{"id":4804,"date":"2024-02-19T03:06:15","date_gmt":"2024-02-18T21:36:15","guid":{"rendered":"https:\/\/gstguntur.com\/?p=4804"},"modified":"2024-02-21T17:31:42","modified_gmt":"2024-02-21T12:01:42","slug":"assessment-of-individual-huf-cs-executive-tax-laws-mcqs","status":"publish","type":"post","link":"https:\/\/gstguntur.com\/assessment-of-individual-huf-cs-executive-tax-laws-mcqs\/","title":{"rendered":"Assessment of Individual & HUF \u2013 CS Executive Tax Laws MCQs"},"content":{"rendered":"

Students should practice Assessment of Individual & HUF \u2013 CS Executive Tax Laws MCQ<\/a> Questions with Answers based on the latest syllabus.<\/p>\n

Assessment of Individual & HUF \u2013 CS Executive Tax Laws MCQ Questions<\/h2>\n

Question 1.
\nArjun has a salary income of \u20b9 6,60,000. He also received interest of \u20b9 18,000 on his fixed deposit (after deducting TDS @ 10%) and \u20b9 2,000 on his savings account with SBI. He deposited \u20b9 50,000 in the PPF account.
\nThe net income-tax liability of Arjun is
\n(A) \u20b9 33,390
\n(B) \u20b9 35,330
\n(C) \u20b9 46,270
\n(D) \u20b9 40,040 [June 2015]
\nHint:
\nWhile solving this MCQ, it is presumed that the assessee paid tax as per normal provisions ie. not opted for tax u\/s 115BAC.
\n\"Assessment
\nAnswer:
\n(D) \u20b9 40,040<\/p>\n

Question 2.
\nUnder the Income-tax Act, 1961, dividend derived from the shares held as stock-in-trade are taxable under the head
\n(A) Income from other sources
\n(B) Income from profits and gains of business or profession
\n(C) Capital gains
\n(D) Either capital gains or income from profits and gains of business or profession [June 2015]
\nHint:
\nW.e.f. 1.4.2020, DDT u\/s 115-0 is not payable by the company. The dividend is fully taxable in hands of shareholders.
\nAnswer:
\n(B) Income from profits and gains of business or profession<\/p>\n

Question 3.
\nDuring the year 2020-21, Basu won \u20b9 4,00,000 from a motor car rally out of which he deposited \u20b9 1,50,000 in his PPF account. He does not have any other income.
\nNet tax payable by Basu for A.Y. 2021 – 22 will be
\n(A) \u20b9 1,24,800
\n(B) \u20b9 15,450
\n(C) \u20b9 1,23,600
\n(D) None of the above [June 2015]
\nHint:
\n4,00,000 \u00d7 31.2% = 1,24,800. PPF deduction is not available from winning of motor car.
\nAnswer:
\n(A) \u20b9 1,24,800<\/p>\n

Question 4.
\nThe voluntary contributions received by an electoral trust during the year is not included in its income
\n(A) When 85% of the contribution is distributed in the year
\n(B) When 95% of the contribution is distributed in the year
\n(C) To the extent of \u20b9 10 lakhs
\n(D) To the extent of 50% of contribution or \u20b9 100 lakhs whichever is less. [Dec. 2015]
\nAnswer:
\n(B) When 95% of the contribution is distributed in the year<\/p>\n

Question 5.
\nBalu paid \u20b9 1,00,000 to Raj for the purchase of a standing crop (paddy). He harvested the produce, Le. paddy by incurring an expenditure of \u20b9 25,000. He sold the said paddy for \u20b9 1,80,000 to a trader. His other income for the year ended 31 st March 2021 was \u20b9 4,60,000.
\nThe total income of Balu is
\n(A) \u20b9 6,40,000
\n(B) \u20b9 5,15,000
\n(C) \u20b9 4,85,000
\n(D) \u20b9 5,60,000 [June 2016]
\nHint:
\nIncome from harvesting paddy is not agricultural income.
\nTotal income = 1,80,000 – 1,00,000 – 25,000 + 4,60,000 = 5,15,000.
\nAnswer:
\n(B) \u20b9 5,15,000<\/p>\n

Question 6.
\nMrs. Laxmi, 70 years old, received \u20b9 30,000 every month from SBI under a reverse mortgage scheme by mortgaging her residential house property. She also received a monthly family pension of \u20b9 15,000.
\nHer total income for the assessment year 2021-22 is –
\n(A) \u20b9 5,40,000
\n(B) \u20b9 1,80,000
\n(C) \u20b9 1,65,000
\n(D) \u20b9 3,60,000 [June 2016]
\nHint:
\n\"Assessment
\nAnswer:
\n(C) \u20b9 1,65,000<\/p>\n

Question 7.
\nA registered trade union earned \u20b9 1,00,000 by way of interest on bank deposit and \u20b9 1,50,000 by way of rent from letting out premises.
\nTotal income of the Trade union chargeable to tax would be
\n(A) \u20b9 2,24,000
\n(B) \u20b9 2,80,000
\n(C) \u20b9 2,50,000
\n(D) Nil [Dec. 2016]
\nAnswer:
\n(D) Nil<\/p>\n

