MCQOPTIONS
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MCQOPTIONS
This section includes 410 Mcqs, each offering curated multiple-choice questions to sharpen your Finance & Accounting knowledge and support exam preparation. Choose a topic below to get started.
| 251. |
According to section ........................ , TDS shall be payable during the financial year in respect of the total income of the assessee. |
| A. | 206 |
| B. | 207 |
| C. | 208 |
| D. | 210 |
| Answer» C. 208 | |
| 252. |
Section C applies on .......... |
| A. | Individual and HUF |
| B. | Co-operative Society |
| C. | Firm |
| D. | Company |
| Answer» B. Co-operative Society | |
| 253. |
Donation on PM’s National Relief Fund is deductible 100% out of the gross total income of the assessee, under section ...... |
| A. | 80C |
| B. | 80CC |
| C. | 80G |
| D. | 80GG |
| Answer» D. 80GG | |
| 254. |
Income of a minor child is included in the total income of ........................... |
| A. | Father |
| B. | Mother |
| C. | Parent whose income is greater |
| D. | Transferor of asset |
| Answer» D. Transferor of asset | |
| 255. |
Which of the following is eligible for 100% deduction ? |
| A. | National Children Fund |
| B. | Rajiv Gandhi Foundation |
| C. | National Sports Fund |
| D. | Nehru Memorial Fund |
| Answer» D. Nehru Memorial Fund | |
| 256. |
A partnership firm sold a residential house. The firm will get exemption under section .................... on capital gains |
| A. | Section 54D |
| B. | Section 54E |
| C. | Section 54C |
| D. | Section 54EC |
| Answer» E. | |
| 257. |
Which of the following is not a capital asset. |
| A. | stock in trade |
| B. | Goodwill |
| C. | Agricultural land in Mumbai |
| D. | Jewellary |
| Answer» B. Goodwill | |
| 258. |
Tax on short-term gain on sale of listed shares is...... |
| A. | 20% |
| B. | 25% |
| C. | 30% |
| D. | 15% |
| Answer» E. | |
| 259. |
Rate of T.D.S for unlisted securities, including cesses is....... |
| A. | 10.6% |
| B. | 15.6% |
| C. | 10% |
| D. | 30.6% |
| Answer» D. 30.6% | |
| 260. |
Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ... |
| A. | Another residential house |
| B. | Land |
| C. | Shares |
| D. | Jewellery |
| Answer» B. Land | |
| 261. |
Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ...? |
| A. | Another residential house |
| B. | Land |
| C. | Shares |
| D. | Jewellery |
| Answer» B. Land | |
| 262. |
Short term capital gain on sale of unlisted shares are.... |
| A. | Taxable |
| B. | Exempted |
| C. | Partially Exempted. |
| D. | Partially Taxable. |
| Answer» B. Exempted | |
| 263. |
Which one of the following is not an admissible expense |
| A. | Income tax |
| B. | Excise duty |
| C. | Bad debt |
| D. | Sales tax |
| Answer» B. Excise duty | |
| 264. |
Long term capital gain on sale of unlisted shares are......... |
| A. | Taxable |
| B. | Exempted |
| C. | Partially Exempted. |
| D. | Partially Taxable |
| Answer» B. Exempted | |
| 265. |
Cost inflation rules for the purpose of long term capital gain has been notified by central government every year starting from the financial year......... |
| A. | 1991-92 |
| B. | 1985-86. |
| C. | 1981-82 |
| D. | 1975-76 |
| Answer» D. 1975-76 | |
| 266. |
Cost of improvement incurred prior to 1.4.81 is....... |
| A. | Indexed separately. |
| B. | Indexed along with cost of acquisition |
| C. | Ignored fully |
| D. | None of these |
| Answer» D. None of these | |
| 267. |
FMV on 1.4.81 is applicable to assets...... |
| A. | Acquired prior to 1.4.81 |
| B. | Transferred prior to 1.4.81. |
| C. | Acquired after 1.4.81 |
| D. | None of the above |
| Answer» B. Transferred prior to 1.4.81. | |
| 268. |
Cost of long term debentures are........ |
| A. | Eligible for indexing |
| B. | Not eligible for indexing |
| C. | None of these |
