Top 150+ Solved Business Taxation MCQ Questions Answer

From 31 to 45 of 141

Q. If the agricultural income is ……….. then the agricultural income isconsidered for calculating tax.

a. more than ` 5,000 and total income is exceeding exemption limit

b. more than ` 5,000

c. more than ` 10,000

d. any amount

  • a. more than ` 5,000 and total income is exceeding exemption limit

Q. The Income Tax Act, 1961 broadly covers .

a. basic charging income

b. rebates and reliefs

c. incomes exempted from income tax

d. all of the above

  • d. all of the above

Q. The capital gain is chargeable under of Income Tax Act.

a. section 45

b. section 55

c. section 56

d. section 40

  • a. section 45

Q. The definition of the person includes .

a. an individual

b. a company

c. a hindu undivided family

d. all of the above

  • a. an individual

Q. Any rent or revenue derived from land which is situated in India and is usedfor agricultural purpose is .

a. partially taxable

b. fully taxable

c. exempted from tax

d. none of the above

  • c. exempted from tax

Q. Residential Status of an assesses can be .

a. different for different previous year in the same assessment year

b. different for different assessment year

c. none of the above

d. all of the above

  • b. different for different assessment year

Q. The income of previous year is chargeable to tax in the .

a. immediately succeeding assessment year

b. same previous year

c. immediately preceding academic year

d. none of the above

  • a. immediately succeeding assessment year

Q. The interest on loan paid by the Government of India to a non-residentoutside India is………..in India.

a. not taxable

b. partially taxable

c. taxable

d. can’t say

  • a. not taxable

Q. Basic condition will be for a person who leaves India for employment .

a. at least 182 days in india

b. at least 60 days in previous year and 365 days in preceding 4 years

c. at least 730 days in preceding 7 years

d. all of the above

  • a. at least 182 days in india

Q. The term income includes the following types of incomes.

a. illegal

b. legal income from india only

c. legal

d. legal and illegal both

  • d. legal and illegal both

Q. ……………is the casual income.

a. interest received

b. dividend income

c. pension received

d. winning from lotteries

  • d. winning from lotteries

Q. The way of tax liability by taking full advantage provided by the Act is .

a. tax management

b. tax avoidance

c. tax planning

d. tax evasion

  • c. tax planning

Q. Mr. A, partner of M/s ABC, is assessable as .

a. firm

b. an individual

c. body of individual

d. huf

  • a. firm

Q. The income is chargeable under the head of salary under ……………of IncomeTax Act, 1961.

a. section 15

b. section 20

c. section 14

d. section 16

  • a. section 15

Q. Pension is ……………under the salary head.

a. fully taxable

b. partially taxable

c. not taxable

d. none of the above

  • a. fully taxable
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