MCQ Questions and Answers | Commerce Quiz Questions

MCQ Questions and Answers, Commerce Quiz Questions, e commerce quiz questions and answers, commerce important questions inter 1st year, e commerce multiple choice questions and answers pdf, who is father of commerce, general english mcq.

MCQ Questions and Answers | Commerce Quiz Questions

Commerce Multiple Choice Questions and Answers with PDF : Commerce MCQs Questions provide a wide range of Accounting, Economics, Taxation and other basic questions and answers related to Commerce subject with simple and logical explanations.

All the questions mentioned here will make the students more aware about the concepts and also help them for board exams and various competitive exams. All content is updated regularly with new questions, links and more MCQ Questions and Answers.

MCQ Questions and Answers :

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MCQ Questions and Answers

MCQ Questions and Answers, Commerce Quiz 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

Which of the following is not included in taxable income –

2 / 25

In case of non-residents engaged in shipping business in India income earned during the financial year is

3 / 25

Additional surcharge (education cess) of 3% per cent is payable on

4 / 25

The salary, remuneration or compensation received by the partners is taxable under the head ………………………

5 / 25

The death-cum-retirement gratuity received by the Government Employee or employee of local authority is ……………………….

6 / 25

Rent Free Accommodation given to an employee by the employer is a ………………..

7 / 25

Payment of Gratuity Act came into force in ………………...

8 / 25

The entertainment allowance is applicable to…………………….

9 / 25

……………………. is the rent fixed under Rent control Act.

10 / 25

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

11 / 25

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

12 / 25

……………………… are not treated as agricultural income.

13 / 25

Suman, has rendered services in India and retired in 2011. He then shifted and settled in Singapore. The pension received by him for such services would be ……………………. ?
A)  B)  C)  D)

14 / 25

Educational cess is leviable in case of ………..

15 / 25

A car is imported after 1- 4- 2005 by R Ltd. from London to be used by its employee. R Ltd. shall be allowed depreciation on such car at:

16 / 25

Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred:

17 / 25

Preliminary expenses incurred are allowed deduction in:

18 / 25

In case the assessee follows mercantile system of accounting, bonus or commission to the employee are allowed as deduction on:

19 / 25

For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds

20 / 25

Tax audit is compulsory in case a person is carrying on business whose gross turnover/sales/receipts, as the case may be, exceeds:

21 / 25

In case an assessee is engaged in the business of civil construction, presumptive income scheme is applicable if the gross receipts paid or payable to him in the previous year does not exceed:

22 / 25

In case an assessee is engaged in the business of retail trade, presumptive income scheme is applicable if the total turnover of such retail trade of goods does not exceed:

23 / 25

A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of :

24 / 25

R gifted his house property to his wife in 2000. R has let out the house property @ Rs.5,000 p.m. The income from such house property will be taxable in the hands of :

25 / 25

Income tax is a …………………..

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What is commerce? :

Commerce is a field for students who are interested in financial information/transactions, business of economic value etc. Students often consider doing commerce after completing 12th standard. There are many options in front of the students who want to make their career in commerce.

Candidates can pursue commerce courses at undergraduate (UG), postgraduate (PG), diploma level as well as doctoral level. The UG level commerce courses offered to the candidates include BCom, BBA, CA, CS, BBA LLB, BBM, BSc etc.

At PG level, popular commerce programs are MCom, MBA, MPhil, MSc, etc. Generally, commerce in UG courses are of three years duration whereas PG programs are of two years duration.

Commerce Quiz Questions :

1. Which of the following is not included in taxable income –

  • A) Reimbursement of expenses
  • B) Cash gifts received from non relatives
  • C) Income from illegal activity
  • D) Profit on sale of equity shares of unlisted company

2. In case of non-residents engaged in shipping business in India income earned during the financial year is

  • A) Taxable in India the same financial year
  • B) Taxable in India the relevant assessment year
  • C) Not taxable in India in the same financial year
  • D) Not taxable in India

3. Additional surcharge (education cess) of 3% per cent is payable on

  • A) Income tax
  • B) Income tax plus surcharge
  • C) Surcharge
  • D) None of these

4. The salary, remuneration or compensation received by the partners is taxable under the head …………………………

  • A) Income from Other Sources
  • B) Income from Business
  • C) Salary
  • D) None of the above

