MCQOPTIONS
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MCQOPTIONS
This section includes 358 Mcqs, each offering curated multiple-choice questions to sharpen your General Aptitude knowledge and support exam preparation. Choose a topic below to get started.
| 151. |
Perquisite received by the assessee during the course of carrying on his business or profession is taxable under the head. |
| A. | Salary |
| B. | Other sources |
| C. | PGBP |
| D. | none |
| Answer» D. none | |
| 152. |
Deduction under 80 QQB is available in respect of |
| A. | royalty income |
| B. | health |
| C. | education |
| D. | none of these |
| Answer» B. health | |
| 153. |
Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head. |
| A. | Income from salaries |
| B. | Other sources |
| C. | PGBP |
| D. | none |
| Answer» D. none | |
| 154. |
Gain arising from the disposal of _________ is taxable under the head capital gains. |
| A. | Depreciable asset |
| B. | Eligible depreciable asset |
| C. | Securities |
| D. | All of the above |
| Answer» D. All of the above | |
| 155. |
Deduction under section 80 C is available for investments in |
| A. | Unit link insurance plan |
| B. | LIC |
| C. | Statutory provident fund |
| D. | All of these |
| Answer» E. | |
| 156. |
As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year. |
| A. | Current year |
| B. | One year before previous year |
| C. | Previous year |
| D. | None of the above |
| Answer» D. None of the above | |
| 157. |
The deduction of life insurance premia, contribution to provident fund, etc. will is done under of Income Tax Act, 1961. |
| A. | Section 80C |
| B. | Section 80U |
| C. | Section 80D |
| D. | Section 80E |
| Answer» B. Section 80U | |
| 158. |
A resident must stay in India for 730 days during the previous |
| A. | 6 years |
| B. | 8 years |
| C. | 7 years |
| D. | 9 years |
| Answer» D. 9 years | |
| 159. |
Mr. X has started his business from 2nd Sept,2019 and does not have any other source of Income, his first previous year will start from |
| A. | 1st April, 201 9 |
| B. | 2nd September,2019 |
| C. | Any of the above |
| D. | None of the above |
| Answer» C. Any of the above | |
| 160. |
For the purpose of deduction under section 80DD, which of the following statements is/are true? |
| A. | Assessee is either and individual or a HUF |
| B. | Assessee is resident of India |
| C. | Assessee has a dependent disable relative |
| D. | All of the above |
| Answer» D. All of the above | |
| 161. |
Deduction under section 80DDB is available to the extent of |
| A. | 40,000 |
| B. | 20,000 |
| C. | 30,000 |
| D. | None of these |
| Answer» B. 20,000 | |
| 162. |
Income tax is collected by |
| A. | state government |
| B. | central government |
| C. | Semi-Government |
| D. | All of the above |
| Answer» C. Semi-Government | |
| 163. |
The financial year starts from |
| A. | 1st Jan to 31st Dec |
| B. | 1st April to 31st March |
| C. | 1st Oct to 30th September |
| D. | 1st July to 31st August |
| Answer» C. 1st Oct to 30th September | |
| 164. |
At the time of devolution ___________ would be the cost of the asset. |
| A. | FMV |
| B. | Historical cost |
| C. | higher of a and b |
| D. | none |
| Answer» B. Historical cost | |
| 165. |
Children hostel allowance is exempt up to per month per child for |
| A. | 2 child |
| B. | 3 child |
| C. | 4 child |
| D. | 7 child |
| Answer» B. 3 child | |
| 166. |
The tax incidence for company or firm in which income received outside India from a sourcecontrolled from India for non-resident is . |
| A. | Non-taxable |
| B. | Taxable |
| C. | Partly taxable |
| D. | None of the above |
| Answer» B. Taxable | |
| 167. |
Expenditure incurred on exempted income is.............. as deduction. |
| A. | Fully Allowed |
