Assessment of Individual & HUF – CS Executive Tax Laws MCQ QuestionsBy CACSMockTest / November 24, 2022 0 Assessment of Individual & HUF – CS Executive Tax Laws MCQs 1 / 13 Ram & Co., a proprietorship firm has paid tax for the assessment year 2021-22 as per Section 115JC of the Income Tax Act, 1961. (A) 8 years (B) 5 years (C) 10 years (D) 15 years 2 / 13 Mr. Soloman, a resident in India, aged 70 and has the following income for the previous year 2020-21. (All the incomes given below are the computed income): (A) ₹ 26,000 (B) ₹ 13,240 after rebate u/s 87A (C) ₹ 18,240 (D) Nil, because total income is less than ? 5,00,000 3 / 13 RS HUF consists of R Karta, Y and S coparceners, D, the daughter of a coparcener, and W, the wife of Karta as members. (A) D (B) R, Y, and S (C) W (D) (A) and (B) above 4 / 13 The provisions of AMT under Chapter XITBA shall not apply to an individual, a HUF, etc. if the adjusted total income of such person does not exceed: (A) ₹ 10,00,000 (B) ₹ 25,00,000 (C) ₹ 5,00,000 (D) ₹ 20,00,000 5 / 13 Mr. Chandan (age 70) received ₹ 30,000 every month during the financial year 2020-21 on a reverse mortgage of his property with State Bank of India. (A) ₹ 3,60,000 (B) ₹ 2,52,000 (C) ₹ 40,000 (D) Nil 6 / 13 When Mr. X retired from X & Co. a partnership firm on 1.1.2021, he was paid ₹ 15 lakhs for not doing a competing business for the next 5 years. (A) Nil (B) ₹ 5,00,000 (C) ₹ 1,00,000 (D) ₹ 2,50,000 7 / 13 A registered trade union earned ₹ 1,00,000 by way of interest on bank deposit and ₹ 1,50,000 by way of rent from letting out premises. (A) ₹ 2,24,000 (B) ₹ 2,80,000 (C) ₹ 2,50,000 (D) Nil 8 / 13 Mrs. Laxmi, 70 years old, received ₹ 30,000 every month from SBI under a reverse mortgage scheme by mortgaging her residential house property. She also received a monthly family pension of ₹ 15,000. (A) ₹ 5,40,000 (B) ₹ 1,80,000 (C) ₹ 1,65,000 (D) ₹ 3,60,000 9 / 13 Balu paid ₹ 1,00,000 to Raj for the purchase of a standing crop (paddy). He harvested the produce, Le. paddy by incurring an expenditure of ₹ 25,000. He sold the said paddy for ₹ 1,80,000 to a trader. His other income for the year ended 31 st March 2021 was ₹ 4,60,000. (A) ₹ 6,40,000 (B) ₹ 5,15,000 (C) ₹ 4,85,000 (D) ₹ 5,60,000 10 / 13 The voluntary contributions received by an electoral trust during the year is not included in its income (A) When 85% of the contribution is distributed in the year (B) When 95% of the contribution is distributed in the year (C) To the extent of ₹ 10 lakhs (D) To the extent of 50% of contribution or ₹ 100 lakhs whichever is less. 11 / 13 During the year 2020-21, Basu won ₹ 4,00,000 from a motor car rally out of which he deposited ₹ 1,50,000 in his PPF account. He does not have any other income. (A) ₹ 1,24,800 (B) ₹ 15,450 (C) ₹ 1,23,600 (D) None of the above 12 / 13 Under the Income-tax Act, 1961, dividend derived from the shares held as stock-in-trade are taxable under the head (A) Income from other sources (B) Income from profits and gains of business or profession (C) Capital gains (D) Either capital gains or income from profits and gains of business or profession 13 / 13 Arjun has a salary income of ₹ 6,60,000. He also received interest of ₹ 18,000 on his fixed deposit (after deducting TDS @ 10%) and ₹ 2,000 on his savings account with SBI. He deposited ₹ 50,000 in the PPF account. (A) ₹ 33,390 (B) ₹ 35,330 (C) ₹ 46,270 (D) ₹ 40,040 Your score is LinkedIn Facebook Twitter VKontakte Related