124) Surcharge applicable to partnership firm if income exceeds 1 crore will be- Show Answer

Q125) Conditions required to be fulfilled so that the partnership firm can be assessed as a partnership firm only- Show Answer

Q126) In which of the following condition, revised partnership deed should be filed along with return of income (ROD) Show Answer

Q127) Idli partnership firm paid Rs.6,00,000 to its non-working partner as remuneration which is authorized by partnership deed. Book profit for FY 18-19 is Rs.15,00,000. Allowable remuneration under PGBP for Idli partnership firm will be- Show Answer

Q128) Mr. Q is a partner in a partnership firm. He devotes 5 hours for working in partnership firm and rest of the hours in a Company in which he is a director Mr. Q will be considered as- Show Answer

Q129) A and B entered into partnership agreement on 01/04/18. As per the deed, each of them will be entitled to a salary of Rs.2,000 p.m. apart from the profit. On 01/08/18, they executed a supplementary deed by which they increased the remuneration to Rs.3,000 each effective from 01/04/18. Allowance of Rs.3,000 remuneration will be from- Show Answer

Q130) State whether true or false
"Brought forward business loss will not be deducted while calculating book profit."
Show Answer

Q131) According to Sec 40(b), interest @ 12% is allowed as deduction, but then the interest should be - Show Answer

Q132) If an individual is a partner in a firm in a representative capacity and not in his personal capacity then interest paid by the firm to such individual in his personal capacity and not in representative capacity Show Answer

Q133) If interest is paid to an individual partner who is not a representative partner and interest received by him is for the benefit of another person, then such interest payment- Show Answer

Q134) Remuneration and interest received by a partners of a partnership firm as per Sec 40(b) will be taxable in his hands as income from- Show Answer

Q135) If remuneration paid to partner is disallowed in the hands of partnership firm, such remuneration will be ____ in the hands of partner. Show Answer

Q136) If partnership firm incurs any loss, who is eligible to set off the same- Show Answer

Q137) In case of dissolution of firm, who all will be responsible for tax under Income Tax Act, 1961- Show Answer

Q138) Under which of the condition, AOP is not required to pay tax at MMR- Show Answer

Q139) In case of AOP, if individual share of any partner is not known, AOP will pay tax @ Show Answer

Q140) Ambani is an AOP in which Anil and Mukesh Ambani are members. Their shares are known. Total income excluding share from AOP of Anil is Rs.2,60,000 and Mukesh is Rs.2,40,000. Total income of AOP is Rs.5,50,000. What will be the amount of tax payable by AOP- Show Answer

Q141) State whether true or false
"If an AOP has paid tax at MMR, the member's share in total income of AOP will be exempt."
Show Answer

Q142) If the AOP has not paid tax on its total income, share from AOP in the hands of member will be- Show Answer

Q143) JK Associates is an AOP consisting of 2 members, J and K. Share of members are : 60% (J) and 40% (K). Income of AOP for Previous Year 18-19 is Rs.6,00,000. J and K's income, other than income from AOP amount to Rs.1,00,000 and 1,20,000 respectively. Calculate income tax to be paid by J- Show Answer

Q144) If AOP has paid tax at regular rates applicable to an individual, the member's share in income of AOPs will be included in his total income and he will- Show Answer

Q145) Co-operative society paid Rs.20,000 as interest to its members. IDS required to be deducted u/s-194A is- Show Answer

Q146) Transfer fees received by Co-operative housing society from its incoming and outgoing members- Show Answer

Q147) State whether true or false
"if there is a mutual concern, ordinarily there should be no tax on profits arising out of mutual operations."
Show Answer

Q148) In case of a club, any surplus accruing to a member club from the subscriptions and charges for various conveniences paid by members is- Show Answer

Q149) Income by way of LTCG arising from transfer of Global Depository Receipts will be taxed @ - Show Answer

Q150) Sec 115BBF provides that where total income of eligible assessee includes any income by way of royalty in respect of patent developed and registered in India, then such royalty shall be taxable at the rate of- Show Answer

Q151) Miss Sujata has earned Rs.5,00,000 in the form of royalty income from patent developed and registered in India. She incurred an expense of Rs.2,60,000. She exercised the option of paying tax as per 115BBF. Total tax payable by Sujata will be- Show Answer

