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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