Income Tax Law And Practices Set 2
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This set of Income Tax Law and Practices Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Law And Practices Set 2
Q1 | A resident must stay in India for 730 days during the previous
- 6 years
- 8 years
- 7 years
- 9 years
Q2 | A person is said to be of Indian origin if he or his parent were born in
- undivided india
- divided india
- partitioned india
- Neither of the above
Q3 | Receipt by a member from HUF is fully exempt
- TRUE
- FALSE
- somewhat agree
- all of the above
Q4 | Income of minor child clubbed with the income of parents gets an exemption of
- Rs 1500
- Rs 3000
- Rs 4000
- Rs 2000
Q5 | To determine the residential status of HUF, the residential status of
- member is considered
- karta is considered
- co-parceners is considered
- neither of the above
Q6 | GST is a………………….
- Professional tax
- Direct tax
- Indirect tax
- Service tax
Q7 | A person with the age of or more is considered as a super senior citizen as per Income tax Act.
- 56
- 60
- 80
- 85
Q8 | Assessment year is the period of 12 months commencing from_every year.
- 1st March
- 31s tMarch
- 1st April
- 30thApril
Q9 | Expenditure incurred on exempted income is.............. as deduction.
- Fully Allowed
- Partly Allowed
- Not Allowed
- None of these
Q10 | HRA is………………..
- Fully Taxable
- Partly Taxable
- Fully Exempted
- None of these
Q11 | If the assessee is living in own house HRA is…………..
- Fully Taxable
- Partly Taxable
- Fully Exempted
- None of these
Q12 | Children education allowance is exempt up to per month per child for two children.
- Rs.100
- Rs.150
- Rs.200
- Rs.250
Q13 | Children hostel allowance is exempt up to per month per child for
- 2 child
- 3 child
- 4 child
- 7 child
Q14 | Transport allowance given by the employer to the employee is exempt up to………..
- Rs.1000p.m
- Rs.1600p.m
- Rs.1000p.a
- Rs.1600p.a
Q15 | Education allowance is exempted for……..
- One person
- Four persons
- Two persons
- None of these
Q16 | Gratuity received by a government employee is.......................
- Fully exempted
- Partly exempted
- Fully taxable
- Exempted up toRs:1,00,000
Q17 | The periodic payment of money for the past service is known as........................
- Gratuity
- Pension
- Commuted pension
- Leave salary
Q18 | Pension is taxable under_head.
- Salary
- House property
- Capital gains
- other sources
Q19 | Which of the following is not included in salaryincome.
- Commuted pension
- Un commuted pension
- Family pension
- Leave salary
Q20 | Dearness allowance is taxable in the handsof.................
- Govtemployees
- Non Govtemployees
- Allemployees.
- None ofthese.
Q21 | Deduction under section 80 C is available for investments in
- Unit link insurance plan
- LIC
- Statutory provident fund
- All of these
Q22 | Deduction under section 80 CCD is available to investment made in the fund of
- State government
- Deemed government
- Centralgovt.
- None of these
Q23 | Maximum deduction under section 80CCE is subject to a maximum of
- Rs. 5,00,000.
- Rs.2,00,000.
- Rs.1,00,000.
- Rs.1,50,000.
Q24 | .Deduction under section 80D is available on
- Health Insurance Premium
- Life Insurance Premium
- Education Insurance Premium
- None of these
Q25 | Deduction under section 80 D is subject to
- 25,000
- 50,000
- 70,000
- None of these