Computation of Total Income and Tax Liability of Various Entities

The amount of rebate of Income tax U/S 87A of the Income Tax Act, available to a resident Individual whose total Income does not exceed 5,00,000 for the Financial Year 2022-23 will be :

(A)12,500 or 100% income tax whichever is less

(B)5,000

(C)2,500

(D)10,000

The amount of income tax shall be increased by a surcharge at the rate of 12% of such Income tax in the case of a firm having total income exceeding :

(A)₹ 40 lacs

(B)₹ 60 lacs

(C)₹ 100 lacs

(D)₹ 200 lacs

The rate of Income Tax is mentioned in :

(A)The Income Tax Act, 1961 only

(B)Income Tax Rules, 1962 only

(C)The First Schedule to the Annual Finance Act

(D)Income Tax Act, 1961 and the First Schedule to the Annual Finance Act.

Section 87A provides a rebate from the tax payable by an assessee, being an individual, whose total income does not exceed ? ------------ for the assessment year 2020-21.

(A)₹ 2,50,000

(B)₹ 3,00,000

(C)₹ 3,50,000

(D)₹ 5,00,000

A resident assessee, who is of the age of 60 years or more but less than 80 years at any time during the previous year 2019- 20 shall not be paying tax on income up to ₹ ________ but shall be paying surcharge at the rate of ________ of income tax where total income exceeds ₹ 1 crore.

(A)₹ 2,50,000, 10%

(B)₹ 3,00,000, 10%

(C)₹ 2,50,000, 15%

(D)₹ 3,00,000, 15%

The rates of income tax excluding cess and surcharge if any applicable to a cooperative society for the assessment year 2020-21 where the total income exceeds ₹ 20,000 be _________

(A)10% of the total income

(B)₹ 2,000 plus 20% of the amount by which the total income exceeds ₹ 20,000

(C)₹ 3,000 plus 30% of the amount by which the total income exceeds ₹ 20,000

(D)₹ 3,000 plus 25% of the amount by which the total income exceeds ₹ 20,000

The basic exemption limit in the case of a non-resident individual being super senior citizen is :

(A)₹ NIL

(B)₹ 2,50,000

(C)₹ 3,00,000

(D)₹ 5,00,000

(ii)Shobhit Goel, aged 32 years, furnishes the following details of his total income for the Assessment Year 2019-20 :

Income from Salaries (after allowing eligible standard deduction) 27,88,000

He has not claimed any deduction under chapter VIA. You are required to compute the tax liability of Mr. Shobhit Goel as per the provisions of Income Tax Act, 1961.

The basic exemption limit in case of a nonresident individual being a senior citizen for assessment year 2018-19 is :

(A)₹ 5,00,000

(B)₹ 3,00,000

(C)₹ 2,50,000

(D)₹ 1,80,000

Total income-tax including education cess payable in case of a resident individual aged 58 years, whose computed total income is ₹ 3,40,000 for assessment year 2018-19 shall be :

(A)₹ 9,270

(B)₹ 2,060

(C)₹ 4,120

(D)₹ 4,635

A resident individual can avail the benefit of rebate of ₹ 2,500 or 100% of Income Tax whichever is less under section 87A of Income Tax Act, 1961 for the assessment year 2018-19 on fulfilling the condition that total income does not exceed :

(A)₹ 2,50,000

(B)₹ 3,50,000

(C)₹ 5,00,000

(D)₹ 3,00,000

Surcharge on the amount of tax is to be levied at specified percentage when an individual is having income exceeding specified limits :

(A)@ 7% having income exceeding ₹ 1 crore and @ 12% if the income exceeds ₹ 10 crores

(B)@ 2% having income exceeding ₹ 1 crore and @ 12% if the income exceeds ₹ 10 crores

(C)@ 15% having income exceeding ₹ 1 crore and @ 10% if the income exceeds ₹ 50 lakh but does not exceed ₹ 1 crore

(D)None of the above

(b)Suresh Raina (age 38), a resident individual, has total income computed at ₹ 50,86,000. He wants to know his income-tax liability for the assessment year 2018-19. Compute his net tax liability after providing marginal relief, if any.

(a)Compute the book profit of firm under section 40(b) of the Income Tax Act, 1961.

(b)Compute the Permissible remuneration to partners by firm under Section 40(b)(v) of Income Tax Act, l96l.

