Q. The maximum limit for the claim of deduction under salary head Contributions to certain pension funds of LIC or any other insurer is .
✅ Correct Answer: (B)
up to ` 1,50,000
Business Taxation MCQs and Notes
Q. Deduction under section 80C to 80U cannot exceed .
✅ Correct Answer: (A)
gross total income
Q. Income accrued outside India and received outside India is taxable in case of.
✅ Correct Answer: (A)
resident and ordinary resident (ror) only
Q. Total income is to be rounded off to nearest multiple of …………….and tax is to be rounded off to nearest multiple of .
✅ Correct Answer: (C)
ten, ten
Q. The assessment period for income tax on salary is .
✅ Correct Answer: (C)
only 12 months
Q. The entertainment allowance is applicable to .
✅ Correct Answer: (C)
government employees
Q. The family pension received by the family members of armed forces after death of employee is .
✅ Correct Answer: (B)
exempted after fulfilling of certain conditions
Q. If the employee receives retirement gratuity from more than one employer, he can claim exemption in respect of .
✅ Correct Answer: (C)
both employer
Q. The children education allowance, the amount exempted from taxable income is limited to
✅ Correct Answer: (C)
100 per month per child upto 2 children
Q. Which of the following is not taxable under the head Salary?
✅ Correct Answer: (D)
both (a) and (b)