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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. Preliminary expenses that can be amortized under the Income-tax Act 1961 has to be restricted to ______________ of the cost of the Project.
2. When the return of income for the assessment year 2017-18 is filed under Section 139(4), the assessee can revise the return on or before-
3. Where a partner of a firm transfers any capital asset to the firm by way of capital contribution, for the purpose of computing capital gain in the hands of the partner, the amount of deemed consideration is
4. Mr. A has loss from regular business of Rs. 8lakhs and income from speculation business of Rs. 11 lakhs. His total income chargeable to tax would be
5. If total income of a person is Rs. 2,67,888.34, it shall be rounded off to:
6. In case of an individual or HUF, agricultural income is
7. Which of the following is taxable under the head
8. Long term capital loss can be adjusted against
9. Loss from specified business covered u/s 35AD can be adjusted against the income of
10. When Mr. Avinash earned long-term capital gain of Rs. 1,80,000 on sale of listed shares, his total income being Rs. 10 lakhs, the amount of income-tax (including cess) on the said long-term capital gain would be _________ .
11. Preliminary expenses are incurred in every business. What are the expenses that qualify for deduction u/s.35D?
12. Deduction under Section 32AD is allowed to:
13. Where assessment has not been completed, belated income tax return for assessment year 2018-19 can be filed upto
14. Maximum Marginal Rate for the A.Y. 2018-19 is _______________________ .
15. Caution money forfeited by the assessee is:
16. Which of the following can be corrected while processing the return of income under section 143(1)?
17. TDS U/s 193 in respect of interest on securities if payee does not furnish PAN is:
18. TDS on interest on securities is covered under section
19. Which of the following is not a case of deemed ownership of house property?
20. Interest relating to pre-construction period is allowable:
21. Following form number is to be used for filing the return of income by an individual having business income?
22. Maximum amount of exemption available in respect of amount received under voluntary retirement scheme is:
23. Ms. Jothi (aged 23) got married and left India to join her husband in the United Kingdom on 10.06.2017. She had never left India earlier. Her residential status for the assessment year 2018-19 is:
24. Any income from an asset transferred to spouse without adequate consideration is clubbed in the hands of the transferor if:
25. In case of self-occupied house property, following category of person are considered:

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