Taxation Set 2

Bachelor of Business Administration (BBA),

Bachelor of Accounting and Finance (BAF)

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This set of Taxation Multiple Choice Questions & Answers (MCQs) focuses on Taxation Set 2

Q1 | Full form of TDS
  • Tax deducted at source
  • Tax deducted for source
  • tax deducted by source
  • none of above
Answer: Tax deducted at source
Q2 | profit or income of that particular year.
  • set off
  • carry forward
  • none of above
  • both of above
Answer: set off
Q3 | Capital LosseCan be carry forward up to next             assessment years from the assessment year in which the loss was incurred
  • 8
  • 4
  • 2
  • 5
Answer: 8
Q4 | which of the following are the basic condition to become resident of india
  • He must be in India for 182 days or more in relevent previous year
  • He must be in India for 60 days or more in Relevent Previous year AND In preceding 4 previous year he must be in
  • both a and b
  • none of the above
Answer: He must be in India for 60 days or more in Relevent Previous year AND In preceding 4 previous year he must be in
Q5 | .A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of :
  • 200
  • 260
  • 160
  • 240
Answer: 160
Q6 |               of Income Tax Act is related to residential status
  • Section 6
  • section-5
  • section 8
  • section 9
Answer: Section 6
Q7 | Salary should have relationship
  • employer employee
  • Master and servent
  • both a and b
  • none of the above
Answer: both a and b
Q8 | salary is chargeable to tax on
  • Receipt
  • due
  • Receipt or due whichever is earlier
  • none of the above
Answer: Receipt or due whichever is earlier
Q9 | Arear on salary are taxable on             
  • Receipt
  • due
  • Receipt or due whichever is earlier
  • none of the above
Answer: Receipt
Q10 | means fixed quantum of money given regularly in addition to salary to meet particular requirement
  • Allowance
  • Perquisites
  • pension
  • none of the above
Answer: Allowance
Q11 | An allowance to meet the expenses in connection with the rent of the house, by whatever name called
  • House Rent allowance
  • Perquisites
  • pension
  • none of the above
Answer: House Rent allowance
Q12 | It is an extra amount given to an employee to meet the burden of inflation or increased cost of living.
  • House Rent allowance
  • Dearness allowance
  • both a and b
  • none of the above
Answer: Dearness allowance
Q13 | Which of the allowances are fully taxable
  • Dearness allowance
  • Lunch allowance
  • Medical allowance
  • All of the above
Answer: All of the above
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