McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Business Administration (BBA) .
Chapters
| 101. |
Deduction allowed from annual value is . |
| A. | interest on loan for constitution |
| B. | interest on loan for repair |
| C. | statutory deduction |
| D. | all of the above |
| Answer» D. all of the above | |
| 102. |
An individual assesses can show maximum loss of …………….from a selfoccupied residential house property. |
| A. | 1,50,000 |
| B. | ` 30,000 |
| C. | 20,000 |
| D. | ` 5,00,000 |
| Answer» A. 1,50,000 | |
| 103. |
The Annual Value has been defined under of Income Tax Act, 1961. |
| A. | section 20 |
| B. | section 22 |
| C. | section 23(1) |
| D. | section 23 |
| Answer» C. section 23(1) | |
| 104. |
When the portion of the house is self-occupied for the full year and portion
|
| A. | the full annual value of the house the proportionate annual value of selfoccupied portion for the whole year shall be deducted |
| B. | its present standard value |
| C. | all of the above |
| D. | none of the above |
| Answer» A. the full annual value of the house the proportionate annual value of selfoccupied portion for the whole year shall be deducted | |
| 105. |
If fair rent is not gives, then assume………….as fair rent. |
| A. | actual rent |
| B. | standard rent |
| C. | average rent |
| D. | none of the above |
| Answer» A. actual rent | |
| 106. |
Rent received by original tenant from sub-tenant is taxable under the head |
| A. | income from house property |
| B. | income from other sources |
| C. | income from capital gain |
| D. | none of the above |
| Answer» B. income from other sources | |
| 107. |
The net annual value of house let out is ` 1,00,000 and actual amount spent
|
| A. | ` 35,000 |
| B. | ` 45,000 |
| C. | ` 30,000 |
| D. | ` 25,000 |
| Answer» C. ` 30,000 | |
| 108. |
Rent from House Property let out by an assessee to his employees when
|
| A. | profit and gain from business and profession |
| B. | income from capital gain |
| C. | income from house property |
| D. | all of the above |
| Answer» A. profit and gain from business and profession | |
| 109. |
When annual value of one-self occupied house is nil, the assesses will be entitled to the standard deduction of . |
| A. | 10% |
| B. | 20% |
| C. | nil |
| D. | none of the above |
| Answer» C. nil | |
| 110. |
Gross annual value shall be higher of . |
| A. | expected rent |
| B. | actual rent received or receivable |
| C. | all of the above |
| D. | none of the above |
| Answer» C. all of the above | |
| 111. |
Income from property held under trust for charitable or religious purposes is . |
| A. | exempted from tax |
| B. | taxable @ 10% |
| C. | taxable @ 20% |
| D. | none of the above |
| Answer» A. exempted from tax | |
| 112. |
For computation of Gross Annual Value, if actual rent is more than expected rent, then we select the . |
| A. | actual rent |
| B. | expected rent |
| C. | any of the above |
| D. | none of the above |
| Answer» A. actual rent | |
| 113. |
The charging section of the income under the head capital gains is : |
| A. | section 15 |
| B. | section 17 |
| C. | section 10 |
| D. | section 45 (2) |
| Answer» D. section 45 (2) | |
| 114. |
Which of the following is not a requisite for charging income-tax on capital gains – |
| A. | the transfer must have been effected in the relevant assessment year |
| B. | there must be a gain arising on transfer of capital asset |
| C. | capital gains should not be exempt u/s 54 |
| D. | capital gains should not be exempt u/s 54ec |
| Answer» A. the transfer must have been effected in the relevant assessment year | |
| 115. |
The following shall not be regarded as capital asset: |
| A. | urban land |
| B. | securities held by a foreign institutional investor as per sebi act, 1992 |
| C. | archaeological collections |
| D. | motor car |
| Answer» D. motor car | |
| 116. |
The following shall be regarded as capital asset: |
| A. | gold jewellery held by jeweller as sit trade. |
| B. | securities held by fii as per sebi act, 1992, held as stock in trade. |
| C. | motor car held by motor car manufacturer as sit |
| D. | none of above |
| Answer» B. securities held by fii as per sebi act, 1992, held as stock in trade. | |
| 117. |
The following shall not be regarded as capital asset: |
| A. | jewellery |
| B. | rural agricultural land |
| C. | archaeological collections |
| D. | personal residential house |
| Answer» B. rural agricultural land | |
| 118. |
The following shall be regarded as capital asset: |
| A. | jewellery |
| B. | sculptures |
| C. | archaeological collections |
| D. | all of the above |
| Answer» D. all of the above | |
| 119. |
Capital asset excludes all except |
| A. | stock-in-trade |
| B. | personal effects |
| C. | jewellery |
| D. | agricultural land in india. |
| Answer» C. jewellery | |
| 120. |
Which of the following are included in the jewellery - |
| A. | ornaments made of gold, silver and platinum. |
| B. | precious metals whether or not worked or sewn into any wearing apparel. |
| C. | semi-precious stones. |
| D. | all of the above. |
| Answer» D. all of the above. | |
| 121. |
A short term capital asset means a capital asset held by the assessee for not more than: |
| A. | 12 months immediately preceding the month of its transfer |
| B. | 24 months immediately preceding the date of its transfer. |
| C. | 36 months immediately preceding the date of its transfer. |
| D. | none of the above. |
| Answer» C. 36 months immediately preceding the date of its transfer. | |
| 122. |
In terms of section 2(42A), listed securities are treated as long-term capital asset, if they are held for a period of more than – |
| A. | 12 months |
| B. | 36 months |
| C. | 24 months |
| D. | 48 months |
| Answer» A. 12 months | |
| 123. |
A Long term capital asset means a capital asset held by the assessee for more than: |
| A. | 12 months immediately preceding the month of its transfer. |
| B. | 24 months immediately preceding the date of its transfer. |
| C. | 36 months immediately preceding the date of its transfer. |
| D. | none of the above. |
| Answer» C. 36 months immediately preceding the date of its transfer. | |
| 124. |
. A person entered into partnership is known as ………… |
| A. | partner |
| B. | people |
| C. | karta |
| D. | none of the above |
| Answer» A. partner | |
| 125. |
Collective group of persons is known as…….. |
| A. | firm |
| B. | society |
| C. | person’ |
| D. | none of the above |
| Answer» A. firm | |
| 126. |
…………..cannot become a partner. |
| A. | minor |
| B. | partner |
| C. | firm |
| D. | society |
| Answer» A. minor | |
| 127. |
The payment is authorized by, and is in accordance with the term of partnership deed according to sec…………. |
| A. | sec. 40(b)(ii) |
| B. | sec. 40(b)(iii) |
| C. | sec. 50(b)(ii) |
| D. | none of the above |
| Answer» A. sec. 40(b)(ii) | |
| 128. |
…………..is an obligation annexed to the ownership of property. |
| A. | trust |
| B. | firm |
| C. | company |
| D. | karta |
| Answer» A. trust | |
| 129. |
The person who accepts the confidence is called …………. |
| A. | trustee |
| B. | karta |
| C. | firm |
| D. | aop |
| Answer» A. trustee | |
| 130. |
The subject matter of the trust is called ……………. |
| A. | trust property |
| B. | own property |
| C. | own furniture |
| D. | none of the above |
| Answer» A. trust property | |
| 131. |
The trust should be one established in accordance with law and its objects should fall within the definition of the term …………. |
| A. | charitable purposes |
| B. | work purpose |
| C. | assessment purposes |
| D. | to earn profit purpose |
| Answer» A. charitable purposes | |
| 132. |
Joint Commissioners are appointed by………… |
| A. | central government |
| B. | state government |
| C. | district government |
| D. | gram panchayat |
| Answer» A. central government | |
| 133. |
ITR -5 is related to : |
| A. | for individuals |
| B. | for huf. |
| C. | for firms, aops and bois. |
| D. | for companies. |
| Answer» A. for individuals | |
| 134. |
Tax refund has to be claimed within : |
| A. | five years |
| B. | same year |
| C. | one year |
| D. | next year |
| Answer» C. one year | |
| 135. |
In the absence of the individual assesses, return of income can be signed by ………………… |
| A. | legal heir |
| B. | spouse. |
| C. | any person. |
| D. | authorized person |
| Answer» D. authorized person | |
| 136. |
Amount of deduction in case of a person with severe disability under section 80U will be: |
| A. | rs. 50,000 |
| B. | rs. 75,000 |
| C. | rs. 1,00,000 |
| D. | rs. 1,50,000 |
| Answer» C. rs. 1,00,000 | |
| 137. |
Deduction under section 80C to 80U cannot exceed: |
| A. | gross total income |
| B. | total income |
| C. | income from business or profession |
| D. | income from house property |
| Answer» A. gross total income | |
| 138. |
Payment of Rs. ` 45,000 made in cash towards purchases of medicines. The amount of disallowance under section 40A(3) is - |
| A. | rs 45,000 |
| B. | rs 30,000 |
| C. | nil |
| D. | rs 20,000 |
| Answer» A. rs 45,000 | |
| 139. |
Rental income from the business of leasing out properties would be taxable under the head_______ |
| A. | income from house property |
| B. | income from other sources |
| C. | income from pgbp |
| D. | income from capital gain |
| Answer» C. income from pgbp | |
| 140. |
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» A. cash in hand up to rs. 50,000 | |
| 141. |
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 | |
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