{"id":83,"date":"2015-09-19T07:15:30","date_gmt":"2015-09-19T07:15:30","guid":{"rendered":"https:\/\/patwariexam.wordpress.com\/?p=83"},"modified":"2015-11-09T09:34:03","modified_gmt":"2015-11-09T09:34:03","slug":"basic-tax-calculation-mcq-for-department-of-local-government-exam","status":"publish","type":"post","link":"https:\/\/www.punjabexamportal.com\/11052024\/2015\/09\/19\/basic-tax-calculation-mcq-for-department-of-local-government-exam\/","title":{"rendered":"Basic Tax Calculation MCQ (For Department Of Local Government, Exam)"},"content":{"rendered":"

Please like us on facebook page for latest update ( https:\/\/www.facebook.com\/pbexam<\/a>. You can comment us if any doubt about answer)<\/i><\/p>\n

1. Income tax is levied on-<\/strong>
\n(A) Monthly basis (B) Quarterly basis
\n(C) Half-yearly basis (D) Yearly basis<\/strong><\/p>\n

2. Income tax is payable on-<\/strong>
\n(A) Earned income (B) Salary
\n(C) Taxable income<\/strong> (D) Every income<\/p>\n

3. Assessee includes-<\/strong>
\n(A) Individual (B) HUF
\n(C) Company (D) All of the above<\/strong><\/p>\n

4. Exempted income does not includes-<\/strong>
\n(A) Agricultural income in India (B) Post office saving bank interest
\n(C) Indian company dividend (D) T.V prices<\/strong><\/p>\n

5. Income tax is-<\/strong>
\n(A) Direct tax<\/strong> (B) Indirect tax
\n(C) Corporate tax (D) A and C both<\/p>\n

6. The authority on whose recommendation the amt. collected as income tax is distributed to state\u00c2\u00a0govt.<\/strong>–
\n(A) CBDT (B) Planning Commission
\n(C) Finance Commission<\/strong> (D) Chief Minister<\/p>\n

7. Income tax was first time levied in the year-<\/strong>
\n(A) 1960 (B) 1950
\n(C) 1860<\/strong> (D) 1881<\/p>\n

8. In case of delay payment of income tax penalty shall be charged as-<\/strong>
\n(A) 2% per annum (B) 1% per month<\/strong>
\n(C) 3% per month (D) 1.5% per annum<\/p>\n

9. Number of digits in a PAN card are-<\/strong>
\n(A) 9 (B) 8
\n(C) 10<\/strong> (D) 12<\/p>\n

10. Income tax department works under-<\/strong>
\n(A) State govt. (B) President
\n(C) Income tax commission (D) CBDT<\/strong><\/p>\n

11. Agricultural income is-<\/strong>
\n(A) Income from sale of crop (B) Income from nursery
\n(C) Income from preparation of crop (D) All of above<\/strong><\/p>\n

12. Non-agricultural income is-<\/strong>
\n(A) Dairy income (B) Mining
\n(C) Fishery (D) All of above<\/strong><\/p>\n

13. Partly agricultural income is-<\/strong>
\n(A) Tea garden<\/strong> (B) Nursery
\n(C) Self growing trees (D) none of above<\/p>\n

14. Agricultural income is considered when calculating tax if it is-<\/strong>
\n(A) More than rs. 5000
\n(B) More than rs. 10000
\n(C) More than rs. 5000 & total income is exceeding exemption limit<\/strong>
\n(D) Huge amount<\/p>\n

15. Percentage of income from growing & manufacturing tea in India is considered as agricultural\u00c2\u00a0income-<\/strong>
\n(A) 50% (B) 60%<\/strong>
\n(C) 65% (D) 70%
\n16. Agricultural income is not integrated with non-agricultural income in case of-<\/strong>
\n(A) Firm (B) Cooperative society
\n(C) Individual (D) A & B both<\/strong><\/p>\n

17. Income related to land but not agricultural income-<\/strong>
\n(A) Income of a purchaser of standing crop
\n(B) Income from mines
\n(C) Income from royalty on mines
\n(D) All of above<\/strong><\/p>\n

18. Sum of various heads is called-<\/strong>
\n(A) Taxable income (B) Total income
\n(C) Gross total income<\/strong> (D) Adjusted income<\/p>\n

