
IFOS Final 2
Authored by MANOJ FDSFDSF
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Professional Development

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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q1. Deemed Dividend includes_________
(a) Dividend declared by the company
(b) Distribution of debentures, or deposit certificates
(c) Distribution by the company on reduction of its capital
(d) Both (b) and (c)
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q2. Mr. A, a shareholder received dividends from ABC Ltd. of Rs. 50,000. He incurred some expenses to get such dividends which are commission to a broker of Rs. 5,000 and Rs. 20,000 as interest payment for a loan which was taken to buy shares of ABC Ltd. How much deduction he can claim against the income of Rs. 50,000?
(a) Rs. 25,000
(b) Rs. 20,000
(c) Rs. 4,000
(d) Rs. 10,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q3. Income from gambling activities is taxable at the rate of ______.
(a) 10%
(b) 20%
(c) 30%
(d) 40%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q4. Whether any deduction is allowed for expenditure incurred for earning income from the lottery?
(a) Yes
(b) No
(c) May be
(d) Allowed with certain limit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q5. Any excess premium received on the issuance of ________ issued by a closely held company from any person is considered taxable under the head income from other sources where the consideration received exceeds the face value and fair market value.
(a) Equity shares
(b) Preference shares
(c) Both a and b
(d) None of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q6. Interest on compensation or enhanced compensation is taxable in the year of _________
a) Compulsory acquisition of asset
b) Receipt of the compensation
c) Accrual of interest on such compensation
d) Receipt of interest on such compensation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Q7. How much deduction shall be allowed if a taxpayer has interest income on compensation or enhanced compensation?
(a) All expenses incurred on earning such interest
(b) 20% of such interest
(c) 50% of such interest
(d) No deduction is allowed
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