Q152) Sec 115BBG allows concessional rate of tax @ 10% on transfer of- Show Answer

Q153) Who is not required to pay STT and CTT- Show Answer

Q154) Nimi Ltd is engaged in manufacture of textile since 01/04/09. Its profit shows profit of Rs.700 lakhs for PY 2018-19 after debit/credit of following items-
i. Employer's contribution to EPF Rs. 2,00,000 and employee's contribution of Rs. 2,00,000 for the month of March 2019 which was remitted on 08/05/19
ii. Company had made a provision of 10% of its debtors towards bad and doubtful debts. Total sundry debtors amounted to Rs.200 lakhs
iii. Company had credited a sub-contractor amount of Rs. 10 lakhs on 31/03/18 towards repairing a machinery component. The tax so deducted was remitted on 31/12/18 What is the total income of Mini Ltd as per IT Act, 1961-
Show Answer

Q155) Which of the following institutions income is exempt from tax - Show Answer

Q156) Time limit for making an application for grant of exemption u/s 10(230 by university is- Show Answer

Q157) University will not be entitled to get deduction u/s 10(230) if its commercial receipts is Exceeding ______ of the total receipts of such university. Show Answer

Q158) Entities which are claiming benefit u/s 10(23C) will not be emitted to claim, any benefit exemption u/s 10 except- Show Answer

Q159) Trust is an obligation annexed to worship and arising out of confidence reposed in person who accepts the confidence is called Show Answer

Q160) Exemption to trust will be available only if income is applied for charitable purposes. Charitable purpose does not include which of the following- Show Answer

Q161) Mahatma Gandhi Charitable Trust has its main object as relief of poor. It used the entire income of Rs.60,00,000 derived from an activity in the nature of trade for its main object during Previous Year ended on 31/03/19. Should the utilization of income be treated as "charitable purpose"? Show Answer

Q162) State whether true or false "Voluntary contributions are not a part of income of trust." Show Answer

Q163) Moksh Charitable Trust earned an income of Rs.25,00,000 but in the Previous Year 18-19, it actually received Rs.15,68,000 and applied it in full. Remaining Rs.9,32,000 was received on 27/03/20. This amount of Rs.9,32,000 will be deemed to be applied in Previous Year 18-19 when it is actually applied up to ______ Show Answer

Q164) 85% of income needs to be applied in order to get exemption u/s 11. But this 85% can also be accumulated for a period not exceeding ___ years. Show Answer

Q165) Mien trust is taking exemption u/s 11 which of the following things are not allotted? Show Answer

Q166) In which of the following cases, accumulated income u/s 11(2) shall be deemed to be income Show Answer

Q167) When will the income of trust not be eligible for exemption? Show Answer

Q168) Anonymous donation received by trust established wholly for charitable purpose would be taxable @ _____________ as per sec 115BBC Show Answer

Q169) Need charitable trust provides medical facilities to the trustee of trust. Whether trust eligible for exemption u/s 11? Show Answer

Q170) Sec 115BBC Le. 30% tax on anonymous donation is not applicable to- Show Answer

Q171) The accreted income of trust or institution shall be taxable @ ______ Show Answer

Q172) When will accreted income tax be leviable? Show Answer

Q173) State whether true or false "Accreted income means: Aggregate FMV of total assets - total liability." Show Answer

Q174) State whether true or false "Exit tax is payable even if no income tax is payable by the trust." Show Answer

Q175) Trustee of the trust and the trust shall be liable to pay the tax on accreted income to the credit of CG within ______ days from the date of merger when the trust has been merged with an entity not registered u/s 12AA. Show Answer

Q176) Which of the following heads of income is exempt for political party? Show Answer

Q177) Which of the following conditions are required to be fulfilled by political party for availing the benefit of exemption given in Sec 13A? Show Answer

Q178) Political party should maintain a record of each voluntary contribution in excess of _______ and name and address of contributor. Show Answer

Q179) voluntary contribution received by an electoral trust shall be exempt if such trust distributes ______ of aggregate donations received by it during the year Show Answer

