219 FIN SE – IL - FIN - 03 Direct Taxation

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MBA SEM-II 2021-22 Online Exam

S. P. Mandali's
Prin. N.G.Naralkar Institute of Career Development & Research
536 Shaniwar Peth, Appa Balwant Chowk (ABC Chowk) Pune-411030

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MBA SEM-II 2021-22 Online Exam

Total Questions : 25
Per Questions Mark : 1
Passing Mark : 10

1. Wherever in the Act the phrase as prescribed appears it means that -

A. Regulations are to be framed is in this respect.

B. Rules have been framed in this respect.

C. Regulations were earlier framed in this respect.

D. Regulations are framed in this respect.

Clear selection

2. Who amongst the following confers on the power to issue circulars and clarifications?

A. ITAT

B. Central Government

C. CBDT

D. State Government

Clear selection

3. Amendments by the finance act are made applicable from

A. First day of next financial year

B. First day of same financial year

C. Last day of same Accounting year

D. None of the above.

Clear selection

4. Income Tax is charged in -

A. Financial Year

B. Assessment Year

C. Previous Year

D. Accounting Year

Clear selection

5. A person includes:

A. Only Individual

B. Only Individual and HUF

C. Individuals, HUF, Firm, Company only

D. Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every Artificial Juridical Person

Clear selection

6. As per section 2(31), the following is not included in the definition of 'person'

A. An individual

B. A Hindu undivided family

C. A company

D. A minor

Clear selection

7. Every assesse is a person, and -

A. every person is also an assessee

B. every person need not be an assessee

C. an individual is always an assessee

D. A HUF is always an assessee

Clear selection

8. Describe the status of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs of Z. Z died in 2018 and X and Y carry on his business without entering into a partnership.

A. Firm

B. Limited Liability Partnership

C. Company

D. Body of Individual

Clear selection

9. Assessment year can be a period of :

A. only more than 12 months

B. 12 months and less than 12 months

C. only 12 months

D. 12 months and more than 12 months

Clear selection

10. Year in which income is taxable is known as and year in which income is earned is known as ----

A. Previous year, Assessment year

B. Assessment year, Previous year

C. Assessment year, Assessment year

D. Previous year, Previous year

Clear selection

11. The year in which the income is earned is known as

A. Previous year

B. Financial year

C. Both (A) or (B)

D. None of the above.

Clear selection

12. All assesses are required to follow:

A. Uniform previous year which must be calendar year only

B. Uniform previous year which must be financial year only

C. Any period of 12 months

D. Period starting from 1st July to 30th June only

Clear selection

13. XYZ LLP falls under which category of person -

A. Individual

B. Partnership firm

C. Company

D. Association of person

Clear selection

14. Municipality of Delhi falls under category of person-

A. Artificial juridical person

B. Local authority

C. Individual

D. Association of Person

Clear selection

15. Under Income Tax Act partnership firm includes -

A. Limited liability partnership

B. Limited liability company

C. One person company

D. Association of person

Clear selection

16. A.O.P should consist of :

A. Individual only

B. Persons other than individual only

C. Both individual and non-individual persons.

D. None of these

Clear selection

17. Income is divided in heads of Income.

A. 4

B. 5

C. 6

D. 3

Clear selection

18. Income includes -

A. Profits or Gains

B. Capital gains

C. Lottery winnings

D. All of the above

Clear selection

19. The term' income' includes the following types of incomes -

A. ' Legal

B. Illegal

C. Legal and illegal both

D. None of the above,

Clear selection

20. Which of the following income is not included in the term 'income' under the Income-tax Act, 1961 -

A. Profit and gains

B. Dividend

C. Profit in lieu of salary

D. Reimbursement of travelling expenses.

Clear selection

21. Which amongst the following is not a head of Income?

a. Salaries

b. Income from house Property

c. Capital gains

d. Income from exports

Clear selection

22. Amongst the following which activity will be taxable?

A. Profits & gains of any insurance business

B. Income from specific services provided by carried on by a co-operative society. Trade, professional or similar association.

C. The profits and gains of any banking business carried on by a co-operative society.

D. All of the above.

Clear selection

23. AB & Co. received Rs.`2, 00,000 as compensation from CD & Co. for premature termination of contract of agency. Amount so received is -----

A. Capital receipt and taxable

B. Capital receipt and not taxable

C. Revenue receipt and taxable

D. Revenue receipt and not taxable

Clear selection

24. Compensation on account of loss of profit is -

A. Revenue receipt

B. Capital receipt

C. Revenue expenditure

D. Capital expenditure

Clear selection

25. Method of Accounting is not relevant for –

A. Salaries

B. Income from House Property

C. Capital Gains

D. All of the above

Clear selection

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