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| 1. |
The number of identities included in the definition of persons is |
| A. | five |
| B. | six |
| C. | seven |
| D. | eight |
| Answer» C. seven | |
| 2. |
Deduction available under section 24(a) is _____ of NAV. |
| A. | 30% |
| B. | 50% |
| C. | 15% |
| D. | 70% |
| Answer» A. 30% | |
| 3. |
Expenditure incurred by a businessman for ready to use software is entitled to benefit of |
| A. | 15% as depreciation |
| B. | 30% as depreciation |
| C. | 60% as depreciation |
| D. | 100% as revenue expenditure |
| Answer» D. 100% as revenue expenditure | |
| 4. |
The basic exemption limit for a resident super senior citizen above the age of 80 is |
| A. | Rs. 2,00,000 |
| B. | Rs. 2,50,000 |
| C. | Rs. 5,00,000 |
| D. | None of the above |
| Answer» C. Rs. 5,00,000 | |
| 5. |
The provisions relating to interest on delay in payment of refund are given in section |
| A. | 234A |
| B. | 234B |
| C. | 244A |
| D. | 244B |
| Answer» C. 244A | |
| 6. |
Which of the following can be corrected while processing the return of income under section 143(1)? |
| A. | Any arithmetical error in the return |
| B. | Any mistake in the return of income |
| C. | Any error of principle in the return of income |
| D. | Any claim by the taxpayer which is against law |
| Answer» A. Any arithmetical error in the return | |
| 7. |
Notice under section 156 is given for |
| A. | failure to submit return |
| B. | tax demand |
| C. | deferment of tax |
| D. | None of the above |
| Answer» C. deferment of tax | |
| 8. |
As per section 271H, where a person fails to file the statement of tax deducted/collected at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then he shall be liable to pay penalty under section 271H. Maximum penalty that can be levied is ______. |
| A. | 1,00,000, but not exceeding the amount of TDS/TCS. |
| B. | 2,00,000 |
| C. | 3,00,000 |
| D. | 4,00,000 |
| Answer» A. 1,00,000, but not exceeding the amount of TDS/TCS. | |
| 9. |
The threshold exemption limit for Equalization levy is? |
| A. | Rs. 5 lakh |
| B. | Rs. 3 lakh |
| C. | Rs. 2 lakh |
| D. | Rs. 1 lakh |
| Answer» D. Rs. 1 lakh | |
| 10. |
Rate of surcharge applicable to a foreign company having total income of Rs. 8 crore is : |
| A. | Nil |
| B. | 2% |
| C. | 5% |
| D. | 10% |
| Answer» B. 2% | |
| 11. |
Income Computation and Disclosure Standards are to be applied in computation of income under the head: |
| A. | Capital Gain only |
| B. | Profits and Gains of Business or Profession only |
| C. | Income from other sources only |
| D. | Both “Profits and Gains from Business or Profession” and “Income from Other Sources” |
| Answer» D. Both “Profits and Gains from Business or Profession” and “Income from Other Sources” | |
| 12. |
New plant and machinery acquired and put to use by an assessee engaged in transmission of power is eligible for additional depreciation at ____ of actual cost. |
| A. | 10% |
| B. | 12.5% |
| C. | 15% |
| D. | 20% |
| Answer» D. 20% | |
| 13. |
Maximum amount of exemption available in respect of amount received under voluntary retirement scheme is: |
| A. | Rs. 2,00,000 |
| B. | Rs. 3,00,000 |
| C. | Rs. 4,00,000 |
| D. | Rs. 5,00,000 |
| Answer» D. Rs. 5,00,000 | |
| 14. |
An individual can claim deduction from his gross total income in respect of expenditure for the medical treatment of a dependent, being a person with disability upto maximum limit of |
| A. | Rs. 50,000 |
| B. | Rs. 1,00,000 |
| C. | Rs. 75,000 |
| D. | Rs. 1,25,000 |
| Answer» D. Rs. 1,25,000 | |
| 15. |
Dividend from a company which is engaged in agricultural activities is: |
| A. | Agriculture income |
| B. | Business income |
| C. | Partly agricultural income |
| D. | None of above |
| Answer» D. None of above | |
| 16. |
Short term capital gain not covered u/s 111A is: |
| A. | Exempt |
| B. | Taxable @ 15% |
| C. | Taxable at normal rate applicable to the assessee |
