A senior citizen female assessee can claim deduction u/s 80u upto.
1. Rs. 50,000.
2. Rs. 60,000.
3.Rs. 75,000
4. Rs. 85,000.
A weighted deduction of ______ % is allowed under sec. 35(2AA) in respect of contribution to National Laboratory.
1.110
2. 150
3. 175
4.200
If individual shares of partners of AOP/BOI are unknown, tax is charged on the total income of AOP/BOI at the Maximum Marginal rate of.
1.20%
2.25%
3.28%0
4.30.9%
In case of expenditure on common facilities paid by the owner is reduced out of actual rent, the balance is known as
1.real rental value
2.expected rental value
3.municipal rental value
4. fair rental value
In order to claim deductions under section 54 the assessee should not transfer the newly acquired asset with in ________ years from the date of its purchase.
1.2
2.3
3.4
4.1
In order to claim deductions under section 54 the assessee should not transfer the newly acquired asset with in ________ years from the date of its purchase.
1.2
2.3
3.4
4.1
Income received in India is taxable for ____________.
1.Resident
2.Non-resident
3. Resident but not ordinarily resident
4.All the above
Income Tax Act was passed
1. 1955
2.1961
3.1956
4.1939
Income Tax Authorities are grouped into two main wings Administrative and.
1.Judicial
2.Managerial
3.Executives
4.Clerical
Incomes which specifically fall under any of the first four heads of income are included in _______.
1. exempted income
2.income from other sources
3.general income
4.All the above
Profit on sale of long term capital asset is
1.business income
2. professional income
3.capital gain
4.income from other source
Rate of TDS for casual incomes is ________.
1. 30%
2.20%
3.15%
4.33%
Rates of TDS for dividends on shares referred to u/s 115O is
1.Nil
2.5%
3.10%
4.20%
Share of income received from AOP is entitled to rebate at.
1.10%
2.nil
3.Average
4.20%
Share of profits from PFAF of a partner is.
1. Business income.
2. Exempted income
3.. Income from other sources
4. Capital gain.
The person who satisfies any one of two conditions u/s 6(1) + both the additional conditions u/s 6(6)(a)&(b)
1.Resident
2. Non Resident
3.Resident but not ordinarily resident
4.None of the above
There is no exemption limit and flat rate of tax is applicable to
1. Individuals.
2.Partnership firms
3.AOP.
4.Companies and partnership firms.
A person who has not stayed in India for a period of less than 60 days during the relevant previous year is __________.
1.resident
2.non resident
3.resident but not ordinarily resident
4.None of the above
Agriculture Income is __________
1.Taxable
2.not taxable
3.partly taxable
4.None of the above
Any payment made to discharge a revenue liability, if refunded later on, shall be.
1. A. a revenue receipt.
2. a capital receipt.
3.a casual receipt
4.None of the these
Any person on whom some proceeding has been taken under income tax is known as
1.. Ordinary Assessee
2.Deemed Assessee
3.Assessee in default
4.Representative assessee
Apart from the Individual, Who will have three residential status?
1.. Firm
2.AOP
3.Company
4.HUF
Apart from the Individual, Who will have three residential status?
1.. Firm
2.AOP
3.Company
4.HUF
CII for the financial year 2018-2019 is ______
1.254
2.264
3. 272
4.280
Deduction in respect of expenditure on advertisements through articles intended for presentation will be allowed on the value of each article up to a limit of.
1.fully allowed.
2.Rs. 1,000 per item.
3.Rs. 1,000 per item
4. Rs.800 per item
Deduction of tax at source made for incomes which can be calculated in advance is called.
1. T.D.S.
2.PAS
3.FAS
4.MAS.
Deductions out of net annual value is dealt in sec.c _____
1.23
2.24
3.26
4.25
Deductions under section 80C is allowable for
1.Individuals
2.HUF
3.Individuals and HUF
4.Company
Determination of taxable income and calculation of tax liability is known as
1.Assessment
2.Scrutiny
3.levy
4. tax calculation
Determination of taxable income and calculation of tax liability is known as
1.Assessment
2.Scrutiny
3.levy
4. tax calculation
Dividends declared by Indian company are
1. fully taxable.
2.Partially taxable
3.fully exempted
4.not considered as income
Embezzlement of cash by a cashier is.
1.a revenue loss.
2.a capital loss
3.a casual loss
4.None of the these
Expenditure incurred on the acquisition of patents or copy rights is allowed upto _____every year.
1.25%
2. 35%
3. 50%
4.10%
Expressly allowed deduction are dealt in
1.sec. 30-36
2.sec. 28-33
3.sec. 33-36
4.sec. 28-35
House rent allowances is _________
1.Fully taxable
2.partly taxable
3.fully exempted
4.None of the above
In case of expenditure on common facilities paid by the owner is reduced out of actual rent, the balance is known as
1. real rental value
2.expected rental value
3.municipal rental value
4.fair rental value
In case of let out property, the amount of deduction in respect of interest is _______.
1.Rs. 30,000
2. Rs. 2,00,000
3. Rs. 50,000
4.no limits
In case of residential status of HUF, firm, AOP and EOP if control and management are wholly outside India, they are deemed as.
1.Resident.
2.Ordinarily Resident
3.Nonresident
4.None of the these
Indexation should not be done for the following case/s.