XYZ a partnership firm is earning book profit of ₹ 5,00,000 during the financial year 2021-22. The firm paid Remuneration as per Partnership deed to working partner ₹ 4,50,000 and to non-working partner ₹ 90,000. Calculate what amount of Remuneration is disallowed to firm u/s 40(b) of Income Tax Act, 1961 for assessment year 2022-23 :

(A)₹ 60,000

(B)₹ 90,000

(C)₹ 1,50,000

(D)₹ 3,50,000

A non-professional firm ABC and Co. has book profit of ₹ 12,38,000 in previous year 2021-22. The admissible remuneration to working partner for income tax purpose shall be ...................... for the Assessment Year 2022-23.

(A)₹ 2,70,000

(B)₹ 8,62,800

(C)₹ 8,32,800

(D)₹ 11,14,200

Excess of 12% interest on capital received by a partner from the firm is taxable in the hands of partner under the head :

(A)Salary

(B)Business and profession

(C)Income from other sources

(D)Exempt from tax

Compute taxable income of a trading firm from the following details relating to the previous year 2020-21 :

The firm has no other income under any head.

(A)₹ 69,000

(B)₹ 91,000

(C)(–) 31,000

(D)(–) 91,000

Amount of salary paid to a working partner by a partnership firm is taxable in the hands of partner in the assessment year as per provisions of Income tax Act, 1961 under ___________

(A)Salaries

(B)Profits & Gain of Business and Profession

(C)Income from other sources

(D)Personal Income

Ram & Company constituted by 2 partners sharing profits & loss equally declared net loss of ₹ 20,000 after charge of salary of ₹ 10,000 p.m. paid to each of the working partners as authorized by the deed during the previous year 1.4.2019 to 31.3.2020. The amount of deduction in respect of payment of salary made to the partners while computing the income of the firm for assessment year 2020- 21 will be allowed of ₹ ______

(A)2,20,000

(B)2,40,000

(C)1,50,000

(D)1,98,000

Ram & Co., a partnership firm worked out total book profits for the year ended 31st March, 2019 of ₹ 6,00,000 and has made payment of salary of ₹ 4,60,000 authorized by the partnership deed to the working partners. Firm wants to know that how much amount of salary paid to partners be allowable as deduction in A.Y. 2019-20.

(A)₹ 4,60,000

(B)₹ 3,90,000

(C)₹ 2,70,000

(D)₹ 4,50,000

B joined Avtar & Co. as a partner on 1 st June, 2018. He contributed his vacant land in the firm as his capital which was recorded in the books of the firm at ₹ 5 lakh. The land was inherited by B from his father in April, 2010 and the Fair Market Value (FMV) on that date was ₹ 2 lakh. The land was originally acquired by his father in August, 2005 for ₹ 1 lakh. The Fair Market Value (FMV) on 1st June, 2018 was ₹ 10 lakh. The full value of consideration received as a result of transfer of land by B as capital would be taken as :

(A)₹ 1 lakh

(B)₹ 2 lakh

(C)₹ 5 lakh

(D)₹ 10lakh

(b)PQR & Co. is a partnership firm consisting of 4 partners. The firm did a turnover of ₹ 305 lakh and derived Net Profit (as per Profit and Loss Account) of ₹ 15,20,000 before adjustment of the following :

(i)Working partner salary to 2 partners ₹ 50,000 each, per month (as authorized by the deed of partnership).

(ii)Capital of ₹ 10 lakh each contributed by all the partners. The partnership deed authorizes the payment of interest @ 15% per annum.

(iii)Rent payable to one partner at ₹ 10,000 per month. This is not mentioned in the partnership deed.

Compute the total income of the firm after considering all items, as per the provisions of the Income-tax Act, 1961.

(c)State the rate of tax deductible or collectible at source under the provisions of the Income-tax Act, 1961 in respect of the following transactions :

(i)Sale of scrap by a manufacturing company for ₹ 2 lakh;

(ii)Sale of motor car by an authorized dealer and the price of car is ₹ 8,90,000.

(iii)Monthly rent paid by a partnership firm to a resident partner ₹ 1,90,000.

(iv)Commission paid by a company for purchase of machine to agent X & Co. ₹ 10,000.

(v)Interest paid by Lalwani & Co. (firm) to Ravi (a resident) ₹ 7,000.

(a)Compute the Total Income of Lalit for the assessment year 2026-27, assuming that he has followed default tax regime under section 115BAC.

