

McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) , Bachelor of Commerce in Banking and Insurance (B.Com Banking and Insurance) .
1. |
The Income Tax Act, was enacted in: |
A. | 1921 |
B. | 1951 |
C. | 1961 |
D. | 1981 |
Answer» C. 1961 |
2. |
Mr. X has started his business from 2nd Sept,2019 and does not have any other source of Income, his first previous year will start from |
A. | 1st April, 201 9 |
B. | 2nd September,2019 |
C. | Any of the above |
D. | None of the above |
Answer» B. 2nd September,2019 |
3. |
In Assessment year, the tax will be calculated at |
A. | current year rate |
B. | previous year rate |
C. | previous to previous year rate |
D. | none of the above |
Answer» A. current year rate |
4. |
Assesee means a person from whome |
A. | Tax is to be collected |
B. | Tds is to be deducted |
C. | Advance tax is collected |
D. | all of the above |
Answer» D. all of the above |
5. |
Agriculture income is exempt in India: |
A. | True |
B. | False |
C. | Somewhat agree |
D. | Neither of them |
Answer» A. True |
6. |
Agricultural income from foreign is taxable |
A. | True |
B. | False |
C. | Somewhat agree |
D. | Neither of them |
Answer» A. True |
7. |
Sale of land is a |
A. | Capital Receipt |
B. | Revenue Receipt |
C. | Both of the above |
D. | Neither of the above |
Answer» A. Capital Receipt |
8. |
Sales of goods is a |
A. | Revenue Receipt |
B. | Capital Receipt |
C. | Both of the above |
D. | Neither of the above |
Answer» A. Revenue Receipt |
9. |
As the income goes up, the slab of income tax rate goes |
A. | up |
B. | down |
C. | moderate |
D. | fluctuate |
Answer» A. up |
10. |
The financial year starts from |
A. | 1st Jan to 31st Dec |
B. | 1st April to 31st March |
C. | 1st Oct to 30th September |
D. | 1st July to 31st August |
Answer» B. 1st April to 31st March |
11. |
Person includes |
A. | AOP |
B. | BOI |
C. | Company |
D. | All of the above |
Answer» D. All of the above |
12. |
Income tax is paid by every individual depending on his |
A. | citizenship |
B. | residential status |
C. | both of the above |
D. | neither of the above |
Answer» B. residential status |
13. |
Income tax is a |
A. | Direct tax |
B. | Indirect tax |
C. | Neither of the above |
D. | Both of the above |
Answer» A. Direct tax |
14. |
Income tax is collected by |
A. | state government |
B. | central government |
C. | Semi-Government |
D. | All of the above |
Answer» B. central government |
15. |
Assessee includes any person in respect of whom: |
A. | who is liable to pay tax |
B. | any person in respect of whom proceedings under the Act have been started |
C. | any person who is deemed to be an asssessee |
D. | all of the above |
Answer» D. all of the above |
16. |
The residential status of an Individual can be: |
A. | Resident and Ordinary Resident |
B. | Resident but not ordinary resident |
C. | Non resident |
D. | All of the above |
Answer» D. All of the above |
17. |
Citizenship is the criteria of assessment |
A. | true |
B. | false |
C. | somewhat agree |
D. | partially correct |
Answer» A. true |
18. |
An individual is said to be resident in India if he stays for_ days during the previous year |
A. | 180 |
B. | 182 |
C. | 183 |
D. | 184 |
Answer» B. 182 |
19. |
Income received or deemed to be received in India is taxable for |
A. | ROR |
B. | RNOR |
C. | NR |
D. | All of the above |
Answer» D. All of the above |
20. |
Gifts received from relatives on the occasion of marriage would be |
A. | taxable |
B. | exempted |
C. | both of the above |
D. | Neither of the above |
Answer» B. exempted |
21. |
Gifts received from others on the occasion other than marriage would be taxable if the aggregate amount exceeds |
A. | Rs 50,000 |
B. | Rs 51,000 |
C. | Rs 52,000 |
D. | Neither of the above |
Answer» A. Rs 50,000 |
22. |
As the income goes down, the slab of income tax rate goes |
A. | up |
B. | down |
C. | moderate |
D. | fluctuate |
Answer» B. down |
23. |
The calendar year starts from |
A. | 1st Jan to 31st Dec |
B. | 1st April to 31st March |
C. | 1st Oct to 30th September |
D. | 1st July to 31st August |
Answer» A. 1st Jan to 31st Dec |
24. |
Receipt of Income and remittance of income are different things |
A. | True |
B. | False |
C. | Somewhat agree |
D. | All of the above |
Answer» A. True |
25. |
Ordinary resident must stay in India for_ days during the previous year |
A. | 60 days |
B. | 65 days |
C. | 70 days |
D. | neither of the above |