| D. | All the above |
| Answer» C. None of these | |
| 269. |
Indexation is applicable to....... |
| A. | Sale of short term capital assets. |
| B. | Sale of long term debentures |
| C. | Sale of depreciable capital assets |
| D. | Sale of long term capital assets which are not depreciable assets |
| Answer» E. | |
| 270. |
House property held for less than 36 months is......... |
| A. | Long term capital asset |
| B. | Short term capital asset. |
| C. | Exempted capital asset. |
| D. | projected capital asset. |
| Answer» C. Exempted capital asset. | |
| 271. |
To be a long term capital asset, a non financial asset should be held more than..... |
| A. | 12 months |
| B. | 24 months. |
| C. | 36 months |
| D. | 60 months |
| Answer» D. 60 months | |
| 272. |
Shares held for less than 12 months are...... |
| A. | Short term capital asset. |
| B. | Long term capital asset |
| C. | Exempted capital asset |
| D. | projected capital asset. |
| Answer» B. Long term capital asset | |
| 273. |
What is the time limit for holding of a Financial Asset, to be called Short Term Capital Asset? |
| A. | Not more than 6 months. |
| B. | Not more than 12 months |
| C. | Not more than 24 months |
| D. | Not more than 36 months |
| Answer» C. Not more than 24 months | |
| 274. |
Under section 44AB ‘specified date’ means, ......... |
| A. | 30th June |
| B. | 30th September |
| C. | 30th November |
| D. | 31st DEcember |
| Answer» C. 30th November | |
| 275. |
Income from sale of rural Agricultural land is....... |
| A. | Taxable capital gain |
| B. | Exempted capital gain. |
| C. | Taxable income |
| D. | None of these |
| Answer» C. Taxable income | |
| 276. |
Rate of depreciation on non residential building is..... |
| A. | 10%. |
| B. | 15% |
| C. | 20% |
| D. | 25% |
| Answer» B. 15% | |
| 277. |
Additional depreciation is allowed at half the rate, if the asset is used in the initial year for..... |
| A. | 195 days |
| B. | 199 days |
| C. | 360 days. |
| D. | Less than 180 days |
| Answer» E. | |
| 278. |
If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is..... |
| A. | Normal Rate |
| B. | 50% of Normal Rate |
| C. | Nil |
| D. | None of these |
| Answer» C. Nil | |
| 279. |
Rate of depreciation on residential building is... |
| A. | 5% |
| B. | 10% |
| C. | 15% |
| D. | 20% |
| Answer» B. 10% | |
| 280. |
Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of ........... |
| A. | 1/5th of Annual Value |
| B. | 30% of Annual Value |
| C. | 25% of Annual Value |
| D. | 20% of Annual Value |
| Answer» C. 25% of Annual Value | |
| 281. |
Which of the following is exempted |
| A. | C.C.A |
| B. | D.A |
| C. | Foreign Allowance |
| D. | Medical Allowance |
| Answer» D. Medical Allowance | |
| 282. |
Excise duty and sales tax are allowed as deduction if paid before... |
| A. | Late date of filing of return |
| B. | Previous year end |
| C. | Before 31 st December of the previous year |
| D. | after 31 st December of previous year. |
| Answer» B. Previous year end | |
| 283. |
Technical know-how acquired after 1.4.98 is eligible for depreciation at....... |
| A. | 10% p.a |
| B. | 20% p.a |
| C. | 25% p.a |
| D. | 40% p.a. |
| Answer» D. 40% p.a. | |
| 284. |
Commuted value of pension is fully exempted in case of............ |
| A. | an employee of private sector |
| B. | an employee of a public sector undertaking. |
| C. | a Govt. employee |
| D. | none of these |
| Answer» D. none of these | |
| 285. |
Employers contribution to RPF is exempted up to.... |
| A. | 10% of salary. |
| B. | 13% of salary. |
| C. | 12% of salary. |
| D. | 11% of salary |
| Answer» D. 11% of salary | |
| 286. |
Interest on RPF balance is exempted up to.......... |
| A. | 9.75%. |
| B. | 9.5% |
| C. | 10% |
| D. | 12% |
| Answer» C. 10% | |
| 287. |