(b)Compute the Total Tax payable of Lalit for the assessment year 2026-27 as per default tax regime under section 115BAC.

(c)Compute the Total Income of Lalit for the assessment year 2026-27, assuming that he has followed old tax regime under Income Tax Act, 1961.

(d)Compute the Total Tax payable of Lalit for the assessment year 2026-27, assuming that he has followed old tax regime under Income Tax Act, 1961.

(e)Suggest to Lalit that which tax regime will be beneficial for him for the assessment year 2026-27.

(ii)Mr. Pankaj, age 85 years, a resident individual, gives the following particulars of his Income for the financial year 2025-26 :

Compute the Total Income and Tax liability of Mr. Pankaj for assessment year 2026-27 considering that he has opted the default tax regime under section 115BAC.

(e)Compute the Tax Payable/Refundable on total income for Karan for the Assessment Year 2025-26.

(e)Compute the total income of Mrs. Ankita for the assessment year 2025-26 as per Income Tax, 1961.

( a )Mr. Sunil Joshi, age 63 years, a resident individual, gives the following particulars of his receipts for financial year 2024-25 :

Compute Sunil’s total income and Income Tax liability for the assessment year 2025-26 considering that he has opted the benefit of default tax regime under section 115BAC.

( b )Mr. Harish is Lawyer by profession and his income from profession for the financial year 2023- 24 is ₹ 8,00,000. From the following information given by him :-

You are required to compute his total income for A.Y. 2024-25 and the losses to be carried forward assuming that he files his income tax returns every year before due date u/s 139(l) of Income Tax Act, 1961, assuming that Mr. Harish does not opt for the provisions of section 115BAC and his income before considering clubbing provisions is higher than that of his wife.

Swamy aged 83 has total income of ₹ 9, 80,000 for the assessment year 2023 -24. He has opted for section 115BAC of the Income Tax Act, 1961. How much is his income tax liability for the assessment year 2023-24?

(A)₹ 1, 12,840

(B)₹ 1, 10,240

(C)₹ 78,000

(D)₹ 74,880

The Total Income tax including education cess payable in case of resident individual aged 49 years, where computed total income is ₹ 3,80,000 for the Assessment Year 2022-23 shall be ...................... . (Assessee has not opted for section 115BAC).

(A)₹ 6,760

(B)₹ 4,260

(C)Nil

(D)₹ 3,380

Total income computed under the head of Salary of ₹ 6,50,000 and of other sources of Sevak Kumar, who have attained the age of 60 years on 01.04.2021 for the year ended on 31.03.2021 is of ₹ 6,50,000 after claiming deduction of ₹ 60,000 under section 80C of the Act. The liability of Sevak Kumar when he opts to pay tax under the provisions of section 115BAC and by availing the benefit of CBDT Circular No. 28/2016 dated 27.07.2016 for A.Y. 2021-22 shall be :

(A)₹ 34,840

(B)₹ 40,560

(C)₹ 28,600

(D)₹ 44,200

Nitesh has let out his one of the house since 1st April, 2002 at a rent of ₹ 10,000 per month. On 1st May, 2020 he received ₹ 39,000 as arrear of rent because rent was increased by ₹ 3,000 per month with effect from 1st April, 2019 as per decision of the Court. At the same time he recovered ₹ 40,000 out of unrealized rent from his earlier tenant. Find taxable amount out of this arrear received and recovery of unrealized rent for the A.Y. 2021-22. (Assuming assessee has not opted U/s 115BAC).

(A)₹ 53,200

(B)₹ 76,000

(C)₹ 79,000

(D)₹ 55,300

Maximum deduction available u/s 80 QQB in respect of royalty income of authors of certain books other than text-books are : (Assuming assessee has not opted for section 115BAC)

(A)Deduction of 100% of such income or ₹ 3,00,000, whichever is less

(B)Deduction of 100% of such income or ₹ 2,50,000, whichever is less

(C)Deduction of 50% of such income or ₹ 3,00,000, whichever is less

(D)Deduction of 50% of such income or ₹ 2,50,000, whichever is less

Mr. A (age 70) being a pensioner has total income (computed) of ₹ 5,50,000 for the previous year ended 31.03.2021. What would be his net tax liability payable by him including Higher Education Cess if opts for section 115BAC ?