19. A person can earn income from-<\/strong>
\n(A) One head (B) Two heads
\n(C) Various heads (D) any of above<\/strong><\/p>\n

20. Previous year is-<\/strong>
\n(A) Preceding year (B) Income earning year<\/strong>
\n(C) Tax calculating year (D) Income computation year<\/p>\n

21. Exempted income is-<\/strong>
\n(A) Not taxable under income tax (B) Not included in total income
\n(C) Agricultural income (D) All of above<\/strong><\/p>\n

22. Not tax-free for member of parliament-<\/strong>
\n(A) Daily allowance (B) Committee allowance
\n(C) Constituency allowance (D) Salary as M.P.<\/strong><\/p>\n

23. Minor income is exempt to the extent of-<\/strong>
\n(A) Rs. 1000 (B) Rs. 1500<\/strong>
\n(C) Rs. 5000 (D) fully exempt<\/p>\n

24. It is exempted income-<\/strong>
\n(A) Dividend from Indian company<\/strong> (B) Interest from Indian company
\n(C) Dividend from foreign company (D) cooperative dividend<\/p>\n

25. In which section of the income tax act exempted incomes have been mentioned-<\/strong>
\n(A) Sec.10<\/strong> (B) Sec. 80C
\n(C) Sec.13 (D) Sec.2
\n–
\n26. Types of assessees are from residential point of view-<\/strong>
\n(A) 2 (B) 3<\/strong>
\n(C) 4 (D) Many
\n27. Which sec. is related to residential status-<\/strong>
\n(A) 2 (B) 4
\n(C) 5 (D) 6<\/strong><\/p>\n

28. Residents includes-<\/strong>
\n(A) NRI (B) Ordinarily resident
\n(C) Not ordinarily resident (D) B & C both<\/strong><\/p>\n

29. Company may be-<\/strong>
\n(A) Resident (B) Non-resident
\n(C) Not ordinarily resident (D) Resident or non-resident<\/strong><\/p>\n

30. Basic condition will be for a person who leaves India for employment-<\/strong>
\n(A) At least 182 days in India<\/strong>
\n(B) At least 60 days in previous year & 365 days in preceding 4 years
\n(C) At least 730 days in preceding 7 years
\n(D) All of above<\/p>\n

31. Section related to computation of income from salary is-<\/strong>
\n(A) Sec 15 to17<\/strong> (B) Sec 5 to 8
\n(C) Sec 11 to 15 (D) Sec 17 to 20<\/p>\n

32. Non-Monetary salary includes-<\/strong>
\n(A) Allowances (B) Bonus
\n(C) Commission (D) Perquisites<\/strong><\/p>\n

33. Transfer of old movable assets will be tax-free if it is used for-<\/strong>
\n(A) 1 year (B) 5 years
\n(C) 10 years<\/strong> (D) 20 years<\/p>\n

34. In HRA, Salary includes-<\/strong>
\n(A) Basic salary (B) Commission
\n(C) A and B both<\/strong> (D) Allowances<\/p>\n

35. Entertainment allowance will be deducted from gross salary in case of-<\/strong>
\n(A) Govt. employee<\/strong> (B) Non-govt. employee
\n(C) A and C both (D) None of the above<\/p>\n

36. Deduction from salary is allowed under-<\/strong>
\n(A) Sec 14 (B) Sec 15
\n(C) Sec 16<\/strong> (D) Sec 17<\/p>\n

37. Interest credited to RPF is taxable if it is more than-<\/strong>
\n(A) Bank interest rate (B) 10%
\n(C) 9.5%<\/strong> (D) Whole amount<\/p>\n

38. Education allowance is exempted for children-<\/strong>
\n(A) 1 (B) 4
\n(C) 2<\/strong> (D) No limit<\/p>\n

39. Medical bills reimbursed regarding private hospital are exempt-<\/strong>
\n(A) Up to Rs. 10000 (B) Up to Rs. 15000<\/strong>
\n(C) Up to Rs. 20000 (D) Whole amount
\n40. Deduction allowed against gross salary-<\/strong>
\n(A) Professional tax<\/strong> (B) Entertainment tax
\n(C) Income tax (D) Insurance premium<\/p>\n

