Top 150+ Solved Income Tax MCQ Questions Answer
Q. STCL can be set off in the same assessment year from ...............................
a. stcg
b. ltcg
c. both
d. not possible
Q. Maximum amount of deduction allowable under section 80CCF is ......................
a. rs: 10,000
b. rs: 20,000
c. rs: 25,000
d. rs: 1,00,000
Q. Maximum Marginal Rate for the current A.Y. ( 2013-14) is ..................................
a. 25%
b. 20%
c. 30%
d. 35%
Q. Interest n loan taken before 1-4-1999 for construction or repairs of self occupied house shall bededucted up to Rs: .......................................
a. rs: 25,000
b. rs: 30,000
c. rs: 1,00,000
d. rs: 1,50,000
Q. For claiming exemption u/s 54, the assessee should construct the residential property within.........................
a. one year before or 2 years after the date of transfer
b. one year before or 3 years after the date of transfer
c. within 3 years after the date of transfer
d. within 2 years after the date of transfer.
Q. The cost of acquisition of bonus shares allotted on or after 1-4-1981 is ..........................
a. fair market value of that shares on 1-4-1981
b. fair market value on the date of issue of shares
c. nil
d. none of these
Q. Any some received under key man insurance policy taken on the life of the employee shall be..........................
a. taxable under the head business or profession
b. taxable under the head income from other sources
c. taxable in the hands of employee
d. exempt from tax
Q. The rent fixed as per municipal valuation is called ............................
a. municipal value
b. fair rental value
c. standard rent
d. actual rent
Q. Rent free accommodation is an example for .....................................
a. allowance
b. compensation
c. perquisite
d. profit in lieu of salary.
Q. The amount deductible for severe disability u/s 80U is ..........................
a. rs: 1,00,000
b. rs: 1,20,000
c. rs: 50,000
d. rs: 90,000
Q. When a loan is taken for the education of a child, the father is entitled to deduction u/s..........................
a. 80 c
b. 80 g
c. 80 e
d. 80 u
Q. Income of a minor child is exempted up to..........................
a. rs: 1,000
b. rs: 1,500
c. rs: 1,200
d. rs: 2,000
Q. Income of Benami transactions shall be included in the income of .........................
a. real owner
b. transferor
c. transferee
d. none of these
Q. Dividend from an Indian company is ......................
a. fully taxablbe
b. fully exempted
c. partly taxable
d. none of the above