Top 150+ Solved Business Taxation MCQ Questions Answer
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
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
Q. The capital gain is chargeable under of Income Tax Act.
a. section 45
b. section 55
c. section 56
d. section 40
Q. The definition of the person includes .
a. an individual
b. a company
c. a hindu undivided family
d. all of the above
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
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
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
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
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
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
Q. ……………is the casual income.
a. interest received
b. dividend income
c. pension received
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
Q. Mr. A, partner of M/s ABC, is assessable as .
a. firm
b. an individual
c. body of individual
d. huf
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
Q. Pension is ……………under the salary head.
a. fully taxable
b. partially taxable
c. not taxable
d. none of the above