41. In which section gratuity has been mentioned-<\/strong>
\n(A) Sec 9(6) (B) Sec 10(10)<\/strong>
\n(C) Sec 12(5) (D) Sec 7(2)<\/p>\n

42. Maximum limit for gratuity is-<\/strong>
\n(A) 3 lakhs (B) 5 lakhs
\n(C) 10 lakhs<\/strong> (D) 8 lakhs<\/p>\n

43. Exemption is available for govt. employee at retirement-<\/strong>
\n(A) Gratuity (B) Statutory P.F
\n(C) Leave entrenchment (D) All of above<\/strong><\/p>\n

44. Regular pension is taxable for-<\/strong>
\n(A) Govt. employee (B) Private employee
\n(C) Govt. & private both<\/strong> (D) None<\/p>\n

45. Gratuity received by a govt. employee is-<\/strong>
\n(A) Fully exempted<\/strong> (B) Partly exempted
\n(C) Fully taxable (D) Exempted up to Rs. 100000<\/p>\n

46. House property includes-<\/strong>
\n(A) Farm house income (B) Sub-tenant income
\n(C) House for self-business (D) none of the above<\/strong><\/p>\n

47. Property income is exempt for-<\/strong>
\n(A) Local authority (B) Political party
\n(C) Trade union (D) All of the above<\/strong><\/p>\n

48. Annual value is determined under which section of Income Tax Act-<\/strong>
\n(A) Sec 21 (B) Sec 23<\/strong>
\n(C) Sec25 (D) Sec 27<\/p>\n

49. In case of rental house property only such municipal tax is deducted which is-<\/strong>
\n(A) Paid by tenant (B) Actual payable amount
\n(C) Paid by owner<\/strong> (D) All of the above<\/p>\n

50. Deduction from annual value is allowed under section-<\/strong>
\n(A) Sec 24<\/strong> (B) Sec 25
\n(C) Sec27 (D) Sec 28<\/p>\n

51. Standard deduction from annual value is allowed as-<\/strong>
\n(A) 20%of AV (B) 15% of AV
\n(C) 25% of AV (D) 30% of AV<\/strong><\/p>\n

52. Interest on loan for self-occupied house taken before 1st April, 1999 will be allowed up to-<\/strong>
\n(A) Rs 50000 (B) Rs 100000
\n(C) Rs 30000<\/strong> (D) Rs 150000<\/p>\n

53. Deduction allowed from annual value-<\/strong>
\n(A) Statutory deduction (B) Interest on loan for constitution
\n(C) Interest on loan for repair (D) All of above<\/strong><\/p>\n

54. Income from house for self-business is-<\/strong>
\n(A) Net profit (B) Fair rent
\n(C) Municipal value (D) Nil<\/strong>
\n55. An individual assessee can show maximum loss from a self-occupied residential house property-<\/strong>
\n(A) Rs. 30000 (B) Rs. 50000
\n(C) Rs. 150000<\/strong> (D) No limit<\/p>\n

56. Give the full form of STT-<\/strong>
\n(A) Security Transaction Tax<\/strong> (B) State Toll Tax
\n(C) Share Transfer Tax (D) Security Transmission Tax<\/p>\n

57. The rate of depreciation allowed on machinery is-<\/strong>
\n(A) 10% (B) 5%
\n(C) 15%<\/strong> (D) 20%<\/p>\n

58. What part of preliminary expense is disallowed if whole amount is debited to P&L a\/c-<\/strong>
\n(A) 1\/5 (B) 1\/2
\n(C) 1\/4 (D) 4\/5<\/strong><\/p>\n

59. Cash payment over 20000 in a single day is-<\/strong>
\n(A) Fully allowed (B) Partly allowed
\n(C) Fully disallowed<\/strong> (D) Allowed for special persons<\/p>\n

60. Disallowed expenses includes \u00e2\u20ac\u201c<\/strong>
\n(A) Interest on own capital (B) Owner\u00e2\u20ac\u2122s life insurance premium
\n(C) Provision (D) All of the above<\/strong><\/p>\n

61. Cost inflation index for the year 2015-16 is<\/strong>
\n(A) 492 (B) 785
\n(C) 632 (D) 1081<\/strong><\/p>\n

62. Sec.45 is related to-<\/strong>
\n(A) Capital gain<\/strong> (B) Capital assets
\n(C) Assets (D) Capital expenses<\/p>\n

