McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Commerce (M.com) .
| 101. |
When the income of minor child is included in the income of parent, then parent is entitled to an exemption up to: |
| A. | Rs: 1,000 per child |
| B. | Rs: 1,500 per child |
| C. | Rs: 3,000 per child |
| D. | None of these |
| Answer» B. Rs: 1,500 per child | |
| 102. |
Loss in respect of speculation business can be: |
| A. | Set-off with profit from non-speculation business. |
| B. | Set-off with profit from another speculation business |
| C. | Set-off with income from house property |
| D. | Set-off with income from other sources |
| Answer» B. Set-off with profit from another speculation business | |
| 103. |
The unabsorbed loss under “Income from house property” shall be carried forward and set-off in subsequent assessment years up to a maximum of ............................... years against income from house property. |
| A. | 4 years |
| B. | 6 years |
| C. | 8 years |
| D. | 12 yeas |
| Answer» C. 8 years | |
| 104. |
The losses of non-speculation business can be carried forward and set off against: |
| A. | Profit from non-speculation business only |
| B. | Profit from any business |
| C. | Income from salary |
| D. | All of the above |
| Answer» B. Profit from any business | |
| 105. |
The losses of non-speculation business can be carried forward for: |
| A. | 6 years |
| B. | 8 years |
| C. | 10 years |
| D. | Any number of years |
| Answer» B. 8 years | |
| 106. |
The losses of speculation business can be carried forward for: |
| A. | 4 years |
| B. | 8 years |
| C. | 12 years |
| D. | None of these |
| Answer» A. 4 years | |
| 107. |
The losses from specified business can be carried forward and can be set-off against profits of: |
| A. | Specified business only |
| B. | Speculative business only |
| C. | Non-speculative business only |
| D. | Any business |
| Answer» A. Specified business only | |
| 108. |
S T C L can be carried forward for: |
| A. | 4 years |
| B. | 6 years |
| C. | 8 years |
| D. | Any number of years |
| Answer» C. 8 years | |
| 109. |
S T C L can be carried forward and set-off against: |
| A. | S T C G only |
| B. | L T C G only |
| C. | S T C G or L T C G |
| D. | Income under any head |
| Answer» C. S T C G or L T C G | |
| 110. |
L T C L can be carried forward for: |
| A. | 4 years |
| B. | 6 years |
| C. | 8 years |
| D. | Any number of years |
| Answer» C. 8 years | |
| 111. |
L T C L can be carried forward and set-off against: |
| A. | L T C G only |
| B. | S T C G only |
| C. | S T C G or L T C G |
| D. | Income under any head |
| Answer» A. L T C G only | |
| 112. |
Loss from the activity of owning and maintaining race horses can be carried forward for: |
| A. | 4 years |
| B. | 6 years |
| C. | 8 years |
| D. | None of these |
| Answer» A. 4 years | |
| 113. |
Only................are entitled to deduction under section 80 U. |
| A. | Firms |
| B. | Individuals |
| C. | Companies |
| D. | Co-operative societies |
| Answer» B. Individuals | |
| 114. |
The amount of deduction under section 80 C is restricted to: |
| A. | Rs: 1,00,000 |
| B. | Rs: 1,50,000 |
| C. | Rs: 2,00,000 |
| D. | Rs: 5,00,000 |
| Answer» B. Rs: 1,50,000 | |
| 115. |
The aggregate amount of deduction under section 80 C, section 80 CCC and section 80 CCD(1) shall not exceed: |
| A. | Rs: 1,00,000 |
| B. | Rs: 1,50,000 |
| C. | Rs: 2,00,000 |
| D. | Rs: 5,00,000 |
| Answer» B. Rs: 1,50,000 | |
| 116. |
The deduction in respect of medical treatment of a dependent who is a person with disability is: |
| A. | Rs: 1,50,000 |
| B. | Rs: 1,25,000 |
| C. | Rs: 75,000 |
| D. | None of these |
| Answer» C. Rs: 75,000 | |
| 117. |
The deduction in respect of medical treatment of a dependent who is a person with disability is: |
| A. | Rs: 1,50,000 |
| B. | Rs: 1,25,000 |
| C. | Rs: 75,000 |
| D. | None of these |
| Answer» B. Rs: 1,25,000 | |
| 118. |
Which among the following deals with deduction in respect of donation to certain funds, charitable institution, etc? |
| A. | 80E |
| B. | 80EE |
| C. | 80G |
| D. | 80GG |
| Answer» C. 80G | |
| 119. |
With effect from A. Y. 2018-19, donation should be paid in any mode other than cash when it exceeds: |
| A. | Rs: 2,000 |
| B. | Rs: 2,500 |
| C. | Rs: 3,000 |
| D. | Rs: 10,000 |
| Answer» A. Rs: 2,000 | |
| 120. |
Which among the following deals with deduction in respect of royalty income of authors? |
| A. | 80JJA |
| B. | 80QQB |
| C. | 80TTB |
| D. | 80P |
| Answer» B. 80QQB | |
| 121. |
Which among the following deals with deduction in respect persons with disability? |
| A. | 80G |
| B. | 80E |
| C. | 80D |
| D. | 80U |
| Answer» D. 80U | |
| 122. |
While computing the total income, an individual assessee with disability is entitled to a deduction of: |
| A. | Rs: 50,000 |
| B. | Rs: 75,000 |
| C. | Rs: 1,25,000 |
| D. | Rs: 1,50,000 |
| Answer» B. Rs: 75,000 | |
| 123. |
An individual assessee with severe disability is entitled to a deduction of ................. while computing his total income. |
| A. | Rs: 50,000 |
| B. | Rs: 75,000 |
| C. | Rs: 1,25,000 |
| D. | Rs: 1,50,000 |
| Answer» C. Rs: 1,25,000 | |
| 124. |
Hill allowance given to an employee is fully taxable, if the place is located at: |
| A. | Less than 1,000 metre height from sea level |
| B. | Less than 1,200 metre height from sea level |
| C. | Less than 1,500 metre height from sea level |
| D. | Less than 1,800 metre height from sea level |
| Answer» A. Less than 1,000 metre height from sea level | |
| 125. |
Which among the following is a fully exempted allowance? |
| A. | Proctor allowance |
| B. | U.N. allowance |
| C. | Deputation allowance |
| D. | Non-practicing allowance |
| Answer» B. U.N. allowance | |
| 126. |
If a partner lets out his buildings to the firm, the rent received by him will be taxed under: |
| A. | Profits and gains from business |
| B. | Income from house property |
| C. | Income from other sources |
| D. | None of these |
| Answer» B. Income from house property | |
| 127. |
The rate of surcharge if total income of an individual assessee exceeds Rs:fifty lakh but does not exceed Rs: one crore is: |
| A. | 7.5% |
| B. | 10% |
| C. | 15% |
| D. | 20% |
| Answer» B. 10% | |
| 128. |
The rate of surcharge if total income of an individual assessee exceeds Rs: one crore is: |
| A. | 7.5% |
| B. | 10% |
| C. | 15% |
| D. | 20% |
| Answer» C. 15% | |
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