

McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) , Common Law Admission Test (CLAT) .
1. |
What is the section of Incidence of law |
A. | 6 |
B. | 5 |
C. | 7 |
D. | 4 |
Answer» B. 5 |
2. |
Incomes which accrue or arise outside India but received directly in India are taxable in case of |
A. | resident and ordinarily resident only |
B. | resident but not ordinarily resident |
C. | non-resident |
D. | All of the above |
Answer» D. All of the above |
3. |
R Ltd. Is an Indian company whose place of effective management is outside India. R Ltd., shall be: |
A. | resident in India |
B. | non-resident in India |
C. | not ordinarily resident in India |
D. | nt and ordinarily residen |
Answer» A. resident in India |
4. |
government in country |
A. | tax |
B. | penalty |
C. | fine |
D. | none of the above |
Answer» A. tax |
5. |
which of the following are the persons under sec2(A) |
A. | Individual |
B. | firm |
C. | body of person |
D. | All of the above |
Answer» D. All of the above |
6. |
The HUF is said to be resident in India if |
A. | The control and management of its affairs is |
B. | The control and management of its |
C. | The control and management of its |
D. | None of the above |
Answer» A. The control and management of its affairs is |
7. |
The Company may have the residential status as |
A. | Resident and non resident |
B. | non ordinary resident |
C. | ordinary Resident |
D. | none of the above |
Answer» A. Resident and non resident |
8. |
Benefits Given in kind are |
A. | Allowance |
B. | Perquisites |
C. | both a and b |
D. | none of the above |
Answer» B. Perquisites |
9. |
which of the following heads are the head of Income under Income tax Act 1961 |
A. | salary |
B. | capital gain |
C. | House Property |
D. | All of the above |
Answer» D. All of the above |
10. |
Outstanding salary would be taxable basis |
A. | Due |
B. | receipts |
C. | both a & b |
D. | none of the above |
Answer» A. Due |
11. |
Advance salary would be taxable basis |
A. | Due |
B. | receipts |
C. | both a & b |
D. | none of the above |
Answer» B. receipts |
12. |
is a retirement benefit given by the employer to the employee in consideration of past |
A. | Gratuity |
B. | Dearness allowance |
C. | Lunch allowance |
D. | House Rent allowance |
Answer» A. Gratuity |
13. |
A is a non-cash benefit granted by an employer to the employee |
A. | Allowance |
B. | Perquisites |
C. | pension |
D. | none of the above |
Answer» C. pension |
14. |
Allowances to Judges of High Court/Supreme Court (Subject to certain conditions) |
A. | Taxable |
B. | Not taxable |
C. | Both A & B |
D. | none of the above |
Answer» B. Not taxable |
15. |
Previous year means the financial year immediately preceding the |
A. | Accounting year |
B. | Assesment year |
C. | non of the above |
D. | both |
Answer» B. Assesment year |
16. |
Full form of TDS |
A. | Tax deducted at source |
B. | Tax deducted for source |
C. | tax deducted by source |
D. | none of above |
Answer» A. Tax deducted at source |
17. |
against the profit or income of that particular year. |
A. | set off |
B. | carry forward |
C. | none of above |
D. | both of above |
Answer» A. set off |
18. |
Capital LosseCan be carry forward up to next assessment years from the assessment year in which |
A. | 8 |
B. | 4 |
C. | 2 |
D. | 5 |
Answer» A. 8 |
19. |
which of the following are the basic condition to become resident of india |
A. | He must be in India for 182 days or more in relevent |
B. | He must be in India for 60 days or more in |
C. | both a and b |
D. | none of the above |
Answer» B. He must be in India for 60 days or more in |
20. |
.A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be |
A. | 200 |
B. | 260 |
C. | 160 |
D. | 240 |
Answer» C. 160 |
21. |
Salary should have relationship |
A. | employer employee |
B. | Master and servent |
C. | both a and b |
D. | none of the above |
Answer» C. both a and b |
22. |
salary is chargeable to tax on |
A. | Receipt |
B. | due |
C. | Receipt or due whichever is earlier |
D. | none of the above |
Answer» C. Receipt or due whichever is earlier |
23. |
Arear on salary are taxable on |
A. | Receipt |
B. | due |
C. | Receipt or due whichever is earlier |
D. | none of the above |
Answer» A. Receipt |
24. |
means fixed quantum of money given regularly in addition to salary to meet particular |
A. | Allowance |
B. | Perquisites |
C. | pension |
D. | none of the above |
Answer» A. Allowance |
25. |
An allowance to meet the expenses in connection with the rent of the house, by whatever name called |
A. | House Rent allowance |
B. | Perquisites |
C. | pension |
D. | none of the above |
Answer» A. House Rent allowance |
26. |
It is an extra amount given to an employee to meet the burden of inflation or increased cost of living. |
A. | House Rent allowance |
B. | Dearness allowance |
C. | both a and b |
D. | none of the above |
Answer» B. Dearness allowance |
27. |
Which of the allowances are fully taxable |
A. | Dearness allowance |
B. | Lunch allowance |
C. | Medical allowance |
D. | All of the above |
Answer» D. All of the above |
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