McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
As per Section 2(e a), which of the following is an asset in case of an individual: |
| A. | Cash in hand up to Rs. 50,000 |
| B. | Shares |
| C. | Debentures or Bonds |
| D. | Motor car used for official purposes |
| Answer» D. Motor car used for official purposes | |
| 2. |
Salary of S (Rs. 40,000 per month) becomes due on the last day of the month but is paid on 7th of next month. Also, salary of April, 2014 and May, 2014 is received in advance in March, 2014. What will be his gross income for Assessment Year 2014-15? |
| A. | Rs. 5,60,000 |
| B. | Rs. 4,80,000 |
| C. | Rs. 4,40,000 |
| D. | Rs. 5,20,000 |
| Answer» A. Rs. 5,60,000 | |
| 3. |
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 section 80C to 80U |
| Answer» C. adding Income under five heads of Income, after applying clubbing provisions and making adjustment of set off and carry forward of losses | |
| 4. |
An assessee incurred a sum of Rs.1,10,000 for alteration of the memorandum and articles of association. Such expenditure shall be considered as: |
| A. | Revenue expenditure |
| B. | Deferred revenue expenditure |
| C. | Capital expenditure |
| D. | Non-deductible expenditure |
| Answer» A. Revenue expenditure | |
| 5. |
franchise fee received by an assessee in tourism business, against special rights given to franchisees to undertake hotel business in assessee’s property is taxable under the head _____ |
| A. | Income from house property |
| B. | Income from PGBP |
| C. | Income from Capital gain |
| D. | Income from other sources |
| Answer» B. Income from PGBP | |
| 6. |
Amendments by the finance act are made applicable from |
| A. | First day of next financial year |
| B. | First day of same financial year |
| C. | Last day of same Accounting year |
| D. | None of the above. |
| Answer» A. First day of next financial year | |
| 7. |
Income by way of royalty in respect of a patent developed and registered in India in respect of person who is resident in India is chargeable to tax at rate of - |
| A. | 10% |
| B. | 15% |
| C. | 20% |
| D. | 30% |
| Answer» D. 30% | |
| 8. |
Which of the following is not included in taxable income - |
| A. | Reimbursement of expenses |
| B. | Cash gifts received from non relatives |
| C. | Income from illegal activity |
| D. | Profit on sale of equity shares of unlisted company. |
| Answer» A. Reimbursement of expenses | |
| 9. |
Income Tax is levied on the ___________ of a person. |
| A. | Total Income |
| B. | Total Income-Debt |
| C. | Gross Total Income |
| D. | Net Income-Debt Perquisites |
| Answer» A. Total Income | |
| 10. |
Describe the status of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs of Z. Z died in 2018 and X and Y carry on his business without entering into a partnership. |
| A. | Firm |
| B. | Limited Liability Partnership |
| C. | Company |
| D. | Body of Individual |
| Answer» D. Body of Individual | |
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