63. Capital assets includes-<\/strong>
\n(A) Stock in trade (B) Personal effects
\n(C) Gold deposit bonds (D) Shares<\/strong><\/p>\n

64. Types of capital gains are-<\/strong>
\n(A) 1 (B) 2<\/strong>
\n(C) 3 (D) 4<\/p>\n

65. Indexation will be done on-<\/strong>
\n(A) Debentures (B) Other Securities
\n(C) Shares<\/strong> (D) All of the above<\/p>\n

66. Index no. before 31st march, 1981 is-<\/strong>
\n(A) 0 (B) 20
\n(C) 100<\/strong> (D) 150<\/p>\n

67. Exemption is not allowed in which section?<\/strong>
\n(A) 54 (B) 54B
\n(C) 54E<\/strong> (D) 54EC<\/p>\n

68. Indexation will be allowed to \u00e2\u20ac\u201c<\/strong>
\n(A) STCG (B) LTCG<\/strong>
\n(C) Both (D) None of the above<\/p>\n

69. The maximum amount of deduction on family pension is-<\/strong>
\n(A) 15000<\/strong> (B) 20000
\n(C) 25000 (D) 10000<\/p>\n

70. T.D.S is not deducted on lottery income up to-<\/strong>
\n(A) Rs.5000 (B) Rs.10000<\/strong>
\n(C) Rs.15000 (D) Rs.20000<\/p>\n

71. Income from other sources includes-<\/strong>
\n(A) Indian company dividend (B) Dividend from units
\n(C) Foreign company dividend (D) All of the above<\/strong><\/p>\n

72. Interest from tax-free govt. securities is made-<\/strong>
\n(A) Gross-up (B) Net up
\n(C) Not included<\/strong> (D) Included as it is<\/p>\n

73. Income of Indian cricketers for playing test match is taxable under the head-<\/strong>
\n(A) Professional income (B) Income from salary
\n(C) Income from other sources<\/strong> (D) None<\/p>\n

74. Clubbing of income means-<\/strong>
\n(A) Addition income of two partners
\n(B) Inclusion of income of other person in assessee\u00e2\u20ac\u2122s income<\/strong>
\n(C) Total of income of various heads
\n(D) Collection of income<\/p>\n

75. Minor\u00e2\u20ac\u2122s income is clubbed to-<\/strong>
\n(A) Father\u00e2\u20ac\u2122s income (B) Mother\u00e2\u20ac\u2122s income
\n(C) Father\u00e2\u20ac\u2122s or mother\u00e2\u20ac\u2122s income, whichever is greater<\/strong>
\n(D) Both mother\u00e2\u20ac\u2122s & father\u00e2\u20ac\u2122s income<\/p>\n

76. The income of minor is not clubbed to the following limit-<\/strong>
\n(A) Rs. 1000 (B) Rs. 1500<\/strong>
\n(C) Rs. 10000 (D) whole income<\/p>\n

77. Sections related to clubbing of income-<\/strong>
\n(A) sec.60-69 (B) sec.60-64<\/strong>
\n(C) sec.60-67 (D) sec.68-69<\/p>\n

78. Deemed incomes mentioned in-<\/strong>
\n(A) sec.60-64 (B) sec.65-67
\n(C) sec.68-69<\/strong> (D) All of above<\/p>\n

79. Loss from speculated business can be carried forward for-<\/strong>
\n(A) 2years (B) 4years<\/strong>
\n(C) 8years (D) Unlimited years<\/p>\n

80. Loss from owning and maintaining race horses can be set up against-<\/strong>
\n(A) All heads (B) All heads except salary
\n(C) Same type of income<\/strong> (D) Speculated business profit<\/p>\n

81. Which loss can be set up against income from salary-<\/strong>
\n(A) H.P Loss<\/strong> (B) Loss from business
\n(C) STCL (D) Owning and maintaining race horse<\/p>\n

82. From which head of income an assessee never occur any loss?<\/strong>
\n(A) HP (B) Salary<\/strong>
\n(C) Capital gain (D) Business and profession<\/p>\n

83. Unabsorbed depreciation can be set off to the extent of-<\/strong>
\n(A) 4 years (B) 8 years
\n(C) No time limit<\/strong> (D) Never<\/p>\n

