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- Question 1 of 25
1. Question
A Person includes
CorrectIncorrect - Question 2 of 25
2. Question
Income Tax in India is charged at the rates prescribed by
CorrectIncorrect - Question 3 of 25
3. Question
When an URPF is recognized , the balance so transferred is called
CorrectIncorrect - Question 4 of 25
4. Question
The Residential Status of HUF depends upon the
CorrectIncorrect - Question 5 of 25
5. Question
Salary for exemption of leave encashment shall be taken as
CorrectIncorrect - Question 6 of 25
6. Question
Expected Rent is equal to
CorrectIncorrect - Question 7 of 25
7. Question
Assesse is having stock existing in the business. Valuation of stock will be at
CorrectIncorrect - Question 8 of 25
8. Question
The benefit of exemption under Section 54 is available when following capital asset is transferred
CorrectIncorrect - Question 9 of 25
9. Question
An assesse earned interest on post office savings bank account Rs. 6,000. Such sum shall be taxable under the head
CorrectIncorrect - Question 10 of 25
10. Question
Agriculture income received from outside India will be
CorrectIncorrect - Question 11 of 25
11. Question
Income accrued outside India and received outside India is taxable in case of ______________.
CorrectIncorrect - Question 12 of 25
12. Question
Profits of 2,00,000 is earned from a business in US which is controlled in India, half of the profits being received in India. How much amount is taxable in India for a Non-resident Individual
CorrectIncorrect - Question 13 of 25
13. Question
Srini an employee of MNC Ltd. Receives Rs. 30,000 p.m. as basic salary. In addition, he gets Rs. 10,000 p.m. as dearness allowance, not forming part of salary and Rs. 2,000 p.m as fixed medical allowance. His taxable salary is
CorrectIncorrect - Question 14 of 25
14. Question
The maximum limit of deduction under section 24(b) for interest on borrowed capital on or after 1-4-1999 for construction of
house property used for self occupation shall be 2,00,000 ifCorrectIncorrect - Question 15 of 25
15. Question
Mrs. Kiara owns a house property which is let out at Rs. 10,000 p.m. During the previous year ending 31st March 2018, she received
Arrears of rent of Rs. 30,000
Unrealized rent of Rs. 20,000.
Compute her income chargeable to tax under the head Income from House Property.CorrectIncorrect - Question 16 of 25
16. Question
Assesse company incurred revenue expenditure of Rs. 15,000 for promoting family planning amongst its employees. Calculate the amount of deduction available
CorrectIncorrect - Question 17 of 25
17. Question
For claiming exemption under section 54EC the investment must be made in bonds of
CorrectIncorrect - Question 18 of 25
18. Question
XYZ 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 assessed as deemed dividend in the hands of shareholder.
CorrectIncorrect - Question 19 of 25
19. Question
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
CorrectIncorrect - Question 20 of 25
20. Question
Mr. X has earned salary income of Rs. 5,00,000 and he has suffered loss from house property amounting Rs. 2,00,000. Speculation business loss Rs. 1,00,000 Find out the gross total income
CorrectIncorrect - Question 21 of 25
21. Question
Sumanth & Co. received 3,00,000 as compensation from Ashwin & Co. for premature termination of contract of agency. Amount received is
CorrectIncorrect - Question 22 of 25
22. Question
From the following particulars of Income furnished by Mr. Chandra pertaining to the year ended 31-03-2018
(i) Profit on sale of shares of private limited Indian Company received in Germany 15,000.
(ii) Dividend from a Japanese Company received in China 10,000.
(iii) Agricultural income from lands in UP 27,000.
If Chandra is Non Resident what is his total income.CorrectIncorrect - Question 23 of 25
23. Question
Arjun, a resident of Mysore, receives Rs. 25,000 p.m. as basic salary. In addition, he gets Rs. 10,000 p.m. as dearness allowance,
which form part of basic salary and Rs. 18,000 p.m as house rent allowance. He, however, pays Rs. 20,000 p.m. as house rent. The
quantum of house rent allowance taxable isCorrectIncorrect - Question 24 of 25
24. Question
In case of specified professions, what is the minimum amount the Gross receipts should exceed in all of the three immediately preceding previous years or, where the business is newly setup, the amount that gross receipts are likely to exceed during current previous year, so as to maintain the books of accounts
CorrectIncorrect - Question 25 of 25
25. Question
Neha received rent of Rs. 60,000 from letting a residential building (in Mumbai) along with plant and machinery (letting out building is inseparable from letting of plant and machinery). She expended Rs. 6,000 for repairs and insurance of the buildings and plant and machinery. The WDV of building was Rs. 2,00,000 as on 1-4-2017 and the plant and machinery was purchased on 9th May 2017 for Rs. 20,000. Amount taxable is
CorrectIncorrect