Direct Tax Set 3 MCQs

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