84. Maximum deduction allowed for donation to P.M Drought relief fund<\/strong>
\n(A) 100%<\/strong> (B) 40%
\n(C) 50% (D) 75%<\/p>\n

85. Deduction u\/s 80 \u00e2\u20ac\u02dcC\u00e2\u20ac\u2122 is allowed in connection with-<\/strong>
\n(A) LIP (B) Contribution to PPF
\n(C) Tuition fees (D) All of the above<\/strong><\/p>\n

86. Maximum deduction allowed u\/s 80\u00e2\u20ac\u2122C\u00e2\u20ac\u2122-<\/strong>
\n(A) RS.50000 (B) RS.100000\u00c2\u00a0(Rs. 1.50 Lakh from A.Y. 2015-16)<\/strong>
\n(C) RS.20000 (D) Whole amount<\/p>\n

87. Deduction in respect of medical insurance premium is allowed under which section-<\/strong>
\n(A) 80C (B) 80D<\/strong>
\n(C) 80DD (D) 80U<\/p>\n

88. Maximum deduction allowed for senior citizen under sec. 80D is-<\/strong>
\n(A) 5000 (B) 15000
\n(C) 25000 (D) 20000<\/strong><\/p>\n

89. Maximum deduction in respect of royalty income of author u\/s QQB is-<\/strong>
\n(A) 300000<\/strong> (B) 200000
\n(C) 100000 (D) 50000<\/p>\n

90. Person with disability is allowed a fixed deduction of-<\/strong>
\n(A) 20000 (B) 50000<\/strong>
\n(C) 100000 (D) 150000<\/p>\n

91. Expenditure on severe disease u\/s 80DDB is allowed up to-<\/strong>
\n(A) 20000 (B) 15000
\n(C) 40000<\/strong> (D) 50000<\/p>\n

92. Which of the following donations is eligible for 100% deduction?<\/strong>
\n(A) National children fund (B) National sports fund<\/strong>
\n(C) Rajeev Gandhi Foundation (D) J.L. Nehru Memorial Fund<\/p>\n

93. Mr. Varun Roy contributed to a political party, he can avail deduction-<\/strong>
\n(A) 80G (B) 80GGB
\n(C) 80GGC<\/strong> (D) 80GGD<\/p>\n

94. The total income will be round off to the nearest multiple of-<\/strong>
\n(A) 5 (B) 10<\/strong>
\n(C) 100 (D) 1000<\/p>\n

95. Total income of an individual does not includes-<\/strong>
\n(A) Foreign company dividend (B) Salary of a partner in a firm
\n(C) Commission (D) Agricultural income<\/strong><\/p>\n

96. Gross total income means-<\/strong>
\n(A) Sum of heads of income<\/strong> (B) Total income after deducting deductions
\n(C) Income on which tax calculated (D) none of these<\/p>\n

97. Sum of various heads called-<\/strong>
\n(A) Taxable income (B) Total income
\n(C) Gross total income<\/strong> (D) Adjusted income<\/p>\n

98. A person can earn income from-<\/strong>
\n(A) One head (B) Two heads
\n(C) Various heads (D) Any of above<\/strong><\/p>\n

99. The tax rate of long term capital gain is-<\/strong>
\n(A) 10% (B) 15%
\n(C) 20%<\/strong> (D) 25%<\/p>\n

100. The income tax rate on STCG on shares sold through stock exchange is-<\/strong>
\n(A) 10% (B) 15%<\/strong>
\n(C) 20% (D) 25%<\/p>\n

101. Tax deducted on lottery is-<\/strong>
\n(A) 20% (B) 25%
\n(C) 30%<\/strong> (D) 35%<\/p>\n

102. Education cess is calculated on-<\/strong>
\n(A) Total income (B) Tax on total income<\/strong>
\n(C) Taxable income (D) Agricultural income<\/p>\n

103. Rate of education cess on total income is-<\/strong>
\n(A) 2% (B) 3%<\/strong>
\n(C) 2.5% (D) 4%<\/p>\n

104. Minimum age for super senior citizen is-<\/strong>
\n(A) 65 years (B) 70 years
\n(C) 75 years (D) 80 years<\/strong><\/p>\n

