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CMA Intermediate Exam: Direct Taxation 2 (Fill Blanks)
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CMA Intermediate Exam: Direct Taxation 2 (Fill Blanks)
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25 Questions

1. If a return of income is not furnished within the due date prescribed in section 139(1), such return can be filed on or before ____________________________________, provided the assessment is not completed

2. The amount of deduction towards health insurance premium paid by an individual (not being a senior citizen) is limited to _______

3. Amount received by a member of a HUF as his share from the income of the HUF is __________ (included/not included) in his total income

4. When unrealized rent of Rs. 50,000 in respect of a let-out property is realized subsequently, the amount liable to tax would be _______

5. Fee under section 234E for delay in filing of quarterly TDS/TCS return is ____ per day

6. Loss from gambling _________ (can /cannot) be carried forward and set off in subsequent years under profits from gambling

7. If a return of income for the AY 2019-20 is not filed within the due date prescribed in section 139(1), such return can be filed on or before _________ provided assessment is not completed

8. Assessee’s own contribution to the National Pension Scheme is eligible for a maximum deduction of _______

9. Dividend in aggregate exceeding ________ received by certain persons to be taxed at the special rate of 10%

10. Interest on enhanced compensation is taxable after deduction at the rate of _____

11. Salary forgone is _______ in computing the income from salaries in the hands of the concerned employee

12. Interest on enhanced compensation received by Mr. A, a resident individual is Rs. 4,00,000 of which 75% pertains to earlier financial years. The amount of such interest to be included in the total income under the head 'income from other sources' is _________

13. In order to qualify as long-term capital assets, shares of a private limited company should be held for more than ____ months immediately before transfer

14. A Zerocoupon bond is a long-term capital asset, if it is held for more than___ months before transfer

15. Form _____ is to be used for filling the return of income by an individual having business income

16. Income of a charitable trust by way of forfeiture of exemption is chargeable to tax at the rate of _________________________

17. Mr. A holds 25% of the equity shares in LMN Ltd., a listed company. He has borrowed a sum of Rs. 10 lakhs from this company on 21.03.2018. As on this date, the accumulated profits and free reserves are Rs. 8 lakhs. The deemed dividend taxable u/s 2(22) (e) of the Income Tax Act, 1961 is ____ (8,00,000 / 10,00,000 / Nil)

18. Rebate u/s 87A is allowed _______ to an Individual who is resident in India and whose income does not exceed Rs. 3,50,000.32.TDS rate for payment in respect of NSS deposit is ____

19. Speculation loss can be carried forward for a maximum period of __ years after the year of such loss

20. In case of under-reporting of income, the assessee is liable to penalty under Section 270A for an amount equal to ___ of tax payable on under-reported income

21. Interest on refund on Income-tax paid in excess is a _______ receipt

22. In the case of a payee not having PAN for whom tax is to be deducted at source u/s 194A, the rate applicable is _____

23. Amount received under Keyman Insurance Policy including bonus thereon is _______ (income/exempted income) under the Income-tax Act, 1961

24. When Mr. Ashwin received Rs. 20,000 as scholarship for meeting the cost of education it is ________

25. The obligation to pay advance tax arises in every case where the advance tax payable is __________ or more

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