CS Executive Tax Laws MCQs

CS Executive Tax Laws MCQs on Income from Other Sources

CS Executive Tax MCQs – There are 20 questions in this Set. These questions were asked by ICSI in CS Executive Tax Previous Papers.


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The amount deductible from family pension is upto —

Calculate the Income Taxable under the Head "Other Sources"

Sameer received the following income during financial year 2013-14:

  • Director’s fees 5,000,
  • Income from agricultural land in Pakistan 15,000,
  • Rent from let-out of land in Jaipur 20,000,
  • Interest on deposit with HDFC Bank 1,000 and
  • Dividend from Indian company 5,000.

Assuming that Income from agricultural land in Pakistan is not from the business activity.

In the previous year, Akshay received a gift of Rs. 35,000 each from his three friends. The amount chargeable to tax in this case would be —

Under the Income-tax Act,1961, dividend derived from the shares held as stock-in-trade are taxable under the head —

John, engaged in fertiliser trade, received rent by sub-letting a building. This will be taxable under the head —

Which of the following income will be taxable as income from other sources —

Ms. Sitara is in receipt of family pension of 15,000 p.m. during 2020-21. Income chargeable to tax for assessment year 2021-22 of Ms. Sitara is —

A private limited company engaged in manufacturing activity had general reserve of 20 lakh. It granted a loan of 5 lakh to a director who held 13% shareholding cum voting rights in the company. The said loan was re-paid by him before the end of the year. The amount of deemed dividend arising out of the above transaction is —

Rajiv (aged 28 years) received cash gift of 2 lakh on the occasion of his marriage. It includes gift from non-relative of 80,000. His income by way of lottery winnings is 3 lakh. His net income tax liability (ignoring TDS) would be —

Rishabh received the following gifts during the previous year :

(i) Rs. 50,000 from his employer
(ii) Rs. 1,00,000 from mother’s sister
(iii) Rs. 10,000 from his friend on the occasion of his marriage
(iv) Rs. 60,000 in the form of scholarship from a registered charitable trust.

The amount of taxable gift under the head ‘income from other sources’ is —

A lady received gifts worth 1,00,000 from her relatives as defined under the Income tax Act, 1961 and 60,000 from her office colleagues on her marriage anniversary. The taxable amount of gifts would be —

R has taken a house on rent and sublets the same to G. Income from such house property shall be taxable under the head :

Rakesh acquired a motor car for Rs. 3,00,000 from his friend (non-relative) when the fair market value of the motor car was Rs. 5,00,000. The amount liable to tax in the hands of Rakesh from the transaction is:

Libra P. Ltd. engaged in trading activity had accumulated profits of Rs. 15,00,000 as on 1-4-2020, Mr. Gautam having 30% of the equity shares and voting rights in the company received Rs. 5 lakhs as loan on 1-6-2020 from the company. The loan was repaid by him on 30-11-2020. The amount liable to tax in the hands of Mr. Gautam as deemed dividend is :

Where a firm or closely held company received from any person any property being shares of closely held company without consideration :

Agni (P) Ltd issued equity shares of Rs. 10 each at Rs. 40 per share. The fair market value of the share on the date of issue was ascertained as Rs. 25 per share. The company issued 1,00,000 equity shares. The amount liable to tax in the hands of the company would be:

In the hands of Mr. Sarath, a salaried employee, the following income shall be chargeable to tax as income under the head “Income from other sources” :

(i) Dividend
(ii) Income from hiring of machinery
(iii) Winning from Lottery
(iv) Interest on securities

Babu Lal won a prize of Rs. 1,00,000 in Rajasthan State Lottery and Lottery Department paid him an amount of Rs. 70,000 after deduction of tax at source of Rs. 30,000. He had purchased lottery tickets for Rs. 8,000. The amount chargeable to tax in the hands of Babu Lal under other sources shall be :

State which out of the following gifts received during the year by Girish from different persons shall be subject to tax :

(i) Wrist watch of Rs. 75,000 given by a non-resident friend.
(ii) Cash of Rs. 51,000 given by elder brother.
(iii) Cash of Rs. 21,000 each given by 4 friends on his birthday.
(iv) Painting of Rs. 30,000 given by employer on his birthday.

Which section provides for deduction of tax at source on distribution or payment of dividend by an Indian Company?

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