Forwarded from Mission CA Final MCQs π
Forwarded from Mission CA Final MCQs π
Business expenditure of rupees 15,000 will be allowed only if it is paid through following mode as per the provision given in PGBP head under section 40A(3) of the Income-Tax Act 1961
Anonymous Quiz
5%
Through cash
3%
Through self cheque
4%
Through cross cheque
87%
Through account payee cheque
Forwarded from Mission CA Final MCQs π
Any sum received under the keyman insurance policy will be chargeable under the head PGBP if it is received by assessee-
Anonymous Quiz
28%
As an employee
10%
As a legal heir of employee
45%
As an employer
17%
Exempt under section 10
Forwarded from Mission CA Final MCQs π
Interest on borrowed capital for acquisition of any asset before put to use of that asset, which is used for business or profession, will be-
Anonymous Quiz
15%
Allowed as deduction
72%
Added to the actual cost
6%
Allowed in installment
7%
Not allowed
Forwarded from Mission CA Final MCQs π
Gayatri Partnership Firm gave interest of Rs. 25,000 to each of its 3 partners. TDS required to be deposited by Gayatri Partnership Firm u/s 194A will be β
Anonymous Quiz
18%
7,500
14%
2,500
64%
No TDS
4%
3,750
Forwarded from Mission CA Final MCQs π
Gupta and sons, a Hindu undivided family, carrying on business of food grain agents has total income of Rs. 10,25,000. It has paid health insurance premium of Rs. 25,000 of karta. The tax liability of Hindu undivided family is _
Anonymous Quiz
6%
Rs. 1,33,390
20%
Rs. 1,28,750
68%
Rs. 1,17,000
6%
Rs. 3,09,000
Forwarded from Mission CA Final MCQs π
3. In the P.Y.2022-23, Mr. Ganguly, a resident individual aged 60 years, earned income from profession (computed) 1,45,000, winnings from card games 1,50,000 (gross). He also has interest of 40,000 on fixed deposit with banks and 9,000 on savings account with bank. He deposited 1,50,000 in PPF.
What is the total income of Mr. Ganguly for P.Y.2022-23, assuming that he does not opt for section 115BAC?
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Forwarded from Mission CA Final MCQs π
3. Question given above
@Mission_CA_Final_MCQsπ
@Mission_CA_Final_MCQsπ
Anonymous Quiz
27%
1,45,000
47%
1,50,000
21%
1,85,000
5%
1,90,000
Forwarded from Mission CA Final MCQs π
Mr. Nitin has earned general business income of Rs. 5,00,000 and he has suffered loss from house property amounting Rs.2,00,000. Specified business loss under Section 35AD β Rs.1,00,000 Find out the gross total income.
Anonymous Quiz
8%
Rs. 5,00,000
66%
Rs. 3,00,000
15%
Rs. 2,00,000
11%
Rs. 4,00,000
Forwarded from Mission CA Final MCQs π
Mr. Ashish's, minor son Atul, earning interest Rs.40,000 on fixed deposit with Niranjan Ltd., which was gifted to him by his grandfather. Ashish's income is higher than that of Mrs. Ashish. What will be the tax consequences?
Anonymous Quiz
11%
Rs. 40,000 shall be taxable in the hands of Atul.
20%
Rs. 40,000 shall be clubbed in the total income of Mrs. Ashish.
65%
Rs. 40,000 shall be clubbed in the total income of Mr. Ashish
4%
Rs. 40,000 shall be taxable in the hands of Niranjan Ltd.
Forwarded from Mission CA Final MCQs π
Gupta and sons, a Hindu undivided family, carrying on business of food grain agents has total income of Rs. 10,25,000. It has paid health insurance premium of Rs. 25,000 of karta. The tax liability of Hindu undivided family is _
Anonymous Quiz
5%
Rs. 1,33,390
14%
Rs. 1,28,750
76%
Rs. 1,17,000
5%
Rs. 3,09,000
Forwarded from Mission CA Final MCQs π
AMT in case of cooperative society
Anonymous Quiz
37%
18.5% Adjusted total income
49%
15% of adjusted total income
14%
9% of Adjusted total income
Forwarded from Mission CA Final MCQs π
AMT in case of unit of assessee located in International finance service centre
Anonymous Quiz
20%
18.5% of ATI
17%
15% of ATI
62%
9% of ATi
Forwarded from Mission CA Final MCQs π
AMT credit shall be setoff and carry forward for
Anonymous Quiz
14%
20 years
29%
10 years
57%
15 years
Forwarded from Mission CA Final MCQs π
9. Mr. A has withdrawn the following amounts in cash from a post office in saving account.
August β 15 Lacs
November β 55 Lacs
Dec β 50 Lacs
March β 35 Lacs
He has not filed the ROI for AY 18-19, 19-20 & 20-21.
Compute the amount of TDS to be deducted under Section 194N.
MCQs Options
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Have a fantastic day filled with positivity!
Before Starting Preparation Today Let's Make sure to follow this strategy for Quick Revision
Must Watch This Video
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Forwarded from CA Divyesh Vaghela
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Don't underestimate your struggles,
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Complete your daily targets with full planning and now for last few days follow the timetable and strategy I have discussed in this video.
https://youtu.be/nBnNl3V9n3c
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