A. deducted from net profit.
B. added to net profit.
C. credited to p & l a/c
D. none of these.
✅ The correct answer is option A.
Income Tax MCQs
Which one of the following is not an admissible expense
A. income tax
B. excise duty
C. bad debt
D. sales tax
✅ The correct answer is option A.
The non-taxable income for the woman assessee is ……………………………
A. rs: 1,00,000
B. rs: 1,90,000
C. rs: 2,50,000
D. rs: 3,00,000
✅ The correct answer is option B.
Bad debts allowed earlier and recovered latter on is………………..
A. business income.
B. non business income.
C. exempted income.
D. income from other sources.
✅ The correct answer is option A.
Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ………………………..
A. another residential house.
B. land.
C. shares.
D. jewellery.
✅ The correct answer is option A.
The rate of surcharge payable on tax for the A.Y. 2013-14 is ………………….
A. 5%
B. 10%
C. 3%
D. nil
✅ The correct answer is option D.
Preliminary expenses shall be allowed as deduction in……………
A. 5 instalments.
B. 10 instalments.
C. 15 instalments
D. 12 instalments.
✅ The correct answer is option A.
Long term capital gain on sale of unlisted shares are……………………
A. taxable.
B. exempted.
C. partially exempt
D.
✅ The correct answer is option A.
Advance tax is payable when tax payable by an assessee is ……………………or more.
A. rs: 5,000
B. rs: 10,000
C. rs: 15,000
D. rs: 1,00,000
✅ The correct answer is option B.
Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of …………………….
A. 1/5th of annual value
B. 30% of annual value
C. 25% of annual value
D. 20% of annual value
✅ The correct answer is option B.