Top 150+ Solved Income Tax MCQ Questions Answer
Q. Under section 44AB the audit of accounts is compulsory if total sales exceed ..........................
a. rs: 40 lakhs
b. rs: 50 lakhs
c. rs: one crore
d. rs: five crores
Q. Gifts from clients are...................
a. professional income.
b. income from other sources.
c. non taxable item.
d. none of these.
Q. Repairs incurred before installation of an assets is..................
a. capital expenditure.
b. revenue expenditure.
c. non business expenditure.
d. none of these.
Q. If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciationallowed on it is..............
a. normal rate.
b. 50% of normal rate.
c. nil.
d. none of these.
Q. The Total income of an individual is Rs: 3,46,994. The rounded off total income will be........................
a. rs: 3,46,000
b. rs: 3,47,000
c. rs: 3,46,990
d. rs: 3,50,000
Q. The income tax payable by an individual is Rs:8,562.55. The rounded off tax payable will be.........................
a. rs: 8,562
b. rs: 8,563
c. rs: 8,560
d. rs: 8,570
Q. The maximum tax exemption to a senior citizen for the assessment year is ......................
a. rs: 3,00,000
b. rs: 2,00,000
c. rs: 1,00,000
d. rs: 2,50,000
Q. If STT is paid, then STCG tax on the transfer of capital asset is ..............................
a. 10%
b. 15%
c. 20%
d. 25%
Q. .................. must be paid according to the provisions of “ Pay As You Earn” Scheme.
a. income tax
b. tds
c. advance tax
d. education cess
Q. Advance tax is payable when tax payable by an assessee is ........................or more.
a. rs: 5,000
b. rs: 10,000
c. rs: 15,000
d. rs: 1,00,000
Q. The rate of surcharge payable on tax for the A.Y. 2013-14 is ......................
a. 5%
b. 10%
c. 3%
d. nil
Q. The non-taxable income for the woman assessee is .................................
a. rs: 1,00,000
b. rs: 1,90,000
c. rs: 2,50,000
d. rs: 3,00,000