A. fully exempted.
B. fully taxable.
C. partly exempt
D.
✅ The correct answer is option A.
Income Tax MCQs
Deduction of tax at source made for incomes which can be calculated in advance is called…….
A. t.d.s.
B. p.a.s.
C. f.a.s.
D. m.a.s.
✅ The correct answer is option A.
Under Income Tax Act depreciation is allowed on ………………
A. purchase price
B. market price
C. w d v
D. face value
✅ The correct answer is option C.
Any payments made under and awards instituted by central or state Governments are…………..
A. fully exempted
B. fully taxable
C. partly exempt
D.
✅ The correct answer is option A.
The number allotted by income tax authorities to assessees for identification and which should be quoted in all documents and correspondence is…………………..
A. i.d. no.
B. register no.
C. permanent account number (pan).
D. licence no.
✅ The correct answer is option C.
Interest on capital paid by the firm to its partners is allowed up to ……………….
A. 6%
B. 12%
C. 15%
D. 16%
✅ The correct answer is option B.
Scholarship granted is……………….
A. fully exempted.
B. fully taxable.
C. partly exempt
D.
✅ The correct answer is option A.
Rates of Income tax are fixed under …………………..
A. an ordinance
B. the income tax act
C. the finance act
D. notification of cbdt
✅ The correct answer is option C.
Salary received by a Member of Parliament is taxable under the head…………………….
A. income from salary
B. capital gains
C. profits and gains of business or profession
D. income from other sources
✅ The correct answer is option D.
Incomes absolutely exempt from Tax are listed under………………………..
A. sec 2.
B. sec 10.
C. sec 38.
D. sec. 80c.
✅ The correct answer is option B.