Business Taxation MCQs and Notes

V

Vijay Sangwan • 22.51K Points
Instructor III

Q 41. The maximum limit for the claim of deduction under salary head Contributions to certain pension funds of LIC or any other insurer is .

(A) up to ` 2,00,000
(B) up to ` 1,50,000
(C) up to ` 1,75,000
(D) none of the above

A

Admin • 31.08K Points
Instructor I

Q 42. Deduction under section 80C to 80U cannot exceed .

(A) gross total income
(B) total income
(C) income from business or profession
(D) income from house property

G

Gopal Sharma • 32.42K Points
Instructor I

Q 43. Income accrued outside India and received outside India is taxable in case of.

(A) resident and ordinary resident (ror) only
(B) resident but not ordinary resident (rnor) only
(C) non-resident only
(D) ror, rnor and non-resident

V

Vijay Sangwan • 22.51K Points
Instructor III

Q 44. Total income is to be rounded off to nearest multiple of …………….and tax is to be rounded off to nearest multiple of .

(A) ten rupee
(B) hundred, ten
(C) ten, ten
(D) rupee, rupee

A

Admin • 31.08K Points
Instructor I

Q 45. The assessment period for income tax on salary is .

(A) only more than 12 months
(B) 12 months and less than 12 months
(C) only 12 months
(D) 12 months and more than 12 months

V

Vinay • 22.73K Points
Instructor III

Q 46. The entertainment allowance is applicable to .

(A) private sector employees
(B) public sector employees
(C) government employees
(D) all of the above

R

Rakesh Kumar • 22.47K Points
Instructor III

Q 47. The family pension received by the family members of armed forces after death of employee is .

(A) exempt fully
(B) exempted after fulfilling of certain conditions
(C) not exempted
(D) none of the above

V

Vikash Gupta • 27.68K Points
Instructor II

Q 48. If the employee receives retirement gratuity from more than one employer, he can claim exemption in respect of .

(A) current employer
(B) previous employer
(C) both employer
(D) not from single employer

G

Gopal Sharma • 32.42K Points
Instructor I

Q 49. The children education allowance, the amount exempted from taxable income is limited to

(A) 100 per month per child upto 3 children
(B) 1,000 per year per child upto 2 children
(C) 100 per month per child upto 2 children
(D) none of the above

A

Admin • 31.08K Points
Instructor I

Q 50. Which of the following is not taxable under the head Salary?

(A) remuneration paid to the lecturer of a college for setting a question paper
(B) salary received by a member of parliament
(C) commission received by an employee director of a company
(D) both (a) and (b)

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