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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