105. Items are taxed at special rates-<\/strong>
\n(A) Long-term capital gains (B) Short -term capital gains on shares
\n(C) Lottery & horse race (D) All of above<\/strong><\/p>\n

106. This is rounded off for tax purpose-<\/strong>
\n(A) Total income<\/strong> (B) Gross income
\n(C) Net income (D) Agricultural income<\/p>\n

107. Tax-free limit for women assessee for assessment year 15-16 is-<\/strong>
\n(A) 180000 (B) 190000
\n(C) 200000 (D) 250000<\/strong><\/p>\n

108. The deduction for donation to National Foundation for communal harmony is-<\/strong>
\n(A) 100%<\/strong> (B) 50%
\n(C) 100% of qualifying amount (D) 50% of qualifying amount<\/p>\n

109. The types of partition of a HUF includes-<\/strong>
\n(A) Complete (B) Partial
\n(C) A AND B both<\/strong> (D) Not allowed<\/p>\n

110. Partial partition in HUF affected after which year is not recognized for tax purpose –<\/strong>
\n(A) 31 march, 1960 (B) 31 march, 1970
\n(C) 31 march, 1978<\/strong> (D) 31 march, 1982<\/p>\n

111. What is the place of Karta in HUF-<\/strong>
\n(A) Major member<\/strong> (B) Minor member
\n(C) Male member only (D) any one of above<\/p>\n

112. Interest of member in HUF is decided by-<\/strong>
\n(A) Hindu law<\/strong> (B) Indian constitution
\n(C) Muslim law (D) Income tax authority<\/p>\n

113. Under which section HUF is not entitle to deduction from GTI-<\/strong>
\n(A) 80C (B) 80G
\n(C) 80E<\/strong> (D) 80DD<\/p>\n

114. Who is liable to pay tax in HUF-<\/strong>
\n(A) Karta<\/strong> (B) Coparceners
\n(C) Minor member (D) None of the above<\/p>\n

115. Income included in the income of family-<\/strong>
\n(A) Only family business income (B) Only ancestral property income
\n(C) Income from other head except salary<\/strong> (D) Karta\u00e2\u20ac\u2122s income<\/p>\n

116. Income of property transferred after 31st Dec. 1969 by member to family shall be-<\/strong>
\n(A) Included (B) Not included<\/strong>
\n(C) Partially included (D) none of above<\/p>\n

117. Interest on capital of a partner is allowed@-<\/strong>
\n(A) 9% (B) 10%
\n(C) 11% (D) 12%<\/strong><\/p>\n

118. Remuneration allowed to partners is-<\/strong>
\n(A) Amount allowed u\/s 40(b)<\/strong> (B) Whole amount of deed
\n(C) Up to 150000 (D) No remuneration<\/p>\n

119. Rate of tax applicable on the total income of firm is-<\/strong>
\n(A) 10% (B) 20%
\n(C) 30%<\/strong> (D) 40%<\/p>\n

120. Surcharge on tax on firm\u00e2\u20ac\u2122s total income is-<\/strong>
\n(A) Applicable (B) Not applicable
\n(C) Applicable if total income crosses 1crore<\/strong> (D) Applicable if there is capital gain<\/p>\n

121. Interest is paid to partners u\/s-<\/strong>
\n(A) 40(a) (B) 40(b)<\/strong>
\n(C) 40(c) (D) 40(d)<\/p>\n

122.\u00e2\u20ac\u009dTax planning is a moral way of tax saving, in it a tax payer reduce tax liability honestly and it\u00e2\u20ac\u2122s along term process.\u00e2\u20ac\u009d This definition is given by-<\/strong>
\n(A) Prof. Coldar<\/strong> (B) Prof. Dalton
\n(C) Alderson (D) Andrew<\/p>\n

123. Nature of tax planning includes-<\/strong>
\n(A) Legal (B) Moral
\n(C) Honest effort (D) All of these<\/strong><\/p>\n

124. Object of tax planning is-<\/strong>
\n(A) Avoidance of tax (B) Minimize of tax liability<\/strong>
\n(C) Payment of tax at time (D) Differment of tax<\/p>\n

125. In the tax avoidance the provisions law-<\/strong>
\n(A) Not abided (B) Misused<\/strong>
\n(C) Wrong interpretation (D) All of above<\/p>\n

