Income Tax MCQ QUIZ Set – 18 (Deductions from Gross Total Income)

MCQ on Deductions from Gross Total Income Income Tax MCQ with Answers 1. Gross total income has been defined u/s ……. A) Sec 80A(1) B) Sec 80(1) C) Sec 80u D) None of the above … Answer is A) Sec 80A(1) Show Answer     2. Maximum deduction allowed in respect of LIP, contribution to … Read more

Income Tax MCQ QUIZ Set – 17 (Clubbing and Aggregation of Income)

MCQ on Clubbing and Aggregation of Income Income Tax MCQ 1. Revocable transfer of assets has been defined under sec…… A) Sec 51 B) Sec 61 C) Sec 71 D) None of the above … Answer is B) Sec 61 Show Answer     2. In order to curb tax avoidance practices, some necessary clubbing … Read more

Income Tax MCQ QUIZ Set – 16 (Set-off and Carry-forward of Losses)

MCQ on Set-off and Carry-forward of Losses Set off and Carry forward of Losses Questions Goods and Services Tax MCQ 1. Set of loss under the same head of income comes under section A) Sec 60 B) Sec 70 C) Sec 80 D) None of the above … Answer is B) Sec 70 Show Answer … Read more

Income Tax MCQ QUIZ Set – 15 (MCQ on Agricultural Income)

MCQ on Agricultural Income MCQ on  Taxation – Agricultural Income 1. Agricultural income has been defined u/s… A) sec 2(1A) B) Sec 2(2A) C) Sec 2(42A) D) None of the above … Answer is A) sec 2(1A) Show Answer     2. Agricultural income is related to …. A) Capital B) Land C) Machinery D) None of … Read more

Income Tax MCQ QUIZ Set – 12 (Income from Capital Gains)

MCQ on Income from Capital Gains Capital Gains Tax MCQs 1. Short term capital assets has been defined….. A) Sec 4(24A) B) Sec 4(22A) C) Sec 2(42A) D) None of the above … Answer is C) Sec 2(42A) Show Answer 2. Long term capital assets has defined u/s A) Sec 2(29A) B) Sec 2 (92A) … Read more

Income Tax MCQ QUIZ Set – 10 (Profits and Gains from Business or Profession)

MCQ on Profits and Gains from Business or Profession MCQ on Taxation 1. Business has been defined….. A) u/s 2(13) B) u/s 13(2) C) u/s 10(2) D) None of the above … Answer is A) u/s 2(13) Show Answer     2. Chartered accountant is a……. A) Profession B) Vocation C) Business D) None of the … Read more

Income Tax MCQ QUIZ Set – 11 (Income from Capital Gains)

MCQ on Income from Capital Gains Capital Gains Tax MCQs 1. Sec 45 related to A) Capital assets B) capitals gains C) Assets D) None of the above … Answer is B) capitals gains Show Answer     2. Where total block of depreciable assets is transferred after 36 months, there will A) Short term … Read more

Income Tax MCQ QUIZ Set – 9 (Profits and Gains from Business or Profession)

MCQ on Profits and Gains from Business or Profession MCQ on Taxation 1. Business has been defined under section…. A) 2(14) B) 2(13) C) 2(10) D) None of the above … Answer is B) 2(13) Show Answer     2. Expenditure on scientific research – Under section…..? A) sec 35 B) sec 34 C) sec … Read more

Income Tax MCQ QUIZ Set – 8 (Income from House Property)

Income Tax MCQ QUIZ Set – 8 (Income from House Property) Income from House Property MCQ with answers 1. In case of rental house property , the municipal tax is deducted which is …. A) paid by owner B) paid by tenant C) actual amount payble D) None of the above … Answer is A) … Read more

Income Tax MCQ QUIZ Set – 7 (Income from House Property)

Income Tax MCQ QUIZ Set – 7 (Income from House Property) Income from house property MCQ with answers 1. The balance of unabsorbed loss from House property can be carry forward to a maximum of…… ? A) 7 B) 5 C) 6 D) None of the above … Answer is A) 7 Show Answer 2. … Read more