Top 150+ Solved Income Tax MCQ Questions Answer
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.
Q. Tax is reduced from casual incomes at....................
a. 10% + surcharge and cesses.
b. 20% + surcharge and cesses.
c. 30%.
d. none of these.
Q. Interest on Bank Term Deposits is subject to tax deduction at source if the interest amount during therelevant previous year exceeds................
a. rs: 2,000.
b. rs: 5,000.
c. rs: 10,000.
d. rs: 30,000.
Q. Rate of T.D.S for unlisted securities, including cesses is.................
a. 10.6%.
b. 15.6%.
c. 10%.
d. 30.6%.
Q. Speculation Loss can be carried forward for.................
a. 8 years
b. 10years
c. 5years
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
Q. A partnership firm sold a residential house. The firm will get exemption under section .................... oncapital gains.
a. sec. 54d
b. s
c. 54e se 54c
d. sec. 54ec
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
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.
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
Q. Section C applies on ...................
a. individual and huf
b. co-operative society
c. firm
d. company
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
Q. The rate of surcharge on tax payable is ......................% when taxable income is Rs: 5,57, 500.
a. 3%
b. 5%
c. 10%
d. nil
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