Previous Year Solved Question Papers

Previous Year Solved Question Papers

MCQs on Income Tax Act - 18

1. For claiming exemption u/s 54, the assessee should construct the residential property within ......................... 

A. One year before or 2 years after the date of transfer 
B. One year before or 3 years after the date of transfer 
C. Within 3 years after the date of transfer 
D. Within 2 years after the date of transfer.


2. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative regularly assessed to income-tax, is

A. A capital receipt not chargeable to tax 

B. Chargeable as other sources
C. Chargeable to tax as business income
D. Exempt up to Rs.50,000 and balance chargeable to tax as income from other source



3. Education cess is leviable in case of:

A. An individual
B. HUF
C. A company assessee only
D. All assesses



4. Income tax is rounded off to:

A. Nearest ten rupees
B. Nearest hundred rupees
C. Nearest one rupee
D. No rounding off of tax is done



5. Residential status to be determined for :

A. Previous year
B. Assessment year
C. Accounting year
D. Last five years


6. Incomes which accrue or arise outside India but are received directly into India are taxable in case of

A. Resident only 

B. Both ordinarily resident and NOR 
C. Non-resident 
D. All the assesses



7. Income deemed to accrue or arise in India is taxable in case of :

A. Resident only 
B. Both ordinarily resident and NOR 
C. Non-resident 
D. All the assesses



8. Income which accrue outside India from a business controlled from India is taxable in case of:

A. Resident only 

B. Not ordinarily resident only
C. Both ordinarily resident and NOR 

D. Non-resident



9. Income which accrue or arise outside India and also received outside India taxable in case of:

A. resident only 

B. not ordinarily resident
C. both ordinarily resident and NOR 

D. None of the above



10. A.O.P should consist of :

A. Individual only 

B. Persons other than individual only 
C. Both the above
D. None of the above



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MCQs on Income Tax Act - 17

1. Contribution to RPF is deducted under section .................. 

A. Section 80C 
B. Section 80D 
C. Section 80E 
D. Section 80G



2. The maximum amount of deduction under section 80D in the case of a senior citizen is ...................

A. Rs: 10,000 
B. Rs: 15,000 
C. Rs: 20,000 
D. Rs: 25,000



3. Which among the following deduction is available only to disabled persons?  

A. Section 80 C 
B. Section 80 G 
C. Section 80 Q 
D. Section 80 U



4. Section 80C provides for deduction in respect of tuition fee to ....................... children. 

A. One 
B. Two 
C. Three 
D. None



5. When a loan is taken for the education of a child, the father is entitled to deduction under section .................. 

A. Section 80 C 
B. Section 80 G 
C. Section 80 E 
D. Section 80 U



6. Loss from business can be carried for ...................... years. 

A.
B.
C. 12 
D. 16



7. Income of Benami transactions shall be included in the income of ......................

A. Real owner 
B. Transferor 
C. transferee 
D. None of these



8. Dividend from an Indian company is ...................

A. Fully Taxablbe 
B. Fully Exempted 
C. Partly Taxable 
D. None of the above



9. The amount received from URPF is ....................

A. Taxablbe 
B. Exempted 
C. Exempted, subject to certain conditions 
D. None of the above



10. STCL can be set off in the same assessment year from .......................

A. STCG 
B. LTCG 
C. both 
D. Not possible



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MCQs on Income Tax Act - 19

1. In respect of shares held as investment, while computing the capital gains, securities transaction tax paid in respect of sale of listed shares sold in a recognized stock exchange,

A. Is deductible up to Rs.1,00,000 

B. Is deductible up to Rs.2,00,000
C. Is deductible if C.G.’s is < 5,00,000 

D. Is not deductible at all



2.  An Indian company whose entire control and management of its affairs is situated outside India  shall be

A. Resident in India 

B. Non-resident in India 
C. Not ordinarily resident in India
D. None of the above



3. A company registered in a foreign country, but the control and management of its affairs is situated in India shall be

A. Resident in India 

B. Non-resident 
C. Not ordinarily resident in India
D. None of the above


4. The cost of acquisition of bonus shares allotted on or after 1-4-1981 is ....................

A. Fair market value of that shares on 1-4-1981 
B. Fair market value on the date of issue of shares 
C. Nil 
D. None of the above


