A. 182 days.
B. 365 days.
C. 60 days.
D. 730 days.
✅ The correct answer is option D.
Income Tax MCQs
Indexation is applicable to…………………..
A. sale of short term capital assets.
B. sale of long term debentures.
C. sale of depreciable capital assets.
D. sale of long term capital assets which are not depreciable assets
✅ The correct answer is option D.
The value of Interest free concessional loans to employees is determined on the basis of lending rates of ………………… for the same purpose.
A. s
B. i. b. r.b.i.
C. central govt.
D. state govt.
✅ The correct answer is option A.
A person who is of Indian origin visiting India during the previous year to be called resident must stay in India for at least…………………
A. 60 days in py.
B. 6 days in py and 365 days or more during 4 years preceding the py.
C. 182 days in py.
D. 730 days during 7 years preceding the py.
✅ The correct answer is option C.
The Total income of an individual is Rs: 3,46,994. The rounded off total income will be……………………
A. rs: 3,46,000
B. rs: 3,47,000
C. rs: 3,46,990
D. rs: 3,50,000
✅ The correct answer is option C.
Unabsorbed capital expenditure on scientific research can be carried forward for……………
A. 15 years.
B. 14 years.
C. 8 years.
D. 10
✅ The correct answer is option C.
Rate of depreciation on residential building is……………..
A. 5%.
B. 10%
C. 15%
D. 20%.
✅ The correct answer is option A.
Contribution made to an approved research association is eligible for deduction up to……………..
A. 50%.
B. 80%.
C. 100%.
D. 125%.
✅ The correct answer is option D.
If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is…………..
A. normal rate.
B. 50% of normal rate.
C. nil.
D. none of these.
✅ The correct answer is option B.
Profits earned from an illegal business are……………………..
A. taxable.
B. tax free.
C. ignored by tax authorities.
D. treated as other income.
✅ The correct answer is option A.