MCQs on Income Tax Act - 5

1. Interest on capital paid by the firm to its partners is allowed up to ................... 

A. 6% 
B. 12% 
C. 15% 
D. 16%



2. Under Income Tax Act depreciation is allowed on .................. 

A. Purchase price 
B. Market price 
C. W D V 
D. Face value



3. The rate of depreciation on intangible asset is ...................... 

A. 5% 
B. 15% 
C. 20% 
D. 25%



4. Residential status of an assessee is ascertained as per the provisions of........................ 

A. Section 6 
B. Section 7
C. Section 9
D. Section 11



5. The income tax rate on long term capital gains for an individual is ......................

A. 10% 
B. 15% 
C. 20% 
D. 25%



6. Residential status of taxable entities is.......................... 

A. Fixed in nature. 
B. Can change from year to year. 
C. Fixed once in 5 years. 
D. None of these.



7. A person who is of Indian origin visiting India during the previous year to be called resident must stay in India for at least..................... 

A. 60 days in PY. 
B. 6 days in PY and 365 days or more during 4 years preceding the PY. 
C. 182 days in PY. 
D. 730 days during 7 years preceding the PY.



8. As per Second additional condition, a resident will be an ordinarily resident if stay in India for at least ......................... days during the seven previous years preceding the relevant . 

A. 182 days. 
B. 365 days. 
C. 60 days. 
D. 730 days.



9. A person is Non resident if he fails to fulfil..................... 

A. The additional conditions. 
B. At least on of the basic conditions. 
C. Both basic conditions. 
D. None of the above



10. An Indian company’s residential status is that it is always..................... 

A. Resident. 
B. Non resident. 
C. Ordinarily resident. 
D. None of these.



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