(A)₹ 23,400

(B)₹ 5,600

(C)₹ 15,600

(D)₹ 8,320

If the converted property is subsequently partitioned among the members of the family, the income derived from such converted property as is received by the spouse of the transferor will be taxable :

(A)as the income of the karta of the HUF

(B)as the income of the spouse of the transferor

(C)as the income of the HUF

(D)as the income of the transferor-member

Hindu Undivided Families are governed by two schools namely Mitakshara and Dayabhaga. Mitakshara school applies to whole of India except the state of :

(A)West Bengal

(B)West Bengal and Assam

(C)Assam & Bihar

(D)Assam & Tripura

(c)State the person by whom the Return of income to be furnished under section 139 of the Income Tax Act, 1961 has to be signed, in the case of the following persons, as per section 140 :

(i)When an individual is unable to verify due to ill health;

(ii)In case of HUF, when the karta is unable to verify;

(iii)Scientific research association;

(iv)Limited liability partnership;

(v)Political party.

Distribution of assets at the time of complete partition of HUF shall :

(A)be regarded as a transfer in the hands of HUF

(B)not be regarded as transfer in the hands of HUF

(C)be regarded as a transfer in hands of family members

(D)Either (A) or (C)

A HUF is having total income of ₹ 22,50,000 for the previous year ended 31st March, 2022. Compute the net tax liability of HUF if it opts for section 115BAC for the Assessment Year 2022-23?

(A)₹ 4,87,500

(B)₹ 4,12,500

(C)₹ 5,07,000

(D)₹ 4,29,000

Personal earning including income from selfacquired property of a member of the HUF is included in the income of :

(A)HUF

(B)Members of HUF

(C)Individual

(D)None of the above

Deduction under section 80GG is allowed only to :

(A)HUF

(B)Firm

(C)Company

(D)Individual

Which out of the following is the false statement for computation of income of the Hindu Undivided Family (H.U.F.) ?

(A)Income from 'stridhan' is included in the income of the family.

(B)Income from impartible estate is taxable in the hands of the holder of the estate and not in the hands the H.U.F.

(C)Under the Dayabhaga School of law, no son has any right in the ancestral property during the lifetime of his father.

(D)Personal income of the member cannot be treated as income of H.U.F.

Deduction under section 80GG is allowed only to :

(A)HUF

(B)Partnership firm

(C)Company

(D)Individual

Hindu Undivided Families (HUFs) according to Hindu law are governed by two schools being Mitakshara and Dayabhaga. Mitakshara School applies to whole of India except the states of ________

(A)West Bengal and Assam

(B)Jammu and Kashmir

(C)West Bengal

(D)Assam and Bihar

Moti & Sons-HUF purchased a piece of land for ₹ 1,05,000 in July, 2002. In July, 2006 the HUF was partitioned and one of the coparcener Manak got this piece of land. The value of the land in July, 2006 was of ₹ 2,44,000 as assessed by Stamp Valuation Authority. Manak, after receipt of the land incurred expenses in August, 2007 of ₹ 2,58,000 on construction of room, boundary wall and kitchen. The land so received was sold by him on 11.2.2020 for ₹ 17,50,000. The amount of Capital Gain chargeable to tax in A.Y. 2020-21 will be--------(Take CII of 2002- 03 as 105; 2006-07 as 122; 2007-08 as 129 and of 2019-20 as 289)

(A)₹ 8,83,000

(B)₹ 3,44,000

(C)₹ 12,48,000

(D)₹ 9,28,000

Hindu Undivided Family (HUF) of Vinay consisted of himself, his major son, minor son and his wife. At the time of filing of return of income of the HUF for A.Y. 2019-20, Vinay was out of country. The return of income of the HUF can be signed in this case by :

(A)Karta

(B)Authorized Tax Consultant

(C)Major Son

(D)Minor Son

Which out of the following income is not to be clubbed while computing income of the Hindu Undivided Family (HUF) for the assessment year 2018-19 ?

(A)Fees or remuneration received by the member as a director or a partner in the company or firm if the funds of the HUF are invested in a company or firm

(B)Income from ‘stridhan’ and personal income of the members

(C)Income of minor sons out of the investments of the family funds

(D)None of the above

The Provisions of AMT (Alternate Minimum Tax) is under chapter XII-BA shall apply to an Individual or HUF or an association of persons if the adjusted total income of such persons exceeds :

(A)₹ 10,00,000

(B)₹ 15,00,000

(C)₹ 20,00,000

(D)₹ 25,00,000

X & Co. a partnership firm who has adjusted total income of ₹ 28 lakh computed as per section 115JC of the Income Tax Act, 1961. How much is the tax payable under section 115JC of the Income Tax Act, 1961?

