Business Taxation MCQs and Notes

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📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (B) income from other sources
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (A) annual value
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (A) section 15
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (B) 50
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (B) ` 5,000
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (B) 40,000
📊 Business Taxation
Q. Advance salary is taxable and advance against salary is .
  • (A) fully taxable
  • (B) partially taxable
  • (C) not taxable
  • (D) none of the above
💬 Discuss
✅ Correct Answer: (C) not taxable
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (D) perquisites in india
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (B) remuneration received by a partner
📊 Business Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (A) 10% of total income minus ` 2,00,000

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