## Tax Laws MCQ on Assessment of Individual and HUF | Tax Laws MCQs for CS Executive and Other Competitive Exams

Tax Laws MCQ on Assessment of Individual and HUF: Check the below Tax Laws MCQ on Assessment of Individual and HUF with Answers Pdf free download. Tax Laws MCQ on Assessment of Individual and HUF Questions for Tax Laws with Answers were prepared based on the latest exam pattern. We have provided Tax Laws MCQ on Assessment of Individual and HUF with Answers to help students understand the concept very well. Students should practice Assessment of Individual and HUF – CS Executive Tax Laws MCQ Questions with Answers based on the latest syllabus.

## Tax Laws MCQ on Assessment of Individual and HUF

1. The voluntary contributions received by an electoral trust during the year is not included in its income
(A) When 85% of the contribution is distributed in the year
(B) When 95% of the contribution is distributed in the year
(C) To the extent of ₹ 10 lakhs
(D) To the extent of 50% of contribution or ₹ 100 lakhs whichever is less

(B) When 95% of the contribution is distributed in the year

2. 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
(A) ₹ 2,24,000
(B) ₹ 2,80,000
(C) ₹ 2,50,000
(D) Nil

(D) Nil

3. Under the Income-tax Act, 1961, dividend derived from the shares held as stock-in-trade are taxable under the head
(A) Income from other sources
(B) Income from profits and gains of business or profession
(C) Capital gains
(D) Either capital gains or income from profits and gains of business or profession

(B) Income from profits and gains of business or profession

4. 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:
(A) Nil
(B) ₹ 5,00,000
(C) ₹ 1,00,000
(D) ₹ 2,50,000

(B) ₹ 5,00,000

5. During the year 2020-21, Basu won ₹ 4,00,000 from a motor car rally out of which he deposited ₹ 1,50,000 in his PPF account. He does not have any other income. Net tax payable by Basu for A.Y. 2021 – 22 will be
(A) ₹ 1,24,800
(B) ₹ 15,450
(C) ₹ 1,23,600
(D) None of the above

Hint: 4,00,000 × 31.2% = 1,24,800. PPF deduction is not available from winning of motor car.

6. 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:
(A) D
(B) R, Y, and S
(C) W
(D) (A) and (B) above

(D) (A) and (B) above

By Team Learning Mantras

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