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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 5

Q1 | An individual is resident and ordinarily resident of India if .
Q2 | The Resident HUF is ordinarily resident in India, if
Q3 | Basic condition will be for a person who leaves India for employment
Q4 | Which of the following is not included in the term Income under the Income Tax Act, 1961?
Q5 | 14 Income from shares of a public company set up in any special Industrial zone is exempt up to-------- years from the date of commencement of commercial production.
Q6 | An assessee has borrowed money for purchase of a house & Interest is payable outside India.
Q7 | Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.
Q8 | Perquisite received by the assessee during the course of carrying on his business or profession is taxable under the head.
Q9 | Interest on capital or loan received by a partner from a firm is:
Q10 | Under the head Business or Profession, the method of accounting which an assessee can follow shall be:
Q11 | Gain arising from the disposal of _________ is taxable under the head capital gains.
Q12 | ____________are capital assets.
Q13 | A person who derives his income by dealing in shares of private, unlisted and public limited companies are covered under the head.
Q14 | Bonus shares are issued by a company to its ______ without receiving any amount from them.
Q15 | Gain from sale of shares of Private Limited companies is taxable under section_________.
Q16 | Bonus shares are the shares issued by a company_____________.
Q17 | A company in which at least 50% of the shares are held by a foreign government is ___________.
Q18 | Any incidental expenditure on disposal of capital assets shall form part of _____________.
Q19 | Capital loss u/s 37 is allowed as deduction for those assets the gain of which is___________.
Q20 | At the time of devolution ___________ would be the cost of the asset.
Q21 | Capital gain tax shall not be chargeable on disposal of securities which are held for a periodof __________.
Q22 | ‘Derivatives’ is a general term for financial assets that are “derived” from other_______________.
Q23 | Gain on disposal of immovable property is chargeable to at _____%, where holding periodis up to one year.
Q24 | A loss on the sale of jewellery is _______ under the head capital gain.
Q25 | Maximum limit for the deduction of Life insurance premia from the gross total income is .