| D. | None of above |
| Answer» C. Taxable at normal rate applicable to the assessee | |
| 17. |
Loss from house property can be carried forward and set-off in subsequent eight assessment years: |
| A. | If return of loss is filed within due date |
| B. | Even if return of loss is filed after due date |
| C. | Even if return of loss is not filed |
| D. | None of above |
| Answer» C. Even if return of loss is not filed | |
| 18. |
The basic exemption limit in case of a non-resident firm is: |
| A. | Rs. 2,50,000 |
| B. | Rs. 3,00,000 |
| C. | Rs. 5,00,000 |
| D. | None of these |
| Answer» D. None of these | |
| 19. |
TDS u/s 194 in respect of dividend, if payee furnish PAN is: |
| A. | 10% |
| B. | 20% |
| C. | 30% |
| D. | None of above |
| Answer» A. 10% | |
| 20. |
Tax payable by a resident individual, if he has long term capital gain of Rs. 2,60,000 but has no other income is: |
| A. | Rs. 1000 plus cess |
| B. | Rs. 26,000 plus cess |
| C. | Rs. 52,000 plus cess |
| D. | None of above |
| Answer» D. None of above | |
| 21. |
A winning from lotteries is Rs. 50,000 and expenses incurred to earn such income is Rs. 5,000. Its taxable income is |
| A. | Rs. 50,000 |
| B. | Rs. 45,000 |
| C. | Nil |
| D. | None of above |
| Answer» A. Rs. 50,000 | |
| 22. |
Net salary after deducting tax at source Rs. 10,000 is Rs. 2,50,000 .The amount of taxable salary is: |
| A. | Rs. 2,40,000 |
| B. | Rs. 2,50,000 |
| C. | Rs. 2,60,000 |
| D. | None of the above |
| Answer» C. Rs. 2,60,000 | |
| 23. |
Amount of deduction in respect of donation to approved scientific research institution u/s 80GGA is: |
| A. | 100% of such donation |
| B. | 200% of such donation |
| C. | 175% of such donation |
| D. | None of above |
| Answer» A. 100% of such donation | |
| 24. |
Agricultural land located in rural area is: |
| A. | Capital asset |
| B. | Not a capital asset |
| C. | Exempted capital asset |
| D. | None of above |
| Answer» B. Not a capital asset | |
| 25. |
TDS U/s 193 in respect of interest on securities if payee does not furnish PAN is: |
| A. | Rate in force |
| B. | Rate as per Act |
| C. | Nil |
| D. | None of above |
| Answer» D. None of above | |
| 26. |
Income of public charitable trust registered u/s 12A is: |
| A. | Exempt |
| B. | Taxable at MMR |
| C. | Taxable at slab rates |
| D. | None of above |
| Answer» A. Exempt | |
| 27. |
The number of Income computation and Disclose Standards issued so far are: |
| A. | 32 |
| B. | 24 |
| C. | 10 |
| D. | None of above |
| Answer» C. 10 | |
| 28. |
Expenditure in respect of winnings from card games is: |
| A. | Deductible |
| B. | Not deductible |
| C. | Deductible if conditions are satisfied |
| D. | None of above |
| Answer» B. Not deductible | |
| 29. |
Tax payable by a non-resident individual, if he has long term capital gain of Rs. 2,60,000 but has no other income is: |
| A. | Rs. 1000 plus cess |
| B. | Rs. 26,000 plus cess |
| C. | Rs. 52,000 plus cess |
| D. | None of above |
| Answer» C. Rs. 52,000 plus cess | |
| 30. |
Stake money on owning and maintaining race horses is Rs. 70,000 and expenses incurred is Rs. 20,000. Its taxable income is: |
| A. | Rs. 70,000 |
| B. | Rs. 50,000 |
| C. | Nil |
| D. | None of above |
| Answer» B. Rs. 50,000 | |
| 31. |
Rent after deducting municipal taxes is Rs. 2,00,000, the amount of taxable income from house property is: |
| A. | Rs. 2,00,000 |
| B. | Rs. 1,40,000 |
| C. | Rs. 2,60,000 |
| D. | None of above |
| Answer» B. Rs. 1,40,000 | |
| 32. |
Contribution to approved research (not scientific) institution in case of a business man is: |
| A. | 100% of such amount |
| B. | 125% of such amount |
| C. | 175% of such amount |
| D. | None of above |
| Answer» A. 100% of such amount | |
| 33. |
Rebate u/s 87A is allowed to an Individual who is resident in India and whose total income does not exceed ________. |
| A. | Rs. 2,50,000 |
| B. | Rs. 3,00,000 |
