Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Return of Income and Self Assessment

Articleship assessment test ICAI – MCQ

Question 1:- 

Mr. Shyam is 62-year-old person and he has earned income of Rs 3,00,000 during the PY 2018-19. He has also earned long-term capital gains of Rs 60,000, which is exempt u/s 10(38). He is required to file return of income only if his income exceeds ______________:-

(a) Rs 2,50,000 after claiming exemption from tax on capital gains

(b) Rs 2,50,000 before claiming any exemption from tax on capital gains

(c) Rs 3,00,000 before claiming any exemption from tax on capital gains

(d) Rs 3,50,000




Question 2:- 

Any person being a……………… is compulsorily required to file return of income if he is holding any foreign asset or has signing authority in foreign bank account :-

(a) Resident

(b) Non-resident

(c) Resident but not ordinarily resident in India

(d) Resident and ordinarily resident in India

Question 3:- 

Every Individual being a resident and ordinarily resident in India is required to file return of income ……………………:-

(a) Only if his total income exceeds Rs 2,50,000

(b) If he holds any foreign asset or any foreign bank account and his income exceeds Rs 2,50,000

(c) If he holds any foreign asset or any foreign bank account even if his income does not exceed Rs 2,50,000

(d) Rs 3,00,000

Question 4:- 

Who would be deemed as beneficial owner in respect of foreign asset for purpose of Section 139?

(a) Any person who is the legal owner of foreign asset for his benefit or benefit of any other person

(b) Any person who has provided consideration to acquire foreign asset

(c) Any person who is the legal owner and provided consideration to acquire foreign asset

(d) None of the above

Question 5:- 

What would be the due date of filing return of income in case of company not liable to transfer pricing audit?

(a) September 30 of every AY

(b) July 31 of every AY

(c) November 30 of every AY

(d) October 30 of every AY




Answers

  1. (c) Rs 3,00,000 before claiming any exemption from tax on capital gains
  2. (d) Resident and ordinarily resident in India
  3. (c) If he holds any foreign asset or any foreign bank account even if his income does not exceed Rs 2,50,000
  4. (b) Any person who has provided consideration to acquire foreign asset
  5. (a) September 30 of every AY
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