Top 150+ Solved Income Tax Law and Practice MCQ Questions Answer
Q. Which among the following is not an admissible expense:
a. Income tax
b. GST
c. Bad debt
d. Excise duty
Q. While computing the profit of a firm, interest allowed on partners’ capital is allowed:
a. Up to 12%
b. Up to 15%
c. Up to 18%
d. Up to 20%
Q. The deduction allowed in respect of payment made to an approved university for socialresearch is:
a. 200%
b. 150%
c. 125%
d. 100%
Q. For the purpose of income tax, depreciation is charged on:
a. Market value
b. Cost price
c. WDV
d. Book value
Q. Unabsorbed depreciation can be carried forward for set-off up to:
a. 5 years
b. 8 years
c. 10 years
d. Any number of years
Q. Which among the following is not a capital asset?
a. Jewellery
b. Stock-in-trade
c. Agricultural land
d. Goodwill of a business
Q. Under which section, a firm is eligible for exemption in respect of long term capital gainarising from the sale of a residential house:
a. Sec. 54S
b. Sec. 54EC
c. Se 54D
d. Sec. 54F
Q. Income from the sale of a house hold furniture is a/an:
a. Exempted income
b. Taxable income
c. Capital gain
d. Income from house property