CA Inter DT MCQ for May 2022 & Nov 2022 free download

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The tax liability of Mr. Saral, who attained the age of 60 years on 01.04.2021 and does not opt for the provisions of section 115BAC for the P.Y. 2021-22, on the total income of ₹ 5,60,000, comprising of salary income and interest on fixed deposits, would be –

(a)    ₹ 9,880
(b)   ₹  22,880
(c)    ₹  25,480
(d)   Nil

The tax liability of Nirlep Co-operative Society (does not opt to pay tax under section 115BAD) on the total income of ₹ 90,000 for P.Y. 2021-22, is –

(a)   ₹  24,000
(b)   ₹  28,080
(c)    Nil
(d)   ₹ 24,960

What is the amount of marginal relief available to Sadvichar Ltd., a domestic company on the total income of ₹ 10,03,50,000 for P.Y. 2021-22 (comprising only of business income) whose turnover in P.Y. 2019-20 is ₹ 450 crore, paying tax as per regular provisions of Income-tax Act? Assume that the company does not exercise option under section 115BAA.

(a) ₹ 9,98,000
(b) ₹ 12,67,600
(c) ₹ 3,50,000
(d) ₹ 13,32,304

The tax payable by Dharma LLP on total income of ₹ 1,01,00,000 for P.Y. 2021-22, is

(a) ₹ 35,29,340
(b) ₹ 32,24,000
(c) ₹ 33,21,500
(d) ₹ 31,51,200

Mr. Raman, aged 64 years, was not able to provide satisfactory explanation to the Assessing Officer for the investments of ₹ 7 lakhs not recorded in the books of accounts. What shall be the tax payable by him on the value of such investments considered to be deemed income as per section 69?

(a)   ₹ 2,18,400
(b)   ₹ 55,000
(c)    ₹ 5,46,000
(d)   ₹ 54,600

If Anirudh, a citizen of India, has stayed in India in the P.Y. 2021-22 for 181 days, and he is non-resident in 9 out of 10 years immediately preceding the current previous year and he has stayed in India for 365 days in all in the 4 years immediately preceding the current previous year and 420 days in all in the 7 years immediately preceding the current previous year, his residential status for the A.Y. 2022-23 would be –

(a) Resident and ordinarily resident
(b) Resident but not ordinarily resident
(c) Non-resident
(d) Deemed resident but not ordinarily resident

Mr. Ajay is found to be the owner of two gold chains of 50 gms each (market value of which is ₹ 1,45,000 each) during the financial year ending 31.3.2021 but he could offer satisfactory explanation to the Assessing Officer for ₹ 50,000 spent on acquiring these gold chains. As per section 115BBE, Mr. Ajay would be liable to pay tax of –

(a)₹ 1,87,200
(b)₹ 2,26,200
(c) ₹ 1,49,760
(d) ₹ 1,80,960

Mr. Ajay is a recently qualified doctor. He joined a reputed hospital in Delhi on 01.01.2022. He earned total income of ₹ 3,40,000 till 31.03.2022. His employer advised him to claim rebate u/s 87A while filing return of income for A.Y. 2022-23. He approached his father, a tax professional, to enquire regarding what is rebate u/s 87A of the Act. What would have his father told him?

  • An individual who is resident in India and whose total income does not exceed ₹ 5,00,000 is entitled to claim rebate under section 87A.
  • An individual who is resident in India and whose total income does not exceed ₹ 3,50,000 is entitled to claim rebate under section 87A.
  • Maximum rebate allowable under section 87A is ₹ 5,000.
  • Rebate under section 87A is available in the form of exemption from total income.
  • Maximum rebate allowable under section 87A is ₹ 12,500.
  • Rebate under section 87A is available in the form of deduction from basic tax liability. Choose the correct option from the following:
    • (ii), (iii), (vi)
    • (b)   (i), (v), (vi)
    • (c)    (ii), (iii), (iv)
    • (d)   (i), (iv), (v)

Raman, a citizen of India, was employed in Hindustan Lever Ltd. He resigned on 27.09.2021. He received a salary of ₹ 40,000 p.m. from 1.4.2021 to 27.9.2021 from Hindustan Lever Ltd. Thereafter he left for Dubai for the first time on 1.10.2021 and got salary of rupee equivalent of ₹ 80,000 p.m. from 1.10.2021 to 31.3.2022 in Dubai. His salary for October to December 2021 was credited in his Dubai bank account and the salary for January to March 2022 was credited in his Mumbai account directly. He is liable to tax in respect of –

  • income received in India from Hindustan Lever Ltd;
  • income received in India and in Dubai;
  • income received in India from Hindustan Lever Ltd. and income directly credited in India;
  • income received in Dubai

Mr. Suhaan (aged 35 years), a non-resident earned dividend income of ₹ 12,50,000 from an Indian Company which was declared on 30.09.2021 and credited directly to its bank account on 05.10.2021 in France and ₹ 15,000 as interest in Saving A/c from State Bank of India for the previous year 2021-22. Assuming that he has no other income, what will be amount of income chargeable to tax in his hands in India for A.Y. 2022-23?

  • (a)   ₹2,55,000
  • (b)   ₹12,65,000
  • (c)    ₹12,50,000
  • (d)   ₹12,55,000

Aashish earns the following income during the P.Y. 2021-22:

Interest on U.K. Development Bonds (1/4th being received in India): ₹ 4,00,000

Capital gain on sale of a building located in India but received in Holland: ₹ 6,00,000.

If Aashish is a resident but not ordinarily resident in India, then what will be amount of income chargeable to tax in India for A.Y. 2022-23?

  • (a)   ₹7,00,000
  • (b)   ₹10,00,000
  • (c)    ₹6,00,000
  • (d)   ₹  1,00,000

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