Q. Surcharge is levied at the rate …………….if the income exceeds ` 1 crore of the financial year 2016-17.
✅ Correct Answer: (C)
15%
Business Taxation MCQs and Notes
Q. Which of the following are true regarding taxing the rich?
✅ Correct Answer: (D)
all of the above
Q. The rate of tax for the financial year 2016-17 for the foreign companies is
✅ Correct Answer: (C)
40% flat
Q. For computation for Income tax liability for individual, the Education Cess is
✅ Correct Answer: (A)
3%
Q. Income tax rate for the senior citizens for year 2016-17 is .
✅ Correct Answer: (A)
upto ` 5 lakh is nil
Q. The Income tax rate for the financial year 2016-17 for individual is…………..
✅ Correct Answer: (A)
` 5,00,000 to ` 10,00,000 is 20%
Q. ……………….of Income Tax Act defines the perquisites and their valuation.
✅ Correct Answer: (D)
section 17(c)
Q. The house rent allowance (HRA) under the salary head of Income Tax Act is given by
✅ Correct Answer: (B)
sec 10(13a)
Q. Compensation received on voluntary retirement is given by of Income Tax Act, 1961.
✅ Correct Answer: (B)
section 10(10c)
Q. Encashment of earned leave is given by………………. of Income Tax Act, 1961.
✅ Correct Answer: (A)
section 10(10aa)