McqMate
| 101. |
Rate of depreciation on non residential building is....................... |
| A. | 10%. |
| B. | 15%. |
| C. | 20%. |
| D. | 25% |
| Answer» A. 10%. | |
| 102. |
Rate of depreciation on furniture is........................ |
| A. | 5% |
| B. | 15% |
| C. | 10% |
| D. | 20% |
| Answer» C. 10% | |
| 103. |
Additional depreciation is allowed at half the rate, if the asset is used in the initial year for................................. |
| A. | 195 days. |
| B. | 199 days. |
| C. | 360 days. |
| D. | less than 180 days. |
| Answer» D. less than 180 days. | |
| 104. |
Under section 44AB ‘specified date’ means, ............................... |
| A. | 30th june |
| B. | 30th september |
| C. | 30th november |
| D. | 31st december |
| Answer» B. 30th september | |
| 105. |
Income from sale of rural Agricultural land is.................. |
| A. | taxable capital gain. |
| B. | exempted capital gain. |
| C. | taxable income. |
| D. | none of these. |
| Answer» B. exempted capital gain. | |
| 106. |
What is the time limit for holding of a Financial Asset, to be called Short Term Capital Asset? |
| A. | not more than 6 months. |
| B. | not more than 12 months. |
| C. | not more than 24 months. |
| D. | not more than 36 months. |
| Answer» B. not more than 12 months. | |
| 107. |
To be a long term capital asset, a non financial asset should be held more than................ |
| A. | 12 months. |
| B. | 24 months. |
| C. | 36 months. |
| D. | 60 months. |
| Answer» C. 36 months. | |
| 108. |
Shares held for less than 12 months are...................... |
| A. | short term capital asset. |
| B. | long term capital asset. |
| C. | exempted capital asset. |
| D. | projected capital asset. |
| Answer» A. short term capital asset. | |
| 109. |
House property held for less than 36 months is........................ |
| A. | long term capital asset. |
| B. | short term capital asset. |
| C. | exempted capital asset. |
| D. | projected capital asset. |
| Answer» B. short term capital asset. | |
| 110. |
Indexation is applicable to....................... |
| A. | sale of short term capital assets. |
| B. | sale of long term debentures. |
| C. | sale of depreciable capital assets. |
| D. | sale of long term capital assets which are not depreciable assets |
| Answer» D. sale of long term capital assets which are not depreciable assets | |
| 111. |
. Cost of long term debentures are..................... |
| A. | eligible for indexing. |
| B. | not eligible for indexing. |
| C. | none of these. |
| D. | all the above. |
| Answer» B. not eligible for indexing. | |
| 112. |
What is the date on which Fair Market Value of capital assets acquired is determined? |
| A. | 1.4.2001. |
| B. | 1.4.1971. |
| C. | 1.4.1981. |
| D. | 1.4.1971. |
| Answer» C. 1.4.1981. | |
| 113. |
FMV on 1.4.81 is applicable to assets....................... |
| A. | acquired prior to 1.4.81. |
| B. | transferred prior to 1.4.81. |
| C. | acquired after 1.4.81. |
| D. | none of the above. |
| Answer» A. acquired prior to 1.4.81. | |
| 114. |
Cost of improvement incurred prior to 1.4.81 is................ |
| A. | indexed separately. |
| B. | indexed along with cost of acquisition. |
| C. | ignored fully. |
| D. | none of these. |
| Answer» C. ignored fully. | |
| 115. |
Cost inflation rules for the purpose of long term capital gain has been notified by central government every year starting from the financial year.................. |
| A. | 1991-92. |
| B. | 1985-86. |
| C. | 1981-82. |
| D. | 1975-76. |
| Answer» C. 1981-82. | |
| 116. |
Short term capital gain on sale of unlisted shares are................. |
