Top 150+ Solved Business Taxation MCQ Questions Answer
Q. A short term capital asset means a capital asset held by the assessee for notmore than:
a. 12 months immediately preceding the month of its transfer
b. 24 months immediately preceding the date of its transfer.
c. 36 months immediately preceding the date of its transfer.
d. none of the above.
Q. In terms of section 2(42A), listed securities are treated as long-term capitalasset, if they are held for a period of more than –
a. 12 months
b. 36 months
c. 24 months
d. 48 months
Q. A Long term capital asset means a capital asset held by the assessee formore than:
a. 12 months immediately preceding the month of its transfer.
b. 24 months immediately preceding the date of its transfer.
c. 36 months immediately preceding the date of its transfer.
d. none of the above.
Q. . A person entered into partnership is known as …………
a. partner
b. people
c. karta
d. none of the above
Q. The payment is authorized by, and is in accordance with the term ofpartnership deed according to sec………….
a. sec. 40(b)(ii)
b. sec. 40(b)(iii)
c. se 50(b)(ii)
d. none of the above
Q. …………..is an obligation annexed to the ownership of property.
a. trust
b. firm
c. company
d. karta
Q. The subject matter of the trust is called …………….
a. trust property
b. own property
c. own furniture
d. none of the above
Q. The trust should be one established in accordance with law and its objectsshould fall within the definition of the term ………….
a. charitable purposes
b. work purpose
c. assessment purposes
d. to earn profit purpose
Q. Joint Commissioners are appointed by…………
a. central government
b. state government
c. district government
d. gram panchayat
Q. ITR -5 is related to :
a. for individuals
b. for huf.
c. for firms, aops and bois.
d. for companies.
Q. In the absence of the individual assesses, return of income can be signed by…………………
a. legal heir
b. spouse.
c. any person.
d. authorized person