Articleship assessment test ICAI – MCQ
Question 1:-
X receives Rs. 1,50,000 from Y on 01.09.2017 on account of sale of land(Stamp Duty Value= Rs. 2,50,000). Compute the income chargeable to tax in the hands of Y under the head Income from Other Sources (if any), if X & Y are not relatives.
(a) NIL
(b) 1,00,000
(c) 1,50,000
(d) 2,50,000
Question 2:-
Interest received on compensation or enhanced compensation should be taxed in the year in which _________________.
(a) such compensation is declared
(b) such compensation is disbursed
(c) such compensation is received
(d) such compensation was actually due
Question 3:-
Which of the following income is not chargeable to tax under the head Income from Other Sources?
(a) Insurance Commission
(b) Family Pension
(c) Income Tax Refund
(d) Both B and C
Question 4:-
The rate of tax in case of winning from lotteries, crossword puzzles, races etc. in the hands of an individual is _______.
(a) 30%
(b) 30.3%
(c) 30.6%
(d) 30.9%
Question 5:-
In case of winning from lotteries, horse races and crossword puzzles, TDS at the rate of 30% is deducted, if ____________________.
(a) The income exceeds Rs. 5,000
(b) The income exceeds Rs. 10,000
(c) The income exceeds Rs. 15,000
(d) The income exceeds Rs. 20,000
Answers
- (b) Rs.1,00,000
- (c) such compensation is received
- (c) Income Tax Refund
- (d) 30.9%
- (b) The income exceeds Rs. 10,000