| A. | taxable. |
| B. | exempted. |
| C. | partially exempt |
| Answer» A. taxable. | |
| 117. |
Long term capital gain on sale of unlisted shares are........................ |
| A. | taxable. |
| B. | exempted. |
| C. | partially exempt |
| Answer» A. taxable. | |
| 118. |
Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ............................. |
| A. | another residential house. |
| B. | land. |
| C. | shares. |
| D. | jewellery. |
| Answer» A. another residential house. | |
| 119. |
Which one of the following is not an admissible expense |
| A. | income tax |
| B. | excise duty |
| C. | bad debt |
| D. | sales tax |
| Answer» A. income tax | |
| 120. |
Tax on short-term gain on sale of listed shares is................ |
| A. | 20%. |
| B. | 25%. |
| C. | 30%. |
| D. | 15%. |
| Answer» D. 15%. | |
| 121. |
Statutory limit for exemption of compensation received at the time of voluntary retirement (VRS) is............................. |
| A. | rs. 5,00,000. |
| B. | rs. 8,00,000. |
| C. | rs. 10,00,000. |
| D. | rs. 15,00,000. |
| Answer» A. rs. 5,00,000. | |
| 122. |
Deduction from gross Total income is allowed under Sec. 80C up to lower of the Qualifying amount or a maximum of. |
| A. | rs. 50,000. |
| B. | rs. 80,000. |
| C. | rs. 1,00,000. |
| D. | rs. 2,00,000. |
| Answer» C. rs. 1,00,000. | |
| 123. |
Profits earned from an illegal business are.......................... |
| A. | taxable. |
| B. | tax free. |
| C. | ignored by tax authorities. |
| D. | treated as other income. |
| Answer» A. taxable. | |
| 124. |
Contribution made to an approved research association is eligible for deduction up to................. |
| A. | 50%. |
| B. | 80%. |
| C. | 100%. |
| D. | 125%. |
| Answer» D. 125%. | |
| 125. |
Unabsorbed capital expenditure on scientific research can be carried forward for............... |
| A. | 15 years. |
| B. | 14 years. |
| C. | 8 years. |
| D. | 10 |
| Answer» C. 8 years. | |
| 126. |
Medical reimbursement is exempt up to .................. if treatment is done in a private hospital. |
| A. | rs: 5,000 |
| B. | rs: 10,000 |
| C. | rs: 15,000 |
| D. | rs: 50,000 |
| Answer» C. rs: 15,000 | |
| 127. |
Excise duty and sales tax are allowed as deduction if paid before...................... |
| A. | late date of filing of return. |
| B. | previous year end. |
| C. | before 31 st december of the previous year. |
| D. | after 31 st december of previous year. |
| Answer» A. late date of filing of return. | |
| 128. |
Technical know-how acquired after 1.4.98 is eligible for depreciation at............... |
| A. | 10% p.a. |
| B. | 20% p.a. |
| C. | 25% p.a. |
| D. | 40% p.a. |
| Answer» C. 25% p.a. | |
| 129. |
Which of the following is exempted. |
| A. | c.c.a |
| B. | d.a |
| C. | foreign allowance |
| D. | medical allowance |
| Answer» C. foreign allowance | |
| 130. |
Free food provided to employees is exempted upto ...................... per meal. |
| A. | rs: 40 |
| B. | rs: 50 |
| C. | rs: 60 |
| D. | rs: 15 |
| Answer» B. rs: 50 | |
| 131. |
The income from the sale of house hold furniture is ...................... |
| A. | taxable income |
| B. | exempted income |
| C. | capital gain |
| D. | business income |
| Answer» B. exempted income | |
| 132. |
Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of ......................... |
| A. | 1/5th of annual value |
| B. | 30% of annual value |
| C. | 25% of annual value |
| D. | 20% of annual value |
| Answer» B. 30% of annual value | |
| 133. |
Preliminary expenses shall be allowed as deduction in............... |
| A. | 5 instalments. |
| B. | 10 instalments. |
| C. | 15 instalments |
