MCQOPTIONS
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MCQOPTIONS
This section includes 28 Mcqs, each offering curated multiple-choice questions to sharpen your Master of Commerce (MDotcom) knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
For the A.Y 2019-20, an individual who is resident in India, is eligible for rebate if his total income does not exceed: |
| A. | Rs: 3,00,000 |
| B. | Rs: 5,00,000 |
| C. | Rs: 3,50,000 |
| D. | Rs: 3,40,000 |
| Answer» D. Rs: 3,40,000 | |
| 2. |
A citizen of India who goes abroad for the purpose of employment, must stay in India for a period of at least ..................... days during the P.Y. to become ordinarily resident. |
| A. | 60 days |
| B. | 182 days |
| C. | 90 days |
| D. | 180 days |
| Answer» C. 90 days | |
| 3. |
The deduction allowed in respect of payment made to an approved university for social research is: |
| A. | 200% |
| B. | 150% |
| C. | 125% |
| D. | 100% |
| Answer» E. | |
| 4. |
Under which section, a firm is eligible for exemption in respect of long term capital gain arising from the sale of a residential house: |
| A. | Sec. 54S |
| B. | Sec. 54EC |
| C. | Sec. 54D |
| D. | Sec. 54F |
| Answer» C. Sec. 54D | |
| 5. |
Which among the following is not chargeable to tax under the head, income from other sources? |
| A. | Winnings from lottery |
| B. | Interest from bank |
| C. | Dividend from co-operative society |
| D. | Profit on sale of the goodwill of a business |
| Answer» E. | |
| 6. |
The rate of surcharge if total income of an individual assessee exceeds Rs:fifty lakh but does not exceed Rs: one crore is: |
| A. | 7.5% |
| B. | 10% |
| C. | 15% |
| D. | 20% |
| Answer» C. 15% | |
| 7. |
When the income of minor child is included in the income of parent, then parent is entitled to an exemption up to: |
| A. | Rs: 1,000 per child |
| B. | Rs: 1,500 per child |
| C. | Rs: 3,000 per child |
| D. | None of these |
| Answer» C. Rs: 3,000 per child | |
| 8. |
The unabsorbed loss under Income from house property shall be carried forward and set-off in subsequent assessment years up to a maximum of ............................... years against income from house property. |
| A. | 4 years |
| B. | 6 years |
| C. | 8 years |
| D. | 12 yeas |
| Answer» D. 12 yeas | |
| 9. |
The losses from specified business can be carried forward and can be set-off against profits of: |
| A. | Specified business only |
| B. | Speculative business only |
| C. | Non-speculative business only |
| D. | Any business |
| Answer» B. Speculative business only | |
| 10. |
The aggregate amount of deduction under section 80 C, section 80 CCC and section 80 CCD(1) shall not exceed: |
| A. | Rs: 1,00,000 |
| B. | Rs: 1,50,000 |
| C. | Rs: 2,00,000 |
| D. | Rs: 5,00,000 |
| Answer» C. Rs: 2,00,000 | |
| 11. |
Which among the following deals with deduction in respect of donation to certain funds, charitable institution, etc? |
| A. | 80E |
| B. | 80EE |
| C. | 80G |
| D. | 80GG |
| Answer» D. 80GG | |
| 12. |
The deduction in respect of medical treatment of a dependent who is a person with disability is: |
| A. | Rs: 1,50,000 |
| B. | Rs: 1,25,000 |
| C. | Rs: 75,000 |
| D. | None of these |
| Answer» D. None of these | |
| 13. |
Which among the following deals with deduction in respect of royalty income of authors? |
| A. | 80JJA |
| B. | 80QQB |
| C. | 80TTB |
| D. | 80P |
| Answer» C. 80TTB | |
| 14. |
With effect from A. Y. 2018-19, donation should be paid in any mode other than cash when it exceeds: |
| A. | Rs: 2,000 |
| B. | Rs: 2,500 |
