Direct TAX MCQ Question with Answer

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

Download Direct TAX MCQ Question Answer PDF

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

True

False

View Answer Discuss

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

View Answer Discuss

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

View Answer Discuss

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

View Answer Discuss

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

View Answer Discuss

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

View Answer Discuss

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

Income Tax Act, 1961

Income Tax Rules, 1962

Finance Act

Circulars of CBDT

View Answer Discuss

Related Categories

Networking MCQ Geography MCQ Statutory Deductions MCQ Microsoft Excel MCQ XML Markup MCQ Tally MCQ Microsoft PowerPoint MCQ Chemical Engineering Basics MCQ Chemical Engineering Thermodynamics MCQ Operating System MCQ PhotoShop MCQ Direct TAX MCQ