| D. | 12 instalments. |
| Answer» A. 5 instalments. | |
| 134. |
Bad debts allowed earlier and recovered latter on is.................... |
| A. | business income. |
| B. | non business income. |
| C. | exempted income. |
| D. | income from other sources. |
| Answer» A. business income. | |
| 135. |
Under valuation of opening stock is.................... |
| A. | deducted from net profit. |
| B. | added to net profit. |
| C. | credited to p & l a/c |
| D. | none of these. |
| Answer» A. deducted from net profit. | |
| 136. |
Under section 44AB the audit of accounts is compulsory if total sales exceed .......................... |
| A. | rs: 40 lakhs |
| B. | rs: 50 lakhs |
| C. | rs: one crore |
| D. | rs: five crores |
| Answer» C. rs: one crore | |
| 137. |
Gifts from clients are................... |
| A. | professional income. |
| B. | income from other sources. |
| C. | non taxable item. |
| D. | none of these. |
| Answer» A. professional income. | |
| 138. |
Repairs incurred before installation of an assets is.................. |
| A. | capital expenditure. |
| B. | revenue expenditure. |
| C. | non business expenditure. |
| D. | none of these. |
| Answer» A. capital expenditure. | |
| 139. |
If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is.............. |
| A. | normal rate. |
| B. | 50% of normal rate. |
| C. | nil. |
| D. | none of these. |
| Answer» B. 50% of normal rate. | |
| 140. |
Rate of depreciation on residential building is................. |
| A. | 5%. |
| B. | 10% |
| C. | 15% |
| D. | 20%. |
| Answer» A. 5%. | |
| 141. |
The Total income of an individual is Rs: 3,46,994. The rounded off total income will be........................ |
| A. | rs: 3,46,000 |
| B. | rs: 3,47,000 |
| C. | rs: 3,46,990 |
| D. | rs: 3,50,000 |
| Answer» C. rs: 3,46,990 | |
| 142. |
The income tax payable by an individual is Rs:8,562.55. The rounded off tax payable will be ......................... |
| A. | rs: 8,562 |
| B. | rs: 8,563 |
| C. | rs: 8,560 |
| D. | rs: 8,570 |
| Answer» C. rs: 8,560 | |
| 143. |
The maximum tax exemption to a senior citizen for the assessment year is ...................... |
| A. | rs: 3,00,000 |
| B. | rs: 2,00,000 |
| C. | rs: 1,00,000 |
| D. | rs: 2,50,000 |
| Answer» D. rs: 2,50,000 | |
| 144. |
If STT is paid, then STCG tax on the transfer of capital asset is .............................. |
| A. | 10% |
| B. | 15% |
| C. | 20% |
| D. | 25% |
| Answer» B. 15% | |
| 145. |
Education cess for the A.Y is ................................ |
| A. | 3% |
| B. | 5% |
| C. | 10% |
| D. | 15% |
| Answer» A. 3% | |
| 146. |
According to section ........................ , TDS shall be payable during the financial year in respect of the total income of the assessee. |
| A. | 206 |
| B. | 207 |
| C. | 208 |
| D. | 210 |
| Answer» B. 207 | |
| 147. |
.................. must be paid according to the provisions of “ Pay As You Earn” Scheme. |
| A. | income tax |
| B. | tds |
| C. | advance tax |
| D. | education cess |
| Answer» C. advance tax | |
| 148. |
Advance tax is payable when tax payable by an assessee is ........................or more. |
| A. | rs: 5,000 |
| B. | rs: 10,000 |
| C. | rs: 15,000 |
| D. | rs: 1,00,000 |
| Answer» B. rs: 10,000 | |
| 149. |
The rate of surcharge payable on tax for the A.Y. 2013-14 is ...................... |
| A. | 5% |
| B. | 10% |
| C. | 3% |
| D. | nil |
| Answer» D. nil | |
| 150. |
The non-taxable income for the woman assessee is ................................. |
| A. | rs: 1,00,000 |
| B. | rs: 1,90,000 |
| C. | rs: 2,50,000 |
| D. | rs: 3,00,000 |
| Answer» B. rs: 1,90,000 | |
| 151. |
