Direct TAX MCQ Question with Answer

Direct TAX MCQ with detailed explanation for interview, entrance and competitive exams. Explanation are given for understanding.

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Question No : 1
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.

True

False

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Question No : 2
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be

Rs. 1,00,000

Rs. 1,50,000

Rs. 2,00,000

None of the above

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Question No : 3
The TDS Certificate issued by an employer to his employees in case of salary income is

Form 16

Form 26

Form 26A

Form 26Q

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Question No : 4
PAN is necessary for the following assessees -

A businessman whose total turnover is Rs.5,00,001

A charitable trust

Both of the above

None of the above

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Question No : 5
YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income earned by the club from such letting-out will be chargeable under the head

Income from salary

Income from House Property

Income from Other Sources

Income from Business and Profession

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Question No : 6
Which of the following income is / are exempt from tax?

Payments received from family income by a member of a HUF

Share of profit received by a partner of a partnership firm.

Any income of an educational institution and hospitals

All of the above

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Question No : 7
The rates of Income Tax are specified in

Income Tax Act, 1961

Income Tax Rules, 1962

Finance Act

Circulars of CBDT

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