Q180) State whether true or false "Electoral trust shall not accept any contribution in cash." Show Answer

Q181) Which of the following income of Swachh Bharat Abhiyan party, a political party will not be exempt Show Answer

Q182) Profit earned during the year by a partnership firm is Rs.1,40,000. The maximum amount of remuneration deductible from profit is- Show Answer

Q183) Provisions of section 115JC are not at all applicable to - Show Answer

Q184) A non-professional firm M/s Bright has book profits of Rs.9,36,000. The admissible remuneration to working partners for income-tax purpose shall be - Show Answer

Q185) Penalty for failure to file return of income within the time limit as specified u/s 139 is: Show Answer

Q186) From tax point of view, a limited liability partnership (LLP) is treated as:
Show Answer

Q187) When an LLP has book profit of 6 lakh, the maximum amount allowable towards the salary of working partners would be: Show Answer

Q188) The book profit of a partnership firm is Rs.1,20,000. The actual remuneration paid to working partners is Rs.3,54,000. The allowable deduction under section 40(b) towards remuneration to partners is -- Show Answer

Q189) When a non-domestic company is a member in an AOP and its share of profit is indeterminate, the tax on total income of the AOP is charged at the -
Show Answer

Q190) A partnership firm has net profit of Rs 6,20,000 before deducting interest on capital to partners @ 15% of Rs 1,50,000 and working partner salary of Rs 1,80,000 (as per the deed of partnership). The total income of the firm chargeable to tax would be - Show Answer

Q191) Murali received Rs.1 lakh from the HUF of which he is a coparcener. The HUF consists of four coparceners including his father who is the Karta of the HUF. The amount paid was by way of debit to the capital account of HUF engaged in textile business. Is the amount of receipt chargeable to tax-
Show Answer

Q192) An association of persons (AOP) has paid tax at the maximum marginal rate. Yash, a member of AOP received Rs.1 lakh as his share income. Such income is chargeable to tax in his assessment @- Show Answer

Q193) A registered trade union earned Rs.1,00,000 by way of interest on bank deposits and Rs.1,80,000 by way of rent from let-out of its premises. Total income of the trade union chargeable to tax would be -- Show Answer

Q194) Andhra Traders a partnership firm paid Rs.80,000 as contract charges to AKP & Co. (firm). No tax was deducted at source for the above said payment. The amount liable for disallowance under section 40a(ia) for the assessment year 2023-24 is: Show Answer

Q195) Surabi Textiles (firm) incurred business loss of Rs.4,40,000 for the assessment year 2023-24 before allowance of working partner salary. The firm paid working partner salary of Rs.1,20,000 each to three partners. The business income of the firm for the assessment year 2023-24 after deduction of working partner salary is: Show Answer

Q196) Maruti & Co. is an AOP consisting of 4 members with equal share. None of the member has income exceeding the taxable limit. The total income of the AOP is Rs.5 lakhs. The income-tax liability of the AOP would be: Show Answer

Q197) Mr. Vijay is partner in Tools & Co., a partnership firm in -Mumbai. He received Rs.30,000 as share income from the firm for the year ended 31-3-2023. He also received interest at 12% per annum on the capital invested in the firm and the amount being Rs.24,000. His income from the firm includible in individual assessment is: Show Answer

Q198) Mr. Siddharth is employed in a company. His income under various heads are (i) salary Rs.5,60,000; (computed) (ii) loss from let out property Rs.65,000; (iii) loss from business Rs.1,10,000 and (iv) loss under the head other sources Rs.30,000. His total income after set off of losses would be: Show Answer

Q199) Murali & Co. a partnership firm consisting of 3 partners is engaged in textile trade. It's Net Profit before allowing interest on capital and working partner salary to partners was Rs.9 lakhs. The partnership deed does not provide for interest on capital. It provides for working partner salary at Rs.25,000 per month for all the 3 partners. The income of the firm after allowance of working partner salary would be: Show Answer

Q200) The provisions of Alternate Minimum Tax (AMT) will apply only when the adjusted total income computed under Section 115JC exceeds: Show Answer

