MCQs on Income Tax Act - 20

1. The rate of tax that is leivable on STCG arising from transfer of Equity shares of a Company or units of an Equity oriented fund is

A. 10%  

B. 5%
C. 20% 
D. 15%



2. Body of individual should consist of 

A. Individual only 

B. Persons other than individual only 
C. Both the above
D. None of the above



3. Family pension received by a widow of a member of the armed forces where the death of the member has occurred in the course of the operational duties, is

A. Exempt up to Rs.3,00,000 

B. Exempt up to Rs. 3,50,000C. Totally chargeable to tax  
D. Totally exempt under section 10(19) 



4. R transferred his house property to his wife under an agreement to live apart. Income from such house property shall be taxable in the hands of :

A. R as deemed owner
B. R. However, it will be first computed as Mrs. R income & Thereafter clubbed in the hands of R
C. Mrs. R
D. None of the above



5. R gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of

A. R as deemed owner.
B. Income of married minor daughter. 

C. R. However, it will be first computed as minor daughters income & clubbed in the income of R.
D. None of the above



6. Interest on capital or loan received by a partner from a firm is

A. Exempt U/S 10(2A) 

B. Taxable U/H business and profession
C. Taxable U/H income from other sources
D. None of the above



7. Under the head Business or Profession, the method of accounting which an assessee can follow shall be :

A. Mercantile system only 

B. Cash system only 
C. Mercantile or cash system only 
D. Hybrid system



8. Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred:

A. Five years immediately before the commencement of business
B. 3 years immediately before the commencement of the business
C. Any time prior to the commencement of the business.
D. None of the above



9. If any amount is donate for research, such research should be in nature of

A. Scientific research only 

B. Social or statistical research only
C. Scientific or social or statistical research
D. None of the above



10. Preliminary expenses incurred are allowed deduction in

A. 10 equal annual installments 

B. 5 equal annual installments 
C. full
D. None of the above


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