Top 150+ Solved Tax Planning and Management MCQ Questions Answer
Q. The income tax rate on long term capital gains for an individual is …………..
a. 10%
b. 15%
c. 20%
d. 25%
Q. When a receipt is determined as capital receipt or revenue receipt .
a. at the time of it is received
b. while preparing final account
c. when the received amount is used
d. none of these
Q. STT stands for
a. securities transaction tax
b. secure transaction tax
c. securities transmission tax
d. none of these
Q. Reciept of amount on maturity of LIC policy is ……………. .
a. a revenue receipt
b. capital receipt
c. a casual receipt
d. fixed receipt
Q. Income by way of rent of agricultural land is ……………. .
a. business income
b. income from other sources
c. agricultural income
d. casual income
Q. The highest administrative authority for income tax in India ………….?
a. finance minister
b. president of India
c. CBDT
d. director of IT
Q. Tonnage tax is based on …………………... .
a. net tonnage
b. gross tonnage
c. actual tonnage
d. weighted average