Income Tax Set 6
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This set of Income Tax Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Set 6
Q1 | Medical reimbursement is exempt up to .................. if treatment is done in a private hospital.
- rs: 5,000
- rs: 10,000
- rs: 15,000
- rs: 50,000
Q2 | Excise duty and sales tax are allowed as deduction if paid before......................
- late date of filing of return.
- previous year end.
- before 31 st december of the previous year.
- after 31 st december of previous year.
Q3 | Technical know-how acquired after 1.4.98 is eligible for depreciation at...............
- 10% p.a.
- 20% p.a.
- 25% p.a.
- 40% p.a.
Q4 | Which of the following is exempted.
- c.c.a
- d.a
- foreign allowance
- medical allowance
Q5 | Free food provided to employees is exempted upto ...................... per meal.
- rs: 40
- rs: 50
- rs: 60
- rs: 15
Q6 | The income from the sale of house hold furniture is ......................
- taxable income
- exempted income
- capital gain
- business income
Q7 | Deduction for other expenses except interest in the computation of income from house property isallowable to the extent of .........................
- 1/5th of annual value
- 30% of annual value
- 25% of annual value
- 20% of annual value
Q8 | Preliminary expenses shall be allowed as deduction in...............
- 5 instalments.
- 10 instalments.
- 15 instalments
- 12 instalments.
Q9 | Bad debts allowed earlier and recovered latter on is....................
- business income.
- non business income.
- exempted income.
- income from other sources.
Q10 | Under valuation of opening stock is....................
- deducted from net profit.
- added to net profit.
- credited to p & l a/c
- none of these.
Q11 | Under section 44AB the audit of accounts is compulsory if total sales exceed ..........................
- rs: 40 lakhs
- rs: 50 lakhs
- rs: one crore
- rs: five crores
Q12 | Gifts from clients are...................
- professional income.
- income from other sources.
- non taxable item.
- none of these.
Q13 | Repairs incurred before installation of an assets is..................
- capital expenditure.
- revenue expenditure.
- non business expenditure.
- none of these.
Q14 | If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciationallowed on it is..............
- normal rate.
- 50% of normal rate.
- nil.
- none of these.
Q15 | Rate of depreciation on residential building is.................
- 5%.
- 10%
- 15%
- 20%.
Q16 | The Total income of an individual is Rs: 3,46,994. The rounded off total income will be........................
- rs: 3,46,000
- rs: 3,47,000
- rs: 3,46,990
- rs: 3,50,000
Q17 | The income tax payable by an individual is Rs:8,562.55. The rounded off tax payable will be.........................
- rs: 8,562
- rs: 8,563
- rs: 8,560
- rs: 8,570
Q18 | The maximum tax exemption to a senior citizen for the assessment year is ......................
- rs: 3,00,000
- rs: 2,00,000
- rs: 1,00,000
- rs: 2,50,000
Q19 | If STT is paid, then STCG tax on the transfer of capital asset is ..............................
- 10%
- 15%
- 20%
- 25%
Q20 | Education cess for the A.Y is ................................
- 3%
- 5%
- 10%
- 15%
Q21 | According to section ........................ , TDS shall be payable during the financial year in respect of thetotal income of the assessee.
- 206
- 207
- 208
- 210
Q22 | .................. must be paid according to the provisions of “ Pay As You Earn” Scheme.
- income tax
- tds
- advance tax
- education cess
Q23 | Advance tax is payable when tax payable by an assessee is ........................or more.
- rs: 5,000
- rs: 10,000
- rs: 15,000
- rs: 1,00,000
Q24 | The rate of surcharge payable on tax for the A.Y. 2013-14 is ......................
- 5%
- 10%
- 3%
- nil
Q25 | The non-taxable income for the woman assessee is .................................
- rs: 1,00,000
- rs: 1,90,000
- rs: 2,50,000
- rs: 3,00,000