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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