Commerce Objective MCQ Questions 2021 | Quiz Questions With Answer

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(MCQs) Objective Questions 2021 | Quiz Questions With Answer

Daily Current Affairs Quiz 2021 for SSC, IBPS, Banking, Railway, Various Entrance Exams, State Level Competitions like KAS / KPSC, UPPSC, RPSC, MPPSC, MPSC with Multiple Choice (MCQ) / Objective Current Affairs Questions and Answers in daily form is published from. And All State PCS Exams.

What is mcq : एमसीक्यू क्या है

A multiple choice question or MCQ is a set of questions with two/four/five possible answer options. Out of all the given options, the student has to choose the best/correct option to get full marks for that question.

The MCQs list given below will definitely help you to crack the exam easily, as all the MCQs questions are prepared with answers to frequently asked questions. All these MCQs have the best possible explanation of each question, and we have designed it keeping in mind the current trend. Each MCQ list is updated regularly with new questions and updates.

Commerce Objective MCQ Questions :

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Commerce Objective MCQ Questions 2021

Commerce Objective MCQ Questions 2021, Quiz Questions With Answer, ssc income tax quiz, One of the primary job positions offered for SSC is of a CGL Income Tax Inspector. In the Central Board of Direct Taxes (CBDT)

1 / 25

An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as ………………….

2 / 25

An individual is considered as an owner of the house property for the purpose of charging tax to …………………..

3 / 25

If the assesses let out the building or staff quarters to the employee of business, the rent collected from such employees is assessable as income from ……………...

4 / 25

The Gross annual value of the property is depends upon the ……………….

5 / 25

Which of the following is not a case of deemed ownership of house property?

6 / 25

If an assesses earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is …………………..

7 / 25

An assesses, after sale of house property, receiving arrears of rent (is/is not) chargeable to tax; the same computed in the stipulated manner, is chargeable to tax as ……………...

8 / 25

Mr. Shushant is the owner of a house, the details of which are given below the gross annual value would be ……………... Municipal value ` 36,000 Actual rent ` 32,000 Fair Rent` 36,000 Standard Rent` 40,000

9 / 25

Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible up to a maximum amount of ………………...

10 / 25

Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to ……………………...

11 / 25

Deduction allowed from annual value is …………………...

12 / 25

When the portion of the house is self-occupied for the full year and portion is self-occupied for the whole year, the annual value of the house shall be determined by …………..

13 / 25

Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid ` 8,000 as local taxes during the year. He uses this house for his residential purposes but lets out half of the house @ ` 3,000 p.m. The annual value of the house is ………...

14 / 25

If fair rent is not gives, then assume ………… as fair rent.

15 / 25

Rent received by original tenant from sub-tenant is taxable under the head ………...

16 / 25

Income from property held under trust for charitable or religious purposes is ………….

17 / 25

Identify the correct head

18 / 25

Business can be defined as per section ……….

19 / 25

Income from illegal business is …………

20 / 25

Expenditure on scientific research is in the section …….......

21 / 25

Any payments made outside India and TDS is not paid, then it is …………

22 / 25

Payment made in cash exceeding ………….. is disallowed.

23 / 25

Interest on delayed payment of VAT is …………..

24 / 25

Under the Income Tax Act,1961, depreciation on machinery is charged on ………………..

25 / 25

As per section 30, which expenditure incurred for a building used for the business or profession shall not be allowed as deduction?

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To prepare for MCQ based exam, Commerce Objective MCQ Questions every concept of a topic should be clear. But along with this some strategies and tips will be beneficial and make MCQs easy for you. In this section, we are going to discuss some essential tips that will help you.

Quiz Questions With Answer :

1. An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as ………………

  • A) Co-owner
  • B) Deemed Owner
  • C) Owner Himself
  • D) None of the above

2. An individual is considered as an owner of the house property for the purpose of charging tax to ………………

  • A) A member of cooperative society, company or AOP to whom a building or a part there of is allotted or leased under a house building scheme of the society.
  • B) An individual who transfers house property without an adequate consideration to his owner spouse or to minor child
  • C) The holder of importable estate
  • D) All of the above

3. If the assesses let out the building or staff quarters to the employee of business, the rent collected from such employees is assessable as income from ………………

  • A) Business
  • B) House Property
  • C) Other Sources
  • D) None of the above

