This download link is referred from the post: Calicut University M.Com 2020 Important Questions (Question Bank) || (University of Calicut)
MULTIPLE CHOICE QUESTIONS FOR MCOM - (MC3C12)
INCOME TAX LAW AND PRACTICE
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- The term salary includes:
- wages
- Advance of salary
- Gratuity
- all of the above
- Profits or gains arising from the transfer of a capital asset is called........?
- capital gains
- capital loss
- capital asset
- none of these
- Income from other sources includes:
- lottery income
- races
- cross word puzzle
- all of these
- Income deemed to accrue or arise in India is taxable in case of;
- Resident only
- nonresident
- both resident and not ordinarily resident
- all of the above
- The cost of inflation index number of the previous year 2008-2009 is...............
- 480
- 551
- 519
- 582
- Deduction U/S 80 c is allowed from
- GTI
- tax on total income
- total income
- balance sheet
- Salary due but not yet received is known as ..........?
- arrears of salary
- commuted salary
- advance of salary
- none of these
- Perquisites are...........
- payment
- profit
- fees
- all of the above
- ........... is a provident fund which is not recognized by commissioner of income tax
- statutory PF
- recognized PF
- public PF
- un recognized PF
- Deduction under 80ccc is allowed to the extend of
- 2 lacs
- 4 lack
- 1 lack
- 5 lack
- Agricultural income is :
- fully exempt
- fully taxable
- partially exempt
- partially taxable
- Residential status to be determined for
- previous year
- accounting year
- assessment year
- None
- Education cess is leviable in case of:
- An individual and HUF
- All assessees
- A company assessee only
- None of these
- Tax Audit is compulsory in case of a person is carrying on business whose gross turnover / sales / receipt, as the case may be, exceeds;
- 10 lakh
- 1 crore
- 40 lakh,
- 20 lakh
- where the entire block of the depreciate asset is transferred after 36 months, there will be;
- short-term capital gain
- short-term capital gain or loss
- long term capital gain
- 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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