A. rs: 3,00,000
B. rs: 2,00,000
C. rs: 1,00,000
D. rs: 2,50,000
✅ The correct answer is option D.
Income Tax MCQs
Excise duty and sales tax are allowed as deduction if paid before………………….
A. late date of filing of return.
B. previous year end.
C. before 31 st december of the previous year.
D. after 31 st december of previous year.
✅ The correct answer is option A.
The income tax payable by an individual is Rs:8,562.55. The rounded off tax payable will be …………………….
A. rs: 8,562
B. rs: 8,563
C. rs: 8,560
D. rs: 8,570
✅ The correct answer is option C.
Medical reimbursement is exempt up to ……………… if treatment is done in a private hospital.
A. rs: 5,000
B. rs: 10,000
C. rs: 15,000
D. rs: 50,000
✅ The correct answer is option C.
Rent free accommodation is an example for ……………………………….
A. allowance
B. compensation
C. perquisite
D. profit in lieu of salary.
✅ The correct answer is option C.
Income of a minor child is included in the total income of ………………………
A. father
B. mother
C. parent whose income is greater
D. transferor of asset
✅ The correct answer is option C.
The maximum amount of deduction under section 80D in the case of a senior citizen is …………………….
A. rs: 10,000
B. rs: 15,000
C. rs: 20,000
D. rs: 25,000
✅ The correct answer is option C.
The rent fixed as per municipal valuation is called ……………………….
A. municipal value
B. fair rental value
C. standard rent
D. actual rent
✅ The correct answer is option A.
A partnership firm sold a residential house. The firm will get exemption under section ……………….. on capital gains.
A. sec. 54d
B. s
C. 54e c. sec. 54c
D. sec. 54ec
✅ The correct answer is option D.
Contribution to RPF is deducted u/s ………………
A. 80c
B. 80d
C. 80e
D. 80g
✅ The correct answer is option A.