A. taxable under the head business or profession
B. taxable under the head income from other sources
C. taxable in the hands of employee
D. exempt from tax
✅ The correct answer is option A.
Income Tax MCQs
Which of the following is not a capital asset.
A. stock in trade
B. goodwill
C. agricultural land in mumbai
D. jewellary
✅ The correct answer is option A.
Tax deduction available to certain industries for the initial few years is called ……………………
A. tax holiday
B. tax exemption
C. tds
D. paye
✅ The correct answer is option A.
The cost of acquisition of bonus shares allotted on or after 1-4-1981 is ……………………..
A. fair market value of that shares on 1-4-1981
B. fair market value on the date of issue of shares
C. nil
D. none of these
✅ The correct answer is option C.
Speculation Loss can be carried forward for……………..
A. 8 years
B. 10years
C. 5years
D. 4years
✅ The correct answer is option D.
For claiming exemption u/s 54, the assessee should construct the residential property within …………………….
A. one year before or 2 years after the date of transfer
B. one year before or 3 years after the date of transfer
C. within 3 years after the date of transfer
D. within 2 years after the date of transfer.
✅ The correct answer is option C.
Rate of T.D.S for unlisted securities, including cesses is……………..
A. 10.6%.
B. 15.6%.
C. 10%.
D. 30.6%.
✅ The correct answer is option C.
Interest n loan taken before 1-4-1999 for construction or repairs of self occupied house shall be deducted up to Rs: …………………………………
A. rs: 25,000
B. rs: 30,000
C. rs: 1,00,000
D. rs: 1,50,000
✅ The correct answer is option B.
Interest on Bank Term Deposits is subject to tax deduction at source if the interest amount during the relevant previous year exceeds…………….
A. rs: 2,000.
B. rs: 5,000.
C. rs: 10,000.
D. rs: 30,000.
✅ The correct answer is option C.
Maximum Marginal Rate for the current A.Y. ( 2013-14) is …………………………….
A. 25%
B. 20%
C. 30%
D. 35%
✅ The correct answer is option C.