If S T T is paid, then LTCG tax on the transfer of listed equity shares is .................... |
| A. | 15% |
| B. | 5% |
| C. | 10% |
| D. | nil |
| Answer» D. nil | |
| 152. |
Out of income from growing and manufacturing of latex ..................... , is considered as agricultural income. |
| A. | 40% |
| B. | 45% |
| C. | 60% |
| D. | 65% |
| Answer» D. 65% | |
| 153. |
For SSIs , a deduction of ..................... % of profit is available to individual assessee. |
| A. | 50% |
| B. | 40% |
| C. | 25% |
| D. | nil |
| Answer» C. 25% | |
| 154. |
Donation is deductible u/s ................................. |
| A. | 80c |
| B. | 80d |
| C. | 80 e |
| D. | 80 g |
| Answer» D. 80 g | |
| 155. |
Tax deduction available to certain industries for the initial few years is called ........................ |
| A. | tax holiday |
| B. | tax exemption |
| C. | tds |
| D. | paye |
| Answer» A. tax holiday | |
| 156. |
Contribution to RPF is deducted u/s .................. |
| A. | 80c |
| B. | 80d |
| C. | 80e |
| D. | 80g |
| Answer» A. 80c | |
| 157. |
The maximum amount of deduction under section 80D in the case of a senior citizen is ......................... |
| A. | rs: 10,000 |
| B. | rs: 15,000 |
| C. | rs: 20,000 |
| D. | rs: 25,000 |
| Answer» C. rs: 20,000 | |
| 158. |
Which among the following deduction is available only to disabled persons : |
| A. | 80 c |
| B. | 80 g |
| C. | 80 q |
| D. | 80 u |
| Answer» D. 80 u | |
| 159. |
Section 80C provides for deduction in respect of tuition fee to ....................... children. |
| A. | one |
| B. | two |
| C. | three |
| D. | none |
| Answer» B. two | |
| 160. |
The maximum amount deductible u/s 80GG in respect of rent paid is ........................ |
| A. | rs: 10,000 |
| B. | rs: 12,000 |
| C. | rs: 20,000 |
| D. | rs: 24,000 |
| Answer» D. rs: 24,000 | |
| 161. |
Tax on long term capital gain is.................. |
| A. | 10%. |
| B. | 20%. |
| C. | 30%. |
| D. | 25%. |
| Answer» B. 20%. | |
| 162. |
Income from other sources is a................. |
| A. | residuary head of income. |
| B. | major head of income. |
| C. | income from a single source. |
| D. | constant and regular income. |
| Answer» A. residuary head of income. | |
| 163. |
Which one of the following is not an income from other sources? |
| A. | interest on fixed deposit in bank. |
| B. | winnings from cross word puzzles. |
| C. | gift in excess of rs.50,000 from an unrelated person. |
| D. | profit on sale of building. |
| Answer» D. profit on sale of building. | |
| 164. |
Which of the following income from other sources is not taxable? |
| A. | dividend from co-operative society. |
| B. | dividend from foreign company. |
| C. | dividend from domestic company. |
| D. | winnings from lottery. |
| Answer» C. dividend from domestic company. | |
| 165. |
Dividends from co-operative society are........................ |
| A. | exempted. |
| B. | taxable. |
| C. | partially exempt |
| D. | d. partially taxable. |
| Answer» B. taxable. | |
| 166. |
Grossing up of interest on securities is required when................... |
| A. | interest is received after t.d.s. |
| B. | they are central govt. securities. |
| C. | the interest on bank deposit is less than rs. 10,000. |
| D. | none of these. |
| Answer» A. interest is received after t.d.s. | |
| 167. |
Tax is reduced from casual incomes at.................... |
| A. | 10% + surcharge and cesses. |
| B. | 20% + surcharge and cesses. |
| C. | 30%. |
| D. | none of these. |
| Answer» C. 30%. | |
| 168. |
Interest on Bank Term Deposits is subject to tax deduction at source if the interest amount during the relevant previous year exceeds................ |
