Home > CS Executive > Quizzes > CS Executive Practice Test: Income from Other Sources – CS Executive Tax Laws
CS Executive Practice Test: Income from Other Sources – CS Executive Tax Laws
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 63% • Most missed: “Ms. Sitara is in receipt of family pension of ₹ 15,000 p.m. during 2020-2021. In…”
CS Executive Practice Test: Income from Other Sources – CS Executive Tax Laws
Time left 00:00
19 Questions

1. In the hands of Mr. Sarath, a salaried employee, the following income shall be chargeable to tax as income under the head 'Income from other sources':
(i) Dividend
(ii) Income from the hiring of machinery
(iii) Winning from Lottery
(iv) Interest on securities
Select the correct answer from the options given below:
2. John, engaged in fertilizer trade, received rent by sub-letting a building. This will be taxable under the head
3. ABC Pvt. Ltd. has a business loss of ₹ 10 lakhs. There is unexplained share application money to the tune of ₹ 25 lakhs.
The total income of the company will be:
4. Ms. Sitara is in receipt of family pension of ₹ 15,000 p.m. during 2020-2021. Income chargeable to tax for AY 2021-22 of Ms. Sitara is
5. Akshay received a gift of ₹ 35,000 each on 22nd May 2020 from his three friends.
The amount chargeable to tax, in this case, would be
6. Where a firm or closely held company received from any person any property being shares of the closely held company without consideration:
7. A private limited company engaged in manufacturing activity had a general reserve of ₹ 20 lakhs. It granted a loan of ₹ 5 lakhs to a director who held 13% shareholding cum voting rights in the company. The said loan was re-paid by him before the end of the year.
The amount of deemed dividend arising out of the above transaction is
8. A lady received gifts worth ₹ 1,00,000 from her relatives as defined under the Income-tax Act, 1961, and ₹ 60,000 from her office colleagues on her marriage anniversary.
The taxable amount of gifts would be
9. Amit received ₹ 70,000 being winnings from lottery after deduction of tax at source.
His gross winnings from the lottery to be included in the total income is
10. Babu Lai won a prize of ₹ 1,00,000 in Rajasthan State Lottery and the Lottery Department paid him an amount of ₹ 70,000 after deduction of tax at source of 130,000. He had purchased lottery tickets for ₹ 8,000.
The amount chargeable to tax in the hands of Babu Lai under other sources shall be:
11. Ms. Anshu received a dividend of ₹ 80,000 for her equity shareholding in MNO Ltd. (a listed company). She paid an interest of ₹ 12,500 for the amounts borrowed for investment in those shares. The taxable dividend income would be:
12. While making payment of winnings from horse race, the tax will be deducted at source, if the payment exceeds
13. R has taken a house on rent and sublets the same to G. Income from such house property shall be taxable under the head:
14. Which of the following is not included in taxable income:
15. Libra P. Ltd. engaged in trading activity had accumulated profits of ₹ 15,00,000 as of 1.4.2020, Mr. Gautam having 30% of the equity shares and voting rights in the company received ₹ 5 lakhs as loan on 1-6-2020 from the company. The loan was repaid by him on 30-11-2020.
The amount liable to tax in the hands of Mr. Gautam as deemed dividend is:
16. Ram received ₹ 80,000 by way of gifts from friends upon retirement from service in a private company.
The amount of gift chargeable to income-tax would be:
17. A member of Parliament received ₹ 1,50,000 per month as salary and ₹ 4,50,000 as daily allowances during PY 2020-21. The taxable amount will be
18. The amount deductible from a family pension is up to:
19. Where a foreign institutional investor received income in respect of securities other than income by way of dividend referred to in section 115- O or received in respect of securities other than units referred to in section 115AB, such income is taxable @

⚡ Recently practiced quizzes in this topic
Live quiz activity
CS Executive Practice Test: Management of Cash & Marketable Securities CS Executive Practice Test: Custom Act, 1962 – CS Executive Tax Laws CS Executive Practice Test: Introduction to Strategic Management CS Executive Practice Test: Leverages CS Executive Practice Test: Cost of Capital CS Executive Practice Test: Business Policy & Formulation of Functional Strategy CS Executive Practice Test: Consolidation of Accounts – Corporate and Management Accounting CS Executive Practice Test: Overview of Accounting Standards – Corporate and Management Accounting CS Executive Practice Test: Receivable Management CS Executive Practice Test: Working Capital Management
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.