Income Tax B.com Pattern MCQs | mcqs on income tax

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income tax MCQ quiz is made up of two parts income tax law and practice a stem that identifies the question or problem, and a set of options or possible answers that contain a key that is the best answer to the question, exempted income pdf and several distractors. Which are laudable, direct tax examples in india but they have incorrect answers to the questions and answers of the taxation law examination income tax act in pdf.

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Income tax multiple choice questions

Income tax multiple choice questions, 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

The value of concessional loans to employees is determined on the basis of lending rates of _______________ for the same purpose.

2 / 25

Deduction from annual value is allowed under ______________.

3 / 25

_______% standard deduction is allowed on annual value.

4 / 25

For computation of Gross Annual Value, if actual rent is more than expected rent, then we select the ______________.

5 / 25

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

6 / 25

Income chargeable under the head ‘Profits and Gains from Business or Profession’ is covered under _______________.

7 / 25

The transfer of old movable assets will be tax-free if it is used for _________ .

8 / 25

_______________are not treated as agricultural income.

9 / 25

Section 45 of Income Tax Act, 1961 is related to _______________.

10 / 25

Loss from speculation business cannot be set off against profit from any non-speculation business, however_______________.

11 / 25

In Income Tax Act, 1961, deduction under sections 80C to 80U cannot exceed ________.

12 / 25

Gross interest = Net x 100/100 – rate of _______.

13 / 25

Payment of LIC premium can be claimed as deduction u/s _______.

14 / 25

Clubbing of income means _______________.

15 / 25

Minors income is clubbed to _______________.

16 / 25

As per Section 207, _______ not having any income from business or profession is not liable to pay advance tax.

17 / 25

Generally, long-term capital gain is charged to tax @___________ (plus surcharge and cess as applicable).

18 / 25

Mr. Sharma contributed to a political party, he can avail deduction under ________.

19 / 25

Section 70-79 deals with _____.

20 / 25

Long-term Capital Loss can only be set off against _______________ .

21 / 25

Rate of education cess on total income is ___________.

22 / 25

Income from horse race falls under the head _____.

23 / 25

Deduction can be claimed for amount deposited under Suganya Samridhi Account under___.

24 / 25

Deduction on interest on loan taken for studies fall under _____.

25 / 25

The amount of total income is rounded off to the nearest multiple of ____.

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Income Tax MCQ : Income Tax B.com Pattern

  • The value of concessional loans to employees is determined on the basis of lending rates
    of ………………….. for the same purpose.
    • SBI
    • RBI
    • Central Government
    • State Government
  • Deduction from annual value is allowed under ……………..
    • Section 24
    • Section 25
    • Section 27
    • Section 28
  • …………% standard deduction is allowed on annual value.
    • 20
    • 30
    • 40
    • 50
  • For computation of Gross Annual Value, if actual rent is more than expected rent, then
    we select the …………….
    • Actual rent
    • Expected rent
    • Any of the above
    • None of the above
  • Under the Income Tax Act, 1961, depreciation on machinery is charged on ………….
    • Purchase price of the machinery
    • Written down value of the machinery
    • Market price of the machinery
    • All of the above

mcqs on income tax : Income Tax B.com

  • Income chargeable under the head ‘Profits and Gains from Business or Profession’ is covered under ………………
    • Section 23
    • Section 24
    • Section 28
    • Section 27
  • The transfer of old movable assets will be tax-free if it is used for …………………
    • 1 year
    • 5 years
    • 10 years
    • 15 year
  • …………………… are not treated as agricultural income.
    • Income from poultry farming
    • Income from bee heaving
    • Purchase of standing crop
    • All of the above
  • Section 45 of Income Tax Act, 1961 is related to ……………….
    • Capital assets
    • Assets
    • Capital expenses
    • Capital gain
  • Long-term Capital Loss can only be set off against ……………….
    • Long-term capital loss
    • Short-term capital loss
    • Long-term capital gain
    • All of the above
  • Loss from speculation business cannot be set off against profit from any non- speculation business, however …………………
    • Loss from non-speculative business can be set off against speculation income
    • Loss from non-speculative business cannot be set off against speculation income
    • Profit from non-speculative business can be set off against speculation income
    • None of the above
  • In Income Tax Act, 1961, deduction under sections 80C to 80U cannot exceed ………….
    • Gross total income
    • Total income
    • Income from business or profession
    • Income from house property
income tax multiple choice questions pdf :
  • Gross interest = Net x 100/100 – rate of ……………
    • Tax
    • TDS
    • Deduction
    • Exempted
  • Payment of LIC premium can be claimed as deduction u/s ……………..
    • 80 C
    • 80 CCC
    • 80 D
    • 80 DD
  • Clubbing of income means ………………
    • Addition income of two partners
    • Inclusion of income of other person in assessee income
    • Total of income of various heads
    • Collection of income
  • Minors income is clubbed to ……………
    • Father ’ s income
    • Mother ’s income
    • Father’s income or mother’s income whichever is greater
    • Both mother’s and father’s income
  • As per Section 207, ………….. not having any income from business or profession is not liable to pay advance tax.
    • A resident individual who is of the age of below 60 years
    • A resident HUF
    • A nonresident individual
    • A resident senior citizen
  • Generally, long-term capital gain is charged to tax @ …………… (plus surcharge and cess as applicable).
    • 10%
    • 15%
    • 20%
    • 30%
mcqs on income tax : Income Tax B.com Pattern
  • Mr. Sharma contributed to a political party, he can avail deduction under …………….
    • Section 80G
    • Section 80GGB
    • Section 80GGC
    • Section 80GGD
  • Rate of education cess on total income is ……………..
    • 2%
    • 3%
    • 4%
    • 0.3%
  • Section 70-79 deals with ………………..
    • Salary
    • Capital gain
    • Clubbing of income
    • Set off and carry forward
  • Income from horse race falls under the head ………………
    • Salary
    • Other sources
    • Profession
    • Business
  • Deduction can be claimed for amount deposited under Suganya Samridhi Account
    under ……………..
    • 80 CC
    • 80 C
    • 80 DD
    • 80 D
  • Deduction on interest on loan taken for studies fall under ………………
    • 80 CC
    • 80 C
    • 80 E
    • 80 D
  • The amount of total income is rounded off to the nearest multiple of ………………
    • Rs.100
    • Rs.10
    • Rs.5
    • Rs.50

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