4. The Gross annual value of the property is depends upon the ……………….

  • A) Standard rent
  • B) Municipal Valuation
  • C) Fair rent
  • D) All of the above

5. Which of the following is not a case of deemed ownership of house property?

  • A) Transfer to a spouse for inadequate consideration
  • B) Transfer to a minor child for inadequate consideration
  • C) Holder of an importable estate
  • D) Co-owner of a property
Quiz Questions With Answer :

6. If an assesses earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is …………………

  • A) Exempted under Section 10
  • B) Taxable under the head income from house property
  • C) Taxable as business income, as the letting out is a commercial activity
  • D) Taxable as income from other sources

7. An assesses, after sale of house property, receiving arrears of rent (is/is not) chargeable to tax; the same computed in the stipulated manner, is chargeable to tax as ………………

  • A) Income from House Property
  • B) Income from Other Sources
  • C) Either (a)or(b)
  • D) Neither (a)nor (b)

8. Mr. Shushant is the owner of a house, the details of which are given below the gross annual value would be ……………… Municipal value 36,000 Actual rent 32,000 Fair Rent36,000 Standard Rent 40,000

  • A) 36,000
  • B) 35,000
  • C) 30,000
  • D) 40,000

9. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible up to a maximum amount of ………………

  • A) 50,000
  • B) 1,50,000
  • C) 5,000
  • D) None of the above

10. Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to ……………………

  • A) 30,000
  • B) 1,50,000
  • C) 10,000
  • D) 50,000
General knowledge quiz questions and answers :

11. Deduction allowed from annual value is ……………………

  • A) Interest on loan for constitution
  • B) Interest on loan for repair
  • C) Statutory deduction
  • D) All of the above

12. When the portion of the house is self-occupied for the full year and portion is self-occupied for the whole year, the annual value of the house shall be determined by …………..

  • A) The full annual value of the house the proportionate annual value of self-occupied portion for the whole year shall be deducted
  • B) Its present standard value
  • C) All of the above
  • D) None of the above

13. Mr. R owns a house. The Municipal value of the house is 50,000. He paid 8,000 as local taxes during the year. He uses this house for his residential purposes but lets out half of the house @ ` 3,000 p.m. The annual value of the house is …………

  • A) 15,000
  • B) 16,000
  • C) 17,000
  • D) 18,000

14. If fair rent is not gives, then assume ………… as fair rent.

  • A) Actual rent
  • B) Standard rent
  • C) Average rent
  • D) None of the above

15. Rent received by original tenant from sub-tenant is taxable under the head …………

  • A) Income from House Property
  • B) Income from Other Sources
  • C) Income from Capital Gain
  • D) None of the above
General knowledge quiz and answers :

16. Income from property held under trust for charitable or religious purposes is ………….

  • A) Exempted from tax
  • B) Taxable @10%
  • C) Taxable @20%
  • D) None of the above

17. Identify the correct head

  • A) Income from business and profession
  • B) Profits from business and profession
  • C) Profit and Gains from business and profession
  • D) None of these

18. Business can be defined as per section ……….

  • A) 2(11)
  • B) 2(12)
  • C) 2(13)
  • D) 2(14)

19. Income from illegal business is …………

  • A) Partly taxable
  • B) Taxable
  • C) Exempted
  • D) None of these

20. Expenditure on scientific research is in the section ………….

  • A) 31
  • B) 32
  • C)35
  • D)36

21. Any payments made outside India and TDS is not paid, then it is …………

  • A) Allowed
  • B) Disallowed
  • C) Partly allowed
  • D) None of these

22. Payment made in cash exceeding ………….. is disallowed.

  • A) 15000
  • B) 20000
  • C) 25000
  • D) 30000

23. Interest on delayed payment of VAT is …………..

  • A) Allowed
  • B) Disallowed
  • C) Partly allowed
  • D) None of these

24. Under the Income Tax Act,1961, depreciation on machinery is charged on ………………..

  • A) Purchase price of the machinery
  • B) Written down value of the machinery
  • C) Market price of the machinery
  • D) All of the above

25. As per section 30, which expenditure incurred for a building used for the business or profession shall not be allowed as deduction?

  • A) Rent, rates and taxes
  • B) Insurance of building
  • C) Repairs of building
  • D) Capital expenditure

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