| C. | Rs. 5,00,000 |
| D. | None of the above |
| Answer» D. None of the above | |
| 34. |
The payment under Bhopal Gas Leak Disaster shall be______ |
| A. | Fully taxable |
| B. | Partially taxable |
| C. | Exempt |
| D. | None of the above |
| Answer» C. Exempt | |
| 35. |
Compensatory field area allowance is exempt upto ______ |
| A. | 1,300 |
| B. | 1,800 |
| C. | 2,500 |
| D. | 2,600 |
| Answer» D. 2,600 | |
| 36. |
The time limit for acquisition or construction of self-occupied house property for claiming deduction of interest is: |
| A. | 3 years |
| B. | 5 years |
| C. | 8 years |
| D. | 10 years |
| Answer» B. 5 years | |
| 37. |
Tax to be collected at source in case of motor vehicle value exceeding ________. |
| A. | Rs. 2,50,000 |
| B. | Rs. 5,00,000 |
| C. | Rs. 7,50,000 |
| D. | Rs. 10,00,000 |
| Answer» D. Rs. 10,00,000 | |
| 38. |
Interest rate on refund as per section 244A (1A) |
| A. | 3% |
| B. | 6% |
| C. | 9% |
| D. | None of the above |
| Answer» C. 9% | |
| 39. |
Quantum of deduction u/s 80EE is______. |
| A. | 5,000 |
| B. | 50,000 |
| C. | 75,000 |
| D. | None of the above |
| Answer» B. 50,000 | |
| 40. |
Island duty allowance is exempt upto ___ |
| A. | 1,300 |
| B. | 1,800 |
| C. | 2,500 |
| D. | 3,250 |
| Answer» D. 3,250 | |
| 41. |
Threshold limit for person having income from business u/s 44AD is_______. |
| A. | 50 Lakh |
| B. | 80 Lakh |
| C. | 1 crore |
| D. | 2crore |
| Answer» D. 2crore | |
| 42. |
Tax to be collected at source in case of commission on sale of lottery tickets. |
| A. | 1% |
| B. | 2% |
| C. | 5% |
| D. | 10% |
| Answer» C. 5% | |
| 43. |
When a person having agricultural lands sells the seeds taken from such lands in a nursery, which is part of the said lands, the income from such sale is treated as |
| A. | Business income |
| B. | Agricultural income |
| C. | Income from other sources |
| D. | None of the above |
| Answer» B. Agricultural income | |
| 44. |
An employer has paid medical insurance premium of Rs. 12,000 in respect of a salaried employee drawing annual salary of Rs. 6 lakhs. The amount of perquisite charged in the hands of employee is |
| A. | Nil |
| B. | Rs. 6,000 |
| C. | Rs.12,000 |
| D. | None of the above |
| Answer» A. Nil | |
| 45. |
The rate of depreciation for a block of assets consisting of buildings used as factory is |
| A. | 2.5% |
| B. | 5% |
| C. | 10% |
| D. | None of the above |
| Answer» C. 10% | |
| 46. |
In case of a Hindu Undivided Family, where the return of income cannot be signed by the Karta, the same can be signed by |
| A. | the next senior-most male member. |
| B. | Karta's wife. |
| C. | any male member of the family. |
| D. | any adult member of the family. |
| Answer» D. any adult member of the family. | |
| 47. |
In case of an individual or HUF, to determine whether certain TDS provisions are attracted, what has to be seen is whether the person is subject to tax audit under section 44AB in |
| A. | the immediately preceding financial year. |
| B. | current year. |
| C. | last two continuous financial years. |
| D. | None of the above |
| Answer» A. the immediately preceding financial year. | |
| 48. |
A senior citizen having total income consisting of pension and let out property income aggregating to Rs. 6 lakhs must have paid advance tax during the financial year 2015-16 of |
| A. | NIL |
| B. | 90% of Rs. 28,840 |
| C. | 90% of 44,290 |
| D. | 90% of Rs. 39,140 |
| Answer» A. NIL | |
| 49. |
Mr. Ramji is employed in ABC Ltd. who maintained a hospital for treatment of employees. During the financial year 2015-16, the value of medical benefit availed by Ramji’s family from the hospital was Rs. 2,10,000. The amount of medical perquisite chargeable to income tax would be |
| A. | Rs. 2,10,000 |
| B. | Rs. 1,05,000 |
| C. | Rs. 21,000 |
| D. | Nil |
| Answer» A. Rs. 2,10,000 | |
| 50. |