Q201) Ram & Co., a partnership firm, worked out total book profits for the year ended 31st March, 2023 at Rs.5,00,000. The firm has made payment of salary of Rs.4,60,000 authorized by the deed to the working partners wants to know that how much amount of salary paid to partners is allowable:

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Q202) The provisions of AMT under Chapter XII-BA shall not apply to an individual, a HUF, etc., if the adjusted total income of such person does not exceed: Show Answer

Q203) RS HUF consists of R Karta, Y and S co-parceners, D, the daughter of a co-parcener and W, the wife of Karta as members. The following can demand the partition of RS HUF: Show Answer

Q204) In the case of a co-operative society, surcharge is levied, where its total income exceeds Rs ____ crore. Show Answer

Q205) Ram & Co., a proprietorship firm has paid tax for the assessment year 2023-24 as per section 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward by the proprietor for a period of following number of assessment years immediately succeeding the assessment year 2023-24:
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Q206) The lock in period under the scheme of presumptive taxation based on the tonnage of the ship, in case of Shipping Company, under the provisions of sections 115 to 115 V2C is: Show Answer

Q207) Tax shall be charged on the total income of the AOP at the maximum marginal rate under the provisions of section 167B of Income Tax Act, 1961:

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Q208) The base for determination of notional income arising from the operation of a ship, in case of Indian Shipping Company under section 115V to 115V2C of the Income Tax Act, 1961 is taken: Show Answer

Q209) Ram & Co., a partnership firm worked out total book profits for the year ended 31st March, 2023 of Rs 6,00,000 and has made payment of salary of Rs 4,60,000 authorized by the partnership deed to the working partners. Firm wants to know that how much amount of salary paid to partners be allowable as deduction in A.Y. 2023-24. Show Answer

Q210) Ram & Company constituted by 2 partners sharing profits & loss equally declared net loss of 20,000 after charge of salary of Rs 10,000 p.m. paid to each of the working partners as authorized by the deed during the previous year 1.4.2022 to 31.3.2023. The amount of deduction in respect of payment of salary made to the partners while computing the income of the firm for assessment year 2023-24 will be allowed of Rs ____ Show Answer

Q211) Ramachari (age 83) is a pensioner who received Rs.7,46,000 by way of pension during the previous year 2022-23. His only other income is interest of Rs.65,000 from fixed deposit held in nationalized bank. What is the total income? Show Answer

Q212) In the case of a charitable trust registered under section 12AA, which of the following investment is not contained in section 11(5) of the Act for keeping the unspent incomes of the trust? Show Answer

Q213) Which of the following is not a feature of Association of Persons (AOP)?
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Q214) Total income computed under the head of Salary of Rs.6,50,000 and of other sources of Sevak Kumar, who have attained the age of 60 years on 01.04.2023 for the year ended on 31.03.2023 is of Rs.6,50,000 after claiming deduction of Rs.60,000 under section 80C of the Act. The liability of Sevak Kumar when he opts to pay tax under the provisions of section 115BAC and by availing the benefit of CBDT Circular No. 28/2016 dated 27.07.2016 for A.Y. 2023-24 shall be: Show Answer

Q215) The tax liability of Raja Co-operative Society (does not opt to pay tax under section 115BAD) on the total income of Rs.1,20,000 for P.Y. 2022-23, is: Show Answer

Q216) Mrs. Vinita has reported the following transactions: (i) Received Cash gifts on the occasion of her marriage on 23.01.2023 of Rs.2,25,000. It includes gift of Rs.30,000 received from non-relatives. (ii) On 02.12.2022, being her birthday, she received gift by account payee cheque of Rs.81,000 from her mother's brother.
(iii) On 01.10.2022, she acquired a vacant site from her friend for ₹ 8,15,000. The Stamp Valuation Authority fixed the value of site at ₹ 9,50,000 for stamp duty purposes.
(iv) She bought 1000 equity shares of a listed company from Mona on 05.10.2022 for Rs.7,00,000. The value of such shares in the stock exchange on the date of purchase was of ₹7,65,000.
She asks you to determine and find out the amount chargeable to tax in her hands for A.Y.2023-24. Show Answer