(A)₹ 8, 73,600

(B)₹ 5, 38,720

(C)₹ 5, 18,000

(D)₹ 93,600

Nirmala (age 52 years) having adjusted total income of ₹ 45 lakh. She has opted the provision of section 115BAC for assessment year 2022-23. The Alternate Minimum Tax is applicable u/s 115JC @ :

(A)18.5% plus H & EC

(B)15% plus H & EC

(C)9% plus H & EC

(D)AMT Not Applicable

Lalit presents you following details related to his tax liability for Assessment Year 2022-23:

What shall be the tax liability of Lalit for Assessment Year 2022-23? (Assessee has not opted for section 115BAC)

(A)₹ 23 lakhs

(B)₹ 18 lakhs

(C)₹ 15 lakhs

(D)₹ 10 lakhs

DG & Co. of USA is maintaining and operating a branch in India for sale of its textile products. The adjusted total income of the branch for the previous year 2021-22 prior to charge of H.O. expenses of ₹ 45 lakh is of ₹ 250 lakh. Indian branch intends to know the maximum amount of H.O. expenses as allowable during the year under the Act. Specify the amount :

(A)₹ 45 lakh

(B)Nil as HO is non-resident

(C)₹ 12.5 lakh

(D)8% of adjusted total income

John Miller & Co. of UK is maintaining and operating a branch in India for sale of its garment products. The adjusted total income of the Indian branch for the year ended on 31-03-2021was of ₹ 80 lakh after charge of H.O. expenses of ₹ 20 lakh. The Indian branch intends to claim the maximum amount of H.O. expenses which is being allowable while computing its income to be declared in the return for A.Y. 2021-22. The amount of HO expenses allowable shall be :

(A)3% of the adjusted total income

(B)Nill as HO is a foreign company

(C)20 lakh

(D)5% of the adjusted total income

Utpal Dutt an individual assessee engaged in the business of Gold/Silver Jewellery at Kolkata presents the following information and asks you to state the amount of tax required to be paid by him for A.Y. 2021-22 :

Particulars ( ₹ In Lakhs)

(i)Tax calculated on Total Income :

(A)18 lakhs

(B)14 lakhs

(C)12 lakhs

(D)8 lakhs

Alternate minimum tax (AMT) credit can be carried forward up to _______ immediately succeeding the assessment year in which such credit become allowable.

(A)10th assessment year

(B)12th assessment year

(C)15th assessment year

(D)20th assessment year

Credit for tax (tax credit) paid by a person on account of AMT under Chapter XII- BA shall be allowed which can be carried forward up to __________immediately succeeding the assessment year in which such credit becomes allowable.

(A)20th assessment years

(B)15th assessment years

(C)10th assessment years

(D)5th assessment years

Provisions of section 115JC under Chapter XII-BA shall not apply to an Individual or a HUF or an AOP or a body of Individual (whether incorporated or not) or any artificial judicial person, if the adjusted total income of such person does not exceed ? __________

(A)5 lakh

(B)10 lakh

(C)20 lakh

(D)30 lakh

Pankaj, fulfilling all the prescribed conditions for claiming deduction under section 80GG having adjusted total income of ₹ 1,84,000 before providing such deduction and was paying rent in respect of residential accommodation occupied by him at Delhi @ ₹ 4,800 p.m. He is entitled to claim the deduction for the house rent so paid in assessment year 2020-21 while computing his taxable income of an amount of -----

(A)₹ 39,200

(B)₹ 46,000

(C)₹ 60,000

(D)₹ 57,600

The total income of the partnership firm Xavier & Company for the assessment year 2020-21 of ₹ 8,15,000 arrived at after claiming deduction u/s 35AD of ₹ 11,00,000, u/s 81-IB of ₹ 1,00,000, and donation paid to a registered political party by cheque of ₹ 85,000. The adjusted total income of the firm for payment of tax under section 115JC of the Act shall be ₹ ______

(A)20,15,000

(B)21,00,000

(C)10,00,000

(D)19,15,000

Alternate Minimum Tax (AMT) under chapter XII-BA will not apply if the adjusted total income of an individual does not exceeds :

(A)₹ 5,00,000

(B)₹ 10,00,000

(C)₹ 20,00,000

(D)₹ 25,00,000

Alternate Minimum Tax (AMT) under section 115JC is payable by a person other than a company on the adjusted total income at the rate of :

