Top 150+ Solved Income Tax MCQ Questions Answer
Q. If S T T is paid, then LTCG tax on the transfer of listed equity shares is ....................
a. 15%
b. 5%
c. 10%
d. nil
Q. For SSIs , a deduction of ..................... % of profit is available to individual assessee.
a. 50%
b. 40%
c. 25%
d. nil
Q. Tax deduction available to certain industries for the initial few years is called ........................
a. tax holiday
b. tax exemption
c. tds
d. paye
Q. The maximum amount of deduction under section 80D in the case of a senior citizen is .........................
a. rs: 10,000
b. rs: 15,000
c. rs: 20,000
d. rs: 25,000
Q. Which among the following deduction is available only to disabled persons :
a. 80 c
b. 80 g
c. 80 q
d. 80 u
Q. Section 80C provides for deduction in respect of tuition fee to ....................... children.
a. one
b. two
c. three
d. none
Q. The maximum amount deductible u/s 80GG in respect of rent paid is ........................
a. rs: 10,000
b. rs: 12,000
c. rs: 20,000
d. rs: 24,000
Q. Income from other sources is a.................
a. residuary head of income.
b. major head of income.
c. income from a single source.
d. constant and regular income.
Q. Which one of the following is not an income from other sources?
a. interest on fixed deposit in bank.
b. winnings from cross word puzzles.
c. gift in excess of rs.50,000 from an unrelated person.
d. profit on sale of building.
Q. Which of the following income from other sources is not taxable?
a. dividend from co-operative society.
b. dividend from foreign company.
c. dividend from domestic company.
d. winnings from lottery.
Q. Dividends from co-operative society are........................
a. exempted.
b. taxable.
c. partially exempt
d. partially taxable.