Inter PN-7 Direct and Indirect Taxation Quiz 9

1. Commission received by Director of the company charged under the head

2. Salary received by partner of firm is charged under the head

3. Which of the following is available for Foreign Citizen u/s 10(6)?

4. Incomes that do not form part of the Total Income are called

5. What is the standard deduction allowed for salaried employees / pensioners for AY 2025-26?

6. Mr. Y , aged 48 an Indian Resident employed 20 employees established in SEZ during the previous year 2024-2025. Out of 20 employees ,12 were employed on 1st May 2024 monthly emoluments of ₹18000 and remaining were employed on 1st August 2024 on monthly emouluments ₹12000. All the employees participated in recognised provident fund and they are paid their emoluments directly to their bank accounts.What will be the deduction u/s 80JJAA. As per section 115BAC for the assessment year 2025-26.

7. CBC Co-operative society is deriving the following income during the previous year 2024-25 his Income from house property (computed) ₹750000, Income from marketing of agriculture produce grown by the members ₹ 800000,Income from collective disposal of labour of its members ₹1800000 income from processing aid of power is ₹ 2700000,Income from other business activities 520000,Interest on fixed deposite ₹400000.You are Required to find out Income from Profits and gain from Business and Profession.

8. Riti purchased a land at a cost of ₹10 lakhs in the F.Y. 1982-83 and held the same as her capital Asset till 31stMarch ,2010.She started her real estate business on 1st april,2010 and converted the said land into Stock-in Trade on the same date,when the fair market value of the land was ₹180Lakhs. FMV of land as on 1/4/2001 is ₹9 lacs for the p.y 2024-25. CII: F.Y: 2001-02-100, 2010-11-167, 2024-25-363. What will be the capital gain to be chargeble to tax?

9. Mr. Kumar resident of India got interest cerificate from ICICI bank, he paid ₹170000 as interest and ₹95000 towards principal repayment of housing loan borrowed for the above residential building in the year 2015. What will be the deduction under section 80C.

10. AMC company has an Unrealised rent of ₹420000 partaining to F.Y 2021-22 & 2022-23 recovered during the year in respect of commercial property owned by the company ,which was sold by the company on 26.03.2024. compute income from house property u/s 115BAC.

11. Employer's contribution to Recognised Provident Fund shall be:

12. Interest on Employer's Contribution credited to unrecognised Provident fund is :

13. Which of the following is NOT eligible for Section 44AD of Presumptive Taxation Scheme?

14. The percentage of turnover of Presumptive income under Section 44AD is deemed to be:

15. Which of the following persons cannot opt for Section 44AD of presumptive Taxation Scheme?

16. Which of the following persons cannot opt for Section 44ADA presumptive Taxation Scheme?

17. What is the gross receipts of profession in the previous year for Section 44ADA presumptive Taxation Scheme?

18. Section 44AE is applicable to those resident assessees who owns trucks in any time during the PY ,for the applicability of presumptive taxation scheme how many tucks does the owner has to own:

19. MR. Jay holds shares carrying 55% voting in QPR Ltd. Mrs. Ansika, wife of Mr. Jay is working as computer software Engineer in QPR Ltd. at a salary of 45,000 p.m. she is,however, not qualified for the job. The other income of Mr. Joy & Mrs. Ansika are ₹6,30,000 & ₹ 2,20,000 respectively. What is the Gross Total Income of Jay and Ansika for the A.Y. 2025-26.Assessee has opted out from default tax regime u/s 115BAC.

20. Mr. Viru a resident Individual, having Income from salaries (computed) ₹65,000 , Ioss from house property ₹ 25,000 and Income from non-speculative business is ₹ 24,000 .Yor are required to find out total income chargeable to tax for the A.Y. 2025-26 under section 115BAC.

21. Mr. shantanu has short term capital gain on sale of shares of ₹ 180,000 and short term capital loss of A.Y. 2024-25 ₹ 45,000, Long term capital gain ₹90,000 Brought forward Long-term capital loss of A.Y. 2023-24 ₹ 92,000.what is the capital gain taxable in the hands of Mr. shantanu for the A.Y. 2025-26?

22. Mr.Deepankar has an Ioss from activity of owning and maintaining the race horses and income from textile business ₹ 80,000 and 98,000 respectively,brought forward textile business loss ₹ 40,000.What will be the total income in the hands of Mr. Deepankar for the A.Y. 2025-26?

23. Mr.S has taken three loan for educational purpose on 1st april ,2024 in which 1st loan for MBA of ₹6,00,000 annual repayment of loan is ₹1,20,000 and annual repayment of interest is ₹ 25,000 and 2nd loan taken for S's son for doing M.Tech. and the loan amount is ₹3,00,000 annual repayment of loan is ₹ 50,000 and annual repayment of interest is ₹ 10,000.What is the amount deductable u/s 80E for the A.Y.2025-26 shifting out of the default tax regime u/s 115BAC(1A).

24. Mr.R Wins from lottery,crossword puzzle ₹ 20,000 what will be the percentage rate of TDS to be charged under section 194B:

25. What is the percentage of tax to be charged on long term capital gain on some specified cases under section 112A when transfer took place on 10/08/2024 :

26. What will be the period of holding for the treatment of Bonus shares:

27. What will be the treatment for share of profit in partnership firm:

28. Mr. subrata started a business on 1/11/2024 with preliminary expenses of ₹ 7,50,000 and cost of the project is ₹90,00,000. What is the allowable expenditure for the A.Y. 2025-26.

29. What will be the percentage of depreciation to be charged under section 32 for residential building ?

30. Mr.Rammaya received cash gift of ₹ 51,000 from his friends on the occasion of his 50th birthday. None of his friends are relatives. The amount liable to tax in the hands of Rammaya would be:

31. Zenat & co. is a partnership firm whose turnover for the previous year 2024-25 was ₹230 lakhs.The due date of filling the return of income of the firm is:

32. Senior Citizen is not liable for advance tax, if he does not get any income from:

33. Loss from speculation business can be set-off against: