Top 150+ Solved Income Tax MCQ Questions Answer

From 121 to 135 of 159

Q. Grossing up of interest on securities is required when...................

a. interest is received after t.d.s.

b. they are central govt. securities.

c. the interest on bank deposit is less than rs. 10,000.

d. none of these.

  • a. interest is received after t.d.s.

Q. Tax is reduced from casual incomes at....................

a. 10% + surcharge and cesses.

b. 20% + surcharge and cesses.

c. 30%.

d. none of these.

  • c. 30%.

Q. Rate of T.D.S for unlisted securities, including cesses is.................

a. 10.6%.

b. 15.6%.

c. 10%.

d. 30.6%.

  • c. 10%.

Q. Speculation Loss can be carried forward for.................

a. 8 years

b. 10years

c. 5years

d. 4years

  • d. 4years

Q. Which of the following is not a capital asset.

a. stock in trade

b. goodwill

c. agricultural land in mumbai

d. jewellary

  • a. stock in trade

Q. Income of a minor child is included in the total income of ...........................

a. father

b. mother

c. parent whose income is greater

d. transferor of asset

  • c. parent whose income is greater

Q. The amount of deduction under section 80DD regarding disability is .....................

a. rs: 30,000

b. rs: 50,000

c. rs: 75,000

d. actual expense.

  • b. rs: 50,000

Q. Which of the following is eligible for 100% deduction ?

a. national children fund

b. rajiv gandhi foundation

c. national sports fund

d. nehru memorial fund

  • c. national sports fund

Q. Section C applies on ...................

a. individual and huf

b. co-operative society

c. firm

d. company

  • a. individual and huf

Q. For the P.Y , 2012-13, the maximum permissible deduction under section 80C is ..............

a. rs: 80,000

b. rs: 1,00,000

c. rs: 2,00,000

d. 1,12,000

  • b. rs: 1,00,000

Q. The basic exemption up to which income is not taxable for an individual resident is ..............

a. rs: 1,00,000

b. rs: 2,00,000

c. rs: 5,00,000

d. none of the above

  • a. rs: 1,00,000
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