126. Causes of tax evasion-<\/strong>
\n(A) Higher tax rates (B) Complex of provisions
\n(C) Corruption (D) All of above<\/strong><\/p>\n

127. Better way of reducing tax liability is-<\/strong>
\n(A) Tax evasion (B) Tax avoidance
\n(C) Tax planning<\/strong> (D) Both (A) and (B)<\/p>\n

128. Valuation of rent free house will be according to-<\/strong>
\n(A) Salary (B) Area
\n(C) Owner (D) Population<\/strong><\/p>\n

129. Free travel concession will be allowed-<\/strong>
\n(A) Once in a year (B) 2 times in one year
\n(C) 4 times in 2 years (D) 2 times in 4 years<\/strong><\/p>\n

130. LTCG in case of transfer of listed shares is-<\/strong>
\n(A) Taxable @15% (B) Taxable @20%
\n(C) Tax-free<\/strong> (D) Taxable @10%<\/p>\n

131. One self- occupied house is-<\/strong>
\n(A) Taxable (B) Partly taxable
\n(C) Taxable in some cases (D) Tax-free<\/strong><\/p>\n

132. The provision regarding TDS is given under which sec. of income tax-<\/strong>
\n(A) Sec.192-206<\/strong> (B) Sec.90-120
\n(C) Sec.126-150 (D) Sec.185-204<\/p>\n

133. The rate of TDS on securities other than govt. securities is-<\/strong>
\n(A) 5% (B) 10%<\/strong>
\n(C) 15% (D) 20%<\/p>\n

134. TDS rate for lottery is only available if the winning amount is more than-<\/strong>
\n(A) Rs.1000 (B) Rs.5000
\n(C) Rs.10000<\/strong> (D) Rs.50000<\/p>\n

135. Form no. applicable for TDS in respect of salary is-<\/strong>
\n(A) 15 (B) 16<\/strong>
\n(C) 17 (D) 18<\/p>\n

136. Which section is related to liability to payment of advance tax?<\/strong>
\n(A) 206 (B) 207<\/strong>
\n(C) 208 (D) 209<\/p>\n

137. Due date for filing returns are-<\/strong>
\n(A) 15 Sept. (B) 15 Dec.
\n(C) 15 mar. (D) All of above<\/strong><\/p>\n

138. Advance tax will not be paid if tax payable after TDS is more than or equal to \u00e2\u20ac\u201c<\/strong>
\n(A) Rs.5000 (B) Rs.10000<\/strong>
\n(C) Rs.15000 (D) Rs.20000<\/p>\n

139. Liability of advance tax arises when-<\/strong>
\n(A) Total income is more than exemption limit
\n(B) Probable tax liability in the current year is 10000 or more<\/strong>
\n(C) The Assessee leaves India
\n(D) All of above<\/p>\n

140. Return form related to individual & HUF not having business\/profession income is-<\/strong>
\n(A) ITR-1 (B) ITR-2<\/strong>
\n(C) ITR-3 (D) ITR-4<\/p>\n

141. Sec. related to self-assessment-<\/strong>
\n(A) Sec.140 (B) Sec.140 (A)<\/strong>
\n(C) Sec.140 (B) (D) Sec.140(C)<\/p>\n

142. Which sec. deal with PAN-<\/strong>
\n(A) 139A<\/strong> (B) 140A
\n(C) 147A (D) 154A<\/p>\n

143. If filing of return within assessment year is not done then penalty will be charged as-<\/strong>
\n(A) Rs 1000 (B) Rs 5000<\/strong>
\n(C) Rs 2000 (D) Rs 10000<\/p>\n

144. ITR-7 is related to-<\/strong>
\n(A) Individual assessee (B) firm
\n(C) Company (D) Charitable institution<\/strong><\/p>\n

145. Due date for filing of return in case of company or firm-<\/strong>
\n(A) 30 June (B) 31 July
\n(C) 30 Sept.<\/strong> (D) 31 Dec.<\/p>\n

146. Re-assessment section is-<\/strong>
\n(A) 145 (B) 147<\/strong>
\n(C) 148 (D) 154<\/p>\n

147. In which year Central Board of Revenue Act came into existence-<\/strong>
\n(A) 1950 (B) 1956
\n(C) 1963<\/strong> (D) 1972<\/p>\n