(A)20% plus cess

(B)18% plus cess

(C)18.5% plus cess

(D)20.5% plus cess

Ram & Co., a proprietorship firm has paid tax for the assessment year 2018-19 as persection 115JC of the Income Tax Act, 1961. Credit of such paid tax can be carried forward by the proprietor for a period of following number of assessment years immediately succeeding the assessment year 2018-19 :

(A)8 years

(B)5 years

(C)10 years

(D)15 years

A charitable trust registered under section 12AA has voluntary contribution of ₹ 46 lakh. It paid rent of ₹ 40,000 per month for 7 months day cash. It incurred ₹ 35 lakh by way of expenditure (other than rent) for pursuing the objects of the trust. How much is the total income of the trust liable to tax?

(A)₹ 1, 30,000

(B)₹ 2, 14,000

(C)₹ 4, 10,000

(D)₹ 8, 20,000

As per section 12A of Income Tax Act, 1961, trust or institution has been granted registration under section 12AA, and, subsequently, it has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, then it shall be required to make an application, in the prescribed form and manner, within a period of ....................... from the date of said adoption or modification, to the Principal Commissioner or Commissioner and thereupon obtain fresh registration.

(A)30 days

(B)60 days

(C)90 days

(D)Six months

ABC charitable trust would like to accumulate the income for the purpose of construction of school building in coming three years and therefore set apart ₹ 20 Lacs out of current year’s income. In order to exclude ₹ 20 lacs from taxable income, the charitable trust is required to inform the purpose and the period for which accumulation is made to the assessing officer in a prescribed form. Out of the following, which is the prescribed form to be used by the trust:

(A)Form No. 9

(B)Form No. 8

(C)Form No. 10 A

(D)Form No. 10

Gyaan charitable trust owns a capital asset of ₹ 5,00,000 and 3/4th of the income from such asset is utilized for charitable purpose. The asset was sold for ₹ 12 lakhs and from the sale proceeds, the trust brought another asset for ₹ 10 lakhs during the previous year 2021-22. The amount of capital gain deemed to have been applied for charitable purpose is .................... for the Assessment Year 2022-23.

(A)₹ 3,75,000

(B)₹ 5,00,000

(C)₹ 7,00,000

(D)₹ 10,00,000

Section-12AA has been replaced by :

(A)Section 12AD

(B)Section 11AB

(C)Section 12AB

(D)Section 10AC

In the case of a charitable trust registered under section 12AA, which of the following investment is not contained in section 11(5) of the Act for keeping the unspent incomes of the trust ?

(A)Deposit in post office savings bank

(B)Debentures issued by domestic companies unconditionally guaranteed by State Government

(C)Investment in immovable property

(D)Equity shares of listed domestic companies in India

Welfare Charitable Trust (registered under section 12AA), paid monthly salary of ₹ 25,000 to its manager. It paid ₹ 10,000 by account payee crossed cheque and ₹ 15,000 by cash on the first day of every month during the previous year 2018-19. The amount of salary eligible for deduction while computing the income of charitable trust for the assessment year 2019-20 would be :

(A)₹ 3,00,000

(B)₹ 1,80,000

(C)₹ 1,20,000

(D)NIL

A charitable trust registered as per section 12AA of Income Tax Act, having capital asset purchased in June, 2015 for ₹ 1,00,000 and used for the charitable purposes till the same was sold in December, 2018 for ₹ 1,50,000. The Trust, after sale of capital asset purchased a new capital asset for ₹ 1,20,000 which was also used for charitable purposes of the Trust. The amount of capital gain utilized in purchase of new capital asset by Trust shall be .............. .

(A)₹ 20,000

(B)₹ 50,000

(C)₹ 30,000

(D)Nil

Samode Charitable Trust formed under the Trust Deed on 1st May, 2018 filed an application for grant of registration u/s 12AA of the Act to the CIT (Exemption) on 13th May, 2018. The CIT (Exemption) did not pass any order as to Registration of the Trust, till 31st March, 2019. The trust shall be deemed to have the registration as per provisions of Act under section 12AA effective from ....................... .

