MCQs on Income Tax Act - 7

1. Tax Holiday is

A. Income tax on holiday income. 
B. Cancellation of tax for the entire country. 
C. Tax exemption for a specified period. 
D. None of the above.



2. The existing Maximum Marginal Rate of tax of an individual assessee is......................... 

A. 10% 
B. 20% 
C. 30% 
D. 35%



3. Which of the following is not included in salary income?

A. Commuted pension 
B. Un commuted pension 
C. Family pension 
D. Leave salary



4. Salary paid by an Indian company to its employees working in one of its branches outside India is................................ 

A. Salary accruing in India
B. Salary deemed to accrue in India
C. Salary accruing outside India
D. None of these.



5. Income received in India is taxable in the hands of........................... 

A. Resident only. 
B. Resident and ordinarily resident only. 
C. Non-resident only. 
D. All assessees.


6. Income accrued in India is taxable in the hands of............................ 

A. Non-resident only. 
B. Resident and not ordinarily resident only. 
C. All assesses. 
D. Resident and ordinarily resident only.



7. Share of income from firm is................ 

A. Taxable in the hands of partner 
B. Exempted in the hands of partner. 
C. Exempted in the hands of firm. 
D. None of these.



8. Casual income is ....................

A. Fully taxable. 
B. Partly taxable. 
C. Fully exempted. 
D. None of these.



9. In case of Tax free salary, ..........................

A. Tax is to be paid by employer 
B. No tax is payable on such salary 
C. Tax is to be paid by the employee. 
D. Govt, itself pays the tax at a future date.



10. Salary received by a member of parliament is

A. Taxable as salary income 
B. Exempt from tax sources. 
C. Taxable as income from other sources. 
D. None of these.



More MCQs on Income Tax Act
Share:

0 comments:

Post a Comment

Featured Post

UPSC Civil Service Preliminary Paper-1 Previous Year Solved Question Papers

Civil Service Preliminary Paper-1 Previous Year Solved Questions for the year 2019 Civil Service Preliminary Paper-1 Previous Year Solved Qu...

Followers

No. of Page Views

Contact Form

Name

Email *

Message *

Blog Archive

Search This Blog