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CS Executive Practice Test: Basic Concepts – CS Executive Tax Laws
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CS Executive Practice Test: Basic Concepts – CS Executive Tax Laws
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1. HSK, an LLP had taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th September 2020 and an amount of ₹ 75 lakh was paid by the insurers to the managing partner. The amount so received on maturity of the policy by the managing partner is:
2. Metro Ltd., a domestic company, is assessed with a total income of ₹ 11.25 Crore. The surcharge payable by the company shall be at the rate of:
3. Surcharge on the amount of tax is to be levied at a specified percentage when an individual is having income exceeding specified limits:
4. Under the Income-tax Act, 1961 the term ‘assessee’ means a person:
5. Raghu traced a missing girl by spending ₹ 20,000. For this, he was awarded a sum of ₹ 1,20,000; In this case, the award is taxable to the extent of:
6. ‘Income’ u/s 2(24) includes:
(i) The profits and gains of a banking business carried on by a cooperative society with its members.
(ii) Any advance money forfeited in the course of negotiations for the transfer of capital asset.
Choose the correct option with reference to the above statements:
7. The Apex Court in the case of CIT-Gujarat v. Saurashtra Cements Ltd. (2010) 233 CTR 209 has held that liquidated damages received from the supplier on account of delay in the supply of plant and machinery shall be treated in the nature of :
8. ‘Income’ u/s 2(24) includes:
(i) The profits and gains of a banking business carried on by a cooperative society with its members.
(ii) Any advance money forfeited in the course of negotiations for the transfer of capital asset.
Choose the correct option with reference to the above statements:
9. As per Section 2(31) of the Income-tax Act, 1961, the following is not included in the definition of ‘person’:
10. Tax exemption limit for a resident senior citizen having age below 80 years is (between 60 to 80 yrs.):
11. The Central Board of Direct Taxes (CBDT) is headed by Chairman and also comprises six members. The Chairman and all the Members of the CBDT are being selected:
12. AB & Co. received 7 2,00,000 as compensation from CD & Co. for premature termination of the contract of the agency. The amount so received is
13. Normal rates of income tax are prescribed in the:
14. For a domestic company whose turnover never been above ₹ 400 Crore, the minimum amount of total income liable for a surcharge and the rate of surcharge applicable therein are:
15. The Apex Court in the case of CIT-Gujarat v. Saurashtra Cements Ltd. (2010) 233 CTR 209 has held that liquidated damages received from the supplier on account of delay in the supply of plant and machinery shall be treated in the nature of :
16. Income-tax on the income from the transfer of Carbon Credit under section 115BG of Income-tax, Act, 1961 derived /earned during the previous year 2020-2021 shall be taxable:
17. A domestic company has a total income of ₹ 120 lakh. The rate of surcharge is applicable on income-tax would be:
18. Dr. Ashok commenced medical practice on 1st September 2020. The previous year for the profession for the assessment year 2021-2022 would be
19. Raghu traced a missing girl by spending ₹ 20,000. For this, he was awarded a sum of ₹ 1,20,000; In this case, the award is taxable to the extent of:
20. Surcharge on the amount of tax is to be levied at a specified percentage when an individual is having income exceeding specified limits:
21. Raman & Co., a partnership firm, received ₹ 5,00,000 from an insurance company under the keyman insurance policy consequent to the demise of partner Pramod. The amount of premium ₹ 2,30,000 paid earlier was claimed as a deduction under Section 37 by the firm. The amount received from the insurance company is:
22. As per Income-tax Act, 1961 surcharge @ 12% is payable by a domestic company if the total income exceeds:
23. An assessee, being an individual resident in India, is entitled to a deduction, from the amount of income tax on his total income which is chargeable for an assessment year, of an amount equal to 100% of such income tax or a lesser amount. The maximum amount of total income qualifying for such deduction and the maximum amount of deduction so available is:
24. According to Section 2(24) definition of ‘income’ is:
25. Arul Industries got a waiver of Goods & Services Tax (GST) of ₹ 2,20,000 for the current financial year. The amount of waiver is

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