ELEMENTS OF DIRECT TAX (MCQS)

S.Y B.COM

SEMESTER - 3

MID SEMESTER EXAMINATION

ELEMENTS OF DIRECT TAX (EDT)

MCQS - 2012

(1) Under which of the following head Income from subletting of house property will be taxed ?

(A) Income from Other Saurce

(B) Income from Salary

(C) Income from House Property

(D) Income from Profits and Gains of Business or Profession

(2) What is the percentage of standard deduction available under the head of income from house property under section 24 ?

(A) 33%

(B) 30%

(C) 40%

(D) 50%

(3) Which of the following is deductible under the head of income from house property under section 24 ?

(A) Insurance

(B) Land revenue

(C) Repairs

(D) None of the above

(4) Capital is borrowed on or after April 1, 1999 for reconstruction of house property which is used for self residential purpose. What is the ceiling on interest on capital borrowed ?

(A) 1,50,000

(B) 1,20,000 

(C) 60,000

(D) 30,000

(5) Mrs. Sneha owns a House Property. The rent received is Rs,14,000 p.m. whereas municipal valuation is Rs.100,000 and Fair Rent is Rs.1,10,000. The property remains Vacant for two months during the year. Find out the gross annual value for the assessment year 2012-13 ?

(A) 1,10,000

(B) 1,10,000 

(C) 1,40,000 

(D) 1,68,000 

(6) Mr. Maulik, an ltalian citizen (not being a person of Indian origin) visits India for 80 days during previous year 2017-18. Previously, he visited India during previous year 2013-14 and 2008-09 for 366 days and 365 days respectively. His residential status for the Assessment Year 2018-19 would be -

(A) Non-resident in India

(B) Resident but not ordinarily resident in India

(C) Extra ordinarily resident in India

(D) Resident & ordinarily resident in India

(7) Mr. Mahesh is a foreign national (not being a person of Indian origin). Since 2007, he comes to India every year in the month of October for 100 days. His residential status for the Assessment Year 2018-19 would be -

(A) Non-resident in India

(B) Resident but not ordinarily resident in India 

(C) Extra ordinarily resident in India

(D) Resident & ordinarily resident in India 

(8) Mr. Mukesh a foreign citizen (being a person of Indian origin) comes to India for the first time on 22/08/2017 and stays up to 11/02/2018. His residential status for the Assessment Year 2018-19 would be- 

(A) Non-resident in India 

(B) Extra ordinarily resident in India 

(C) Resident & ordinarily resident in India 

(D) Resident but not ordinarily resident in India

(9) Rainbow Ltd. an Indian company, has five managing directors who all are not-resident in India. During previous year 2017-18 company is wholly controlled from Australia. What would be the residential status company for the Assessment Year 2018-19 ?

(A) Non-resident in India 

(B) Resident but not ordinarily resident in India

(C) Extra ordinarily resident in India

(D) Resident & ordinarily resident in India 

(10) Which one of the following is not an income deemed to accure or arise in India ? 

(A) Capital gain on transfer of capital asset in India

(B) Income from business connection in India

(C) Profit from business in London, which is controlled from Mumbai

(D) Royalty received from Government of India.

For More Detail Contact Us And Follow On Study For Buddies

Thank You