Value of rent free accommodation in case of Govt. employee shall be taxable up to... |
| A. | 15% of employees salary |
| B. | 7.5% of employees salary. |
| C. | License fee fixed by Govt |
| D. | 10% of employees salary |
| Answer» D. 10% of employees salary | |
| 288. |
Value of rent free accommodation a house owned by employer in case of non- Govt. employees with above 25 lakhs population is......... |
| A. | 10% of employees salary |
| B. | 15% of employees salary |
| C. | 7.5% of employee salary |
| D. | 20% of employees salary |
| Answer» C. 7.5% of employee salary | |
| 289. |
The value of Interest free concessional loans to employees is determined on the basis of lending rates of ..................... for the same purpose |
| A. | S.B.I. |
| B. | R.B.I |
| C. | Central govt |
| D. | State govt. |
| Answer» B. R.B.I | |
| 290. |
Which of the following is not a capital receipt? |
| A. | 'Salami' for settlement of Tenancy |
| B. | Insurance claim received on machinery lost by fire |
| C. | Lump sum received on sale of shares |
| D. | Goods sold for cash |
| Answer» E. | |
| 291. |
As per the first basic condition to determine residential status, a person should have been in India during the previous year concerned for.... |
| A. | 60 days or more |
| B. | 120 days or more |
| C. | 182 days or more |
| D. | 240 days or more |
| Answer» D. 240 days or more | |
| 292. |
In case of residential status of HUF ,firm and AOP if control and management are wholly outside India they are deemed as..... |
| A. | Resident |
| B. | Ordinarily Resident |
| C. | Non resident |
| D. | None of these |
| Answer» D. None of these | |
| 293. |
An individual who wants to be resident of India must stay in India for at least..... |
| A. | 730 days in 10 previous years |
| B. | 182 days in the previous year |
| C. | 365 days in the previous year |
| D. | 150 days in the previous year |
| Answer» C. 365 days in the previous year | |
| 294. |
An individual who wants to be resident of India must satisfy at least...... |
| A. | One of the Two basic conditions |
| B. | Both the basic conditions |
| C. | Both the additional conditions |
| D. | Both the basic conditions and the additional conditions |
| Answer» B. Both the basic conditions | |
| 295. |
Salary paid by an employer out of capital will be........ |
| A. | a revenue receipt in the hands of employee |
| B. | a capital receipt in the hands of employee |
| C. | a casual receipt |
| D. | None of the above. |
| Answer» B. a capital receipt in the hands of employee | |
| 296. |
Salary received by a partner from the firm in which he is a partner is taxable under the head..... |
| A. | Income from salary |
| B. | Capital gains |
| C. | Profits and gains of business or profession |
| D. | Income from other sources |
| Answer» D. Income from other sources | |
| 297. |
Family pension received by the widow of a deceased employee is taxable under the head.... |
| A. | Income from salary |
| B. | Capital gains |
| C. | Profits and gains of business or profession |
| D. | Income from other sources |
| Answer» E. | |
| 298. |
The following is not taxable as income under the head "Salaries". |
| A. | Commission received by a full time director |
| B. | Remuneration received by a partner |
| C. | Allowances received by an employee |
| D. | Free accommodation given to an employee |
| Answer» C. Allowances received by an employee | |
| 299. |
Unabsorbed depreciation can be carried forward for set off.......... |
| A. | for a period of four years only. |
| B. | for a period of eight years only. |
| C. | for an unlimited number of years. |
| D. | for a period of eighteen years only. |
| Answer» D. for a period of eighteen years only. | |
| 300. |
Rate of depreciation on furniture is ......... |
| A. | 5% |
| B. | 15% |
| C. | 10% |
| D. | 20% |
| Answer» D. 20% | |