Top 150+ Solved Income Tax MCQ Questions Answer
Q. The amount received from URPF is ..........................
a. taxable
b. exempted
c. exempted, subject to certain conditions
d. none of the above
Q. ............................ section deals with exempted incomes.
a. section 80
b. section 17
c. section 10
d. section 23
Q. There will be no partial integration, if the agricultural income does not exceed ............................
a. rs: 15,000
b. rs: 25,000
c. rs: 50,000
d. rs: 5,000
Q. Salary on which income tax is borne by the employer is called ....................................
a. foregoing salary
b. tax free salary
c. tax holiday
d. none
Q. A partnership firm will be assessed as firm if there is .........................
a. an agreement
b. a written agreement
c. an oral agreement
d. none of the above.
Q. Partnership firms are governed by the provisions of the Indian Partnership Act of ...................
a. 1956
b. 1932
c. 1946
d. 1881
Q. A firm shall pay tax on long term capital gain @ .................................
a. 15%
b. 20%
c. 25%
d. 30%
Q. Section 89 of the Income tax Act deals with .............................
a. perquisites
b. arrears of salary income
c. allowances
d. profit in lieu of salary