Income Tax Set 7
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This set of Income Tax Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Set 7
Q1 | If S T T is paid, then LTCG tax on the transfer of listed equity shares is ....................
- 15%
- 5%
- 10%
- nil
Q2 | Out of income from growing and manufacturing of latex ..................... , is considered as agriculturalincome.
- 40%
- 45%
- 60%
- 65%
Q3 | For SSIs , a deduction of ..................... % of profit is available to individual assessee.
- 50%
- 40%
- 25%
- nil
Q4 | Donation is deductible u/s .................................
- 80c
- 80d
- 80 e
- 80 g
Q5 | Tax deduction available to certain industries for the initial few years is called ........................
- tax holiday
- tax exemption
- tds
- paye
Q6 | Contribution to RPF is deducted u/s ..................
- 80c
- 80d
- 80e
- 80g
Q7 | The maximum amount of deduction under section 80D in the case of a senior citizen is .........................
- rs: 10,000
- rs: 15,000
- rs: 20,000
- rs: 25,000
Q8 | Which among the following deduction is available only to disabled persons :
- 80 c
- 80 g
- 80 q
- 80 u
Q9 | Section 80C provides for deduction in respect of tuition fee to ....................... children.
- one
- two
- three
- none
Q10 | The maximum amount deductible u/s 80GG in respect of rent paid is ........................
- rs: 10,000
- rs: 12,000
- rs: 20,000
- rs: 24,000
Q11 | Tax on long term capital gain is..................
- 10%.
- 20%.
- 30%.
- 25%.
Q12 | Income from other sources is a.................
- residuary head of income.
- major head of income.
- income from a single source.
- constant and regular income.
Q13 | Which one of the following is not an income from other sources?
- interest on fixed deposit in bank.
- winnings from cross word puzzles.
- gift in excess of rs.50,000 from an unrelated person.
- profit on sale of building.
Q14 | Which of the following income from other sources is not taxable?
- dividend from co-operative society.
- dividend from foreign company.
- dividend from domestic company.
- winnings from lottery.
Q15 | Dividends from co-operative society are........................
- exempted.
- taxable.
- partially exempt
- d. partially taxable.
Q16 | Grossing up of interest on securities is required when...................
- interest is received after t.d.s.
- they are central govt. securities.
- the interest on bank deposit is less than rs. 10,000.
- none of these.
Q17 | Tax is reduced from casual incomes at....................
- 10% + surcharge and cesses.
- 20% + surcharge and cesses.
- 30%.
- none of these.
Q18 | Interest on Bank Term Deposits is subject to tax deduction at source if the interest amount during therelevant previous year exceeds................
- rs: 2,000.
- rs: 5,000.
- rs: 10,000.
- rs: 30,000.
Q19 | Rate of T.D.S for unlisted securities, including cesses is.................
- 10.6%.
- 15.6%.
- 10%.
- 30.6%.
Q20 | Speculation Loss can be carried forward for.................
- 8 years
- 10years
- 5years
- 4years
Q21 | Which of the following is not a capital asset.
- stock in trade
- goodwill
- agricultural land in mumbai
- jewellary
Q22 | A partnership firm sold a residential house. The firm will get exemption under section .................... oncapital gains.
- sec. 54d
- s
- 54e c. sec. 54c
- sec. 54ec
Q23 | Income of a minor child is included in the total income of ...........................
- father
- mother
- parent whose income is greater
- transferor of asset
Q24 | The amount of deduction under section 80DD regarding disability is .....................
- rs: 30,000
- rs: 50,000
- rs: 75,000
- actual expense.
Q25 | Which of the following is eligible for 100% deduction ?
- national children fund
- rajiv gandhi foundation
- national sports fund
- nehru memorial fund