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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