Q81: The rate of depreciation applicable to intangible asset is:
- A. 5%
- B. 15%
- C. 20%
- D. 25%
Answer
Answer D. 25%
Q82: The rate of depreciation applicable to furniture is:
- A. 10%
- B. 15%
- C. 20%
- D. 5%
Answer
Answer A. 10%
Q83: The allowable depreciation on motor car is:
- A. 5%
- B. 25%
- C. 30%
- D. 40%
Answer
Answer C. 30%
Q84: What is the additional rate depreciation on new plant?
- A. 5%
- B. 10%
- C. 20%
- D. 25%
Answer
Answer C. 20%
Q85: The allowable rate of depreciation on computer is:
- A. 30%
- B. 40%
- C. 50%
- D. 60%
Answer
Answer B. 40%
Q86: Which among the following is not a capital asset?
- A. Jewellery
- B. Stock-in-trade
- C. Agricultural land
- D. Goodwill of a business
Answer
Answer B. Stock-in-trade
Q87: Under which section, a firm is eligible for exemption in respect of long term capital Gain arising from the sale of a residential house:
- A. Sec. 54
- B. S
- C. 54EC c. Sec. 54D
- D. Sec. 54F
Answer
Answer B. S
Q88: Income from the sale of a house hold furniture is a/an:
- A. Exempted income
- B. Taxable income
- C. Capital gain
- D. Income from house property
Answer
Answer A. Exempted income
Q89: Cost Inflation Index for the Financial Year 2018-19 is:
- A. 1024
- B. 272
- C. 1081
- D. 280
Answer
Answer D. 280
Q90: For being long term capital gain, the asset should be retained by the assessee for a period of:
- A. 36 months
- B. More than 36 months
- C. 24 months
- D. 12 months
Answer
Answer B. More than 36 months
Q91: Capital gain on depreciation assets is always:
- A. LTCG
- B. STCG
- C. Tax free
- D. None of these
Answer
Answer B. STCG
Q92: For being a long term capital gain, the assessee should retain the shares for a period of:
- A. 12 months
- B. Less than 12 months
- C. More than 12 months
- D. None of these
Answer
Answer C. More than 12 months
Q93: Capital gain arises from:
- A. Capital
- B. Stock
- C. Transfer of capital assets
- D. None of these
Answer
Answer B. Stock
Q94: Which among the following is not chargeable to tax under the head, income from Other sources?
- A. Winnings from lottery
- B. Interest from bank
- C. Dividend from co-operative society
- D. Profit on sale of the goodwill of a business
Answer
Answer D. Profit on sale of the goodwill of a business
Q95: The deduction allowable in respect of family pension is:
- A. Entire amount of family pension
- B. 33 1/3 % of the family pension
- C. 33 1/3 % of the family pension or Rs: 15,000 whichever is less
- D. 30 % of the family pension or Rs: 15,000 whichever is less
Answer
Answer C. 33 1/3 % of the family pension or Rs: 15,000 whichever is less
Q96: The inclusion of others’ income in the income of an assessee is called:
- A. Aggregation
- B. Clubbing
- C. Set-off
- D. None of these
Answer
Answer B. Clubbing
Q97: If marriage of parents subsists, the income of a minor child:
- A. Shall be included in the income of mother
- B. Shall be included in the income of father
- C. Shall included in the income of that parent whose total income is greater
- D. Shall included in the income of that parent whose total income is less
Answer
Answer C. Shall included in the income of that parent whose total income is greater
Q98: When the income of minor child is included in the income of parent, then parent isentitled to an exemption up to:
- A. Rs: 1,000 per child
- B. Rs: 1,500 per child
- C. Rs: 3,000 per child
- D. None of these
Answer
Answer B. Rs: 1,500 per child
Q99: Loss in respect of speculation business can be:
- A. Set-off with profit from non-speculation business
- B. Set-off with profit from another speculation business
- C. Set-off with income from house property
- D. Set-off with income from other sources
Answer
Answer B. Set-off with profit from another speculation business
Q100: The unabsorbed loss under “Income from house property” shall be carried forward and set-off in subsequent assessment years up to a maximum of___years against income from house property.
