MCQ Portal

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Dec 2018 Direct Tax Paper

1. Short-term capital gain on the sale of listed shares (STT paid) in a recognized stock exchange is taxable at what rate?

10% 15% 20% 30%

2. When an individual's total income exceeds ₹50 lakhs, the applicable surcharge rate is:

5% 7% 10% 12%

3. Withdrawal from the National Pension System Trust is taxable to the extent it exceeds what percentage of the assessee's contribution?

10% 25% 15% 20%

4. Ms. Jothi (aged 23) got married and moved to the UK on 10.06.2017, having never left India before. What is her residential status for AY 2018-19?

Resident and ordinarily resident Resident but not ordinarily resident Non-resident None of the above

5. While computing TDS on salary, which type of loss is considered by the employer?

Loss from business Loss from house property Long-term capital loss Short-term capital loss

6. If a company does not deduct TDS on ₹2 lakhs rent paid to a landlord, how much is disallowed under Section 40(a)(ia)?

Nil ₹2,00,000 ₹20,000 ₹60,000

7. What is the maximum loss from house property that can be set off against other incomes?

₹30,000 ₹1,50,000 ₹2,00,000 No Limit

8. A capital asset acquired on 01.04.1980 and sold in June 2017 can be indexed based on fair market value as of:

01.04.2011 01.04.2001 01.04.1991 01.04.1981

9. If a dealer sells a motor car for ₹12 lakhs to a PAN-holding buyer, how much tax is collectible at source?

₹12,000 (1%) ₹24,000 (2%) ₹1,20,000 (10%) NIL

10. Cash donations to a charitable trust (approved under Section 80G) qualify for deduction if they do not exceed:

₹2,000 ₹5,000 ₹7,000 ₹10,000