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This set of Direct Tax Multiple Choice Questions & Answers (MCQs) focuses on Direct Tax Set 3
Q1 | Salary, bonus commission or remuneration due to or received by a working partner from the firm istaxable under the head_______
- Income from Salaries
- Other sources
- Business income
- Salary
Q2 | Perquisite received by the assesses during the course of carrying on his business or profession istaxable under the head _______
- Salary
- Other Sources
- Business / Professional Income
- Professional income
Q3 | Interest on capital or loan received by a partner from a firm is __________
- Exempt u/s 10 (2A)
- Taxable as business and profession income
- Taxable as income from other sources
- None of the above
Q4 | Export incentives received by an assessee are __________
- Exempt
- Taxable as business income
- Exempt up to certain limits
- Unexempt
Q5 | M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal fortermination of agency. Compensation so received shall be _________-
- Exempt as it is capital receipt
- Fully taxable as business income
- Taxable as income from other sources
- Intangible asset
Q6 | Depreciation is allowed in case of __________
- Tangible fixed assets only
- Intangible assets only
- Tangible and intangible assets
- Wasting assets only
Q7 | If the asset of a particular block is acquired and put to use during the previous year for less than 180days, the assessee shall be entitled to depreciation___________
- At normal rate
- At 50% of normal rate
- No depreciation is allowed
- Depreciation
Q8 | Which of the following tax is allowed as deduction while computing the business income________
- Wealth Tax
- Income Tax
- GST
- TDS
Q9 | where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______
- Crossed cheque
- Account payee cheque / draft
- Cash
- None of these