Answer» A. 60 days |
26. |
A resident must stay in India for 730 days during the previous |
A. | 6 years |
B. | 8 years |
C. | 7 years |
D. | 9 years |
Answer» C. 7 years |
27. |
A person is said to be of Indian origin if he or his parent were born in |
A. | undivided india |
B. | divided india |
C. | partitioned india |
D. | Neither of the above |
Answer» A. undivided india |
28. |
Receipt by a member from HUF is fully exempt |
A. | true |
B. | false |
C. | somewhat agree |
D. | all of the above |
Answer» A. true |
29. |
Income of minor child clubbed with the income of parents gets an exemption of |
A. | Rs 1500 |
B. | Rs 3000 |
C. | Rs 4000 |
D. | Rs 2000 |
Answer» A. Rs 1500 |
30. |
To determine the residential status of HUF, the residential status of |
A. | member is considered |
B. | karta is considered |
C. | co-parceners is considered |
D. | neither of the above |
Answer» B. karta is considered |
31. |
GST is a…………………. |
A. | Professional tax |
B. | Direct tax |
C. | Indirect tax |
D. | Service tax |
Answer» C. Indirect tax |
32. |
A person with the age of or more is considered as a super senior citizen as per Income tax Act. |
A. | 56 |
B. | 60 |
C. | 80 |
D. | 85 |
Answer» C. 80 |
33. |
Assessment year is the period of 12 months commencing from_every year. |
A. | 1st March |
B. | 31s tMarch |
C. | 1st April |
D. | 30thApril |
Answer» C. 1st April |
34. |
Expenditure incurred on exempted income is.............. as deduction. |
A. | Fully Allowed |
B. | Partly Allowed |
C. | Not Allowed |
D. | None of these |
Answer» A. Fully Allowed |
35. |
HRA is……………….. |
A. | Fully Taxable |
B. | Partly Taxable |
C. | Fully Exempted |
D. | None of these |
Answer» B. Partly Taxable |
36. |
If the assessee is living in own house HRA is………….. |
A. | Fully Taxable |
B. | Partly Taxable |
C. | Fully Exempted |
D. | None of these |
Answer» A. Fully Taxable |
37. |
Children education allowance is exempt up to per month per child for two children. |
A. | Rs.100 |
B. | Rs.150 |
C. | Rs.200 |
D. | Rs.250 |
Answer» A. Rs.100 |
38. |
Children hostel allowance is exempt up to per month per child for |
A. | 2 child |
B. | 3 child |
C. | 4 child |
D. | 7 child |
Answer» A. 2 child |
39. |
Transport allowance given by the employer to the employee is exempt up to……….. |
A. | Rs.1000p.m |
B. | Rs.1600p.m |
C. | Rs.1000p.a |
D. | Rs.1600p.a |
Answer» B. Rs.1600p.m |
40. |
Education allowance is exempted for…….. |
A. | One person |
B. | Four persons |
C. | Two persons |
D. | None of these |
Answer» C. Two persons |
41. |
Gratuity received by a government employee is....................... |
A. | Fully exempted |
B. | Partly exempted |
C. | Fully taxable |
D. | Exempted up toRs:1,00,000 |
Answer» A. Fully exempted |
42. |
The periodic payment of money for the past service is known as........................ |
A. | Gratuity |
B. | Pension |
C. | Commuted pension |
D. | Leave salary |
Answer» B. Pension |
43. |
Pension is taxable under_head. |
A. | Salary |
B. | House property |
C. | Capital gains |
D. | other sources |
Answer» A. Salary |
44. |
Which of the following is not included in salaryincome. |
A. | Commuted pension |
B. | Un commuted pension |
C. | Family pension |
D. | Leave salary |
Answer» C. Family pension |
45. |
Dearness allowance is taxable in the handsof................. |
A. | Govtemployees |
B. | Non Govtemployees |
C. | Allemployees. |
D. | None ofthese. |
Answer» D. None ofthese. |
46. |
Deduction under section 80 C is available for investments in |
A. | Unit link insurance plan |
B. | LIC |
C. | Statutory provident fund |
D. | All of these |
Answer» D. All of these |
47. |
Deduction under section 80 CCD is available to investment made in the fund of |
A. | State government |
B. | Deemed government |
C. | Centralgovt. |
D. | None of these |
Answer» C. Centralgovt. |
48. |
Maximum deduction under section 80CCE is subject to a maximum of |
A. | Rs. 5,00,000. |
B. | Rs.2,00,000. |
C. | Rs.1,00,000. |
D. | Rs.1,50,000. |
Answer» D. Rs.1,50,000. |
49. |
.Deduction under section 80D is available on |
A. | Health Insurance Premium |
B. | Life Insurance Premium |
C. | Education Insurance Premium |
D. | None of these |
Answer» A. Health Insurance Premium |
50. |
Deduction under section 80 D is subject to |
A. | 25,000 |
B. | 50,000 |
C. | 70,000 |
D. | None of these |
Answer» A. 25,000 |
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