MCQ Portal

30:00

June 17 Direct Tax

The Number of MCQs are limited as per ICMAI Past Papers in Syllabus 2016

1. How many identities are defined under the term "persons" in the Income Tax Act?

Five identities Six identities Seven identities Eight identities

2. What is the threshold for a trust to be considered charitable under section 11?

10% of Gross Receipts 30% of Gross Receipts 20% of Gross Receipts 5% of Gross Receipts

3. What percentage of NAV is deductible under section 24(a)?

30% 50% 15% 70%

4. What is the depreciation rate for ready-to-use software?

15% 30% 60% 100% as revenue expenditure

5. What is the basic exemption limit for a resident super senior citizen aged above 80?

₹2,00,000 ₹2,50,000 ₹5,00,000 None of the above

6. Which section outlines the provisions for interest on delayed refund payments?

234A 234B 244A 244B

7. What type of errors can be corrected while processing a return under section 143(1)?

Any arithmetical error in the return Any mistake in the return of income Any error of principle in the return of income Any claim by the taxpayer which is against law

8. What is the purpose of a notice under section 156?

Failure to submit return Tax demand Deferment of tax None of the above

9. What is the maximum penalty under section 271H for failing to file TDS/TCS returns on time?

₹1,00,000, but not exceeding the amount of TDS/TCS ₹2,00,000 ₹3,00,000 ₹3,00,000

10. What is the threshold exemption limit for the Equalization levy?

₹5 lakh ₹3 lakh ₹2 lakh ₹1 lakh