Business Taxation

R

Rakesh Kumar • 19.20K Points
Tutor I

Q 21. Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.
Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rental
income of Laxman is taxable under the head .

(A) income from salary
(B) income from other sources
(C) income from house property
(D) income from business
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V

Vinay • 19K Points
Tutor I

Q 22. Under the Head Income from House Property, the basis of charge is the of property.

(A) annual value
(B) quarterly value
(C) half-quarterly value
(D) none of the above
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P

Praveen Singh • 27.20K Points
Instructor II

Q 23. Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under .

(A) section 15
(B) section 20
(C) section 17
(D) section 19
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V

Vinay • 19K Points
Tutor I

Q 24. Expenditure on free meals to employee in excess of………………per meal will be treated as perquisite of employee.

(A) ` 25
(B) 50
(C) ` 100
(D) ` 55
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R

Rakesh Kumar • 19.20K Points
Tutor I

Q 25. Gift to employee up to p.a. will not be treated as perquisite taxable in the hands of employee.

(A) ` 4,000
(B) ` 5,000
(C) ` 10,000
(D) 2,500
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P

Praveen Singh • 27.20K Points
Instructor II

Q 26. If loan granted by employer to employee does not exceed …………., it is not treated as perquisite to employee for purpose of income tax.

(A) ` 20,000
(B) 40,000
(C) ` 30,000
(D) ` 25,000
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A

Admin • 27.81K Points
Instructor II

Q 27. Advance salary is taxable and advance against salary is .

(A) fully taxable
(B) partially taxable
(C) not taxable
(D) none of the above
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V

Vijay Sangwan • 19.12K Points
Tutor I

Q 28. The following is exempt income from Income Tax:.

(A) travel concession to employee
(B) remuneration received for valuation of answer scripts
(C) encashment of leave salary whilst in service
(D) perquisites in india
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P

Priyanka Tomar • 25.98K Points
Instructor II

Q 29. The following is not taxable as income under the head “Salaries”:

(A) commission received by a full-time director
(B) remuneration received by a partner
(C) allowances received by an employee
(D) free accommodation given to an employee
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G

Gopal Sharma • 28.64K Points
Instructor II

Q 30. Tax Liability for the individual for 2016-17 who is not the resident of the India whose income ` 2,50,000 to ` 5,00,000 is……………….

(A) 10% of total income minus ` 2,00,000
(B) 10% of total income minus ` 1,00,000
(C) 15% of total income minus ` 1,00,000
(D) none of the above
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