Top 150+ Solved Tax Planning and Management MCQ Questions Answer
Q. Dividend from an Indian Company is …………………
a. Fully Taxable
b. Partly Taxable
c. Fully Exempted
d. None of these
Q. Previous year means the financial year immediately preceding the…………………...
a. Accounting Year
b. Assessment Year
c. All of the above
d. None of the above
Q. ………… is exempted from income tax.
a. Interest from Indian company
b. Dividend from foreign company
c. Cooperative dividend
d. Dividend from Indian company
Q. Profits earned from an illegal business are...............
a. Taxable.
b. Tax free.
c. Ignored by Tax Authorities.
d. treated as other income.
Q. Subletting is assessable under the head …………………
a. Income from HP
b. Income from Other Source
c. Income from Capital Gain
d. None of the above
Q. Preliminary expenses incurred are allowed deduction in:
a. 10 equal annual instalments
b. 5 equal annual instalments
c. full
d. None of these
Q. As per section 2(31), the following is not included in the definition of 'person'
a. An individual
b. A Hindu undivided family
c. A company
d. A minor
Q. Amendments by the finance act are made applicable from
a. First day of next financial year
b. First day of same financial year
c. Last day of same Accounting year
d. None of the above
Q. Assessee is having stock existing in the business. Valuation of stock will be at:
a. Cost price
b. Market price
c. Cost or market price, whichever is less
d. Cost or market price, whichever is more
Q. Which is the charging section of income under the head profits and gains of business orprofession?
a. Section 15
b. Section 24
c. Section 28
d. Section 17
Q. Which of the following taxes are allowed as deduction while computing the business income?
a. Wealth-tax
b. Income-tax
c. Sales tax
d. None of the above
Q. As per section 30, which expenditure incurred for a building used for the business or professionshall not be allowed as deduction?
a. Rent, rates and taxes
b. Insurance of building
c. Repairs of building
d. Capital expenditure
Q. .Group of assets falling within a class of assets comprising of tangible & intangible assets isknown as :
a. Group of assets
b. Block of assets
c. Set of assets
d. Cluster of assets
Q. A short term capital asset means a capital asset held by the assesse for not more than
a. 12 Months immediately preceding the month of its transfer
b. 24 Months immediately preceding the month of its transfer
c. 36 Months immediately preceding the month of its transfer
d. None of these