Question 8.
\nMs. Pinky (age 61) pledged her residential building with the State Bank of India and received \u20b9 10,000 every month under the reverse mortgage scheme during the financial year 2020-21.
\nThe amount liable to income-tax in respect of such receipt would be:
\n(A) \u20b9 1, 20,000 (fully taxable)
\n(B) \u20b9 84,000 (after deducting 30%)
\n(C) \u20b9 60,000 (after deducting 50%)
\n(D) Nil (as it is exempted from tax) [Dec. 2017]
\nAnswer:
\n(D) Nil (as it is exempted from tax)<\/p>\n

Question 9.
\nWhen Mr. X retired from X & Co. a partnership firm on 1.1.2021, he was paid \u20b9 15 lakhs for not doing a competing business for the next 5 years.
\nThe amount so received chargeable to tax in the hands of Mr. X is:
\n(A) Nil
\n(B) \u20b9 5,00,000
\n(C) \u20b9 1,00,000
\n(D) \u20b9 2,50,000 [Dec. 2017]
\nAnswer:
\n(B) \u20b9 5,00,000<\/p>\n

Question 10.
\nMr. Chandan (age 70) received \u20b9 30,000 every month during the financial year 2020-21 on a reverse mortgage of his property with State Bank of India.
\nThe amount of receipt liable to tax in the hands of Mr. Chandan is:
\n(A) \u20b9 3,60,000
\n(B) \u20b9 2,52,000
\n(C) \u20b9 40,000
\n(D) Nil [Dec. 2017]
\nAnswer:
\n(D) Nil<\/p>\n

Question 11.
\nThe provisions of AMT under Chapter XITBA shall not apply to an individual, a HUF, etc. if the adjusted total income of such person does not exceed:
\n(A) \u20b9 10,00,000
\n(B) \u20b9 25,00,000
\n(C) \u20b9 5,00,000
\n(D) \u20b9 20,00,000 [June 2018]
\nAnswer:
\n(D) \u20b9 20,00,000<\/p>\n

Question 12.
\nRS HUF consists of R Karta, Y and S coparceners, D, the daughter of a coparcener, and W, the wife of Karta as members.
\nThe following can demand the partition of RS HUF:
\n(A) D
\n(B) R, Y, and S
\n(C) W
\n(D) (A) and (B) above [June 2018]
\nAnswer:
\n(D) (A) and (B) above<\/p>\n

Question 13.
\nMr. Soloman, a resident in India, aged 70 and has the following income for the previous year 2020-21. (All the incomes given below are the computed income):
\n(i) Net taxable pension from employer \u20b9 3,30,000
\n(it) Rental income under house pro-perty \u20b9 2,00,000
\n(iii) Agricultural income \u20b9 60,000
\nHis total tax liability for A.Y. 2021-22 is:
\n(A) \u20b9 26,000
\n(B) \u20b9 13,240 after rebate u\/s 87A
\n(C) \u20b9 18,240
\n(D) Nil, because total income is less than ? 5,00,000 [June 2018]
\nHint:<\/p>\n\n\n\n\n\n
Net taxable pension from the employer<\/td>\n3,30,000<\/td>\n<\/tr>\n
Income from house property<\/td>\n2,00,000<\/td>\n<\/tr>\n
Total income<\/td>\n5,30,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Step 1:
\nCalculate tax on: Agricultural income + Non-agricultural income
\n60,000 + 5,30,000 = 5,90,000
\n\"Assessment
\nStep 2:
\nCalculate tax on: Agricultural income + Basic exemption limit
\n60,000 + 3,00,000 = 3,60,000
\n\"Assessment
\nStep 3:<\/p>\n\n\n\n\n\n\n
Tax as per Step 1<\/td>\n28,000<\/td>\n<\/tr>\n
(-) Tax as per Step 2<\/td>\n(3,000)<\/td>\n<\/tr>\n
(+) Education cess @ 4%<\/td>\n25,000<\/p>\n

1,000<\/td>\n<\/tr>\n

<\/td>\n26,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Answer:
\n(A) \u20b9 26,000<\/p>\n

Question 14.
\nRam & Co., a proprietorship firm has paid tax for the assessment year 2021-22 as per Section 115JC of the Income Tax Act, 1961.
\nThe credit of such paid tax can be carried forward by the proprietor for a period of the following a number of assessment years immediately succeeding the assessment year 2021-22:
\n(A) 8 years
\n(B) 5 years
\n(C) 10 years
\n(D) 15 years [Dec. 2018]
\nAnswer:
\n(D) 15 years<\/p>\n","protected":false},"excerpt":{"rendered":"

Students should practice Assessment of Individual & HUF \u2013 CS Executive Tax Laws MCQ Questions with Answers based on the latest syllabus. Assessment of Individual & HUF \u2013 CS Executive Tax Laws MCQ Questions Question 1. Arjun has a salary income of \u20b9 6,60,000. He also received interest of \u20b9 18,000 on his fixed deposit …<\/p>\n

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