Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Income from Other Sources

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

1. (b) Rs.1,00,000
2. (c) such compensation is received
3. (c) Income Tax Refund
4. (d) 30.9%
5. (b) The income exceeds Rs. 10,000