McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Commerce (M.com) .
| 101. |
Tax management deals with : |
| A. | filing of return in time |
| B. | getting the accounts audited |
| C. | deducting tax at source |
| D. | all of the above |
| Answer» D. all of the above | |
| 102. |
income tax act came into force on ………… |
| A. | 01.04.1961 |
| B. | 01.04.1962 |
| C. | 01.04.1956 |
| D. | 01.04.1965 |
| Answer» B. 01.04.1962 | |
| 103. |
Residential status is determined for ……………….. |
| A. | previous year |
| B. | assessment year |
| C. | accounting year |
| D. | financial year |
| Answer» A. previous year | |
| 104. |
How many heads of income are there to compute gross total income? |
| A. | six |
| B. | five |
| C. | four |
| D. | three |
| Answer» B. five | |
| 105. |
Deduction of tax at source made for incomes which can be calculated in advance is called ……………..? |
| A. | TDS |
| B. | PAS |
| C. | FAS |
| D. | MAS |
| Answer» A. TDS | |
| 106. |
Donation is deductible under section |
| A. | 80C |
| B. | 80D |
| C. | 80E |
| D. | 80G |
| Answer» D. 80G | |
| 107. |
Education cess on tax payable is at.. |
| A. | 2% |
| B. | 1% |
| C. | 3% |
| D. | 5% |
| Answer» A. 2% | |
| 108. |
The income tax rate on long term capital gains for an individual is ………….. |
| A. | 10% |
| B. | 15% |
| C. | 20% |
| D. | 25% |
| Answer» C. 20% | |
| 109. |
When a receipt is determined as capital receipt or revenue receipt . |
| A. | at the time of it is received |
| B. | while preparing final account |
| C. | when the received amount is used |
| D. | none of these |
| Answer» A. at the time of it is received | |
| 110. |
STT stands for |
| A. | securities transaction tax |
| B. | secure transaction tax |
| C. | securities transmission tax |
| D. | none of these |
| Answer» A. securities transaction tax | |
| 111. |
Who is tax payer? |
| A. | business man |
| B. | trust |
| C. | assessee |
| D. | govt employee |
| Answer» C. assessee | |
| 112. |
Reciept of amount on maturity of LIC policy is ……………. . |
| A. | a revenue receipt |
| B. | capital receipt |
| C. | a casual receipt |
| D. | fixed receipt |
| Answer» B. capital receipt | |
| 113. |
Income by way of rent of agricultural land is ……………. . |
| A. | business income |
| B. | income from other sources |
| C. | agricultural income |
| D. | casual income |
| Answer» C. agricultural income | |
| 114. |
The highest administrative authority for income tax in India ………….? |
| A. | finance minister |
| B. | president of India |
| C. | CBDT |
| D. | director of IT |
| Answer» C. CBDT | |
| 115. |
Tonnage tax is based on …………………... . |
| A. | net tonnage |
| B. | gross tonnage |
| C. | actual tonnage |
| D. | weighted average |
| Answer» A. net tonnage | |
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