Q. The value of interest-free concessional loans to employees is determined on the basis of lending rates of for the same purpose.
✅ Correct Answer: (D)
state government
Business Taxation MCQs and Notes
Q. Arrear rent is taxable after deducting…………..as per Section 25B of the Income Tax Act, 1961.
✅ Correct Answer: (A)
30%
Q. Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of .
✅ Correct Answer: (C)
30% of annual value
Q. ,67,000. While computing income from house property, the deduction is allowable to the extent of .
✅ Correct Answer: (D)
` 1,50,000
Q. Which of the following is not a case of deemed ownership of house property?
✅ Correct Answer: (D)
co-owner of a property
Q. Calculate the Gross Annual Value from the following details: Municipal
Value ` 45,000
Fair rental value ` 50,000 Standard Rent ` 48,000 Actual Rent ` 42,000
Value ` 45,000
Fair rental value ` 50,000 Standard Rent ` 48,000 Actual Rent ` 42,000
✅ Correct Answer: (B)
48,000
Q. If the assesses let out the building or staff quarters to the employee of
business, the rent collected from such employees is assessable as income
from .
business, the rent collected from such employees is assessable as income
from .
✅ Correct Answer: (C)
other sources
Q. If the individual using the property for the business or professional purpose the income taxable under the……………..head.
✅ Correct Answer: (D)
income from business or proprietorship
Q. Mr. R owns a house. The Municipal value of the house is ` 50,000. He paid `
8,000 as local taxes during the year. He uses this house for his residential
purposes but lets out half of the house @ ` 3,000 p.m. The annual value of
the house is.
8,000 as local taxes during the year. He uses this house for his residential
purposes but lets out half of the house @ ` 3,000 p.m. The annual value of
the house is.
✅ Correct Answer: (B)
` 16,000
Q. An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as .
✅ Correct Answer: (B)
deemed owner