MCQOPTIONS
Saved Bookmarks
MCQOPTIONS
This section includes 526 Mcqs, each offering curated multiple-choice questions to sharpen your Civil Engineering knowledge and support exam preparation. Choose a topic below to get started.
| 101. |
How many heads of income are there to compute gross total income? |
| A. | six |
| B. | five |
| C. | four |
| D. | three |
| Answer» C. four | |
| 102. |
Which of the following shall not be regarded as capital asset? |
| A. | Jewellery |
| B. | Rural Agricultural land |
| C. | Archaeological Collections |
| D. | Paintings |
| Answer» C. Archaeological Collections | |
| 103. |
Income from horse race falls under the head |
| A. | Salary |
| B. | Other sources |
| C. | Profession |
| D. | Business |
| Answer» C. Profession | |
| 104. |
Income distributed by a money market mutual fund or liquid fund is taxable @------ |
| A. | 15% + Surcharge 10% + 4%HEC |
| B. | 20% + Surcharge 10% + 4%HEC |
| C. | 25% + Surcharge 10% + 4%HEC |
| D. | 30% + Surcharge 10% + 4%HEC |
| Answer» D. 30% + Surcharge 10% + 4%HEC | |
| 105. |
Which of the following is an objective of tax management? |
| A. | Minimize litigation |
| B. | Productive investment |
| C. | Compliance with legal formalities |
| D. | Healthy growth of economy |
| Answer» D. Healthy growth of economy | |
| 106. |
Tonnage tax system is exclusively intended to ------ |
| A. | Joint stock Companies |
| B. | partnership firms |
| C. | Sipping companies |
| D. | IT Companies |
| Answer» D. IT Companies | |
| 107. |
The income tax rate on long term capital gains for an individual is ………….. |
| A. | 10% |
| B. | 15% |
| C. | 20% |
| D. | 25% |
| Answer» D. 25% | |
| 108. |
_______________ is the casual income. |
| A. | Interest received |
| B. | Dividend income |
| C. | Pension received |
| D. | Winning from lotteries |
| Answer» E. | |
| 109. |
Tonnage tax is based on …………………... . |
| A. | net tonnage |
| B. | gross tonnage |
| C. | actual tonnage |
| D. | weighted average |
| Answer» B. gross tonnage | |
| 110. |
Under the head Income from House Property the basis of charge is …… |
| A. | Rent Received |
| B. | Gross Annual Value |
| C. | Annual Value |
| D. | Municipal Value |
| Answer» D. Municipal Value | |
| 111. |
When a receipt is determined as capital receipt or revenue receipt . |
| A. | at the time of it is received |
| B. | while preparing final account |
| C. | when the received amount is used |
| D. | none of these |
| Answer» B. while preparing final account | |
| 112. |
.Group of assets falling within a class of assets comprising of tangible & intangible assets isknown as : |
| A. | Group of assets |
| B. | Block of assets |
| C. | Set of assets |
| D. | Cluster of assets |
| Answer» C. Set of assets | |
| 113. |
A company carry forward the eligible tax credit under MAT for a maximum of ----- |
| A. | Five assessment years |
| B. | Eight assessment years |
| C. | Ten assessment years |
| D. | Twelve assessment years |
| Answer» D. Twelve assessment years | |
| 114. |
In accordance with the provisions of Section 17(1) of Income Tax Act, 1961, the term salaryincludes _______________ |
| A. | Any annuity or pension |
| B. | Any gratuity |
| C. | Any fees, commission, perquisite or profits in lieu of or in addition to any salary orwages |
| D. | All of the above |
| Answer» E. | |
| 115. |
Any corporation by or under any Central, State or Provincial Act or a Government Company asdefined in the Companies Act is called ----- |
| A. | Public Sector Company |
| B. | Joint company |
| C. | Private Sector company |
| D. | Provincial Company |
| Answer» B. Joint company | |
| 116. |
Preliminary expenses incurred are allowed deduction in: |
| A. | 10 equal annual instalments |
| B. | 5 equal annual instalments |
| C. | full |
| D. | None of these |
