Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Income which do not form part of Total Income

Articleship assessment test ICAI – MCQ

Question 1:- 

Which of the following income/s do not form part of Total Income?

(a) Income of newly established units in Special Economic Zones, eligible for benefit u/s 10AA.

(b) Income of political parties

(c) Income of an Electoral Trust

(d) All of the above

Question 2:- 

As per section 10(2), any sum received by an individual, as a member of HUF is ____________ in the hands of such member.

(a) Taxable

(b) Exempt

(c) Partly Taxable

(d) None of the above

Question 3:- 

As per section 10, which of the following income/s are not exempt from tax?

(a) Share or profit of a partner in total income of the firm

(b) Interest received by an individual on account of amount standing to his credit in a Non Resident external Account in India

(c) Salary received by a non-resident employee who is not a citizen of India on a foreign ship whose stay in India is 92 days in the previous year

(d) Remuneration received by foreign government employee during his training in India

Question 4:- 

As per section 10(6)(viii), a non-resident employed on a foreign ship must stay in India for a period not exceeding __________ in order to exempt his income from tax.

(a) 90 days

(b) 100 days

(c) 182 days

(d) 212 days

Question 5:- 

Any sum received under a Keyman Insurance Policy is _________ u/s 10(10D).

(a) Taxable

(b) Exempt from tax

(c) Taxable upto specified amount

(d) None of the above

Answers

1. (d) All of the above
2. (b) Exempt
3. (c) Salary received by a non-resident employee who is not a citizen of India on a foreign ship whose stay in India is 92 days in the previous year
4. (a) 90 days
5. (a) Taxable