DT MCQ - MAY 2023 - BASED ON MEMORY

1. CALCULATE CAPITAL GAIN

2. DEATH OF SON IN NAXAL ATTACK, GOVT OF ORISSA GIVES COMPENSATION.
TAXABILITY ?
3. CONTRIBUTION TO POLITICAL PARTY BY CHEQUE - 50,000/- PURCHASE NEW
ELECTRIC CAR 1/6/22 FOR 20 LAC OUT OF WHICH 18 LAC LOAN FROM SBI @
12 %
4. ADDITIONAL TAX COMPANY NEEDS TO PAY AT TIME OF 139(8A)
5. WANT TO REVISE UPDATED RETURN FILED ON 15/03/2023 TO CLAIM TDS OF
50,000/- WHICH STATEMENT IS CORRECT.
6. TDS - RENT OF MACHINERY, RENT OF BUILDING; 2 SEPRATE AGREEMENTS.
WHICH STATEMENT CORRECT - TDS CALCULATION - RATE APPLICABLE ?
7. AMOUNT CREDITED BY WAY OF LOAN- EXPLANATION OF ASSESSEE CANNOT
BE DEEMED TO BE SATISFACTORY UNLESS. 3 STATEMENTS GIVEN - (i), (ii),
(iii)
8. CAR 85 LAC (20 LAC GST INCLUDED) WHICH WAS GIFTED TO SOCIAL MEDIA
INFLUENCER, TDS DEDUCTION ON SUCH GIFT?
9. WHICH CONDITION CORRECT AS PER INCOME TAX ACT TO FILE RETURN IF -
a. SALE/ TURNOVER > 60 LACS
b. GROSS RECEIPTS OF PROFESSION EXCEEDS 10 LACS
c. INCURRED 2.2 LAC EXPENSE ON WIFE FOR TRAVEL TO FOREIGN
COUNTRY
10. BOARD OF ADVANCE RULING HAS TO PRONOUNCE ADVANCE RULING
WITHIN ______ (60 DAYS/ 1 YEAR/ 90 DAYS/ 30 DAYS) FROM RECEIPT OF
APPLICATION BY BOARD.
11. BUSINESS TRUST ISSUED BONDS DENOMINATED 500 TO SUZY- NON
RESIDENT @ 70 EACH 1 JUNE, 1$= 85, INTEREST PAYABLE @12% BY
BUSINESS TRUST REQUIRES TO DEDUCT TDS FROM INTEREST AMOUNTING
TO
a. NIL
b. 15,470
c. 89,250
d. 29,750
12. FAILED TO OBTAIN REPORT FROM CA UNDER 92E FAILED TO FURNISH
REPORT BEFORE DUE DATE OF 139(1). PENALTY ??
a. 1 LAC
b. @ 2 % OF INTERNATIONAL TRANSACTION
c. NO PENALTY
d. 1 LAC & @ 2 % OF INTERNATIONAL TRANSACTION
13. ORDER PASSED RAISING A DEMAND OF 7,500 MORTGAGED SHARES HELD
BY HIM FOR 13,000 (MARKET VALUE). A.O. PASS ORDER U/S 281 HOLDING
SUCH MORTGAGE IS VOID. SELECT CORRECT STATEMENT
a. ORDER VALID
b. ORDER VOID 281 NOT APPLICABLE BECAUSE ADEQUATE
CONSIDERATION THERE
 14. FOR AY 23-24 FILED RETURN ON 30/12/23 - NOTICE UNDER 143(2) SERVED
UPTO
a. 30/09/24
b. 30/06/24
c. 31/03/25
d. 31/12/24
15. TESTED COVID POSITIVE ON 31/08/22, EXPIRED ON 15/09/2022. FRIEND GAVE
CHEQUE OF 8 LAC ON 15/03/23. TAXABILITY ?
16. ABC LTD INDIAN COMPANY - TAXABLE PROFIT 30 LAC, DIVIDEND 10 LAC
FROM CANADIAN COMPANY. ABC HOLDS 30% SHARES IN IT.
TURNOVER OF ABC FOR 20-21 IS 150 CRORE. NO 115 BAB. CALCULATE TAX
ON INCOME
(A) 10,40,000
(B) 9,36,000
(C) 10,06,000
(D) 7,80,000

17. AIRLINE BUSINESS, COMPANY IS INCORPORATED INAUSTRALIA

EXPENDITURE OF RS 4.5 CRORE

CALCULATE INCOME UNDER HEAD PGBP
(A) 33.5 LAC
(B) 30 LAC
(C) 25 LAC
(D) 15 LAC