McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Cost Accounting .
| 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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