Question 1. Which of the following is not a capital asset ____________.
(A) Jewelry
(B) Agricultural land in Mumbai
(C) Goodwill
(D) stock in trade
Question 2. A partnership firm sold a residential house. The firm will get exemption under section __________ on capital gains.
(A) Sec. 54EC
(B) Sec. 54C
(C) Sec. 54E
(D) Sec. 54D
Question 3. Income of a minor child is included in the total income of __________.
(A) Transferor of asset
(B) Parent whose income is greater
(C) Mother
(D) Father
Question 4. The amount of deduction under section 80DD regarding disability is _________.
(A) Actual expense.
(B) Rs: 75,000
(C) Rs: 50,000
(D) Rs: 30,000
Question 5. Which of the following is eligible for 100% deduction ?
(A) Nehru Memorial Fund
(B) National Sports Fund
(C) Rajiv Gandhi Foundation
(D) National Children Fund
Question 6. Section C applies on _________.
(A) Company
(B) Firm
(C) Co-operative Society
(D) Individual and HUF
Question 7. Donation on PM’s National Relief Fund is deductible 100% out of the gross total income of the assessee, under section __________.
(A) 80GG
(B) 80G
(C) 80CC
(D) 80C
Question 8. For the P.Y , 2012-13, the maximum permissible deduction under section 80C is _______.
(A) 1,12,000
(B) Rs: 2,00,000
(C) Rs: 1,00,000
(D) Rs: 80,000
Question 9. The rate of surcharge on tax payable is _________ % when taxable income is Rs: 5,57, 500.
(A) Nil
(B) 10%
(C) 5%
(D) 3%
Question 10. The basic exemption up to which income is not taxable for an individual resident is ________.
(A) Rs: 5,00,000
(B) Rs: 1,00,000
(C) Rs: 2,00,000
(D) None of the above
Question 11. The Total income of an individual is Rs: 3,46,994. The rounded off total income will be _________.
(A) Rs: 3,50,000
(B) Rs: 3,46,990
(C) Rs: 3,47,000
(D) Rs: 3,46,000
Question 12. The income tax payable by an individual is Rs:8,562.55. The rounded off tax payable will be __________.
(A) Rs: 8,570
(B) Rs: 8,560
(C) Rs: 8,563
(D) Rs: 8,562
Question 13. The maximum tax exemption to a senior citizen for the assessment year is _________.
(A) Rs: 2,50,000
(B) Rs: 1,00,000
(C) Rs: 2,00,000
(D) Rs: 3,00,000
Question 14. If STT is paid, then STCG tax on the transfer of capital asset is __________.
(A) 25%
(B) 20%
(C) 15%
(D) 10%
Question 15. Education cess for the A.Y is ___________.
(A) 15%
(B) 10%
(C) 5%
(D) 3%
Question 16. According to section _________, TDS shall be payable during the financial year in respect of the total income of the assessee.
(A) 210
(B) 208
(C) 207
(D) 206
Question 17. _________ must be paid according to the provisions of the “ Pay As You Earn” Scheme.
(A) Education cess
(B) Advance tax
(C) TDS
(D) Income Tax
Question 18. Advance tax is payable when tax payable by an assessee is ________ or more.
(A) Rs: 1,00,000
(B) Rs: 15,000
(C) Rs: 10,000
(D) Rs: 5,000
Question 19. The rate of surcharge payable on tax for the A.Y. 2013-14 is _________.
(A) Nil
(B) 3%
(C) 10%
(D) 5%
Question 20. The non-taxable income for the woman assessee is ___________.
(A) Rs: 3,00,000
(B) Rs: 2,50,000
(C) Rs: 1,90,000
(D)Rs: 1,00,000
Question 21. If S T T is paid, then LTCG tax on the transfer of listed equity shares is .
(A) Nil
(B) 10%
(C) 5%
(D) 15%
Question 22. Out of income from growing and manufacturing of latex ………………… , is considered as agricultural income.
(A) 65%
(B) 60%
(C) 45%
(D) 40%
Question 23. For SSIs , a deduction of ________ % of profit is available to the individual assessee.
(A) Nil
(B) 25%
(C) 40%
(D) 50%
Question 24. Donation is deductible u/s ___________.
(A) 80 G
(B) 80 E
(C) 80D
(D) 80C
Question 25. Tax deduction available to certain industries for the initial few years is called __________.
(A) PAYE
(B) TDS
(C) Tax exemption
(D) Tax holiday