5. Dividend paid by an Indian company is:

A. Taxable in India in the hands of the recipient 

B. Exempt in the hands of recipient
C. Taxable in the hands of the company and exempt in the hands of the recipient

D. None of the above



6. Agricultural income is exempt provided the:

A. Land is situated in India 

B. Land is situated in any rural area India
C. Land is situated whether in India or outside India.

D. None of the above



7. If the assessee is engaged in the business of growing and manufacturing tea in India ,the agricultural income in that case shall be:

A. 40% of the income from such business

B. 60% of the income from such business
C. Market value of the agricultural produce minus expenses on cultivation of such produce

D. None of the above



8. Agricultural income is :

A. Fully exempt 

B. Partially exempt 
C. Fully taxable
D. None of the above



9. The partial integration of agricultural income, is done to compute tax on:

A. Agricultural income 

B. Non agricultural income
C. Both agricultural and non agricultural income
D. None of the above



10. An assessee has borrowed money for purchase of a house & Interest is payable outside India. Such interest shall:

A. Be allowed as deduction 

B. Not to be allowed on deduction
C. Be allowed as deduction if the tax is deducted at source
D. None of the above


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MCQs on Income Tax Act - 14

1. Shares held for less than 12 months are...................... 

A. Short term capital asset. 
B. Long term capital asset. 
C. Exempted capital asset. 
D. projected capital asset.



2. House property held for less than 36 months is........................ 

A. Long term capital asset. 
B. Short term capital asset. 
C. Exempted capital asset. 
D. projected capital asset.



3. Indexation is applicable to....................... 

A. Sale of short term capital assets. 
B. Sale of long term debentures. 
C. Sale of depreciable capital assets. 
D. Sale of long term capital assets which are not depreciable assets



4. Cost of long term debentures are..................... 

A. Eligible for indexing. 
B. Not eligible for indexing. 
C. None of these. 
D. All the above.



5. FMV on 1.4.81 is applicable to assets....................... 

A. Acquired prior to 1.4.81. 
B. Transferred prior to 1.4.81. 
C. Acquired after 1.4.81. 
D. None of the above.



6. Cost of improvement incurred prior to 1.4.81 is................ 

A. Indexed separately. 
B. Indexed along with cost of acquisition. 
C. Ignored fully. 
D. None of these.



7. Cost inflation rules for the purpose of long term capital gain has been notified by central government every year starting from the financial year.................. 

A. 1991-92. 
B. 1985-86. 
C. 1981-82. 
D. 1975-76.



8. Short term capital gain on sale of unlisted shares are................. 

A. Taxable. 
B. Exempted. 
C. Partially Exempted. 
D. Partially Taxable.



9. Long term capital gain on sale of unlisted shares are........................ 

A. Taxable. 
B. Exempted. 
C. Partially Exempted. 
D. Partially Taxable.



10. Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ............................. 

A. Another residential house. 
B. Land. 
C. Shares. 
D. Jewellery.



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MCQs on Income Tax Act - 20

1. The rate of tax that is leivable on STCG arising from transfer of Equity shares of a Company or units of an Equity oriented fund is

A. 10%  

B. 5%
C. 20% 
D. 15%



2. Body of individual should consist of 

A. Individual only 

B. Persons other than individual only 
C. Both the above
D. None of the above



3. Family pension received by a widow of a member of the armed forces where the death of the member has occurred in the course of the operational duties, is

A. Exempt up to Rs.3,00,000 

B. Exempt up to Rs. 3,50,000C. Totally chargeable to tax  
D. Totally exempt under section 10(19) 



4. R transferred his house property to his wife under an agreement to live apart. Income from such house property shall be taxable in the hands of :

A. R as deemed owner
B. R. However, it will be first computed as Mrs. R income & Thereafter clubbed in the hands of R
C. Mrs. R
D. None of the above



