Taxes In India Quiz 7 (11 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Loss under the head capital gain in a particular assessment year can

Correct Answer: A) Be carried forward.

2. Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the extent of

Correct Answer: C) 12 % p.a. or at the rate mentioned in partnership deed whichever is less.

3. The partial integration of agricultural income, is done to compute tax on

Correct Answer: A) Non agricultural income.

4. Which of the following is not a union tax?

Correct Answer: C) Both (a) and (b).

5. Deduction under section 80C shall be allowed for

Correct Answer: C) Tution fee exclusive of any payment towards any development fee or donation or payment ofsimilar nature.

6. For claiming exemption under section 54B the assessee should acquire

Correct Answer: A) Any agricultural land.

7. Deduction under section 80CCC is allowed to the extent of

Correct Answer: A) Rs. 1,00,000.

8. TI of a person is determined on the basis of his

Correct Answer: A) Residential status in India.

9. Which of the following is not a direct tax?

Correct Answer: A) Sales Tax.

10. Agricultural income is

Correct Answer: C) Fully exempt.

11. Under Income Tax Act, 1961, who may be considered as principal officer of a company?

Correct Answer: D) All of the above.