| Answer» C. full | |
| 117. |
Return filed after the due date is called |
| A. | Revised return |
| B. | Best return |
| C. | Belated return |
| D. | Defective return |
| Answer» D. Defective return | |
| 118. |
Flat rate of corporate tax for a domestic company with annual turnover up to Rs250 crore is |
| A. | 15% |
| B. | 25% |
| C. | 30% |
| D. | 35% |
| Answer» C. 30% | |
| 119. |
An assessee was engaged in the business of cattle rearing. He incurred a loss in respect ofanimals which were used for the purposes of his business (otherwise than as stock-in trade) and which have died. Such expenditure shall be considered as |
| A. | Revenue expenditure |
| B. | Capital expenditure |
| C. | Deferred revenue expenditure |
| D. | Illegal expenditure |
| Answer» B. Capital expenditure | |
| 120. |
Company is defined under |
| A. | Section 2 (17)of the Income Tax Act |
| B. | Section 2 (32)of the Income Tax Act |
| C. | Section 2 (14)of the Income Tax Act |
| D. | Section 2 (12)of the Income Tax Act |
| Answer» B. Section 2 (32)of the Income Tax Act | |
| 121. |
………… is exempted from income tax. |
| A. | Interest from Indian company |
| B. | Dividend from foreign company |
| C. | Cooperative dividend |
| D. | Dividend from Indian company |
| Answer» E. | |
| 122. |
Return of income must be furnished on or beforethe due date as per a part of----- |
| A. | Tax evasion |
| B. | Tax planning |
| C. | Tax avoidance |
| D. | Tax management |
| Answer» E. | |
| 123. |
Section 2 (234) relates to |
| A. | Indian company |
| B. | Domestic company |
| C. | Foreign company |
| D. | Widely held company |
| Answer» D. Widely held company | |
| 124. |
--------- is the implementation of the plan of tax |
| A. | Tax evasion |
| B. | Tax avoidance |
| C. | Tax management |
| D. | None of these |
| Answer» D. None of these | |
| 125. |
Which among the following is not available to companies? |
| A. | 80 IB |
| B. | 80 C |
| C. | 80 G |
| D. | None of these |
| Answer» C. 80 G | |
| 126. |
Assessee is having stock existing in the business. Valuation of stock will be at: |
| A. | Cost price |
| B. | Market price |
| C. | Cost or market price, whichever is less |
| D. | Cost or market price, whichever is more |
| Answer» D. Cost or market price, whichever is more | |
| 127. |
Availing tax holiday by a new industrial undertakings in backward areas is a case of |
| A. | Tax evasion |
| B. | Tax planning |
| C. | Tax avoidance |
| D. | Tax management |
| Answer» C. Tax avoidance | |
| 128. |
If the tax liability of a company is less than 18.5% of its book profits, the company is liable topay MAT at the rate of ------ |
| A. | 15% of books profits plus Surcharge) if any) plus 4% HEC |
| B. | 16% of books profits plus Surcharge)if any) plus 4% HEC |
| C. | 16.5% of books profits plus Surcharge)if any) plus 4% HEC |
| D. | 18.5% of books profits plus Surcharge(if any) plus 4% HEC |
| Answer» E. | |
| 129. |
Concealment of income or false claims to reduce tax liability are cases of ------ |
| A. | Tax evasion |
| B. | Tax planning |
| C. | Tax avoidance |
| D. | Tax management |
| Answer» B. Tax planning | |
| 130. |
Section 2(9) of Income tax deals with………….. |
| A. | Person |
| B. | Assessee |
| C. | Previous Year |
| D. | Assessment Year |
| Answer» E. | |
| 131. |
As per section 30, which expenditure incurred for a building used for the business or professionshall not be allowed as deduction? |
| A. | Rent, rates and taxes |
| B. | Insurance of building |
| C. | Repairs of building |
| D. | Capital expenditure |
| Answer» E. | |
| 132. |
Tax deduction available to certain industries for the initial few years is called----- |
| A. | Tax Holiday |
| B. | Tax |
| C. | TDS |
| D. | Advance |
| Answer» B. Tax | |
| 133. |
