Tax Laws for Practice# please dont comment ans. if you want copy paste for your self. 1)Income accruing from agriculture in a foreign country is taxable in the case of an assessee who is – (a) Resident (b) Not–ordinarily resident (c) Non–resident (d) None of the above. 2)Foreign income received in India during the previous year is taxable in the case of –– (a) Resident (b) Not–ordinarily resident (c) Non–resident (d) All of the above. 3)Manav receives Rs.50,000 as basic salary from the government during the financial year 2009–10 and receives Rs.9,000 by way of entertainment allowance which he spends in full for official purposes. The amount deductible under section 16(ii) in respect of the allowance will be –– (a) Rs.5,000 (b) Rs.9,000 (c) Rs.10,000 (d) None of the above. 4)Prakash obtained interest-free loan of Rs.20,000 from his employer company for purchasing a two-wheeler. The market rate of interest on such loan is 20% per annum. The lending rate of State Bank of India is 15.5% and that of the private sector banks is 16%. The taxable amount of this perquisite will be computed at the rate of –– (a) 20% (b) 16% (c) 15.5% (d) Nil rate. 5)Sushil, a non–resident, received Rs.18,000 by way of dividend from a foreign company and the company deducted Rs.2,000 by way of tax at source. The amount includible in income of Sushil will be – (a) Rs.2,000 (b) Rs.18,000 (c) Rs.20,000 (d) None of the above. 6) The tax payable or refund due to an assesse is to be rounded off to the nearest _____ 7) The net annual value of house let-out is Rs.1,00,000 and actual amount spent by the assessee on repairs and insurance premium is Rs.20,000, the amount of deduction allowed under section 24(a) shall be Rs. _____. 8) The amount of additional depreciation in respect of new building constructed in financial year 2009–10 at a cost of Rs.25 lakh for manufacturing garments will be Rs._______. 9) No deduction of tax at source will be made by a banking company under section 194A with respect to aggregate amount of interest paid or payable on time deposits during the financial year 2009–10, if it does not exceed Rs.__________. 10) The amount of deduction under section 80DD in respect of maintenance including medical treatment of a dependent with 60% disability will be Rs.__________ when no amount is actually spent on treatment by the resident assessee and the handicapped person does not claim any deduction under section 80U. 11) An income derived from land situated in India is agricultural income. 12) Allowances payable to Central Government employees for serving outside India is fully taxable as salary. 13) Telephone provided to an employee at his residence is a tax–free perquisite. 14) Net wealth computed under the Wealth-tax Act, 1957 shall be rounded off to the nearest multiple of Rs.100. 15) Tax return preparers are employees of income–tax department. 16) Value added tax (VAT) is levied by the Central Government. 17) VAT is a multi–point tax. 18) VAT system has six broad tax rates. 19) VAT system is followed by all States in India. 20) Registration of dealer is mandatory under VAT.
Posted on: Wed, 22 Oct 2014 07:16:12 +0000
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