Top 150+ Solved Business Taxation MCQ Questions Answer

From 121 to 135 of 141

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.

  • c. 36 months immediately preceding the date of its transfer.

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.

  • c. 36 months immediately preceding the date of its transfer.

Q. . A person entered into partnership is known as …………

a. partner

b. people

c. karta

d. none of the above

  • a. partner

Q. Collective group of persons is known as……..

a. firm

b. society

c. person’

d. none of the above

  • a. firm

Q. …………..cannot become a partner.

a. minor

b. partner

c. firm

d. society

  • a. minor

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

  • a. sec. 40(b)(ii)

Q. …………..is an obligation annexed to the ownership of property.

a. trust

b. firm

c. company

d. karta

  • a. trust

Q. The person who accepts the confidence is called ………….

a. trustee

b. karta

c. firm

d. aop

  • a. trustee

Q. The subject matter of the trust is called …………….

a. trust property

b. own property

c. own furniture

d. none of the above

  • a. trust property

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

  • a. charitable purposes

Q. Joint Commissioners are appointed by…………

a. central government

b. state government

c. district government

d. gram panchayat

  • a. central government

Q. ITR -5 is related to :

a. for individuals

b. for huf.

c. for firms, aops and bois.

d. for companies.

  • a. for individuals

Q. Tax refund has to be claimed within :

a. five years

b. same year

c. one year

d. next year

  • c. one year

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

  • d. authorized person
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