Mr. A has loss from regular business of Rs. 8lakhs and income from speculation business of Rs. 11 lakhs. His total income chargeable to tax would be |
| A. | Rs. 3,00,000 |
| B. | Rs. 11,00,000 |
| C. | Rs. 7,00,000 |
| D. | Rs. 2,50,000 |
| Answer» A. Rs. 3,00,000 | |
| 51. |
AOP should consist of: |
| A. | Individuals only |
| B. | Persons other than individuals only |
| C. | Individuals and HUF only |
| D. | None of the above |
| Answer» D. None of the above | |
| 52. |
An Indian Company, where place of effective management is outside India, shall be: |
| A. | Resident in India |
| B. | Non-resident in India |
| C. | Not ordinarily resident in India |
| D. | None of the above |
| Answer» A. Resident in India | |
| 53. |
Casual income received by the assessee |
| A. | Exempt upto 50,000 |
| B. | Fully exempt |
| C. | Fully taxable |
| D. | None of the above |
| Answer» C. Fully taxable | |
| 54. |
Free meal worth 120 per meal for 200 days provided by the employer during working hours in a remote area is: |
| A. | Exempt upto 50 per meal |
| B. | Taxable upto 50 per meal |
| C. | Fully exempt |
| D. | Fully taxable |
| Answer» C. Fully exempt | |
| 55. |
Unrealised rent of a property shall be excluded from: |
| A. | Gross Annual Value |
| B. | Net Annual Value |
| C. | Income from property |
| D. | All the three |
| Answer» A. Gross Annual Value | |
| 56. |
Deduction under Section 32AD is allowed to: |
| A. | Corporate assessee in notified area. |
| B. | Non-corporate assessee in notified area. |
| C. | Corporate and non-corporate assessee in notified area. |
| D. | None of the above. |
| Answer» C. Corporate and non-corporate assessee in notified area. | |
| 57. |
For the purpose of computation of capital gain, securities transaction tax is: |
| A. | Allowed as deduction |
| B. | Form part of cost |
| C. | Neither allowed as deduction nor form part of cost |
| D. | None of the above |
| Answer» C. Neither allowed as deduction nor form part of cost | |
| 58. |
Loss from trading in derivates through a recognised stock exchange can be carried forward for: |
| A. | 8 years |
| B. | 4 years |
| C. | Unlimited years. |
| D. | None of the above |
| Answer» A. 8 years | |
| 59. |
Deduction u/s. 80E in respect of interest on education loan is allowed for: |
| A. | 10 years or till the interest is paid whichever is earlier. |
| B. | 8 years or till the interest is paid whichever is earlier. |
| C. | 10 years |
| D. | 8 years |
| Answer» B. 8 years or till the interest is paid whichever is earlier. | |
| 60. |
Dividend received by a shareholder of an Indian Company engaged in growing and manufacturing of tea shall be treated as: |
| A. | Agricultural income upto 60% |
| B. | Agricultural income upto 100% |
| C. | Non-agricultural income upto 60% |
| D. | Non-agricultural income upto 100% |
| Answer» D. Non-agricultural income upto 100% | |
| 61. |
Income of REIF being a business trust by way of renting or leasing of an asset is exempt if: |
| A. | Such asset is a land owned by it |
| B. | Such asset is any Real Estate Asset owned by it |
| C. | Such asset is a land hired by it |
| D. | Such asset is any Real Estate Asset hired by it |
| Answer» B. Such asset is any Real Estate Asset owned by it | |
| 62. |
Cash gifts received by HUF from his members to the extent of Rs. 75,000 will be treated as income of: |
| A. | The HUF |
| B. | The members |
| C. | None, as it is exempt |
| D. | Both the HUF and the members |
| Answer» B. The members | |
| 63. |
The following is taxable under the head “Salaries”: |
| A. | Gifts received by employee from employer |
| B. | Salary received by partner from a firm |
| C. | Fees received by director from a company |
| D. | Commission received by agent from a principal |
| Answer» A. Gifts received by employee from employer | |
| 64. |
Maximum amount which is not chargeable to tax in case of a non-resident very senior citizen is |
| A. | Rs. 2,50,000 |
| B. | Rs. 3,00,000 |
| C. | Rs. 5,00,000 |
