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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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2. 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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3. Income from other sources includes:
   1. lottery income
   2. races
   3. cross word puzzle
   4. all of these

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4. 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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5. 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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6. 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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7. 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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8. Perquisites are...........
   1. payment
   2. profit
   3. fees
   4. all of the above

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9. ........... 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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10. 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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11. Agricultural income is :
    1. fully exempt
    2. fully taxable
    3. partially exempt
    4. partially taxable

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12. Residential status to be determined for
    1. previous year
    2. accounting year
    3. assessment year
    4. None

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13. 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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14. 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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15. 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