5. The death-cum-retirement gratuity received by the Government Employee or employee of local authority is …………………

  • A) Partially exempted
  • B) Fully exempted
  • C) Half taxable
  • D) None of the above
GK objective questions with answers :

6. Rent Free Accommodation given to an employee by the employer is a ……………….

  • A) Allowance
  • B) Perquisite
  • C) Profit in lieu of salary
  • D) None of the above

7. Payment of Gratuity Act came into force in …………………

  • A) 1973
  • B) 1980
  • C) 1991
  • D) 1972

8. The entertainment allowance is applicable to…………………

  • A) Private sector employees
  • B) Public sector employees
  • C) Government employees
  • D) All of the above

9. ……………………. is the rent fixed under Rent control Act.

  • A) Municipal rental value
  • B) Fair rental value
  • C) Standard rent
  • D) Real rent

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

  • A) Actual rent
  • B) Expected rent
  • C) Any of the above
  • D) None of the above
General knowledge objective questions and answers :

11. 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

12. ………………are not treated as agricultural income.

  • A) Income from poultry farming
  • B) Income from bee heaving
  • C) Purchase of standing crop
  • D) All of the above

13. Suman, has rendered services in India and retired in 2011. He then shifted and settled in Singapore. The pension received by him for such services would be …………………….?

  • A) Deemed to accrue or arise outside India
  • B) Deemed to accrue or arise in India
  • C) Deemed to accrue or arise in India only when it is received in India
  • D) Deemed to accrue or arise in India only when it is received outside India

14. Educational cess is leviable in case of ………..

  • A) Individual
  • B) HUF
  • C) Company
  • D) All assesses

15. A car is imported after 1- 4- 2005 by R Ltd. from London to be used by its employee. R Ltd. shall be allowed depreciation on such car at:

  • A) 15%
  • B) 40%
  • C) 60%
  • D) Nil
Commerce mcq :

16. Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred:

  • A) Five years immediately before the commencement of business
  • B) 3 years immediately before the commencement of the business
  • C) Any time prior to the commencement of the business.
  • D) None of these

17. Preliminary expenses incurred are allowed deduction in:

  • A) 10 equal annual instalments
  • B) 5 equal annual instalments
  • C) full
  • D) None of these

18. In case the assessee follows mercantile system of accounting, bonus or commission to the employee are allowed as deduction on:

  • A) Due basis
  • B) Payment basis
  • C) Due basis but subject to section 43B
  • D) Any of the above

19. For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds

  • A) Rs.50 lakhs
  • B) Rs.40 lakhs
  • C) Rs.10 lakhs
  • D) Rs.5 lakhs

20. Tax audit is compulsory in case a person is carrying on business whose gross turnover/sales/receipts, as the case may be, exceeds:

  • A) Rs. 10 lakhs
  • B) Rs. 40 lakhs
  • C) 1 crore
  • D) 10 crore
Quiz mcq on general knowledge :

21. In case an assessee is engaged in the business of civil construction, presumptive income scheme is applicable if the gross receipts paid or payable to him in the previous year does not exceed:

  • A) Rs.10 lakhs
  • B) Rs. 40 lakhs
  • C) Rs. 50 lakhs
  • D) 1 crore

22. In case an assessee is engaged in the business of retail trade, presumptive income scheme is applicable if the total turnover of such retail trade of goods does not exceed:

  • A) Rs.10 lakhs
  • B) Rs.30 lakhs
  • C) Rs.40 lakhs
  • D) Rs.50 lakhs

23. A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of :

  • A) Rs.200 p.m.
  • B) Rs.160 p.m.
  • C) Rs. 240 p.m.
  • C) Rs. 120 p.m.

24. R gifted his house property to his wife in 2000. R has let out the house property @ Rs.5,000 p.m. The income from such house property will be taxable in the hands of :

  • A) Mrs. R
  • B) R. However , income will be computed first as Mrs. R’s income and thereafter clubbed in the income of R
  • C) R as he will be treated as deemed owner & liable to tax
  • D) None of the above

25. Income tax is a …………………..

  • A) Direct tax
  • B) Indirect tax
  • C) Any of the above
  • D) None of the above

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