| A. | rs: 2,000. |
| B. | rs: 5,000. |
| C. | rs: 10,000. |
| D. | rs: 30,000. |
| Answer» C. rs: 10,000. | |
| 169. |
Rate of T.D.S for unlisted securities, including cesses is................. |
| A. | 10.6%. |
| B. | 15.6%. |
| C. | 10%. |
| D. | 30.6%. |
| Answer» C. 10%. | |
| 170. |
Speculation Loss can be carried forward for................. |
| A. | 8 years |
| B. | 10years |
| C. | 5years |
| D. | 4years |
| Answer» D. 4years | |
| 171. |
Which of the following is not a capital asset. |
| A. | stock in trade |
| B. | goodwill |
| C. | agricultural land in mumbai |
| D. | jewellary |
| Answer» A. stock in trade | |
| 172. |
A partnership firm sold a residential house. The firm will get exemption under section .................... on capital gains. |
| A. | sec. 54d |
| B. | s |
| C. | 54e c. sec. 54c |
| D. | sec. 54ec |
| Answer» D. sec. 54ec | |
| 173. |
Income of a minor child is included in the total income of ........................... |
| A. | father |
| B. | mother |
| C. | parent whose income is greater |
| D. | transferor of asset |
| Answer» C. parent whose income is greater | |
| 174. |
The amount of deduction under section 80DD regarding disability is ..................... |
| A. | rs: 30,000 |
| B. | rs: 50,000 |
| C. | rs: 75,000 |
| D. | actual expense. |
| Answer» B. rs: 50,000 | |
| 175. |
Which of the following is eligible for 100% deduction ? |
| A. | national children fund |
| B. | rajiv gandhi foundation |
| C. | national sports fund |
| D. | nehru memorial fund |
| Answer» C. national sports fund | |
| 176. |
Section C applies on ................... |
| A. | individual and huf |
| B. | co-operative society |
| C. | firm |
| D. | company |
| Answer» A. individual and huf | |
| 177. |
Donation on PM’s National Relief Fund is deductible 100% out of the gross total income of the assessee, under section ................................... |
| A. | 80c |
| B. | 80cc |
| C. | 80g |
| D. | 80gg |
| Answer» C. 80g | |
| 178. |
For the P.Y , 2012-13, the maximum permissible deduction under section 80C is .............. |
| A. | rs: 80,000 |
| B. | rs: 1,00,000 |
| C. | rs: 2,00,000 |
| D. | 1,12,000 |
| Answer» B. rs: 1,00,000 | |
| 179. |
The rate of surcharge on tax payable is ......................% when taxable income is Rs: 5,57, 500. |
| A. | 3% |
| B. | 5% |
| C. | 10% |
| D. | nil |
| Answer» D. nil | |
| 180. |
The basic exemption up to which income is not taxable for an individual resident is .............. |
| A. | rs: 1,00,000 |
| B. | rs: 2,00,000 |
| C. | rs: 5,00,000 |
| D. | none of the above |
| Answer» A. rs: 1,00,000 | |
| 181. |
STCL can be set off in the same assessment year from ............................... |
| A. | stcg |
| B. | ltcg |
| C. | both |
| D. | not possible |
| Answer» C. both | |
| 182. |
Maximum amount of deduction allowable under section 80CCF is ...................... |
| A. | rs: 10,000 |
| B. | rs: 20,000 |
| C. | rs: 25,000 |
| D. | rs: 1,00,000 |
| Answer» B. rs: 20,000 | |
| 183. |
Maximum Marginal Rate for the current A.Y. ( 2013-14) is .................................. |
| A. | 25% |
| B. | 20% |
| C. | 30% |
| D. | 35% |
| Answer» C. 30% | |
| 184. |
Interest n loan taken before 1-4-1999 for construction or repairs of self occupied house shall be deducted up to Rs: ....................................... |
| A. | rs: 25,000 |
| B. | rs: 30,000 |
| C. | rs: 1,00,000 |
| D. | rs: 1,50,000 |
| Answer» B. rs: 30,000 | |
| 185. |
For claiming exemption u/s 54, the assessee should construct the residential property within ......................... |
