MCQs on Income Tax Act - 10

1. Profits earned from an illegal business are .......................

A. Taxable
B. Tax free
C. Ignored by Tax Authorities
D. treated as other income



2. Contribution made to an approved research association is eligible for deduction up to................. 

A. 50%
B. 80%
C. 100%
D. 125%



3. Unabsorbed capital expenditure on scientific research can be carried forward for............... 

A. 15 years
B. 14 years
C. 8 years
D. 10 years



4. A Perk is......................... 

A. Cash paid by employer to employee 
B. Facility provided by employer to employee 
C. Amount credited to employees
D. None of these accounts



5. Perquisites to employees are covered in the I.T. Act 1961 under ................. 

A. Section 2a 
B. Section 17b 
C. Section 28a 
D. Section 36c



6. Bad debts allowed earlier and recovered latter on is .................

A. Business income
B. Non business income
C. Exempted income 
D. Income from other sources



7. Under valuation of opening stock is .................... 

A. Deducted from net profit 
B. Added to net profit
C. Credited to P & L A/c 
D. None of the above


8. Gifts from clients are ................... 

A. Professional income
B. Income from other sources 
C. Non taxable item
D. None of the above



9. Repairs incurred before installation of an assets is ..............

A. Capital expenditure
B. Revenue expenditure 
C. Non business expenditure 
D. None of the above



10. Rate of depreciation on furniture is ...................

A. 5% 
B. 15% 
C. 10% 
D. 20%



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