McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Business Administration in Finance (BBA Finance) , Staff Selection Commission (SSC) .
| 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 | |
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