148. Maximum no. of members in CBDT is-<\/strong>
\n(A) 4 (B) 5<\/strong>
\n(C) 6 (D) unlimited<\/p>\n

149. Most important authority in income tax department is-<\/strong>
\n(A) Inspectors (B) Assessing officer<\/strong>
\n(C) Tax recovery officer (D) Commissioner of IT<\/p>\n

150. Commissioner of Income Tax is appointed by-<\/strong>
\n(A) Income tax dept. (B) Ministry of finance
\n(C) Central govt.<\/strong> (D) Chairman of CBDT<\/p>\n

151. Rights of CBDT are-<\/strong>
\n(A) Budget preparation (B) Determine IT rates
\n(C) Preparing income tax rules<\/strong> (D) All of above<\/p>\n

152. Form no. of appeal-<\/strong>
\n(A) 30 (B) 35<\/strong>
\n(C) 38 (D) 40<\/p>\n

153. Time limit for appeal-<\/strong>
\n(A) 30 days<\/strong> (B) 60 days
\n(C) 90 days (D) 15 days<\/p>\n

154. Appeal may be made to-<\/strong>
\n(A) Commissioner (B) Appellate tribunal
\n(C) High court (D) All of above<\/strong><\/p>\n

155. National tax tribunal is also known as-<\/strong>
\n(A) High court<\/strong> (B) Appellate tribunal
\n(C) Supreme court (D) Revenue court<\/p>\n

156. Sec. related to offence of making false statement-<\/strong>
\n(A) 250 (B) 268
\n(C) 277<\/strong> (D) 284<\/p>\n

157. Max. penalty for concealment of particulars is-<\/strong>
\n(A) 50% (B) 100%
\n(C) 200% (D) 300%<\/strong><\/p>\n

158. Sec. related to failure to furnish report is-<\/strong>
\n(A) 92 F<\/strong> (B) 271(F)
\n(C) 271(CA) (D) 271(A)<\/p>\n

159. Which sec. of IT act defines cooperative society?-<\/strong>
\n(A) 2(17) (B) 2(18)
\n(C) 2(19)<\/strong> (D) 2(21)<\/p>\n

160. Cooperative society cannot earn its income from the head-<\/strong>
\n(A) Salary<\/strong> (B) Business & profession
\n(C) Capital gain (D) other sources<\/p>\n

161. Deduction under sec. 80P is available to-<\/strong>
\n(A) Company (B) Firm
\n(C) Cooperative society<\/strong> (D) All of the above<\/p>\n

162. Special provision relating to non-resident is given u\/s-<\/strong>
\n(A) 110-112 (B) 111A-111C
\n(C) 115C-115I<\/strong> (D) 116A-116E<\/p>\n

163. Non-resident\u00e2\u20ac\u2122s income outside India is-<\/strong>
\n(A) Fully taxable (B) Fully tax-free<\/strong>
\n(C) Partly taxable (D) Taxable in some cases<\/p>\n

164. Foreign individual assessee may be-<\/strong>
\n(A) Ordinary resident (B) not-ordinarily resident
\n(C) Non-resident (D) Any one of above<\/strong><\/p>\n

165. Under which of income tax act, company is describe-<\/strong>
\n(A) 2(10) (B) 2(15)
\n(C) 2(17)<\/strong> (D) 2(20)<\/p>\n

166. Minimum alternate tax is defined u\/s-<\/strong>
\n(A) 110A (B) 110AB
\n(C) 115J (D) 115JB<\/strong><\/p>\n

167. Flat rate on foreign company\u00e2\u20ac\u2122s income is-<\/strong>
\n(A) 10% (B) 20%
\n(C) 30% (D) 40%<\/strong><\/p>\n

168. Surcharge is levied on company assessee if the total income exceeds-<\/strong>
\n(A) Rs.10 lakhs (B) Rs.50 lakhs
\n(C) Rs.1 crores<\/strong> (D) Rs.10 crores<\/p>\n

169. Sec. 11A is related to-<\/strong>
\n(A) Minimum alternate tax (B) Surcharge
\n(C) Transaction tax<\/strong> (D) Donation to political party<\/p>\n

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