(A)1st May, 2018

(B)1st December, 2018

(C)13th May, 2018

(D)13th November, 2018

Find out from the following income derived from house property which is being exempt from Income Tax :

(A)Income from property of a trust for charitable or religious purposes

(B)Income from property of a housing society

(C)Income from property of a trade association

(D)Income from property of a sports association

A capital asset purchased on 11th Sept., 2012 for ₹ 2,00,000 was sold for ₹ 3,00,000 on 18th Dec., 2017 by a Charitable Trust registered under section 12AA of the Income Tax Act. New capital assets after the sale was purchased on 1st January, 2018 for ₹ 2,60,000. The amount of capital gain arising from the sale of capital asset utilized in purchase of new asset for the A.Y. 2018-19 shall be ............ and taxable amount shall be .........

(A)₹ 40,000 and ₹ 60,000

(B)₹ 1,00,000 and ₹ 2,60,000

(C)₹ 2,60,000 and ₹ 1,00,000

(D)₹ 60,000 and ₹ 40,000

ABC Co-operative society has total income (computed ) of ₹ 3 lakh for the previous year ended 31st March, 2023. It has opted for section 115BAD of the Income Tax Act, 1961. How much is the income tax liability (rounding off) of the co-operative society for the assessment year 2023-24?

(A)₹ 68,640

(B)₹ 76,880

(C)₹ 75,500

(D)₹ 62,640

The tax liability of Raja Co-operative Society (does not opt to pay tax under section 115BAD) on the total income of ₹ 1,20,000 for P.Y. 2020-21, is :

(A)₹ 24,960

(B)₹ 37,440

(C)NIL

(D)₹ 34,320

Tax liability of Raj Co-operative Society (which opts to pay tax under section 115 BAD) on the total income of ₹ 90,000 for F.Y. 2020-21 is :

(A)₹ 24,960

(B)₹ 20,592

(C)₹ 19,800

(D)₹ 24,000

Which out of the following is not considered as deemed owner of property as per section 27 :

(A)Member of a co-operative society

(B)Person in possession of a property

(C)Person having right in a property for a period not less than 15 years

(D)Holder of an impartible estate

An individual resident senior citizen tax payer can claim an amount of ₹ _________ as deduction in respect of specified income of interest on bank deposits, post office deposits and deposits held in a banking cooperative society.

(A)₹ 10,000

(B)₹ 30,000

(C)₹ 50,000

(D)₹ 75,000

Shanti Nagar Co-operative Society had derived the following income during the previous year 1.4.2019 to 31.3.2020 :

(iii)Processing (without aid of power) of agricultural

The total income of the Society for the A.Y. 2020-21 shall be ______

(A)₹ 22,000

(B)₹ 37,000

(C)₹ (82000 - 50000) = 32,000

(D)₹ 2,000

The total income of a co-operative society is ₹ 2,10,000 after claiming deduction under section 80P of the Act. The total tax payable by the co-operative society on its total income, including cess, would be :

(A)NIL

(B)₹ 52,000

(C)₹ 62,400

(D)₹ 64,890

Who can claim deduction under section 80GG in respect of rent paid for accommodation ?

(A)Company

(B)Partnership firm

(C)Individual

(D)Co-operative society

The profits of a Co-operative Society engaged in (i) Carrying out the business of banking, (ii) A cottage industry and (iii) Collective disposal of labour of its members are exempt from tax as per section 80P up-to :

(A)75% of the profits

(B)100% of the profits

(C)50% of the profits

(D)40% of the profits

Which of the undermentioned incomes of a Co-operative Society is not eligible for deduction under section 80 P of the Income Tax Act, 1961 when the gross total income of the society exceeds ₹ 20,000 ?

(A)Agency business

(B)Income from letting of godown

(C)Income from house property

(D)Dividend from other Co-operative Societies

A political party have the following Income during the Financial Year 2023-24 is as follows :

l Banks Interest ₹ 4,50,000

l Rent from Letting the Building ₹ 2,50,000

l Voluntary contribution by cheque ₹ 6,00,000

The total Income of the political party for the Assessment Year will be :

(A)₹ 13,00,000

(B)₹ 10,50,000

(C)₹ 8,50,000

(D)₹ Nil

Which of the following Incomes of a Political Party is exempt from Income Tax under Section 13A of the Income Tax Act ?