| D. | None of above |
| Answer» A. Rs. 2,50,000 | |
| 65. |
A partnership firm will become resident in India if |
| A. | Its control and management is totally in India |
| B. | Its control and management is totally or partly in India |
| C. | Its place of effective management is in India |
| D. | Its partners become resident in India |
| Answer» B. Its control and management is totally or partly in India | |
| 66. |
Transport allowance in case of a disabled employee is exempt upto: |
| A. | Rs. 800 p.m. |
| B. | Rs. 1,600 p.m. |
| C. | Rs. 3,200 p.m. |
| D. | No limit |
| Answer» C. Rs. 3,200 p.m. | |
| 67. |
A religions trust received anonymous donations of Rs. 10 lakhs, the said sum is: |
| A. | Fully exempt |
| B. | Partly exempt |
| C. | Chargeable at MMR |
| D. | Not taxable at MMR |
| Answer» D. Not taxable at MMR | |
| 68. |
Income from farm house outside India is: |
| A. | Agricultural income |
| B. | Agricultural income, if certain conditions are satisfied |
| C. | Non-agricultural income |
| D. | Partly agricultural and partly non-agricultural income |
| Answer» C. Non-agricultural income | |
| 69. |
While calculating TDS, surcharge is also considered if the payee is: |
| A. | Non-Resident |
| B. | Foreign company |
| C. | Domestic company |
| D. | Any assessee |
| Answer» B. Foreign company | |
| 70. |
When the shares are held in unlisted company, it is treated as long term capital assets when the holding period exceeds |
| A. | 36 months |
| B. | 12 months |
| C. | 6 months |
| D. | 24 months |
| Answer» D. 24 months | |
| 71. |
Personal effect do not cover the following |
| A. | Jewellery |
| B. | Immovable property |
| C. | Drawings |
| D. | All of the above |
| Answer» D. All of the above | |
| 72. |
TDS on interest on securities is covered under section |
| A. | Section 192 |
| B. | Section 192A |
| C. | Section 193 |
| D. | None of the above |
| Answer» C. Section 193 | |
| 73. |
Rate of TDS on dividend u/s 194 |
| A. | 5% |
| B. | 10% |
| C. | 20% |
| D. | None of the above |
| Answer» B. 10% | |
| 74. |
Income of minor child is exempt upto ______. |
| A. | Rs. 1,000 |
| B. | Rs. 1,500 |
| C. | Rs. 2,500 |
| D. | None of the above. |
| Answer» B. Rs. 1,500 | |
| 75. |
The accounts of the political party shall be audited by a __________. |
| A. | Cost Accountant |
| B. | Chartered Accountant |
| C. | Company Secretary |
| D. | None of the above. |
| Answer» B. Chartered Accountant | |
| 76. |
Loss from specified business covered u/s 35AD can be adjusted against the income of |
| A. | Any other business income |
| B. | Cannot be adjusted |
| C. | Any income other than salary |
| D. | Income from other specified business |
| Answer» D. Income from other specified business | |
| 77. |
ICDS-II stands for _______. |
| A. | Accounting policies |
| B. | Construction Contract |
| C. | Revenue recognition |
| D. | Valuation of inventories |
| Answer» D. Valuation of inventories | |
| 78. |
ICDS-IV stands for _______. |
| A. | Accounting policies |
| B. | Construction Contract |
| C. | Revenue recognition |
| D. | Valuation of inventories |
| Answer» C. Revenue recognition | |
| 79. |
TDS on income of FII from securities |
| A. | 5% |
| B. | 10% |
| C. | 20% |
| D. | 30% |
| Answer» B. 10% | |
| 80. |
TDS on commission other than insurance commission |
| A. | 5% |
| B. | 10% |
| C. | 20% |
| D. | 30% |
| Answer» A. 5% | |
| 81. |
As per ICDS-II ― “Valuation on Inventories” there recognises _____ costing formulae. |
| A. | 2 |
| B. | 3 |
| C. | 4 |
| D. | 5 |
| Answer» B. 3 | |
| 82. |
Mr Pankaj, partner of PKJ, is assessable as |
| A. | Firm |
| B. | Individual |
| C. | HUF |
| D. | None of the above |
| Answer» B. Individual | |
| 83. |
In case of local authority the return of income is verified by |
| A. | Karta |
| B. | Managing director |
| C. | Principal officer |
| D. | Partner |
| Answer» C. Principal officer | |
| 84. |
