Top 50+ Solved Computation of Taxable Income under the different Heads MCQ Questions Answer
Q. Under Section 15 of Income Tax Act, the salary due in previous years and even if itis not received is _______________.
a. Taxable
b. Not taxable
c. Partially taxable
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. The entertainment allowance is applicable to_______________.
a. Private sector employees
b. Public sector employees
c. Government employees
d. All of the above
Q. _______ is the rent fixed under Rent control Act.
a. Municipal rental value
b. Fair rental value
c. Standard rent
d. Real rent
Q. Expected Rent can be determined in the following way
a. Higher of Municipal Value & Fair Rent
b. Lower of Municipal Value & Fair Rent
c. Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
d. Any of the above
Q. Under the Head Income from House Property, the basis of charge is the______________ of 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. Rental income of Ram is taxable under the head______________.
a. Income from Salary
b. Income from Other Sources
c. Income from House Property
d. Income from Business
Q. Deduction from annual value is allowed under ______________.
a. Section 24
b. Section 25
c. Section 27
d. Section 28
Q. For computation of Gross Annual Value, if actual rent is more than expected rent,then we select the ______________.
a. Actual rent
b. Expected rent
c. Any of the above
d. None of the above
Q. Under the Income Tax Act, 1961, depreciation on machinery is charged on_______________.
a. Purchase price of the machinery
b. Written down value of the machinery
c. Market price of the machinery
d. All of the above
Q. Income chargeable under the head ‘Profits and Gains from Business or Profession’is covered under _______________.
a. Section 23
b. Section 24
c. Section 28
d. Section 27