On This Page
This set of Income Tax Law and Practice Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Law And Practice Set 5
Q1 | When the income of minor child is included in the income of parent, then parent isentitled to an exemption up to:
- Rs: 1,000 per child
- Rs: 1,500 per child
- Rs: 3,000 per child
- None of these
Q2 | Loss in respect of speculation business can be:
- Set-off with profit from non-speculation business.
- Set-off with profit from another speculation business
- Set-off with income from house property
- Set-off with income from other sources
Q3 | The unabsorbed loss under “Income from house property” shall be carried forward andset-off in subsequent assessment years up to a maximum of ............................... years against income from house property.
- 4 years
- 6 years
- 8 years
- 12 yeas
Q4 | The losses of non-speculation business can be carried forward and set off against:
- Profit from non-speculation business only
- Profit from any business
- Income from salary
- All of the above
Q5 | The losses of non-speculation business can be carried forward for:
- 6 years
- 8 years
- 10 years
- Any number of years
Q6 | The losses of speculation business can be carried forward for:
- 4 years
- 8 years
- 12 years
- None of these
Q7 | The losses from specified business can be carried forward and can be set-off againstprofits of:
- Specified business only
- Speculative business only
- Non-speculative business only
- Any business
Q8 | S T C L can be carried forward for:
- 4 years
- 6 years
- 8 years
- Any number of years
Q9 | S T C L can be carried forward and set-off against:
- S T C G only
- L T C G only
- S T C G or L T C G
- Income under any head
Q10 | L T C L can be carried forward for:
- 4 years
- 6 years
- 8 years
- Any number of years
Q11 | L T C L can be carried forward and set-off against:
- L T C G only
- S T C G only
- S T C G or L T C G
- Income under any head
Q12 | Loss from the activity of owning and maintaining race horses can be carried forward for:
- 4 years
- 6 years
- 8 years
- None of these
Q13 | Only................are entitled to deduction under section 80 U.
- Firms
- Individuals
- Companies
- Co-operative societies
Q14 | The amount of deduction under section 80 C is restricted to:
- Rs: 1,00,000
- Rs: 1,50,000
- Rs: 2,00,000
- Rs: 5,00,000
Q15 | The aggregate amount of deduction under section 80 C, section 80 CCC and section 80CCD(1) shall not exceed:
- Rs: 1,00,000
- Rs: 1,50,000
- Rs: 2,00,000
- Rs: 5,00,000
Q16 | The deduction in respect of medical treatment of a dependent who is a person withdisability is:
- Rs: 1,50,000
- Rs: 1,25,000
- Rs: 75,000
- None of these
Q17 | The deduction in respect of medical treatment of a dependent who is a person withdisability is:
- Rs: 1,50,000
- Rs: 1,25,000
- Rs: 75,000
- None of these
Q18 | Which among the following deals with deduction in respect of donation to certain funds,charitable institution, etc?
- 80E
- 80EE
- 80G
- 80GG
Q19 | With effect from A. Y. 2018-19, donation should be paid in any mode other than cashwhen it exceeds:
- Rs: 2,000
- Rs: 2,500
- Rs: 3,000
- Rs: 10,000
Q20 | Which among the following deals with deduction in respect of royalty income ofauthors?
- 80JJA
- 80QQB
- 80TTB
- 80P
Q21 | Which among the following deals with deduction in respect persons with disability?
- 80G
- 80E
- 80D
- 80U
Q22 | While computing the total income, an individual assessee with disability is entitled to adeduction of:
- Rs: 50,000
- Rs: 75,000
- Rs: 1,25,000
- Rs: 1,50,000
Q23 | An individual assessee with severe disability is entitled to a deduction of................. while computing his total income.
- Rs: 50,000
- Rs: 75,000
- Rs: 1,25,000
- Rs: 1,50,000
Q24 | Hill allowance given to an employee is fully taxable, if the place is located at:
- Less than 1,000 metre height from sea level
- Less than 1,200 metre height from sea level
- Less than 1,500 metre height from sea level
- Less than 1,800 metre height from sea level
Q25 | Which among the following is a fully exempted allowance?
- Proctor allowance
- U.N. allowance
- Deputation allowance
- Non-practicing allowance