The employer made a contribution of Rs 25,000 to recognized provident fund for the previousyear 2018-19. Such payment was made on 12th March, 2019. Such expenditure shall be considered as |
| A. | Revenue expenditure |
| B. | Capital expenditure |
| C. | Deferred revenue expenditure |
| D. | None of the above |
| Answer» B. Capital expenditure | |
| 134. |
Compliance of the legal requirements in connection with the tax is the essence of ----- |
| A. | Tax evasion |
| B. | Tax planning |
| C. | Tax avoidance |
| D. | Tax management |
| Answer» E. | |
| 135. |
Subletting is assessable under the head ………………… |
| A. | Income from HP |
| B. | Income from Other Source |
| C. | Income from Capital Gain |
| D. | None of the above |
| Answer» C. Income from Capital Gain | |
| 136. |
CBDT stands for ………………………….. |
| A. | Central Bureau of Direct Taxes |
| B. | Central Board of Direct Taxes |
| C. | Citizen’s Board of Direct Taxes |
| D. | Citizen’s Bureau of Direct Taxes |
| Answer» C. Citizen’s Board of Direct Taxes | |
| 137. |
Income distributed by a fund other than a money market mutual fund or a liquid fund to anindividual or HUF is subject to CDT at the rate of |
| A. | 12.5% + Surcharge 10% + 4 % HEC |
| B. | 15% + Surcharge 10% + 4 % HEC |
| C. | 20% + Surcharge 10% + 4 % HEC |
| D. | 25% + Surcharge 10% + 4 % HEC |
| Answer» B. 15% + Surcharge 10% + 4 % HEC | |
| 138. |
Reciept of amount on maturity of LIC policy is ……………. . |
| A. | a revenue receipt |
| B. | capital receipt |
| C. | a casual receipt |
| D. | fixed receipt |
| Answer» C. a casual receipt | |
| 139. |
Education cess on tax payable is at.. |
| A. | 2% |
| B. | 1% |
| C. | 3% |
| D. | 5% |
| Answer» B. 1% | |
| 140. |
Tax management deals with : |
| A. | filing of return in time |
| B. | getting the accounts audited |
| C. | deducting tax at source |
| D. | all of the above |
| Answer» E. | |
| 141. |
Section 115JB relates to |
| A. | Tonnage Tax |
| B. | Corporate Dividend Tax |
| C. | MAT |
| D. | GST |
| Answer» D. GST | |
| 142. |
Which is the charging section of income under the head profits and gains of business orprofession? |
| A. | Section 15 |
| B. | Section 24 |
| C. | Section 28 |
| D. | Section 17 |
| Answer» D. Section 17 | |
| 143. |
Which among the following is not a widely held company |
| A. | Mutual Benefit Finance Company |
| B. | Private Limited Company |
| C. | Limited Company |
| D. | None of these |
| Answer» C. Limited Company | |
| 144. |
The maximum deduction available under section 80 C is |
| A. | Rs50000 |
| B. | Rs100000 |
| C. | Rs150000 |
| D. | Rs200000 |
| Answer» D. Rs200000 | |
| 145. |
Which of the following taxes are allowed as deduction while computing the business income? |
| A. | Wealth-tax |
| B. | Income-tax |
| C. | Sales tax |
| D. | None of the above |
| Answer» D. None of the above | |
| 146. |
The highest administrative authority for income tax in India ………….? |
| A. | finance minister |
| B. | president of India |
| C. | CBDT |
| D. | director of IT |
| Answer» D. director of IT | |
| 147. |
The method by which a person illegally reduces his tax burden by either deflating their income orinflating their expenses is known as |
| A. | Tax planning |
| B. | Tax evasion |
| C. | Tax management |
| D. | Tax avoidance |
| Answer» C. Tax management | |
| 148. |
STT stands for |
| A. | securities transaction tax |
| B. | secure transaction tax |
| C. | securities transmission tax |
| D. | none of these |
| Answer» B. secure transaction tax | |
| 149. |
Flat rate of corporate tax for a domestic company with annual turnover more than Rs250 crore is |
| A. | 15% |
| B. | 25% |
| C. | 30% |
| D. | 35% |
| Answer» D. 35% | |
| 150. |
------ refers to hedging of tax? |
| A. | Tax planning |
| B. | Tax evasion |
| C. | Tax management |
| D. | Tax avoidance |
| Answer» E. | |