Description : Children hostel allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.200 C) Rs.250 D) Rs.300
Last Answer : D) Rs.300
Description : Children education allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.150 C) Rs.200 D) Rs.250
Last Answer : A) Rs.100
Description : Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable
Last Answer : A) Resident
Description : The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.
Last Answer : B) CBDT
Description : Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26
Last Answer : B) 15 to 17
Description : Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8
Last Answer : B) 10
Description : Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these
Last Answer : C) Not Allowed
Description : As per Income tax Act, Person includes …………… A) Individual B) HUF C) Local Authority D) All of the above
Last Answer : D) All of the above
Description : Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore
Last Answer : C) 1 Crore
Description : When the income earned in an year is taxed in the same year, it is called ………………….. A) Advanced Assessment B) Super Assessment C) Accelerated Assessment D) None of the above
Last Answer : C) Accelerated Assessment
Description : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year
Last Answer : D) Assessment Year
Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C
Last Answer : B) 87A
Description : A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. A) 56 B) 60 C) 80 D) 85
Last Answer : C) 80
Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2
Last Answer : C) 5
Description : Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules
Last Answer : B) Finance Act
Description : Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax
Last Answer : B) Direct tax
Description : Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956
Last Answer : C) 1st April 1962
Description : Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972
Last Answer : C) 1961
Description : Number of meiotic divisions required to produce 200/400 seeds of pea would be (a) 200/400 (b) 400/800 (c) 300/600 (d) 250/500
Last Answer : (d) 250/500.
Description : Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these
Last Answer : A) Fully Exempted Allowance
Description : Transport allowance given by the employer to the employee is exempt up to ……….. A) Rs.1000p.m B) Rs.1600p.m C) Rs.1000p.a D) Rs.1600p.a
Last Answer : B) Rs.1600p.m
Description : Any allowance granted for encouraging research, academic and other professional pursuit is called ……………………… A) Research Allowance B) Academic Allowance C) Higher Educational Allowance D) Educational Allowance
Last Answer : any allowance granted from encouraging research or Academy and other professional fruit suit is called what
Description : Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)
Last Answer : C) 16(ii)
Description : If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : A) Fully Taxable
Description : Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB
Last Answer : 2A
Description : HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : B) Partly Taxable
Description : Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these
Last Answer : B) Allowances
Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A
Last Answer : C) 10(10)
Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Description : When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance
Last Answer : C) Transferred Balance
Description : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)
Last Answer : D)17(1)
Description : Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : C) Fully Exempted
Description : Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these
Last Answer : A) Karta
Description : A citizen of India who goes abroad for the purpose of employment, he must stay in India in the previous year for at least ............................. days to become a resident A) 90 days B) 162 days C) 180 days D) 182 days
Last Answer : D) 182 days
Description : A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4
Last Answer : A) 2
Description : To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions
Last Answer : B) One Basic Condition and Both Additional Conditions
Description : CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above
Last Answer : A) Central Government
Description : CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes
Last Answer : B) Central Board of Direct Taxes
Description : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%
Last Answer : C) 3%
Description : Assessment year is the period of 12 months commencing from ……………. Every year. A) 1st March B) 31st March C) 1st April D) 30 th April
Last Answer : C) 1st April
Description : What is the required quality factor for an SSB filter with the following data: center frequency= 1 MHz, the desired attenuation level of the unwanted sideband= 80 dB and the separation between sidebands= 200 Hz? A. 1,250 B. 12,500 C. 125,000 D. 25,000
Last Answer : C. 125,000
Description : With regard to standard of quality of drinking water as laid down by Indian Railway , the requirement (desirable) limit of total dissolved solids should not be more than---------- mg/l a)200 b) 300 c) 400
Last Answer : d) 500*
Description : : Force exerted on a person by atmosphere is A. 200 000 N B. 300 000 N C. 400 000 N D. 500 000 N
Last Answer : 200 000 N
Description : If you want to add 500,000 units of capacity to an assembly line with an automation rating of 5, how much will it cost? a. 1,200,000 b. 1,300,000 c. 13,000,000 d. 24,000,000 e. 26,000,000
Last Answer : c. 13,000,000
Description : Rs,33,000 is to be divided into two parts, such that the income from one part invested in Rs.200 shares at Rs.250 for `10%` dividend is the same as th
Last Answer : Rs,33,000 is to be divided into two parts, such that the income from one part invested in ... the amounts invested in the two kinds of sheares.
Description : A small dairy farm daily produces 100 kilograms of average quality buffalo milk and sells it to an organised dairy at the rate of Rs. 100 per kilogram of total solids contained in the milk. How much would be the daily gross ... (D) Between Rs. 1,000 and Rs. 1,100 (E) Between Rs. 1,650 and Rs. 1,850
Last Answer : (B) Between Rs. 1,250 and Rs. 1,400
Description : What is the maximum limit on the amount of money that can be sent under MTSS? A. USD 2,500 B. USD 1,500 C. USD 1,000 D. USD 2,200 E. None of the Above
Last Answer : A. USD 2,500 Explanation: A cap of USD 2,500 has been placed on individual remittances under the Money Transfer Service Scheme (MTSS)
Description : Minimum excretory urinary volume for waste products elimination during 24 hrs is (A) 200–300 ml (B) 200–400 ml (C) 500–600 ml (D) 800 ml
Last Answer : Answer : C
Description : Infrastructure Finance Company (IFC) is a non-banking finance company has a minimum Net Owned Funds of _______ A. Rs.100 Crore B. Rs.200 Crore C. Rs.500 Crore D. Rs.300 Crore E. None of the Above
Last Answer : D. Rs.300 Crore Explanation: Infrastructure Finance Company (IFC) is a non-banking finance company has a minimum Net Owned Funds of Rs.300 Crore.
Description : The minimum limit fixed for posting Regd. News paper without prepayment at a time for foreign destination is a) 500 b) 200 c) 100 d) 100
Last Answer : d) 100