Top 50+ Solved Computation of Taxable Income under the different Heads MCQ Questions Answer
Q. Surcharge of 10 per cent is payable by an individual where the total income exceeds:
a. Rs.7,50,000
b. Rs.8,50,000
c. Rs.10,00,000
d. None of the three
Q. For an employee in receipt of hostel expenditure allowance for his three children, themaximum annual allowance exempt under section 10(14) is
a. Rs.10, 800
b. Rs.7,200
c. Rs.9,600
d. Rs.3,600
Q. Calculate the Gross Annual value from the following details:Municipal Value - Rs. 45,000 Fair rental value - Rs. 50,000 Standard rent - Rs. 48,000 Actual Rent - Rs. 42,000
a. Rs. 50,000
b. Rs. 48,000
c. Rs. 45,000
d. Rs. 42,000
Q. M took a loan of Rs. 6,00,000 on 1.2011 from a bank for construction of a house. The loan carries an interest @ 10% p.a. The construction is completed on 15.6.2013. The entire loan is still outstanding. Compute the interest allowable for the assessment year 2020- 21
a. Rs. 60,000
b. Rs. 1,80,000
c. Rs. 84,000
d. Rs. 24,000
Q. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
a. Resident
b. Not Ordinarily Resident
c. Non Resident
d. All of the above
Q. Pension is _______________ under the salary head.
a. Fully taxable
b. Partially taxable
c. Not taxable
d. None of the above
Q. The salary, remuneration or compensation received by the partners is taxable underthe head _______________.
a. Income from Other Sources
b. Income from Business
c. Salary
d. None of the above
Q. Rent Free Accommodation given to an employee by the employer is a _________
a. Allowance
b. Perquisite
c. Profit in lieu of salary
d. None of the above
Q. Family pension received by a widow of a member of the armed forces where the death of the member has occurred in the course of the operational duties, is………………..
a. Exempt up to Rs.3,00,000
b. Exempt up to Rs. 3,50,000
c. Totally exempt under section 10(19)
d. Totally chargeable to tax
Q. The house rent allowance (HRA) under the salary head of Income Tax Act is givenby_____________.
a. Section 10
b. Section 10(13A)
c. Section11(13B)
d. Section11
Q. Children Education allowance is exempted for ______ child/ children.
a. One
b. Two
c. Three
d. Four
Q. Pension is _______________ under the salary head.
a. Fully taxable
b. Partially taxable
c. Not taxable
d. None of the above
Q. The salary, remuneration or compensation received by the partners is taxable underthe head _______________.
a. Income from Other Sources
b. Income from Business
c. Salary
d. None of the above
Q. The death-cum-retirement gratuity received by the Government Employee oremployee of local authority is _______________.
a. Partially exempted
b. Fully exempted
c. Half taxable
d. None of the above