| B. | Partly Allowed |
| C. | Not Allowed |
| D. | None of these |
| Answer» B. Partly Allowed | |
| 168. |
.The due date of filing return of income in case of company is |
| A. | 30th September |
| B. | 31st march |
| C. | 1stapril |
| D. | none of these |
| Answer» B. 31st march | |
| 169. |
____________are capital assets. |
| A. | Stock in trade |
| B. | Sculpture |
| C. | Immovable property |
| D. | Both b and c |
| Answer» E. | |
| 170. |
14 Income from shares of a public company set up in any special Industrial zone is exempt up to-------- years from the date of commencement of commercial production. |
| A. | Three |
| B. | Four |
| C. | Five |
| D. | None of the above |
| Answer» E. | |
| 171. |
If the payee does not furnish PAN and TDS under section 194, dividends shall be made @__________ . |
| A. | (a) 20% |
| B. | (b) 15% |
| C. | (c) 10% |
| D. | (d) Nil |
| Answer» B. (b) 15% | |
| 172. |
The provisions regarding TDS on Salaries are contained in . |
| A. | Section 190 |
| B. | Section 191 |
| C. | Section 192 |
| D. | Section 193 |
| Answer» D. Section 193 | |
| 173. |
The calendar year starts from |
| A. | 1st Jan to 31st Dec |
| B. | 1st April to 31st March |
| C. | 1st Oct to 30th September |
| D. | 1st July to 31st August |
| Answer» B. 1st April to 31st March | |
| 174. |
Transport allowance given by the employer to the employee is exempt up to……….. |
| A. | Rs.1000p.m |
| B. | Rs.1600p.m |
| C. | Rs.1000p.a |
| D. | Rs.1600p.a |
| Answer» C. Rs.1000p.a | |
| 175. |
A person with the age of or more is considered as a super senior citizen as per Income tax Act. |
| A. | 56 |
| B. | 60 |
| C. | 80 |
| D. | 85 |
| Answer» D. 85 | |
| 176. |
Aggregate amount of deduction under 80C, 80CCC and 80CCD cannot exceed_________.. |
| A. | 1,10,000 |
| B. | 1,20,000 |
| C. | 1,30,000 |
| D. | 1,50,000 |
| Answer» E. | |
| 177. |
The Income Tax Act, was enacted in: |
| A. | 1921 |
| B. | 1951 |
| C. | 1961 |
| D. | 1981 |
| Answer» D. 1981 | |
| 178. |
A person who derives his income by dealing in shares of private, unlisted and public limited companies are covered under the head. |
| A. | Income from business |
| B. | Income from other sources |
| C. | Capital gains or |
| D. | All of the above |
| Answer» D. All of the above | |
| 179. |
Receipt of Income and remittance of income are different things |
| A. | True |
| B. | False |
| C. | Somewhat agree |
| D. | All of the above |
| Answer» B. False | |
| 180. |
Income received in India whether occurred in India or outside India, the tax incidence in case of non-resident is . |
| A. | Taxable as per slabs |
| B. | Exempted from slab |
| C. | Partly exempted |
| D. | None of the above |
| Answer» B. Exempted from slab | |
| 181. |
Deduction under section 80 D is subject to |
| A. | 25,000 |
| B. | 50,000 |
| C. | 70,000 |
| D. | None of these |
| Answer» B. 50,000 | |
| 182. |
Assessment year is the period of 12 months commencing from_every year. |
| A. | 1st March |
| B. | 31s tMarch |
| C. | 1st April |
| D. | 30thApril |
| Answer» D. 30thApril | |
| 183. |
If total income is up to 5,00,000 then the late fees of filing ROI is |
| A. | 1,000 |
| B. | 5,000 |
| C. | 3,000 |
| D. | NONE OF THESE |
| Answer» C. 3,000 | |
| 184. |
Deduction under section 80E is available on |
| A. | education |
| B. | health |
| C. | life |
| D. | none of these |
| Answer» B. health | |
| 185. |
Deduction of tax at source for insurance commission is @ ___________________. |
| A. | 10% |
| B. | 15% |
| C. | 20% |
| D. | 12% |
| Answer» B. 15% | |
| 186. |
_________ of Income Tax Act is related to residential status. |
| A. | Section 2 |
| B. | Section |
| C. | Section 5 |
| D. | Section 4 |
| Answer» B. Section | |
| 187. |
Agricultural income is completely exempted for assessment year . |