(A)Income from Other Sources Only

(B)Income from House Property Only

(C)Voluntary Contributions and Capital Gains Only

(D)All the above

As per section 13B of the Income Tax Act, 1961, the voluntary contributions received by an electoral trust during the year is not included in its income:

(A)When 85% of contribution is distributed in the year

(B)To the extent of 10 lakhs

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

(D)To the extent of 50% of contribution of ₹ 100 lakhs whichever is less

Political parties are liable to pay tax on their income and they are assessed as ______ ,

(A)Association of persons

(B)Company

(C)Firm

(D)Artificial juridical person

Any voluntary contributions received by an electoral trust not be included in the total income where such electoral trust distributes to any political parties _________ of the aggregate donations received by it during the previous year along with the surplus, if any, brought forward from any earlier previous year. A political party, for this purpose, means a political party registered under section _______ of the Representation of the People Act, 1951.

(A)85%, 29

(B)95%, 29A

(C)95%, 29B

(D)85%, 29A

A registered political party have income during the year 2018-19 of banks interest ₹ 5,00,000, rent from letting of building ₹ 3,00,000 and voluntary contribution by cheque ₹ 8,00,000. Total income chargeable to tax under section 13A of the Income Tax Act, 1961 for the A.Y. 2019-20 of the political party shall be :

(A)₹ 5,00,000

(B)₹ 8,00,000

(C)₹ 16,00,000

(D)NIL

Contribution made or given other than by way of cash by an Indian company in the previous year to any political party or to an electoral trust shall be allowed as deduction while computing its total income under section 80 GGB of Income Tax Act, 1961 of an amount maximum or upto :

(A)₹ 50,000

(B)₹ 1,50,000

(C)No monetary ceiling limit

(D)None of the above

There are three individual members Raja, Harshil and Gopal in an association of persons (AOP) sharing profits and losses in equal proportion. AOP earned total taxable income ₹ 9,00,000 for the Assessment Year 2021-22 which included ₹ 30,000 for longterm capital gain. The net taxable income of members from their own business was ₹ 30,000, ₹ 40,000 and ₹ 50,000 respectively before transferring share of profit from AOP. Find the tax liability of AOP.

(A)₹ 89,960

(B)₹ 6,000

(C)₹ 3,78,110

(D)₹ 96,200

Which of the following is not a feature of Association of Persons (AOP) ?

(A)Joining together of two or more persons

(B)To produce income, profits or gains

(C)The coming together is voluntary in other words not mandated by any event or situation

(D)Only individuals can be members

Vinod & Co. is an AOP consisting of three members E, F and G. The concern paid interest on capital to member E ₹ 1,05,000 @ 15% per annum. It also received interest from the member E ₹ 90,000 on the amount advanced @ 18% per annum. The total income of the AOP after including interest receipt and deducting interest payment to E is ₹ 4,85,000. Its total income liable for incometax assessment would be :

(A)₹ 4,85,000

(B)₹ 5,00,000

(C)₹ 4,70,000

(D)₹ 6,80,000

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 :

(A)where individual shares of the members of an association or body are indeterminable or unknown in relation to the whole of income

(B)where members share equally

(C)where the individual shares of the members of an associate or body are indeterminable or unknown relating to any part of income

(D)Both (A) and (C)

(c)Compute the total income of Bajrang for the assessment year 2024-25, on the assumption that he has not opted the scheme of section 115 BAC.

(d)Compute the total income of Usha for the assessment year 2024-25, on the assumption that she has not opted the scheme of section 115 BAC.

Suresh died on 30th March, 2021 & his total income till this date was ₹ 5,55,000. Thereafter the business of Suresh was inherited by his son Kishan and his total income from such business was ₹ 4,25,000. The son does not have any other income. In this case the son :

(A)has to file only one income tax return on behalf of his father for ₹ 5,55,000

(B)has to file only one income tax return on behalf of his father for ₹ 9,80,000

(C)has to file separate income tax returns, one on behalf of his father for ₹ 5,55,000 & other in his own capacity for ₹ 4,25,000

(D)has to file a consolidated income tax return for the amount of ₹ 9,80,000

The total income of Mrs. Rose for the financial year 2018-19 is ₹ 3,40,000. Her tax liability for A.Y. 2019-20 on the income of ₹ 3,40,000 shall be :

(A)₹ 2,080

(B)NIL

(C)₹ 2,500

(D)₹ 4,700

Chirag a resident individual of 67 years of age had total income earned from different sources during the previous year 2019-20 being computed as per provisions of Income-tax Act, 1961 of ₹ 4,75,000. His tax liability on such income for the Asst. Year 2020-21 will be --------- but tax payable shall be nil.

(A)₹ 11,700

(B)₹ 8,750

(C)₹ 9,100

(D)₹ 11,250