Q217) Utpal Dutt an individual assessee engaged in the business of Gold/Silver Jewellery at Kolkata presents the following information and asks you to state the amount of tax required to be paid by him for A.Y. 2023- 24:
(i) Tax calculated on Total Income:
as per regular - 14 lakh. provisions of income-tax Act, 1961 - 18 lakh.
(ii) AMT credit brought forward from A.Y 2021-22 - 6 lakh. Show Answer

Q218) Lalit presents you following details related to his tax liability for Assessment Year 2023-24:
Tax liability as per section 115JC Rs18 lakhs.
Tax liability as per regular provision of Income tax Act Rs 23 lakhs. AMT credit brought forward from Assessment Year 2022-23 Rs 8 lakhs. What shall be the tax liability of Lalit for Assessment Year 2023-24 ? (Assessee has not opted for section 115BAC) Show Answer

Q219) Ram, aged 45 years received 12 instalments of amount of 42,000 on the basis of reverse mortgage scheme during the financial year 2022-23. Compute the amount of tax in the hands of Ram as per section 115BAC of the Income Tax Act, 1961 for the Assessment Year 2023-24: Show Answer

Q220) State which out of the following perquisite is exempt as per section 115BAC of the Income Tax Act, 1961 for the Assessment Year 2023-24: Show Answer

Q221) A HUF is having total income of Rs 22,50,000 for the previous year ended 31st March, 2023. Compute the net tax liability of HUF if it opts for section 115BAC for the Assessment Year 2023-24 ? Show Answer

Q222) As per section 12A of Income Tax Act, 1961, trust or institution has been granted registration under section 12AA, and, subsequently, it has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, then it shall be required to make an application, in the prescribed form and manner, within a period of....... from the date of said adoption or modification, to the Principal Commissioner or Commissioner and thereupon obtain fresh registration. Show Answer

Q223) The Total Income tax including education cess payable in case of resident individual aged 49 years, where computed total income is Rs.3,80,000 for the Assessment Year 2023-24 shall be. (Assessee has not opted for section 115BAC). Show Answer

Q224) ABC charitable trust would like to accumulate the income for the purpose of construction of school building in coming three years and therefore set apart Rs.20 Lacs out of current year's income. In order to exclude Rs.20 lacs from taxable income, the charitable trust is required to inform the purpose and the period for which accumulation is made to the assessing officer in a prescribed form. Out of the following, which is the prescribed form to be used by the trust: Show Answer

Q225) As per section 13B of the Income Tax Act, 1961, the voluntary contributions received by an electoral trust during the year is not included in its income: Show Answer

Q226) A non-professional firm ABC and Co. has book profit of Rs.12,38,000 in previous year 2022-23. The admissible remuneration to working partner for income tax purpose shall be....... Assessment Year 2023-24. Show Answer

Q227) Personal earning including income from self-acquired property of a member of the HUF is included in the income of : Show Answer

Q228) Gyaan charitable trust owns a capital asset of Rs 5,00,000 and 3/4th of the income from such asset is utilized for charitable purpose. The asset was sold for Rs.12 lakhs and from the sale proceeds, the trust brought another asset for Rs.10 lakhs during the previous year 2022-23. The amount of capital gain deemed to have been applied for charitable purpose is................. for the Assessment Year 2023-24. Show Answer

Q229) Nirmala (age 52 years) having adjusted total income of Rs 45 lakh. She has opted the provision of section 115BAC for assessment year 2023-24. The Alternate Minimum Tax is applicable u/s 115JC @: Show Answer

Q230) Tax free limit to HUF is -
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Q231) Interests of members of H.U.F. are decided by -
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Q232) What is the maximum Income Tax rate for H.U.F. - Show Answer

Q233) Rate of tax applicable on firms is - Show Answer

Q234) In case of book loss the maximum allowable remuneration to working
partner will be: Show Answer

Q235) Partner's share in profit of firm is _____ for a partner
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Q236) The total income of the partnership firm Xavier & Company for the assessment year 2023-24 of Rs.8,15,000 arrived at after claiming deduction u/s 35AD of Rs.11,00,000, u/s 81-1B of Rs.1,00,000, and donation paid to a registered political party by cheque of Rs.85,000. The adjusted total income of the firm for payment of tax under section 115JC of the Act shall be ₹ ____ Show Answer