| A. | 1974-75 |
| B. | 1985-86 |
| C. | 1975-76 |
| D. | 1978-79 |
| Answer» B. 1985-86 | |
| 188. |
Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is . |
| A. | Taxable as per slabs |
| B. | Exempted from tax |
| C. | Partly exempted |
| D. | none |
| Answer» B. Exempted from tax | |
| 189. |
As the income goes down, the slab of income tax rate goes |
| A. | up |
| B. | down |
| C. | moderate |
| D. | fluctuate |
| Answer» C. moderate | |
| 190. |
Sales tax collected from the buyer of the goods is |
| A. | Capital receipt |
| B. | Revenue receipt |
| C. | Deferred revenue receipt |
| D. | Profits in lieu of salary |
| Answer» E. | |
| 191. |
Gross Total Income is arrived after . |
| A. | Only adding Income under five heads of Income |
| B. | Adding Income under five heads of Income excluding losses |
| C. | Adding Income under five heads of Income, after applying clubbing provisions and making adjustment of set off and carry forward of losses |
| D. | Adding Income under five heads of Income, after applying clubbing provisions and making adjustment of set off and carry forward of losses and after allowing deduction under sections 80C to 80U |
| Answer» D. Adding Income under five heads of Income, after applying clubbing provisions and making adjustment of set off and carry forward of losses and after allowing deduction under sections 80C to 80U | |
| 192. |
An individual is resident and ordinarily resident of India if . |
| A. | Person had been resident in India at least 2 out of 10 previous years immediately preceding the relevant previous year |
| B. | Person been in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year |
| C. | All of the above |
| D. | None of the above |
| Answer» D. None of the above | |
| 193. |
Government’s contribution to the new pension scheme referred to in Section 80CCD is |
| A. | An exempt income |
| B. | Income chargeable to tax as salaries in full |
| C. | 50% thereof is income chargeable to tax as Salaries |
| D. | Income chargeable to tax as income from other sources in full |
| Answer» C. 50% thereof is income chargeable to tax as Salaries | |
| 194. |
An assessee has borrowed money for purchase of a house & Interest is payable outside India. |
| A. | Such interest shall: |
| B. | Be allowed as deduction |
| C. | Not to be allowed on deduction |
| D. | Be allowed as deduction if the tax is deducted at source |
| Answer» D. Be allowed as deduction if the tax is deducted at source | |
| 195. |
The residential status of an Individual can be: |
| A. | Resident and Ordinary Resident |
| B. | Resident but not ordinary resident |
| C. | Non resident |
| D. | All of the above |
| Answer» E. | |
| 196. |
Assessee includes any person in respect of whom: |
| A. | who is liable to pay tax |
| B. | any person in respect of whom proceedings under the Act have been started |
| C. | any person who is deemed to be an asssessee |
| D. | all of the above |
| Answer» E. | |
| 197. |
In Assessment year, the tax will be calculated at |
| A. | current year rate |
| B. | previous year rate |
| C. | previous to previous year rate |
| D. | none of the above |
| Answer» B. previous year rate | |
| 198. |
Gratuity received by a government employee is....................... |
| A. | Fully exempted |
| B. | Partly exempted |
| C. | Fully taxable |
| D. | Exempted up toRs:1,00,000 |
| Answer» B. Partly exempted | |
| 199. |
Pension is taxable under_head. |
| A. | Salary |
| B. | House property |
| C. | Capital gains |
| D. | other sources |
| Answer» B. House property | |
| 200. |
Income of minor child clubbed with the income of parents gets an exemption of |
| A. | Rs 1500 |
| B. | Rs 3000 |
| C. | Rs 4000 |
| D. | Rs 2000 |
| Answer» B. Rs 3000 | |