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.
| 401. |
Compensation received for loss of trading asset is a.......... |
| A. | Capital receipt |
| B. | Revenue receipt |
| C. | a casual receipt. |
| D. | None of the above |
| Answer» B. Revenue receipt | |
| 402. |
Compensation for cancellation of a licence by the government resulting in cessation of business is........................ |
| A. | a casual receipt |
| B. | a capital receipt |
| C. | a revenue receipt |
| D. | None of the above |
| Answer» D. None of the above | |
| 403. |
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. | |
| 404. |
Income by way of rent of agricultural land is .......... |
| A. | A revenue receipt. |
| B. | A casual receipt |
| C. | A capital receipt. |
| D. | None of these. |
| Answer» C. A capital receipt. | |
| 405. |
Income by way of rent of agricultural land is .......... |
| A. | Business income |
| B. | Agricultural income |
| C. | Income from other sources |
| D. | Casual income |
| Answer» D. Casual income | |
| 406. |
Income Tax Act came into force on........... |
| A. | 01-04-1961 |
| B. | 01-04-1962 |
| C. | 01-04-1956 |
| D. | 01-04-1965 |
| Answer» C. 01-04-1956 | |
| 407. |
How many heads of income are there to compute Gross total income. |
| A. | Six |
| B. | Five |
| C. | Four |
| D. | Three |
| Answer» C. Four | |
| 408. |
Residential status is determined for................ |
| A. | Previous year |
| B. | Assessment year |
| C. | Accounting year |
| D. | Financial year. |
| Answer» B. Assessment year | |
| 409. |
Unabsorbed depreciation can be carried forward for set off.............. |
| A. | for a period of four years only. |
| B. | for an unlimited number of years. |
| C. | for a period of eight years only. |
| D. | for a period of eighteen years only. |
| Answer» C. for a period of eight years only. | |
| 410. |
Under the income- tax act, the incidence of taxation depends on........ |
| A. | The citizenship of the tax-payer |
| B. | The age of the taxpayer |
| C. | The residential status of the tax-payer |
| D. | The gender of the taxpayer |
| Answer» D. The gender of the taxpayer | |