Top 150+ Solved Income Tax Law and Practice MCQ Questions Answer
Q. Employee’s contribution to which of the following is eligible for deduction u/s 80C:
a. Statutory Provident Fund
b. Recognised Provident Fund
c. Unrecognised Provident Fund
d. All of these
Q. Unrecognised Provident Fund is a provident fund which is not recognised by:
a. Commissioner of Provident Fund
b. Commissioner of Income Tax
c. Both a and b
d. None of these
Q. Annual value of self occupied house is:
a. Fair rent
b. Municipal valuation
c. Lower of a and b
d. Zero
Q. Standard deduction allowed on annual value of let out house property is:
a. 30%
b. 20%
c. 40%
d. None of these
Q. The annual value of a house property is Rs:1,40,000. Mr. X and Mr. Y are equal co- owners ofthe house. X’s income from house property shall be:
a. Rs: 70,000
b. Rs: 1,40,000
c. Rs: 49,000
d. Zero
Q. The annual value of the vacant H.P. referred in section 23(2)(b) shall be:
a. Fair rent
b. Municipal value
c. Standard rent
d. Zero
Q. An assessee paid Rs: 64,000 as interest on a loan taken in the P.Y 2018-19 for the renovation ofself-occupied house. While computing income from H.P, he is eligible for deduction to the extent of:
a. Rs: 64,000
b. Rs: 30,000
c. Rs: 1,20,000
d. Zero
Q. is the base of computation of income under the head “income from H.P”
a. Annual value
b. Municipal rental value
c. Standard rent
d. Rent received
Q. Municipal tax paid by the owner during the P.Y. on house property is deducted from:
a. Annual value
b. Gross annual value
c. Standard rent
d. None of these
Q. Municipal tax paid by the owner during the P.Y.on self-occupied house property is:
a. Deducted from Annual value
b. Deducted from Gross annual value
c. Deducted from Standard rent
d. Not deductible
Q. The standard deduction u/s 24(a) shall be................. , if the Annual Value of the H.P.is Rs: 60,000.
a. Rs: 18,000
b. Rs: 30,000
c. Rs: 15,000
d. Rs: 60,000
Q. If a businessman spends certain amount for advertisement in a souvenir of a political party, heis eligible for deduction from:
a. Income from other sources
b. Profits and gains from business or profession
c. Gross total income
d. None f these
Q. If a company spent Rs: 80,000 as preliminary expenses on 31st March, 2018, the allowablededuction is:
a. Rs: 8,000
b. Rs: 16,000
c. Rs: 20,000
d. Rs: 40,000
Q. While computing the income of a business, which among the following is allowed:
a. Doubtful debts
b. Provision for doubtful debts
c. Actual bad debts
d. All the above