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 : 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 : 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 : The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000
Last Answer : C) 300,000
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 : 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 : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A
Last Answer : C) 10(10)
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 : 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 : 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 : The daily water allowance for normal infant is about (A) 100–200 ml (B) 250–300 ml (C) 330–1000 ml (D) 1000–2000 ml
Last Answer : Answer : C
Description : The amount of coproporphyrins excreted per day in feces is about (A) 10–50 µgs (B) 100–150 µgs (C) 200–250 µgs (D) 300–1000 µgs
Last Answer : Answer : D
Description : The cost of 3 horses is same as the cost of 5 cows. If total cost of 4 horses and 6 rows is Rs.1900.Find the cost of one horse? a) Rs.50 b) Rs.150 c) Rs.200 d) Rs.250 e) None of these
Last Answer : Ratio of cost of horse and cow = 1/3 : 1/5 =5 : 3 Let cost of horse and cow are 5x and 3x respectively: Then 4 × 5x +6 × 3x = Rs.1900 =>38x = 1900 => x = 1900/38 = Rs.50 Cost of one horse = 5 × Rs.50 = Rs.250 Answer: d)
Description : P and Q undertake to do a piece of job for Rs.1200. P alone can do it in 12 days while Q alone can do it in 16 days. With the help of R , they finish it in 6 days. Find the share of P,Q & R. a) 400,600,200 b) 200,400,600 c) 450,400,250 d) 600,450,150
Last Answer : D R;s 1 day work = 1/6 – (1/12 + 1/16) =1/6 – 1/12 – 1/16 = (8-4-3)/48 = 1/48 P:Q:R = ratio of 1 day work = 1/12:1/16 : 1/48 =4:3:1 P’s share = Rs(1200*4/8) =Rs.600 Q’s share = Rs(1200 * 3/8) =Rs.450 R’s share = Rs(1200 * 1/8) =Rs.150
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 : Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable
Last Answer : A) Resident
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 : 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 : 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 : 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 : 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 : 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 : 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 : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year
Last Answer : D) Assessment Year
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 : 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 : In case of failed ATM transactions, if the amount is not credited to customer‟s account within 7 working days from the date of receipt of the complaint. Banks have to pay compensation at the rate of Rs.________ per day. A. 150 B. 200 C. 100 D. 10 E. 50
Last Answer : C. 100 Explanation: Reconciliation of failed transactions at ATMs – For any failure to re-credit the customer‘s account within 7 working days from the date of receipt of the complaint, the bank will pay compensation of Rs.100/-, per day, to the aggrieved customer.
Description : Potassium content of muscle tissue in mg/100 ml is about (A) 50–100 (B) 100–150 (C) 250–400 (D) 150–200
Description : The insulin content of pancreas is about (A) 50–70 units (B) 100–150 units (C) 150–180 units (D) 200–250 units
Description : For an adult male daily requirement of iodine is (A) 25–50 µg (B) 50–100 µg (C) 100–150 µg (D) 200–250 µg
Last Answer : Answer : A
Description : Brinell Hardness Number (BHN) for talc is approximately in the range of (A) 1-5 (B) 20-30 (C) 100 -150 (D) 200 - 250
Last Answer : (B) 20-30
Description : The Sun is at an average distance of about---- million kilometers away from Earth? A. 100 million B. 150 million (Answer) C. 200 million D. 250 million
Last Answer : B. 150 million (Answer)