Top 150+ Solved Tax Planning and Management MCQ Questions Answer
Q. -------- are treated as agricultural income
a. Income from poultry farm
b. Income from bee heaving
c. Purchase of standing crops
d. All of these
Q. Long term capital loss can be set off against -----
a. Long term capital loss
b. Short term capital loss
c. Long term capital gain
d. All of these
Q. Clubbing of income means
a. Adding income of two persons
b. Inclusion of income of other person in assessee’sincome
c. Total income of various heads
d. Collection of income
Q. Which of the following is not taxable under the head income from other sources?
a. Family pension
b. Sum received under Keyman Insurance Policy
c. Rent received on letting of business
d. Salary to a member of parliament
Q. PAN stands for
a. Private bank Number
b. Permanent Account Number
c. Personal Account Number
d. Passive Account Number
Q. Return filed after the due date is called
a. Revised return
b. Best return
c. Belated return
d. Defective return
Q. Tax deduction available to certain industries for the initial few years is called-----
a. Tax Holiday
b. Tax
c. TDS
d. Advance
Q. An assessee was engaged in the business of cattle rearing. He incurred a loss in respect ofanimals which were used for the purposes of his business (otherwise than as stock-in trade) and which have died. Such expenditure shall be considered as
a. Revenue expenditure
b. Capital expenditure
c. Deferred revenue expenditure
d. Illegal expenditure
Q. The loss from speculation business can be set off against
a. Any income
b. Not any income
c. Non speculative business
d. Speculative business only
Q. Minor’s income is clubbed to -----
a. Father’s income
b. Mother’s income
c. Father’s income or mother’s income whichever is grater
d. Both mother’s and father’s income
Q. ------ is a casual income
a. Interest received
b. Dividend income
c. Person received
d. Winning from lotteries
Q. An assessee was engaged in the business of dealing in commodities. He had paid Commodities transaction tax of Rs.15,000 in respect of the taxable commodities transactions. Income arising of Rs 3,00,000 from such taxable commodities transactions was included in the income computed under the head "Profits and gains of business or profession”. Such expenditure of payment of Commodities transaction tax shall be considered as
a. Revenue expenditure
b. Capital expenditure
c. Speculative transaction expenditure
d. Illegal expenditure