1. Under section 44AB the audit of accounts is compulsory if total sales exceed ...................

A. Rs: 40 lakhs 
B. Rs: 50 lakhs 
C. Rs: one crore 
D. Rs: five crores



2. What is the date on which Fair Market Value of capital assets acquired is determined? 

A. 1.4.2001. 
B. 1.4.1971. 
C. 1.4.1981. 
D. 1.4.1971.



3. Interest on Bank Term Deposits is subject to tax deduction at source if the interest amount during the relevant previous year exceeds................ 

A. Rs: 2,000. 
B. Rs: 5,000. 
C. Rs: 10,000. 
D. Rs: 30,000.



4. The rate of surcharge on tax payable is ......................% when taxable income is Rs: 5,57, 500. 

A. 3% 
B. 5% 
C. 10% 
D. Nil



5. The Total income of an individual is Rs: 3,46,994. The rounded off total income will be........................ 

A. Rs: 3,46,000 
B. Rs: 3,47,000 
C. Rs: 3,46,990 
D. Rs: 3,50,000



6. The income tax payable by an individual is Rs:8,562.55. The rounded off tax payable will be ......................... 

A. Rs: 8,562 
B. Rs: 8,563 
C. Rs: 8,560 
D. Rs: 8,570



7. .................. must be paid according to the provisions of “ Pay As You Earn” Scheme. 

A. Income Tax 
B. TDS 
C. Advance tax 
D. Education cess



8. Advance tax is payable when tax payable by an assessee is ........................or more. 

A. Rs: 5,000 
B. Rs: 10,000 
C. Rs: 15,000 
D. Rs: 1,00,000



9. Donation is deductible u/s ................................. 

A. 80C 
B. 80D 
C. 80 E 
D. 80 G



10. Tax deduction available to certain industries for the initial few years is called ..................

A. Tax holiday 
B. Tax exemption 
C. TDS 
D. PAYE




More MCQs on Income Tax Act