Previous Year Solved Question Papers

Previous Year Solved Question Papers

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.



More MCQs on Income Tax Act

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