MCQs on Income Tax Act - 2

1. Compensation for cancellation of a licence by the government resulting in cessation of business is ........................ 

A. a casual receipt. 
B. a capital receipt. 
C. a revenue receipt. 
D. None of the above.


2. Compensation received for loss of trading asset is a .................... 

A. Capital receipt. 
B. Revenue receipt. 
C. a casual receipt. 
D. None of these.



3. A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for ............................. days to become a resident 

A. 90 days 
B. 162 days 
C. 180 days 
D. 182 days



4. Salary received by the manager of an agricultural farm is ......................

A. An agricultural income. 
B. A salary income. 
C. A business income. 
D. A capital income.


5. Loss due to fire of hired machinery is ........................

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



6. Embezzlement of cash by a cashier is................. 

A. a revenue loss. 
B. a capital loss. 
C. a casual loss. 
D. None of these.



7. Who among the following may be “not ordinarily resident” 

A. Partnership firm. 
B. Company. 
C. Association of persons. 
D. Hindu Undivided Family.



8. Agricultural income in Pakistan is assessable for ........................ 

A. Resident 
B. Not Ordinarily Resident 
C. Non-resident 
D. Not taxable



9. Section.................. of the Income Tax Act deals with exempted incomes. 

A. Section 
B. Section 
C. Section 10 
D. Section 80



10. Gratuity received by a government employee is ....................... 

A. Fully exempted 
B. Partly exempted 
C. Fully taxable 
D. Exempted up to Rs:1,00,000



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