Income Tax Set 5

Bachelor of Business Administration in Finance (BBA Finance),

Staff Selection Commission (SSC)

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This set of Income Tax Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Set 5

Q1 | Rate of depreciation on non residential building is.......................
Q2 | Rate of depreciation on furniture is........................
Q3 | Additional depreciation is allowed at half the rate, if the asset is used in the initial yearfor.................................
Q4 | Under section 44AB ‘specified date’ means, ...............................
Q5 | Income from sale of rural Agricultural land is..................
Q6 | What is the time limit for holding of a Financial Asset, to be called Short Term Capital Asset?
Q7 | To be a long term capital asset, a non financial asset should be held more than................
Q8 | Shares held for less than 12 months are......................
Q9 | House property held for less than 36 months is........................
Q10 | Indexation is applicable to.......................
Q11 | . Cost of long term debentures are.....................
Q12 | What is the date on which Fair Market Value of capital assets acquired is determined?
Q13 | FMV on 1.4.81 is applicable to assets.......................
Q14 | Cost of improvement incurred prior to 1.4.81 is................
Q15 | Cost inflation rules for the purpose of long term capital gain has been notified by central governmentevery year starting from the financial year..................
Q16 | Short term capital gain on sale of unlisted shares are.................
Q17 | Long term capital gain on sale of unlisted shares are........................
Q18 | Exemption u/s 54 is allowed when a residential house is sold and the investment is made in.............................
Q19 | Which one of the following is not an admissible expense
Q20 | Tax on short-term gain on sale of listed shares is................
Q21 | Statutory limit for exemption of compensation received at the time of voluntary retirement (VRS) is.............................
Q22 | Deduction from gross Total income is allowed under Sec. 80C up to lower of the Qualifying amount or a maximum of.
Q23 | Profits earned from an illegal business are..........................
Q24 | Contribution made to an approved research association is eligible for deduction up to.................
Q25 | Unabsorbed capital expenditure on scientific research can be carried forward for...............
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