MCQOPTIONS
Saved Bookmarks
MCQOPTIONS
This section includes 62 Mcqs, each offering curated multiple-choice questions to sharpen your Cost Accounting knowledge and support exam preparation. Choose a topic below to get started.
| 51. |
Medical insurance premium incurred for senior citizen is eligible for deduction up to ________ under section 80D. |
| A. | Rs. 30,000 |
| B. | Rs. 50,000 |
| C. | Rs. 1,00,000 |
| D. | Rs. 60,000 |
| Answer» C. Rs. 1,00,000 | |
| 52. |
Mr. Ramji is employed in ABC Ltd. who maintained a hospital for treatment of employees. During the financial year 2015-16, the value of medical benefit availed by Ramji s family from the hospital was Rs. 2,10,000. The amount of medical perquisite chargeable to income tax would be |
| A. | Rs. 2,10,000 |
| B. | Rs. 1,05,000 |
| C. | Rs. 21,000 |
| D. | Nil |
| Answer» B. Rs. 1,05,000 | |
| 53. |
Short-term capital gain on sale of listed shares (STT paid) in a recognized stock exchange is chargeable to income-tax @ ______ %. |
| A. | 10 |
| B. | 15 |
| C. | 20 |
| D. | 30 |
| Answer» C. 20 | |
| 54. |
The time limit for acquisition or construction of self-occupied house property for claiming deduction of interest is: |
| A. | 3 years |
| B. | 5 years |
| C. | 8 years |
| D. | 10 years |
| Answer» C. 8 years | |
| 55. |
An employer has paid medical insurance premium of Rs. 12,000 in respect of a salaried employee drawing annual salary of Rs. 6 lakhs. The amount of perquisite charged in the hands of employee is |
| A. | Nil |
| B. | Rs. 6,000 |
| C. | Rs.12,000 |
| D. | None of the above |
| Answer» B. Rs. 6,000 | |
| 56. |
When a motor car is sold for Rs.12 lakhs by a dealer to a buyer holding PAN, the amount of tax collectible as source shall be _______ . |
| A. | Rs.12,000 (1%) |
| B. | Rs. 24,000 (2%) |
| C. | Rs. 1,20,000(10%) |
| D. | NIL |
| Answer» B. Rs. 24,000 (2%) | |
| 57. |
An individual can claim deduction from his gross total income in respect of expenditure for the medical treatment of a dependent, being a person with disability upto maximum limit of |
| A. | Rs. 50,000 |
| B. | Rs. 1,00,000 |
| C. | Rs. 75,000 |
| D. | Rs. 1,25,000 |
| Answer» E. | |
| 58. |
Maximum amount of exemption available in respect of amount received under voluntary retirement scheme is: |
| A. | Rs. 2,00,000 |
| B. | Rs. 3,00,000 |
| C. | Rs. 4,00,000 |
| D. | Rs. 5,00,000 |
| Answer» E. | |
| 59. |
Tax payable by a resident individual, if he has long term capital gain of Rs. 2,60,000 but has no other income is: |
| A. | Rs. 1000 plus cess |
| B. | Rs. 26,000 plus cess |
| C. | Rs. 52,000 plus cess |
| D. | None of above |
| Answer» E. | |
| 60. |
A winning from lotteries is Rs. 50,000 and expenses incurred to earn such income is Rs. 5,000. Its taxable income is |
| A. | Rs. 50,000 |
| B. | Rs. 45,000 |
| C. | Nil |
| D. | None of above |
| Answer» B. Rs. 45,000 | |
| 61. |
Net salary after deducting tax at source Rs. 10,000 is Rs. 2,50,000 .The amount of taxable salary is: |
| A. | Rs. 2,40,000 |
| B. | Rs. 2,50,000 |
| C. | Rs. 2,60,000 |
| D. | None of the above |
| Answer» D. None of the above | |
| 62. |
Amount of deduction in respect of donation to approved scientific research institution u/s 80GGA is: |
| A. | 100% of such donation |
| B. | 200% of such donation |
| C. | 175% of such donation |
| D. | None of above |
| Answer» B. 200% of such donation | |