| C. | Rs: 3,000 |
| D. | Rs: 10,000 |
| Answer» B. Rs: 2,500 | |
| 15. |
While computing the total income, an individual assessee with disability is entitled to a deduction of: |
| A. | Rs: 50,000 |
| B. | Rs: 75,000 |
| C. | Rs: 1,25,000 |
| D. | Rs: 1,50,000 |
| Answer» C. Rs: 1,25,000 | |
| 16. |
The maximum amount of exemption in respect of gratuity received by an employee covered by the Payment of Gratuity Act is: |
| A. | Rs: 2,50,000 |
| B. | Rs: 5,00,000 |
| C. | Rs: 10,00,000 |
| D. | Rs: 20,00,000 |
| Answer» E. | |
| 17. |
Commuted pension received by a non-government employee, who has not received gratuity shall be exempt: |
| A. | of total pension |
| B. | of total pension |
| C. | 1/3 of total pension |
| D. | 2/3 of total pension |
| Answer» C. 1/3 of total pension | |
| 18. |
The exemption of retrenchment compensation received by an employee under Industrial Dispute Act shall not exceed: |
| A. | Rs: 2,50,000 |
| B. | Rs: 3,00,000 |
| C. | Rs: 5,00,000 |
| D. | Rs: 10,00,000 |
| Answer» D. Rs: 10,00,000 | |
| 19. |
The exemption of leave salary received by a non-government employee at the time of retirement shall not exceed: |
| A. | Rs: 2,50,000 |
| B. | Rs: 3,00,000 |
| C. | Rs: 5,00,000 |
| D. | Rs: 10,00,000 |
| Answer» C. Rs: 5,00,000 | |
| 20. |
Value of facility of a house, owned by the employer, provided to an employee in the city where the population is 15 lakh, shall be: |
| A. | 7.5% of salary |
| B. | 10% of salary |
| C. | 15% of salary |
| D. | 24% of salary |
| Answer» C. 15% of salary | |
| 21. |
The annual value of a house property is Rs:1,40,000. Mr. X and Mr. Y are equal co- owners of the house. X s income from house property shall be: |
| A. | Rs: 70,000 |
| B. | Rs: 1,40,000 |
| C. | Rs: 49,000 |
| D. | Zero |
| Answer» D. Zero | |
| 22. |
Children education allowance is exempt up to .................. per month per child for a maximum of two children. |
| A. | Rs: 100 |
| B. | Rs: 200 |
| C. | Rs: 300 |
| D. | Rs: 500 |
| Answer» B. Rs: 200 | |
| 23. |
Children hostel allowance is exempt up to .................. per month per child for a maximum of two children. |
| A. | Rs: 100 |
| B. | Rs: 200 |
| C. | Rs: 300 |
| D. | Rs: 500 |
| Answer» D. Rs: 500 | |
| 24. |
An assessee paid Rs: 64,000 as interest on a loan taken in the P.Y 2018-19 for the renovation of self-occupied house. While computing income from H.P, he is eligible for deduction to the extent of: |
| A. | Rs: 64,000 |
| B. | Rs: 30,000 |
| C. | Rs: 1,20,000 |
| D. | Zero |
| Answer» C. Rs: 1,20,000 | |
| 25. |
The standard deduction u/s 24(a) shall be................. , if the Annual Value of the H.P. is Rs: 60,000. |
| A. | Rs: 18,000 |
| B. | Rs: 30,000 |
| C. | Rs: 15,000 |
| D. | Rs: 60,000 |
| Answer» B. Rs: 30,000 | |
| 26. |
If a company spent Rs: 80,000 as preliminary expenses on 31st March, 2018, the allowable deduction is: |
| A. | Rs: 8,000 |
| B. | Rs: 16,000 |
| C. | Rs: 20,000 |
| D. | Rs: 40,000 |
| Answer» C. Rs: 20,000 | |
| 27. |
An individual assessee with severe disability is entitled to a deduction of ................. while computing his total income. |
| A. | Rs: 50,000 |
| B. | Rs: 75,000 |
| C. | Rs: 1,25,000 |
| D. | Rs: 1,50,000 |
| Answer» D. Rs: 1,50,000 | |
| 28. |
If a businessman spends certain amount for advertisement in a souvenir of a political party, he is eligible for deduction from: |
| A. | Income from other sources |
| B. | Profits and gains from business or profession |
| C. | Gross total income |
| D. | None f these |
| Answer» D. None f these | |