CBES Board Class 11/CS Executive Tax Laws MCQs Set-10 Sample Test,Sample questions

A non-professional firm M/s Bright has book profits of ₹ 9,36,000.
The admissible remuneration to working partners for the income-tax purpose shall be

A partnership firm had net profit of ₹ 6,20,000 before deducting interest on capitals to partners @ 1596 of ₹ 1,50,000 and working partners salary of ₹ 1,80,000 (as per deed of partnership) total income of firm chargeable to tax with the –

A registered trade union earned ₹ 1,00,000 by way of interest on bank deposit and ₹ 1,50,000 by way of rent from letting out premises.
Total income of the Trade union chargeable to tax would be

According to Section 2(1 B), “amalgamation, in relation to companies means, the merger of one or more companies with another company or the merger of two or more companies to form one company” provided all conditions except the following are satisfied:

An association of persons (AOP) has paid tax at the maximum marginal rate. Yash, a member of AOP received ₹ 1 lakh as his share income.
Such income is chargeable to tax in his assessment @

Balu paid ₹ 1,00,000 to Raj for the purchase of a standing crop (paddy). He harvested the produce, Le. paddy by incurring an expenditure of ₹ 25,000. He sold the said paddy for ₹ 1,80,000 to a trader. His other income for the year ended 31 st March 2021 was ₹ 4,60,000.
The total income of Balu is

DJPA, LLP, resident in India has received a dividend of ₹ 15 lakh from R Ltd., an Indian company.
The amount of tax payable by DJPA, LLP in respect of such dividend income for A.Y. 2021-22 shall be:

From a tax point of view, a limited liability partnership (LLP) is treated as

If an LLP claims a deduction under Section 35AD, the provisions of Alternate Minimum Tax (AMT) under Section 115JC will apply when the adjusted total income exceeds

MAT credit in respect of excess taxes paid u/s 115JB can be carried forward for

Mr. Chandan (age 70) received ₹ 30,000 every month during the financial year 2020-21 on a reverse mortgage of his property with State Bank of India.
The amount of receipt liable to tax in the hands of Mr. Chandan is:

Mr. Soloman, a resident in India, aged 70 and has the following income for the previous year 2020-21. (All the incomes given below are the computed income):
(i) Net taxable pension from employer ₹ 3,30,000
(it) Rental income under house pro-perty ₹ 2,00,000
(iii) Agricultural income ₹ 60,000
His total tax liability for A.Y. 2021-22 is:

Mr. Vijay is a partner in Tools & Co., a partnership firm in Mumbai. He received ₹ 30,000 as share income from the firm for the year ended 31.3.2021. He also received interest at 12% per annum on the capital invested in the firm and the amount being ₹ 24,000.
His income from the firm includible in individual assessment is:

Mrs. Laxmi, 70 years old, received ₹ 30,000 every month from SBI under a reverse mortgage scheme by mortgaging her residential house property. She also received a monthly family pension of ₹ 15,000.
Her total income for the assessment year 2021-22 is –

Ms. Pinky (age 61) pledged her residential building with the State Bank of India and received ₹ 10,000 every month under the reverse mortgage scheme during the financial year 2020-21.
The amount liable to income-tax in respect of such receipt would be:

Murali & Co. a partnership firm consisting of 3 partners is engaged in the textile trade. Its net profit before allowing interest on capital and working partner salary to partners was ₹ 9 lakhs. The partnership deed does not provide for interest on capital. It provides for working partner salary at ₹ 25,000 per month each for all the 3 partners.
The income of the firm after the allowance of working partner salary would be:

Profit earned during the year by a partnership firm is ₹ 1,40,000.
The maximum amount of remuneration deductible from profit is

Provisions of Section 115JC are not at all applicable to

Ram & Co., a partnership firm worked out total book profits for the year ended 31st March 2021 of ₹ 6,00,000 and has made payment of salary of ₹ 4,60,000 authorized by the partnership deed to the working partners. The firm wants to know that how much amount of salary paid to partners be allowable as deduction in A.Y. 2021-22.

Ram & Co., a partnership firm, worked out total book profits for the year ended 31st March 2021 at ₹ 5,00,000. The firm has made payment of salary of ₹ 4,60,000 authorized by the deed to the working partners and wants to know that how much amount of salary paid to partners is allowable:

Ram & Co., a proprietorship firm has paid tax for the assessment year 2021-22 as per Section 115JC of the Income Tax Act, 1961.
The credit of such paid tax can be carried forward by the proprietor for a period of the following a number of assessment years immediately succeeding the assessment year 2021-22:

RS HUF consists of R Karta, Y and S coparceners, D, the daughter of a coparcener, and W, the wife of Karta as members.
The following can demand the partition of RS HUF:

Salary received by a partner from his partnership firm is considered in his personal assessment as

Surabi Textiles (firm) incurred a business loss of ₹ 4,40,000 for the assessment year 2021-22 before the allowance of working partner salary. The firm paid a working partner salary of ₹ 1,20,000 each to three partners.
The business income of the firm for the assessment year 2021-22 after deduction of working partner salary is:

The book profit of a partnership firm is ₹ 1,20,000. The actual remuneration paid to working partners is ₹ 3,54,000.
The allowable deduction under Section 40(b) towards remuneration to partners is

The number of years for which credit of MAT excess paid u/s 115JB can be carried forward is

The provisions of Alternate Minimum Tax (AMT) will apply only when the adjusted total income computed under section 115JC exceeds:

The provisions of AMT under Chapter XITBA shall not apply to an individual, a HUF, etc. if the adjusted total income of such person does not exceed:

The tax shall be charged on the total income of the AOP at the maximum marginal rate under the provisions of Section 167B of Income Tax Act, 1961:

The voluntary contributions received by an electoral trust during the year is not included in its income

Under the Income-tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head

Under the Income-tax Act, 1961, Partnership Firm is chargeable to tax @:

When a non-domestic company is a member of an AOP and its share of profit is indeterminate, the tax on the total income of the AOP is charged at the

When a partnership firm has total sales of ₹ 90 lakhs, the maximum amount deductible as the salary of working partners on the basis of presumptive income determined u/s 44AD is

When an LLP has a book profit of ₹ 6 lakhs, the maximum amount allowable towards the salary of working partners would be

When Mr. X retired from X & Co. a partnership firm on 1.1.2021, he was paid ₹ 15 lakhs for not doing a competing business for the next 5 years.
The amount so received chargeable to tax in the hands of Mr. X is: