McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
| 51. |
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. | Business income |
| D. | Salary |
| Answer» C. Business income | |
| 52. |
Perquisite received by the assesses during the course of carrying on his business or profession is taxable under the head _______ |
| A. | Salary |
| B. | Other Sources |
| C. | Business / Professional Income |
| D. | Professional income |
| Answer» C. Business / Professional Income | |
| 53. |
Interest on capital or loan received by a partner from a firm is __________ |
| A. | Exempt u/s 10 (2A) |
| B. | Taxable as business and profession income |
| C. | Taxable as income from other sources |
| D. | None of the above |
| Answer» B. Taxable as business and profession income | |
| 54. |
Export incentives received by an assessee are __________ |
| A. | Exempt |
| B. | Taxable as business income |
| C. | Exempt up to certain limits |
| D. | Unexempt |
| Answer» B. Taxable as business income | |
| 55. |
M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be _________- |
| A. | Exempt as it is capital receipt |
| B. | Fully taxable as business income |
| C. | Taxable as income from other sources |
| D. | Intangible asset |
| Answer» B. Fully taxable as business income | |
| 56. |
Depreciation is allowed in case of __________ |
| A. | Tangible fixed assets only |
| B. | Intangible assets only |
| C. | Tangible and intangible assets |
| D. | Wasting assets only |
| Answer» C. Tangible and intangible assets | |
| 57. |
If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the assessee shall be entitled to depreciation___________ |
| A. | At normal rate |
| B. | At 50% of normal rate |
| C. | No depreciation is allowed |
| D. | Depreciation |
| Answer» B. At 50% of normal rate | |
| 58. |
Which of the following tax is allowed as deduction while computing the business income________ |
| A. | Wealth Tax |
| B. | Income Tax |
| C. | GST |
| D. | TDS |
| Answer» C. GST | |
| 59. |
where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______ |
| A. | Crossed cheque |
| B. | Account payee cheque / draft |
| C. | Cash |
| D. | None of these |
| Answer» B. Account payee cheque / draft | |
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