Assessment of Various Entities (India)

Bachelor of Business Administration (BBA)

Practice Mode Previous
On This Page

This set of Business Taxation Multiple Choice Questions & Answers (MCQs) focuses on Assessment of Various Entities (India)

Q1 | …………..cannot become a partner.
  • minor
  • partner
  • firm
  • society
Answer: minor
Q2 | The payment is authorized by, and is in accordance with the term ofpartnership deed according to sec………….
  • sec. 40(b)(ii)
  • sec. 40(b)(iii)
  • sec. 50(b)(ii)
  • none of the above
Answer: sec. 40(b)(ii)
Q3 | …………..is an obligation annexed to the ownership of property.
  • trust
  • firm
  • company
  • karta
Answer: trust
Q4 | The person who accepts the confidence is called ………….
  • trustee
  • karta
  • firm
  • aop
Answer: trustee
Q5 | The subject matter of the trust is called …………….
  • trust property
  • own property
  • own furniture
  • none of the above
Answer: trust property
Q6 | The trust should be one established in accordance with law and its objectsshould fall within the definition of the term ………….
  • charitable purposes
  • work purpose
  • assessment purposes
  • to earn profit purpose
Answer: charitable purposes
Q7 | Joint Commissioners are appointed by…………
  • central government
  • state government
  • district government
  • gram panchayat
Answer: central government
Q8 | ITR -5 is related to :
  • for individuals
  • for huf.
  • for firms, aops and bois.
  • for companies.
Answer: for individuals
Q9 | Tax refund has to be claimed within :
  • five years
  • same year
  • one year
  • next year
Answer: one year
Q10 | In the absence of the individual assesses, return of income can be signed by…………………
  • legal heir
  • spouse.
  • any person.
  • authorized person
Answer: authorized person
Q11 | Amount of deduction in case of a person with severe disability undersection 80U will be:
  • rs. 50,000
  • rs. 75,000
  • rs. 1,00,000
  • rs. 1,50,000
Answer: rs. 1,00,000
Q12 | Deduction under section 80C to 80U cannot exceed:
  • gross total income
  • total income
  • income from business or profession
  • income from house property
Answer: gross total income
Q13 | Payment of Rs. ` 45,000 made in cash towards purchases of medicines. Theamount of disallowance under section 40A(3) is -
  • rs 45,000
  • rs 30,000
  • nil
  • rs 20,000
Answer: rs 45,000
Q14 | Rental income from the business of leasing out properties would be taxableunder the head_______
  • income from house property
  • income from other sources
  • income from pgbp
  • income from capital gain
Answer: income from pgbp
Q15 | As per Section 2(e a), which of the following is an asset in case of anindividual:
  • cash in hand up to rs. 50,000
  • shares
  • debentures or bonds
  • motor car used for official purposes
Answer: cash in hand up to rs. 50,000
Q16 | Income Tax is levied on the ___________ of a person.
  • total income
  • total income-debt
  • gross total income
  • net income-debt perquisites
Answer: total income
Previous