1. Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for..................... 

 A. 16 
B. 8 
C. indefinite 
D. 12



2. The periodic payment of money for the past service is known as ........................ 

 A. Gratuity 
B. Pension 
C. Commuted pension 
D. Leave salary



3. When a receipt is determined as Capital Receipt or Revenue receipt. 

 A. At the time it is received 
B. While preparing final accounts. 
C. When the received amount is used. 
D. None of the above.



4. Pension is taxable under ..........................head. 

 A. Salary 
B. House property 
C. Capital gains 
D. other sources



5. Who is assessee in case of a HUF? 

 A. Father 
B. spouse 
C. Karta 
D. Deemed Karta



6. Education cess on tax payable is at. 

 A. 2% 
B. !% 
C. 3% 
D. 5%



7. Agriculture Income is __________. 

 A. Taxable 
B. not taxable 
C. partly taxable 
D. none of this above



8. Section 10 0f Income Tax Act deals with _________. 

 A. Deductions 
B. Exempted incomes 
C. Income from salary 
D. Casual incomes



9. Income Tax Authorities are grouped into two main wings Administrative and................. 

 A. Judicial. 
B. Managerial. 
C. Executives. 
D. Clerical.


10. What are the exemption limit in Hostel Expenditure Allowance? 

 A. Rs.200pm 
B. Rs.300pm 
C. Rs.400pm 
D. Rs.500pm



More MCQs on Income Tax Act