Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9

91.
Compulsory audit of account books is covered

A. Section 10

B. Section 44AB

C. Section 21

D. Section 21AA

Answer & Solution Discuss in Board Save for Later

92.
Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is:

A. Taxable

B. Not taxable

C. Partially taxable

D. None of the above

Answer & Solution Discuss in Board Save for Later

93.
The time to rectify the defect in return given by assessing officer, after given intimation of such defect by him is

A. 10 days

B. 15 days

C. 20 days

D. 1 month

Answer & Solution Discuss in Board Save for Later

94.
Match List-I with List-II:

List-I List-II

a. 80TTA 1. Deduction in respect of payment of interest on loan taken for higher education

b. 80CCD 2. Deduction in respect of interest on loan taken for respect of interest on loan taken for residential house property

c. 80E 3. Deduction in respect of interest on deposits in savings account

d. 80EE 4. Deduction in respect of contribution to national pension system

A. a-3, b-4, c-1, d-2

B. a-3, b-4, c-2, d-1

C. a-3, b-1, c-2, d-4

D. a-1, b-2, c-3, d-4

Answer & Solution Discuss in Board Save for Later

95.
Monthly pension on retirement is

A. Exempted Income

B. Income from other sources

C. Taxable Income under salary head

D. Casual income

Answer & Solution Discuss in Board Save for Later

96.
Out of the following, which expense is not an admissible expense?

A. Bad debts

B. Sales tax

C. Income tax

D. Excise duty

Answer & Solution Discuss in Board Save for Later

97.
Which of the following expense/loss is not admissible as deduction while computing income from business and profession?

A. Stock-in-trade lost in fire Rs. 20,000

B. Entertainment expenses Rs. 10,000

C. Commission Rs. 2,000 paid in order to receive business

D. Gift on the marriage of an employee

Answer & Solution Discuss in Board Save for Later

98.
Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward upto

A. 4 years

B. 8 years

C. 10 years

D. indefinite period

Answer & Solution Discuss in Board Save for Later

99.
Under capital gains head of the Income Tax Act, the income from sale of Household Furniture is:

A. Taxable Income

B. Capital Gain

C. Revenue Gain

D. Exempted Income

Answer & Solution Discuss in Board Save for Later

100.
Factoring and forfeiting have not taken off in the Indian economy due to lack of expertise and experience. One is not included in the factoring services rendered:

A. Purchase of book debts and receivables

B. Prepayment of debts partially or fully

C. Giving advice

D. Covering the credit risk of the suppliers

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. 80TTA	1. Deduction in respect of payment of interest on loan taken for higher education
b. 80CCD	2. Deduction in respect of interest on loan taken for respect of interest on loan taken for residential house property
c. 80E	3. Deduction in respect of interest on deposits in savings account
d. 80EE	4. Deduction in respect of contribution to national pension system

Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations | Commerce

91. Compulsory audit of account books is covered

Answer & Solution

92. Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is:

Answer & Solution

93. The time to rectify the defect in return given by assessing officer, after given intimation of such defect by him is

Answer & Solution

Answer & Solution

95. Monthly pension on retirement is

Answer & Solution

96. Out of the following, which expense is not an admissible expense?

Answer & Solution

97. Which of the following expense/loss is not admissible as deduction while computing income from business and profession?

Answer & Solution

98. Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward upto

Answer & Solution

99. Under capital gains head of the Income Tax Act, the income from sale of Household Furniture is:

Answer & Solution

100. Factoring and forfeiting have not taken off in the Indian economy due to lack of expertise and experience. One is not included in the factoring services rendered:

Answer & Solution

Read More Section(Income Tax and Corporate Tax)

91.
Compulsory audit of account books is covered

92.
Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is:

93.
The time to rectify the defect in return given by assessing officer, after given intimation of such defect by him is

95.
Monthly pension on retirement is

96.
Out of the following, which expense is not an admissible expense?

97.
Which of the following expense/loss is not admissible as deduction while computing income from business and profession?

98.
Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward upto

99.
Under capital gains head of the Income Tax Act, the income from sale of Household Furniture is:

100.
Factoring and forfeiting have not taken off in the Indian economy due to lack of expertise and experience. One is not included in the factoring services rendered: