MCQs on Income Tax Act - 13

1. Which of the following is exempted. 

A. C.C.A 
B. D.A 
C. Foreign Allowance 
D. Medical Allowance



2. Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of ......................... 

A. 1/5th of Annual Value 
B. 30% of Annual Value 
C. 25% of Annual Value 
D. 20% of Annual Value



3. If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is.............. 

A. Normal Rate. 
B. 50% of Normal Rate. 
C. Nil. 
D. None of these.



4. Rate of depreciation on residential building is................. 

A. 5%. 
B. 10% 
C. 15% 
D. 20%.



5. Rate of depreciation on non residential building is....................... 

A. 10%. 
B. 15%. 
C. 20%. 
D. 25%



6. Additional depreciation is allowed at half the rate, if the asset is used in the initial year for........................

A. 195 days. 
B. 199 days. 
C. 360 days. 
D. Less than 180 days.



7. Under section 44AB ‘specified date’ means, .....................

A. 30th June 
B. 30th September 
C. 30th November 
D. 31st DEcember



8. Income from sale of rural Agricultural land is.................. 

A. Taxable capital gain. 
B. Exempted capital gain. 
C. Taxable income. 
D. None of these.



9. What is the time limit for holding of a Financial Asset, to be called Short Term Capital Asset?

A. Not more than 6 months. 
B. Not more than 12 months. 
C. Not more than 24 months. 
D. Not more than 36 months.



10. To be a long term capital asset, a non financial asset should be held more than................ 

A. 12 months. 
B. 24 months. 
C. 36 months. 
D. 60 months. 


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