1.  The partial integration of agricultural income, is done to compute tax on:

a

  Non agricultural income

b

 Agricultural income

c

 Both agricultural and non agricultural income

d

 None of these

Answer & Explanation
Answer : Option A

2.  The period of holding of shares acquired in exchange of convertible debentures shall be reckoned from:

a

  The date of when the debentures were converted into shares

b

 The date of holding of debentures

c

 All of the above

d

 None of these

Answer & Explanation
Answer : Option A

3.  Remuneration paid to working partner shall be allowed as deduction to a firm:

a

  Subject to limits specified in section 40(b)

b

 In full

c

 All of these

d

 None of these

Answer & Explanation
Answer : Option A

4.  As per Sec.139(1), a company shall have to file return of income:

a

  When its total income exceedsRs.50,000

b

 In all cases irrespective of any income or loss earned by it

c

 When its total income exceeds the maximum amount which is not chargeable to income tax

d

 None of these

Answer & Explanation
Answer : Option B

5.  Perquisite received by the assessee during the course of carrying on his business or profession is taxable under the head.

a

  PGBP

b

 Salary

c

 Other source

d

 None of these

Answer & Explanation
Answer : Option A

6.  A has two house properties. Both are selfoccupied. The annual value of

a

  One house shall be nil

b

 No house shall be nil

c

 Both house shall be nil

d

 None of these

Answer & Explanation
Answer : Option A

7.  In the aforesaid case,the income shall be presumed to be :

a

  1 % of gross receipts

b

 5 % of gross receipts

c

 8 % of gross receipts

d

 10 % of gross receipts

Answer & Explanation
Answer : Option C

8.  Service tax is not payable on any service provided to:

a

  an undertaking in a free trade zone

b

 an undertaking in a special economic zone

c

 a developer or unit in a special economic zone

d

 an undertaking in a software technological park

Answer & Explanation
Answer : Option C

9.  Assessment year means

a

  year in which income is earned

b

 year in which tax is paid by assessee

c

 period of 12 months commencing on the 1st day of April every year

d

 period of 12 months commencing on the 1st day of January every year

Answer & Explanation
Answer : Option C

10.  In the case of compulsory acquisition, the indexation of cost of acquisition or improvement shall be done till the :

a

  In which the full compensation received

b

 In which part or full consideration is received

c

 Previous year of compulsory acquisition

d

 None of these

Answer & Explanation
Answer : Option C

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

a

  Due basis but subject to section 43B

b

 Payment basis

c

 Due basis

d

 None of these

Answer & Explanation
Answer : Option A

12.  Where service is received from outside India, such service shall be:

a

  exempt from service tax

b

 taxable in the hands of service provider

c

 taxable in the hands of Service recipient

d

 none of these

Answer & Explanation
Answer : Option C

13.  Body of individual should consist of :

a

  Persons other than individual only

b

 Individual only

c

 Both of the above

d

 None of these

Answer & Explanation
Answer : Option B

14.  Which of the following taxes is/are withdrawn or abolished?

a

  Gift tax

b

 Interest tax

c

 Estate duty

d

 All of the above

Answer & Explanation
Answer : Option D

15.  There will be no partial integration of agricultural income with non agricultural income, if the non agricultural income does not exceed:

a

  Rs. 1,00,000

b

 Rs. 1,30,000

c

 Rs. 1,50,000

d

 Rs. 1,80,000

Answer & Explanation
Answer : Option C
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