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2. Direct tax

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1. In case the assesses follows mercantile system of accounting, bonus or commission to the
employee are allowed as deduction on ?

 
 
 
 

2. Rahul purchased 3000 equity shares @100 each of XYZ ltd on 01.11.2015, XYZ Ltd declare dividend of Rs. 20000 on such shares record date of which was on 31.01.2016. Rahul Sold those shares on 30.04.2016 for Rs. 270000. Short term capital loss on such shares will be ?

 
 
 
 

3. Surcharge of 10 per cent is payable under Income Tax by an individual where the total income exceeds ?

 
 
 
 

4. Gift of Rs 2,50,000 received on 06th November, 2016 through account payee cheque from a non-relative regularly assessed to income-tax, is ?

 
 
 
 

5. The maximum amount on which income-tax is not chargeable in case a Company is ?

 
 
 
 

6. Loss under the head income from house property can be carried forward ?

 
 
 
 

7. Rahul purchased a Flat in Greater Noida from XYZ Ltd for Rs. 50,00,000/- Rahul made the payment in following manner:

Rs. 30,00,000/- through home loan from Bank

Rs. 12,50,000/- through RTGS

Rs. 2,50,000 in cash as booking amount

Rs. 2,50,000/- through IMPS

Rs.2,50,000/- through Credit Card

XYZ is liable to penalty of Rs ?

 
 
 
 

8. Interest on capital of a firm is allowed as deduction to the firm to the extent of ? 

 
 
 
 

9. Rahul Sold goods of Rs. 5,00,000/-  to X. Out of Rs. 5,00,000/- X made payment of Rs. 2,00,000/- in Cheque to Rahul and balance Rs. 3,00,000/- in cash. Rahul is liable to collect TCS on Rs ?

 
 
 
 

10. Rahul holds 25% shares of XYZ Ltd, a NBFC accumulated profits of which were Rs. 1,00,000/-.  Company gave loan of Rs. 3,50,000/- to Rahul. Taxable income in the hands of Rahul will be ?

 
 
 
 

11. In given case of Q No 14, XYZ is liable to deduct TDS on- :

 
 
 
 

12. Where the entire block of the depreciable asset is transferred after 36 months, there will be ?

 
 
 
 

13. The rate of tax that is leviable on STCG arising from transfer of Equity shares of a Company or
units of an Equity oriented fund is ?

 
 
 
 

14. The tax liability of XYZ Ltd. for the financial year 2016-17 under the normal provisions of the Income-tax Act is Rs. 18,40,000 and the liability as per the provisions of MAT is Rs. 18,00,000. It has brought forward MAT credit of Rs. 2,00,000. MAT Credit which can be adjusted with tax liability will be ?

 
 
 
 

15. Rahul sold agriculture land for Rs. 50 lakhs (Purchased Cost Rs. 30 lakhs) to XYZ situated at village of Haryana which is 4 Km outside from local limits of municipality and population of which is 5 lakhs.  Taxable Income of Rahul will be ?

 
 
 
 

Question 1 of 15

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