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CMA Intermediate Exam: Direct Taxation
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Avg score: 17% • Most missed: “Deduction under the section 80E is allowed in respect of”
Syllabus (with weightage): Section A : Income Tax Act Basics 10% 1. Introduction to Income Tax Act, 1961 2. Income which do not form part of Total Income (Section 10, 11 to 13A) Section B : Heads of Income and Computation of Total Income and Tax Liability 70% 3. Heads of Income and Computation of Total Income under various heads 4. Clubbing Provisions, Set off and Carry forward of Losses, Deductions 5. Assessment of Income and tax liability of different persons Section C : Tax Management, Administrative Procedures and ICDS 20% 6. TDS, TCS and Advance Tax 7. Administrative... Show more
CMA Intermediate Exam: Direct Taxation
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25 Questions

1. For the purpose of sec.64, an individual have substantial interest in a company if he holds 20% of voting right alongwith his relative. Here, relative do not include:
2. The number of identities included in the definition of persons is
3. ICDS-IV stands for _______.
4. Income from farm house outside India is:
5. Loss from house property can be carried forward and set-off in subsequent eight assessment years:
6. TDS on income of FII from securities
7. Amortization of preliminary expenses has been restricted to ___ of the cost of project.
8. Manoj,a resident, employed in ABC Ltd., an Indian company, has gross annual salary income of Rs. 20,60,000. The standard deduction available under section 16(1) would be _________ .
9. Quantum of deduction u/s 80EE is______.
10. The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of the Income tax Act shall be rounded off to the nearest multiple of ten rupees.
11. Padmaja Power Co. (P) Ltd. is engaged in generation and distribution of electrical power. It avails deduction under section 80-IA. The gross receipts of the company is Rs. 89 lakhs. The last date for filing the return of income in order to be eligible to avail deduction under section 80-IA is ________________ . (Note: Assume there is no extension of time for filling the return of income)
12. W.e.f. 01-04-2016, quoting
13. ICDS VIII deals with ____________________ .
14. As per ICDS-II ?
15. Mr. Raj (age 62) is Karta of HUF which is engaged in textile trade. The total income of the HUF is Rs. 3,40,000. The tax liability of the HUF would be ______
16. Caution money forfeited by the assessee is:
17. Advance tax is required to be paid by all assessee only if estimated advance tax liability is
18. An individual purchased a painting on 01-11-2017 for Rs. 5,00,000 though fair market value of the asset is `5,25,000. Income taxable u/s 56(2)(x) is:
19. For the purpose of claiming higher deduction u/s 24(b), while computing income of a self-occupied property, assessee is required to take:
20. Tax to be collected at source in case of sale of any goods (other than bullion and jewellery) or providing of service exceeding Rs. 1,00,000.
21. TDS U/s 193 in respect of interest on securities if payee does not furnish PAN is:
22. Rate of surcharge applicable to a foreign company having total income of Rs. 8 crore is :
23. When a resident senior citizen having gross total income of Rs. 5,56,000, has derived interest from savings account in a nationalized bank of Rs. 8,200 and fixed deposit interest of Rs. 47,000 from such bank, he is eligible for deduction of Rs. ________ from the gross total income.
24. In case of local authority the return of income is verified by
25. When a charitable trust registered u/s 12AA pays Rs. 50,000 towards rent to a resident for the premises occupied by it without deduction of tax at source for the entire previous year 2018-19, the amount of rental expenditure liable for disallowance would be ________.

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