MCQ Portal

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June 2018 Direct Tax Paper

1. Which of the following is NOT considered deemed ownership of a house property?

Transfer to spouse for inadequate consideration Transfer to minor child for inadequate consideration Co-owner of a property None of the above

2. What is the last date to file a belated income tax return for the Assessment Year 2018-19 if the assessment has not been completed?

31st March 2019 31st February 2019 31st March 2020 Cannot be filed belatedly

3. If an individual estimates an advance tax liability of ₹1,00,000, how much should be paid by 15th December?

₹30,000 ₹75,000 ₹1,00,000 Nil

4. Under Section 80 RRB of the Income-tax Act, 1961, deduction from gross total income is available for:

Interest on debentures of a government company Royalty income from authors Royalty on patents Royalty from textbooks

5. Under the Income-tax Act, 1961, preliminary expenses eligible for amortization are limited to what percentage of the project cost?

5% 15% 20% None of the above

6. What is the Maximum Marginal Rate (MMR) for the Assessment Year 2018-19?

34.5% 33.99% 35.535% None of the above

7. Who is eligible to claim a rebate under Section 87A?

Any resident Resident individual Any person Any person except non-residents

8. According to Section 115BBDA, dividend income from Indian companies is taxed at what rate when the total dividend exceeds ₹_____?

10%, ₹1 lakh 15%, ₹10 lakhs 10%, ₹10 lakhs 5%, ₹5 lakhs

9. ICDS VIII deals with which of the following topics?

Government grants Securities Revenue recognition Construction contracts

10. Income escaping assessment is covered under which section?

Section 144 Section 156 Section 143(3) Section 147