Income Tax Law And Practice Set 5

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