5. R gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of

A. R as deemed owner.
B. Income of married minor daughter. 

C. R. However, it will be first computed as minor daughters income & clubbed in the income of R.
D. None of the above



6. Interest on capital or loan received by a partner from a firm is

A. Exempt U/S 10(2A) 

B. Taxable U/H business and profession
C. Taxable U/H income from other sources
D. None of the above



7. Under the head Business or Profession, the method of accounting which an assessee can follow shall be :

A. Mercantile system only 

B. Cash system only 
C. Mercantile or cash system only 
D. Hybrid system



8. Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred:

A. Five years immediately before the commencement of business
B. 3 years immediately before the commencement of the business
C. Any time prior to the commencement of the business.
D. None of the above



9. If any amount is donate for research, such research should be in nature of

A. Scientific research only 

B. Social or statistical research only
C. Scientific or social or statistical research
D. None of the above



10. Preliminary expenses incurred are allowed deduction in

A. 10 equal annual installments 

B. 5 equal annual installments 
C. full
D. None of the above


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MCQs on Income Tax Act - 15

1. Which one of the following is not an admissible expense 

A. Income tax 
B. Excise duty 
C. Bad debt 
D. Sales tax


2. Tax on short-term gain on sale of listed shares is................ 

A. 20%. 
B. 25%. 
C. 30%. 
D. 15%. 



3. Rate of T.D.S for unlisted securities, including cesses is................. 

A. 10.6%. 
B. 15.6%. 
C. 10%. 
D. 30.6%.


4. Which of the following is not a capital asset. 

A. stock in trade 
B. Goodwill 
C. Agricultural land in Mumbai 
D. Jewellary


5. A partnership firm sold a residential house. The firm will get exemption under section .................... on capital gains. 

A. Section 54D 
B. Section 54E 
C. Section 54C 
D. Section 54EC



6. Income of a minor child is included in the total income of ........................... 

A. Father 
B. Mother 
C. Parent whose income is greater 
D. Transferor of asset


7. Which of the following is eligible for 100% deduction ? 

A. National Children Fund 
B. Rajiv Gandhi Foundation 
C. National Sports Fund 
D. Nehru Memorial Fund


8. Section C applies on ...................

A. Individual and HUF 
B. Co-operative Society 
C. Firm 
D. Company


9. Donation on PM’s National Relief Fund is deductible 100% out of the gross total income of the assessee, under section .......................

A. 80C 
B. 80CC 
C. 80G 
D. 80GG


10. According to section ........................ , TDS shall be payable during the financial year in respect of the total income of the assessee. 

A. 206 
B. 207 
C. 208 
D. 210


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MCQs on Income Tax Act - 13

1. Which of the following is exempted. 

A. C.C.A 
B. D.A 
C. Foreign Allowance 
D. Medical Allowance



2. Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of ......................... 

A. 1/5th of Annual Value 
B. 30% of Annual Value 
C. 25% of Annual Value 
D. 20% of Annual Value



3. If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is.............. 

A. Normal Rate. 
B. 50% of Normal Rate. 
C. Nil. 
D. None of these.



4. Rate of depreciation on residential building is................. 

A. 5%. 
B. 10% 
C. 15% 
D. 20%.



5. Rate of depreciation on non residential building is....................... 

A. 10%. 
B. 15%. 
C. 20%. 
D. 25%



6. Additional depreciation is allowed at half the rate, if the asset is used in the initial year for........................

A. 195 days. 
B. 199 days. 
C. 360 days. 
D. Less than 180 days.



7. Under section 44AB ‘specified date’ means, .....................

A. 30th June 
B. 30th September 
C. 30th November 
D. 31st DEcember



8. Income from sale of rural Agricultural land is.................. 

A. Taxable capital gain. 
B. Exempted capital gain. 
C. Taxable income. 
D. None of these.



9. What is the time limit for holding of a Financial Asset, to be called Short Term Capital Asset?

A. Not more than 6 months. 
B. Not more than 12 months. 
C. Not more than 24 months. 
D. Not more than 36 months.



10. To be a long term capital asset, a non financial asset should be held more than................ 

A. 12 months. 
B. 24 months. 
C. 36 months. 
D. 60 months. 


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MCQs on Human Rights & Human Rights Commission - 1

1. The Universal Declaration of Human Rights, a landmark document was adopted by 

(a) UNO
(b) UNICEF
(c) UNESCO
(d) International Court of Justice



2. The Universal Declaration of Human Rights was adopted by United Nations on 

(a) 10 December 1947
(b) 10 December 1948
(c) 1 August 1950
(d) 15 September 1945



3. Where was the Universal Declaration adopted

(a) London
(b) Newyork City
(c) Paris
(d) Zurich



4. Which of the following were known as the key contributors to the drafting of the Universal Declaration of Human Rights?