1.Debentures
2.GDR purchased in foreign currency
3.Depreciable assets
4.All the above
Integration of agricultural income with non agricultural income is done if net agricultural income exceeds
1.Rs. 5,000
2. Rs. 10,000
3.Rs. 50,000
4.Rs. 25,000
Loss under the head house property can be carry forward to
1.4 years
2.5 years
3.8 years
4. unlimited years
Mr. Abraham and Mrs. Abraham are qualified Chartered Accountants and are carrying on profession as partners in the same professional firm.
1.the share of income of both partners will be clubbed under the provisions of Section 64.
2.the clubbing provisions of section 64 will not apply to them.
3.the share income from the firm will be exempt form tax.
4. the clubbing provisions of section 46 will not apply to them.
Non speculation business loss can be carry forward to
1. 5 years
2.8 years
3.10 years
4.12 years
Normally Previous Year starts from ___________
1.1st April every year
2.1st March year
3. 1st Jan. every year
4.none of the above
one of the basic conditions under residential Status _____days
1.186
2.182
3.180
4.180
one of the basic conditions under residential Status _____days
1.186
2.182
3.180
4.180
Past untaxed foreign income brought into India is taxable for
1.Resident
2.resident but not ordinarily resident
3. non resident
4. none
Profit from the business set up outside India but controlled from India is taxable
1. Resident
2.resident but not ordinarily resident
3. non resident
4.A & B
Rate of TDS for listed securities is
1.10%
2. 20%
3.30%
4.None of the these
Remuneration paid to members of AOP is.
1.Inadmissible expense of AOP.
2.Allowable business expenses of AOP.
3.Expense for members.
4.None of the these
Rent paid to a partner by a PFAF is.
1.Allowable expense.
2.None business expenditure
3.Rebate to firm.
4.None of these.
Residential status of an assessee is ascertained as per the provisions of.
1.Sec. 6.
2.Sec. 7.
3.. Sec. 9
4. Sec. 11.
Salary received by partner from firm is _________ income
1.salary
2.business
3.other source
4.professional
Sec. 54 of the IT act deal with
1.calculation of cost of acquisition
2.exempted capital gains
3. indexing of caost
4.determination of capital assets
Share of income received from AOP is entitled to rebate at.
1.10%
2.Nil.
3.Average rate.
4.20%.
Share of listed company, which is held by an assessee for more than _________ months known as short term capital assets.
1.12
2.18
3.24
4.36
Share of unlisted company, which is held by an assessee for more than _________ months known as short term capital assets.
1.12
2.24
3.36.
4.48
Speculation loss can be set off against
1.. salary income
2.house property income
3.another speculation business
4.capital gain
Speculation loss can be set off against
1.. salary income
2.house property income
3.another speculation business
4.capital gain
Speculation loss cannot be set off against
1.. salary income
2.house property income
3. casual income
4.all the above
The highest Administrative Authority for Income Tax in India is.
1.Finance Minister
2.CBDT
3.President of India.
4.Director of Income Tax.
The year in which the income is earned is called_______
1.Previous year
2.current year
3.Assessment year
4.None
Total income is determined on the basis of Residential Status of the assessee in the previous year according to.
1. Sec. 3.
2.Sec. 5
3. Sec. 8
4. Sec. 12.
Under section 80E deduction out of total income is
1.. Rs. 20,000
2. Rs. 25,000
3.Rs. 30,000
4. Actual amount paid
What are the residential status of an individual?
1.Resident
2.Non-resident
3. Resident but not ordinarily resident
4.All the above
What is maximum limit of deduction u/s 80D for senior citizen?
1. Rs. 25,000
2.Rs. 50,000
3.Rs. 30,000
4.Rs. 20,000
What is not included in capital asset?
1.stock in trade
2. agricultural land
3.Special bearer bonds, 1991
4.All the above
What is the amount of standard deduction under section 24?
1. 30% of net annual value
2.33% of net annual value
3.Rs. 400,000
4.Rs. 50,000
What is the exemption limit for children education allowance?
1. Rs.100 pm per child for two children
2.Rs.200 pm per child for two children
3.Rs.300 pm per child for two children
4.Rs.250 pm per child for two children
What is the exemption limit for children hostel expenditure allowance?
1.Rs.200 pm per child for two children
2.Rs.300 pm per child for two children
3.Rs.400 pm per child for two children
4.Rs.500 pm per child for two children
Which of the following income is not charged under the head Profits and Gains of business or profession?
1.remuneration received by partner
2.export incentives
3.income of trade association
4. profit on sale of capital asset
Which of the following is a capital receipt?
1.Commission received.
2.Salary received
3.Salary received
4.Sale proceeds of Building.
Which of the following/s is/are general income/s under section 56(1)?
1.Royalty from coal mine
2.income received from sub-letting of house
3.tips received by taxi driverd
4.All the above
Which one of the following is not general income u/s 56(1)?
1. A. Receipts from other than employer B. C. D.
2. income from sub-letting
3. family pension received by legal heirs
4.dividends
Which one of the following rental value is not considered for calculation of ERV?
1. Municipal rental value
2.Fair rental value
3.Standard rent
4.rent received
While computing business income general deductions are given in sec.
1.37
2.39
3.40
4.35
________ of pre-construction period interest is allowed as deduction u/s 24.
1.1/4
2.30%
3.1/5
4.50%
__________ deduction is allowable while calculating income from self occupied house.
1. municipal tax
2.repair expenses
3.insurance premium
4.interest on loan taken for construction
__________ is the current assessment year.
1. 2018-2020
2.2019-2020
3.2018-2019l
4.2018-2019
____________ is not a direct taxes.
1.Gift tax
2.Wealth tax
3. Income tax
4.GST