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Download Calicut University M.Com Latest 2020 Income Tax Law and Practice

Download UOC (University of Calicut) M.Com (Master of Commerce) Income Tax Law and Practice (Important Questions)

This post was last modified on 26 December 2019

This download link is referred from the post: Calicut University M.Com 2020 Important Questions (Question Bank) || (University of Calicut)


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MULTIPLE CHOICE QUESTIONS FOR MCOM - (MC3C12)

INCOME TAX LAW AND PRACTICE

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  1. The term salary includes:
    1. wages
    2. Advance of salary
    3. Gratuity
    4. all of the above
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  3. Profits or gains arising from the transfer of a capital asset is called........?
    1. capital gains
    2. capital loss
    3. capital asset
    4. none of these
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  5. Income from other sources includes:
    1. lottery income
    2. races
    3. cross word puzzle
    4. all of these
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  7. Income deemed to accrue or arise in India is taxable in case of;
    1. Resident only
    2. nonresident
    3. both resident and not ordinarily resident
    4. all of the above
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  9. The cost of inflation index number of the previous year 2008-2009 is...............
    1. 480
    2. 551
    3. 519
    4. 582
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  11. Deduction U/S 80 c is allowed from
    1. GTI
    2. tax on total income
    3. total income
    4. balance sheet
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  13. Salary due but not yet received is known as ..........?
    1. arrears of salary
    2. commuted salary
    3. advance of salary
    4. none of these
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  15. Perquisites are...........
    1. payment
    2. profit
    3. fees
    4. all of the above
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  17. ........... is a provident fund which is not recognized by commissioner of income tax
    1. statutory PF
    2. recognized PF
    3. public PF
    4. un recognized PF
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  19. Deduction under 80ccc is allowed to the extend of
    1. 2 lacs
    2. 4 lack
    3. 1 lack
    4. 5 lack
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  21. Agricultural income is :
    1. fully exempt
    2. fully taxable
    3. partially exempt
    4. partially taxable
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  23. Residential status to be determined for
    1. previous year
    2. accounting year
    3. assessment year
    4. None
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  25. Education cess is leviable in case of:
    1. An individual and HUF
    2. All assessees
    3. A company assessee only
    4. None of these
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  27. Tax Audit is compulsory in case of a person is carrying on business whose gross turnover / sales / receipt, as the case may be, exceeds;
    1. 10 lakh
    2. 1 crore
    3. 40 lakh,
    4. 20 lakh
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  29. where the entire block of the depreciate asset is transferred after 36 months, there will be;
    1. short-term capital gain
    2. short-term capital gain or loss
    3. long term capital gain
    4. long term capital gain or loss
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Answer key

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
d a d d d a a d d b a a c b c


This download link is referred from the post: Calicut University M.Com 2020 Important Questions (Question Bank) || (University of Calicut)

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