(i) Eleanor Roosevelt (United States of America), 
(ii) René Cassin (France)
(iii) Charles Malik (Lebanon)
(iv) Hernan Santa Cruz (Chile)
(v) Alexei Pavlov (Soviet Union)

Codes:
(a) (i), (ii), (iii), (iv)
(b) (i), (ii), (iv), (v)
(c) (i), (ii), (iii), (v)
(d) All the above


5. How many articles does the Universal Declaration of Human Rights contain?

(a) 30
(b) 20
(c) 15
(d) 35



6. Human Rights Day is observed on?

(a) 10th October
(b) 10th December
(c) 1st December
(d) 15th November



7. The Universal Declaration of Human Rights is applicable to 

(a) Every citizens of third world countries
(b) Citizens of UN member countries 
(c) Each individual, regardless of gender, race, religion or cultural background
(d) None of the above



8. What are the rights championed by the Universal Declaration of Human Rights?

(i) Right to life, liberty and security of person
(ii) Right to education, freedom of thought, conscience and religion
(iii) Freedom of opinion and expression, work
(iv) Seek and obtain asylum from persecution in other countries

Codes:
(a) (i), (ii), (iii),
(b) (i), (ii), (iv),
(c) (i), (iii), (iv),
(d) All the above



9. The slogan "All Human Rights for All" was adopted for the ............ Anniversary of the Universal Declaration of Human Rights
(a) 50th
(b) 25th
(c) 15th
(d) 30th



10. When was the International Year for Human Rights?

(a) 1988
(b) 1968
(c) 1962
(d) 2008

MCQs on Income Tax Act - 12

1. Which of the following is not a capital receipt? 

A. 'Salami' for settlement of Tenancy. 
B. Insurance claim received on machinery lost by fire. 
C. Lump sum received on sale of shares. 
D. Goods sold for cash.



2. As per the first basic condition to determine residential status, a person should have been in India during the previous year concerned for.................. 

A. 60 days or more 
B. 120 days or more. 
C. 182 days or more. 
D. 240 days or more.



3. The value of Interest free concessional loans to employees is determined on the basis of lending rates of ..................... for the same purpose. 

A. S.B.I. 
B. R.B.I. 
C. Central govt. 
D. State govt.



4. Value of rent free accommodation in case of Govt. employee shall be taxable up to....................... 

A. 15% of employees salary. 
B. 7.5% of employees salary. 
C. License fee fixed by Govt. 
D. 10% of employees salary.



5. Value of rent free accommodation a house owned by employer in case of non- Govt. employees with above 25 lakhs population is...........................

A. 10% of employees salary 
B. 15% of employees salary 
C. 7.5% of employee salary 
D. 20% of employees salary



6. Interest on RPF balance is exempted up to....................... 

A. 9.75%. 
B. 9.5%. 
C. 10%. 
D. 12%.



7. Employers contribution to RPF is exempted up to................... 

A. 10% of salary. 
B. 13% of salary. 
C. 12% of salary. 
D. 11% of salary.



8. Commuted value of pension is fully exempted in case of...................... 

A. an employee of private sector. 
B. an employee of a public sector undertaking. 
C. a Govt. employee. 
D. none of these. 



9. Excise duty and sales tax are allowed as deduction if paid before...................... 

A. Late date of filing of return. 
B. Previous year end. 
C. Before 31 st December of the previous year. 
D. after 31 st December of previous year.



10. Technical know-how acquired after 1.4.98 is eligible for depreciation at............... 

A. 10% p.a. 
B. 20% p.a. 
C. 25% p.a. 
D. 40% p.a.



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