Top 150+ Solved Business Taxation MCQ Questions Answer
Q. Gift to employee up to p.a. will not be treated as perquisite taxable in thehands of employee.
a. ` 4,000
b. ` 5,000
c. ` 10,000
d. 2,500
Q. Expenditure on free meals to employee in excess of………………per meal willbe treated as perquisite of employee.
a. ` 25
b. 50
c. ` 100
d. ` 55
Q. Any commission due or received by a partner of a firm from the firm shallnot be regarded as salary income under .
a. section 15
b. section 20
c. section 17
d. section 19
Q. Under the Head Income from House Property, the basis of charge is theof property.
a. annual value
b. quarterly value
c. half-quarterly value
d. none of the above
Q. Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rentalincome of Laxman is taxable under the head .
a. income from salary
b. income from other sources
c. income from house property
d. income from business
Q. An individual who transfers house property without an adequateconsideration to his owner spouse or to minor child is called as .
a. co-owner
b. deemed owner
c. owner himself
d. none of the above
Q. If the individual using the property for the business or professional purposethe income taxable under the……………..head.
a. income from house property
b. income from huf
c. income from other
d. income from business or proprietorship
Q. If the assesses let out the building or staff quarters to the employee ofbusiness, the rent collected from such employees is assessable as incomefrom .
a. business
b. house property
c. other sources
d. none of the above
Q. Calculate the Gross Annual Value from the following details: MunicipalValue ` 45,000Fair rental value ` 50,000 Standard Rent ` 48,000 Actual Rent ` 42,000
a. ` 50,000
b. 48,000
c. ` 45,000
d. 42,000
Q. Which of the following is not a case of deemed ownership of houseproperty?
a. transfer to a spouse for inadequate consideration
b. transfer to a minor child for inadequate consideration
c. holder of an importable estate
d. co-owner of a property
Q. ,67,000. While computing income from house property, the deduction isallowable to the extent of .
a. ` 30,000
b. 1,00,000
c. ` 1,67,000
d. ` 1,50,000
Q. Deduction for other expenses except interest in the computation of incomefrom house property is allowable to the extent of .
a. 25% of annual value
b. 10% of annual value
c. 30% of annual value
d. 20% of annual value
Q. Arrear rent is taxable after deducting…………..as per Section 25B of theIncome Tax Act, 1961.
a. 30%
b. 35%
c. 10%
d. 20%
Q. The value of interest-free concessional loans to employees is determinedon the basis of lending rates of for the same purpose.
a. sbi
b. ` rbi
c. central government
d. state government