Income from letting of machinery, plant and furniture is –

chargeable under the head “Income from other sources” only if not chargeable under the head “Profits and gains of business and profession”.

always chargeable to tax under the head “Profits and gains of business and profession”

always chargeable to tax under the head “Income from other sources”

chargeable to tax under the head “Income from house property”

Which of the following conditions need to be satisfied, so that an income can be taxed under the head “ Income from Other Sources

Income should not be taxable under any of the other heads.

As per Section 56(2), which of the following income are not chargeable to tax under the head “Income from Other Sources”?

Occasional one time gains derived from sale of capital asset

Interest on securities not chargeable under the head PGBP

Sum received under Keyman Insurance policy not taxable under Salaries or PGBP

In respect of winnings from lottery, crossword puzzle or race including horse race or card game etc

no deduction under Chapter VI-A is allowed and basic exemption limit cannot be exhausted

no deduction under Chapter VI-A is allowed but unexhausted basic exemption can be exhausted

Both deduction under Chapter VI-A and basic exemption are allowed

deduction under Chapter VI-A is allowed but basic exemption limit cannot be exhausted

The deduction allowable in respect of family pension taxable under “Income from other sources” is

33-1/3% of the pension or Rs. 15,000, whichever is less

30% of the pension or Rs. 15,000, whichever is less

Deemed dividend under section 2(22)(e) is chargeable to tax –

On payment basis as prescribed under section 8 of the Income-tax Act, 1961

On the basis of method of accounting regularly employed by the assessee

On the basis of mercantile system of accounting only

Ganesh received Rs. 60,000 from his friend on the occasion of his birthday.

The entire amount of Rs. 60,000 is taxable

Mr. X aged, 61 years, received dividend of Rs. 12,00,000 from a domestic company in P.Y. 2017-18. Tax chargeable under section 115BBDA is @10% on –

The entire amount of Rs. 12,00,000

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

no deduction under Chapter VI-A is allowed and no loss can be set-off against such income

no deduction under Chapter VI-A is allowed but loss under other heads can be set-off against such income

Both deduction under Chapter VI-A and set-off of losses against such income are allowed

deduction under Chapter VI-A is allowed but set-off of losses under other heads against such income is not allowed

Mr. Y has received a sum of Rs. 51,000 on 24.10.2017 from relatives on the occasion of his marriage

Entire Rs. 51,000 is exempt from tax

Entire Rs. 51,000 is chargeable to tax

Only Rs. 1,000 is chargeable to tax

Only 50% i.e., Rs. 25,500 is chargeable to tax

Mr. Mayank has received a sum of Rs. 75,000 on 24.10.2017 from his friend on the occasion of his marriage anniversary

Entire Rs. 75,000 is chargeable to tax

Entire Rs. 75,000 is exempt from tax

Only 50% i.e., Rs. 37,500 is chargeable to tax

The deduction in respect of interest on enhanced compensation of Rs. 1,50,000 received during the previous year 2017-18, would be

Rs. 75,000, being 50% of Rs. 1,50,000

Rs.1,50,000, being 100% of Rs. 1,50,000

45,000, being 30% of Rs. 1,50,000

For non-payment or short payment of advance tax –

interest is payable under section 234C

interest is payable under section 234A

interest is payable under section 234B

interest is payable under all the three sections 234A, 234B and 234C

For deferment of advance tax

interest is payable under section 234C

interest is payable under section 234A

interest is payable under section 234B

interest is payable under all the three sections 234A, 234B and 234C

Mr. X, a resident Indian, wins Rs. 10,000 in a lottery. Which of the statement is true?

Tax is deductible u/s 194B@30.9%

Mr. A, a salaried individual, pays rent of Rs. 51,000 per month to Mr. B from June, 2017. Which of the statement is true?

Tax is deductible at source @5% on annual rent from the rent paid for March 2018

No tax is deductible at source since Mr. A is not liable to tax audit u/s 44AB

Tax is deductible at source every month @10% on rent paid to Mr. B

Tax is deductible at source every month @5% on rent paid to Mr. B

As per Section 207, _______________ not having any income from business or profession is not liable to pay advance tax

A resident individual who is of the age of below 60 years

Transfer of income without transfer of asset would be taxable in the hands of:

Either transferor or transferee

A transfer, which contains any provision for the re-transfer, directly or indirectly, of the whole or any part of the income or asset to the transferor, regarded as:

Transfer of income without transfer of asset

Mr. A, a fashion designer having lucrative business, pays salary to his wife, who is a model. Remuneration received by Mrs. A shall be included in the total income of:

Mrs. A or Mr. A (whose total income is higher proportionately before this clubbing)

If Mr. A and Mrs. A both have substantial interest in a concern and both are in receipt of remuneration from that concern, then what will be the tax consequences?

Remuneration shall be clubbed in the total income of that individual whose total income (before this clubbing) is higher.

Remuneration shall be clubbed in the total

Remuneration shall be clubbed in the total income of Mr. A. income of Mrs. A.

Under Section 80GGB, deduction is allowable in respect of contribution to political parties by

any person other than local authority and every artificial juridical person wholly or partly funded by the Government

Local authority and every artificial juridical person wholly or partly funded by the Government

As per Section 80CCE, Rs. 1.5 lakh is the maximum qualifying limit for deduction under -

Sections 80C, 80CCC and 80CCD(1)

Long term capital loss can be set off from which of the following:

Income from business or profession

Loss from house property can be carried forward and set off in the subsequent 8 Assessment years:

Even if return of loss is filed after due date

Only if return of loss is filed within due date

It does not matter when return is filed

Carry forward of loss from house property is not allowed at all.

Loss under the head "Profits and Gains of business or profession" cannot be set off against –

Income under the head salaries.

Income under the head house property

Loss arising under the head capital gain cannot be set-off against –

Income under the head "Profits and gains of business or profession

Income under the head house property

Loss arising from specified business can be set-off from

Profits of specified business profits

Both general business profits and speculation

TAXATION 2023- Class Test 2- 25 Marks

Authored by Subhrangshu Sarkar

Business

University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The charging section of the income under the head capital gains is :

Section 15

Section 17

Section 10

Section 45 (2)

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the conditions to be fulfilled for charging of income under the head capital gains:

There must be a capital asset

There must be a transfer of such capital asset

The transfer of such capital asset has been affected during the previous year.

All of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

The transfer must have been effected in the relevant assessment year

There must be a gain arising on transfer of capital asset

Capital gains should not be exempt u/s 54

Capital gains should not be exempt u/s 54EC

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following shall not be regarded as capital asset:

Urban Land

Securities held by a Foreign Institutional Investor as per SEBI Act, 1992

Archaeological Collections

Motor Car

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following shall be regarded as capital asset

Gold Jewellery held by jeweller as SIT trade

Securities held by FII as per SEBI Act, 1992, held as stock in trade

Motor car held by motor car manufacturer as SIT

None of above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following shall not be regarded as capital asset

Jewellery

Rural Agricultural land

Archaeological Collections

Personal residential house

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following shall be regarded as capital asset

Jewellery

Sculptures

Archaeological Collections

All of the above

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TAXATION 2023- Class Test 2- 25 Marks

The charging section of the income under the head capital gains is :

What are the conditions to be fulfilled for charging of income under the head capital gains:

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

The following shall not be regarded as capital asset:

The following shall be regarded as capital asset

The following shall not be regarded as capital asset

The following shall be regarded as capital asset

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 10,00,000.

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

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 10,000 but not exceeding 1,00,000.

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