MCQ On Direct Taxation
- 1.The following is capital receipt:
- A.
Dividend from investment;
- B.
Bonus shares;
- C.
Sale of technological know- how;
- D.
Compensation received for compulsory evacuation of place of business
- 2.The assessee is charged to income-tax in the assessment year following the previous year:
- A.
A non-resident business firm which shipped goods on 1.5.210 at Visakhapatnam Port in Andhra Pradesh
- B.
An employee left India to USA on 1.8.2010 with no intention of returning
- C.
ABC firm which discontinued its business on 1.9.2010
- D.
An employee-assessee of a University who worked during 1.4.09 to 30.03.2010
- 3.If an employer transfers second hand motor car to the employee, the perquisite is valued at -
- A.
Actual cost less depreciation @ 30% for every completed year under straight line method
- B.
Actual cost less depreciation @ 20% for every completed year under WDV method
- C.
Actual cost less depreciation @ 30% for every completed year under WDV method
- D.
Actual cost less depreciation @ 20% for every completed year under SLM method.
- 4.The following is exempt income :—
- A.
Travel concession to employee
- B.
Remuneration received for valuation of answer scripts
- C.
Encashment of leave salary whilst in service
- D.
Perquisites in India
- 5.If an assessee earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is:
- A.
Exempt under Section 10.
- B.
Taxable under the head income from house property.
- C.
Taxable as business income, as the letting out is a commercial activity
- D.
Taxable as income from other sources, unless the assessee is in the business of subletting properties on a regular basis.
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