- A. 4 years
- B. 6 years
- C. 8 years
- D. 12 yeas
Answer
Answer C. 8 years
Q101: The losses of non-speculation business can be carried forward and set off against:
- A. Profit from non-speculation business only
- B. Profit from any business
- C. Income from salary
- D. All of the above
Answer
Answer B. Profit from any business
Q102: The losses of non-speculation business can be carried forward for:
- A. 6 years
- B. 8 years
- C. 10 years
- D. Any number of years
Answer
Answer B. 8 years
Q103: The losses of speculation business can be carried forward for:
- A. 4 years
- B. 8 years
- C. 12 years
- D. None of these
Answer
Answer A. 4 years
Q104: The losses from specified business can be carried forward and can be set-off against profits of:
- A. Specified business only
- B. Speculative business only
- C. Non-speculative business only
- D. Any business
Answer
Answer A. Specified business only
Q105: S T C L can be carried forward for:
- A. 4 years
- B. 6 years
- C. 8 years
- D. Any number of years
Answer
Answer C. 8 years
Q106: S T C L can be carried forward and set-off against:
- A. S T C G only
- B. L T C G only
- C. S T C G or L T C G
- D. Income under any head
Answer
Answer C. S T C G or L T C G
Q107: L T C L can be carried forward for:
- A. 4 years
- B. 6 years
- C. 8 years
- D. Any number of years
Answer
Answer C. 8 years
Q108: L T C L can be carried forward and set-off against:
- A. L T C G only
- B. S T C G only
- C. S T C G or L T C G
- D. Income under any head
Answer
Answer A. L T C G only
Q109: Loss from the activity of owning and maintaining race horses can be carried forward for:
- A. 4 years
- B. 6 years
- C. 8 years
- D. None of these
Answer
Answer A. 4 years
Q110: Only___are entitled to deduction under section 80 U.
- A. Firms
- B. Individuals
- C. Companies
- D. Co-operative societies
Answer
Answer B. Individuals
Q111: The amount of deduction under section 80 C is restricted to:
- A. Rs: 1,00,000
- B. Rs: 1,50,000
- C. Rs: 2,00,000
- D. Rs: 5,00,000
Answer
Answer B. Rs: 1,50,000
Q112: The aggregate amount of deduction under section 80 C, section 80 CCC and section 80CCD(1) shall not exceed:
- A. Rs: 1,00,000
- B. Rs: 1,50,000
- C. Rs: 2,00,000
- D. Rs: 5,00,000
Answer
Answer B. Rs: 1,50,000
Q113: The deduction in respect of medical treatment of a dependent who is a person with disability is:
- A. Rs: 1,50,000
- B. Rs: 1,25,000
- C. Rs: 75,000
- D. None of these
Answer
Answer C. Rs: 75,000
Q114: Which among the following deals with deduction in respect of donation to certain funds,charitable institution, etc?
- A. 80E
- B. 80EE
- C. 80G
- D. 80GG
Answer
Answer C. 80G
Q115: With effect from A. Y. 2018-19, donation should be paid in any mode other than Cash when it exceeds:
- A. Rs: 2,000
- B. Rs: 2,500
- C. Rs: 3,000
- D. Rs: 10,000
Answer
Answer A. Rs: 2,000
Q116: Which among the following deals with deduction in respect of royalty income of Authors?
- A. 80JJA
- B. 80QQB
- C. 80TTB
- D. 80P
Answer
Answer B. 80QQB
Q117: Which among the following deals with deduction in respect persons with disability?
- A. 80G
- B. 80E
- C. 80D
- D. 80U
Answer
Answer D. 80U
Q118: While computing the total income, an individual assessee with disability is entitled to a deduction of:
- A. Rs: 50,000
- B. Rs: 75,000
- C. Rs: 1,25,000
- D. Rs: 1,50,000
Answer
Answer B. Rs: 75,000
Q119: An individual assessee with severe disability is entitled to a deduction of___while computing his total income.
- A. Rs: 50,000
- B. Rs: 75,000
- C. Rs: 1,25,000
- D. Rs: 1,50,000
Answer
Answer C. Rs: 1,25,000
Q120: Hill allowance given to an employee is fully taxable, if the place is located at:
- A. Less than 1,000 metre height from sea level
- B. Less than 1,200 metre height from sea level
- C. Less than 1,500 metre height from sea level
- D. Less than 1,800 metre height from sea level
Answer
Answer A. Less than 1,000 metre height from sea level
Q121: If a partner lets out his buildings to the firm, the rent received by him will be taxed under:
- A. Profits and gains from business
- B. Income from house property
- C. Income from other sources
- D. None of these
Answer
Answer B. Income from house property
Q122: The rate of surcharge if total income of an individual assessee exceeds Rs: fifty lakh but does not exceed Rs: one crore is:
- A. 7.5%
- B. 10%
- C. 15%
- D. 20%
Answer
Answer B. 10%
Q123: The rate of surcharge if total income of an individual assessee exceeds Rs: one crore is:
- A. 7.5%
- B. 10%
- C. 15%
- D. 20%
Answer
Answer C. 15%