| A. | one year before or 2 years after the date of transfer |
| B. | one year before or 3 years after the date of transfer |
| C. | within 3 years after the date of transfer |
| D. | within 2 years after the date of transfer. |
| Answer» C. within 3 years after the date of transfer | |
| 186. |
The cost of acquisition of bonus shares allotted on or after 1-4-1981 is .......................... |
| A. | fair market value of that shares on 1-4-1981 |
| B. | fair market value on the date of issue of shares |
| C. | nil |
| D. | none of these |
| Answer» C. nil | |
| 187. |
Any some received under key man insurance policy taken on the life of the employee shall be .......................... |
| A. | taxable under the head business or profession |
| B. | taxable under the head income from other sources |
| C. | taxable in the hands of employee |
| D. | exempt from tax |
| Answer» A. taxable under the head business or profession | |
| 188. |
The rent fixed as per municipal valuation is called ............................ |
| A. | municipal value |
| B. | fair rental value |
| C. | standard rent |
| D. | actual rent |
| Answer» A. municipal value | |
| 189. |
Rent free accommodation is an example for ..................................... |
| A. | allowance |
| B. | compensation |
| C. | perquisite |
| D. | profit in lieu of salary. |
| Answer» C. perquisite | |
| 190. |
The amount deductible for severe disability u/s 80U is .......................... |
| A. | rs: 1,00,000 |
| B. | rs: 1,20,000 |
| C. | rs: 50,000 |
| D. | rs: 90,000 |
| Answer» A. rs: 1,00,000 | |
| 191. |
When a loan is taken for the education of a child, the father is entitled to deduction u/s .......................... |
| A. | 80 c |
| B. | 80 g |
| C. | 80 e |
| D. | 80 u |
| Answer» C. 80 e | |
| 192. |
Income of a minor child is exempted up to .......................... |
| A. | rs: 1,000 |
| B. | rs: 1,500 |
| C. | rs: 1,200 |
| D. | rs: 2,000 |
| Answer» B. rs: 1,500 | |
| 193. |
Loss from business can be carried for ...................... years. |
| A. | 6 |
| B. | 8 |
| C. | 12 |
| D. | 16 |
| Answer» B. 8 | |
| 194. |
Income of Benami transactions shall be included in the income of ......................... |
| A. | real owner |
| B. | transferor |
| C. | transferee |
| D. | none of these |
| Answer» A. real owner | |
| 195. |
Dividend from an Indian company is ...................... |
| A. | fully taxablbe |
| B. | fully exempted |
| C. | partly taxable |
| D. | none of the above |
| Answer» B. fully exempted | |
| 196. |
The amount received from URPF is .......................... |
| A. | taxable |
| B. | exempted |
| C. | exempted, subject to certain conditions |
| D. | none of the above |
| Answer» A. taxable | |
| 197. |
............................ section deals with exempted incomes. |
| A. | section 80 |
| B. | section 17 |
| C. | section 10 |
| D. | section 23 |
| Answer» C. section 10 | |
| 198. |
There will be no partial integration, if the agricultural income does not exceed ............................ |
| A. | rs: 15,000 |
| B. | rs: 25,000 |
| C. | rs: 50,000 |
| D. | rs: 5,000 |
| Answer» D. rs: 5,000 | |
| 199. |
Salary on which income tax is borne by the employer is called .................................... |
| A. | foregoing salary |
| B. | tax free salary |
| C. | tax holiday |
| D. | none |
| Answer» B. tax free salary | |
| 200. |
Secondary and higher education cess is charged at the rate of .......................... of the amount of income tax. |
| A. | 1% |
| B. | 2% |
| C. | 3% |
| D. | 5% |
| Answer» A. 1% | |
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