In case of self-occupied house property, following category of person are considered: |
| A. | All assessee |
| B. | All assessee other than company |
| C. | All Assessee other than HUF |
| D. | Individual and HUF |
| Answer» D. Individual and HUF | |
| 85. |
Amortization of preliminary expenses has been restricted to ___ of the cost of project. |
| A. | 2% |
| B. | 3% |
| C. | 5% |
| D. | 8% |
| Answer» C. 5% | |
| 86. |
Unabsorbed business losses cannot be carried forward for more than |
| A. | 5 A.Y |
| B. | 6 A.Y |
| C. | 8 A.Y |
| D. | 10 A.Y |
| Answer» C. 8 A.Y | |
| 87. |
Coverage of best judgment assessment is under which section. |
| A. | 143 |
| B. | 139(1) |
| C. | 147 |
| D. | 144 |
| Answer» D. 144 | |
| 88. |
Monetary limit for exemption in the case of encashment of earned leave on superannuation received by private sector employee is |
| A. | 1 Lakh |
| B. | 2 Lakh |
| C. | 3 Lakh |
| D. | None of the above |
| Answer» C. 3 Lakh | |
| 89. |
Deduction is not allowed to the assessee while computing income from other sources for |
| A. | Direct Tax |
| B. | Interest payable outside India without TDS |
| C. | Personal expenditure |
| D. | All of the above |
| Answer» D. All of the above | |
| 90. |
When Mr. Balu paid royalty to Dr. Peter of Sweden for use of know-how in India, such payment is |
| A. | exempt from tax |
| B. | accruing in India |
| C. | accrues in Sweden |
| D. | received in India. |
| Answer» B. accruing in India | |
| 91. |
Mr. Hari resident in India received Rs. 11 lakhs by way of dividend from Indian companies. Such dividend is: |
| A. | exempt from tax |
| B. | taxable at regular rates. |
| C. | taxable at maximum marginal rate |
| D. | taxable at 10% |
| Answer» D. taxable at 10% | |
| 92. |
When an employee receives money on closure of national pension system trust it is |
| A. | chargeable to tax |
| B. | exempt from tax |
| C. | 40% is exempt from tax |
| D. | 60% is exempt from tax |
| Answer» C. 40% is exempt from tax | |
| 93. |
When employer contributes to approved superannuation fund it is chargeable to tax as perquisite when the contribution exceeds- |
| A. | Rs. 1,50,000 |
| B. | Rs. 1,00,000 |
| C. | Rs. 50,000 |
| D. | Rs. 20,000 |
| Answer» A. Rs. 1,50,000 | |
| 94. |
Long term capital gain arising from transfer of unlisted securities in the hands of nonresident / foreign company is chargeable to tax at |
| A. | 10% |
| B. | 20% |
| C. | 30% |
| D. | 40% |
| Answer» B. 20% | |
| 95. |
A start-up can claim deduction under Section 80-IAC for _____ consecutive years beginning from the year in which the eligible start-up was incorporated. |
| A. | 1 |
| B. | 2 |
| C. | 3 |
| D. | 5 |
| Answer» C. 3 | |
| 96. |
When the return of income for the assessment year 2017-18 is filed under Section 139(4), the assessee can revise the return on or before- |
| A. | 31-3-2018 |
| B. | 31-12-2018 |
| C. | 31-03-2019 |
| D. | 31-12-2019 |
| Answer» C. 31-03-2019 | |
| 97. |
When copyright is acquired for Rs. 50 lakhs on 10-11-2016 and used from 01-12-2016, the amount of depreciation under Section 32 would be ____ |
| A. | Nil |
| B. | Rs. 12,50,000 |
| C. | Rs. 6,25,000 |
| D. | Rs. 15,00,000 |
| Answer» C. Rs. 6,25,000 | |
| 98. |
Mr. Raj (age 62) is Karta of HUF which is engaged in textile trade. The total income of the HUF is Rs. 3,40,000. The tax liability of the HUF would be ______ |
| A. | Rs. 9,270 |
| B. | Rs. 4,120 |
| C. | Nil |
| D. | Rs. 1,05,060 |
| Answer» A. Rs. 9,270 | |
| 99. |
Interest on Post Office SB joint account is exempt upto _____ |
| A. | Rs. 3,500 |
| B. | Rs. 7,000 |
| C. | Rs. 10,000 |
| D. | Rs. 20,000 |
| Answer» B. Rs. 7,000 | |
| 100. |
When cash is deposited into savings bank account, quoting of PAN is mandatory when the amount of deposit is ____ or more. |
| A. | Rs. 20,000 |
| B. | Rs. 50,000 |
| C. | Rs. 1,00,000 |
| D. | Rs. 2,00,000 |
| Answer» B. Rs. 50,000 | |
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