AIS Income Tax MCQs : Tax Law Questions and Answers, Business Taxation MCQs PDF, Income Tax Officer Exam Solved, Question Paper PDF, Income Tax Law and Practice 2017-18 PDF, Tax Liability Shown as Payable in Return of Income, Income Tax Objective Questions.
Meaning of Income Tax :
Income tax is a tax levied on the annual taxable income of an individual at the rates prescribed by the Central Government. Taxpayers include individuals, firms, companies, Hindu undivided families, associations of persons, trusts, etc. Taxable income means income computed under the provisions of the Income Tax Act. 1961.
Taxation is the main instrument in the hands of modern governments to raise finance to meet expenditure on various public services. It is an obligatory obligation on the people and the payment of which is a legal duty of the citizens.
It could be on their property. Income and may also need to be paid at the time of manufacture and sale or purchase of an item. Tax is the main source of income of the government AIS Income Tax MCQs.
Agricultural Income and Tax Liability :
Though agricultural income is exempt and is not included in the computation of the total income of an assesses, it is added to the total income from the point of view of computation of tax.
In cases where the assesses has both the incomes, agricultural income is integrated with non-agricultural income. Such integration is done only in case of Individual, HUF, AOP/BOI and Artificial Judicial Person.
AIS Income Tax MCQs :
Income Tax Notes for B.Com Part 3, Income Tax Law and Practice Question Papers, Business Computing MCQs, Income Tax Questions and Answers PDF, AIS Income Tax.
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Income Tax Objective Questions :
Multiple Choice Questions on Income Tax Act 1961, Income Tax Questions and Answers PDF, PGBP Solved Problems, MCQs on Income Tax 2016-17, MCQs on Income Tax, BCom Income Tax Notes PDF, AIS Income Tax.
1. Foreign house property’s income is taxable only in the case of ……………………..
- A) Non Resident
- B) Not Ordinarily Resident
- C) Ordinarily Resident
- D) None of the above
2. Annual value is defined as per section …………..
- A) 21(1)
- B) 22(1)
- C) 23(1)
- D) 24(1)
3. Which of the following is deductible from the annual value of HP?
- A) Municipal Taxes paid
- B) Municipal taxes paid by the owner
- C) Municipal taxes paid by the owner for the previous year
- D) Municipal taxes paid by the owner during the previous year
4. The Income from House Property is taxable in the hands of the individual even if property is not registered in his name ………………………
- A) When the property has been transferred to spouse for inadequate consideration
- B) Where the property is transferred to a minor child for inadequate consideration
- C) Where the individual holds on importable estate
- D) All of the above
5. The following conditions must be satisfied to charge the rental income under the head Income of House Property:
- A) The property should consist of any buildings or lands
- B) The assessee should be one of the property
- C) The property should not be used by the owner for the purpose of business or professional purpose
- D) All of the above
Business computing mcq : AIS Income Tax
6. Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Ram is taxable under the head ………………………
- A) Income from Salary
- B) Income from Other Sources
- C) Income from House Property
- D) Income from Business
7. Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Laxman is taxable under the head ……………………
- A) Income from Salary
- B) Income from Other Sources
- C) Income from House Property
- D) Income from Business
8. For claiming the deduction for unrealised rent, the assessee must satisfy ……………..
- A) Rule 4
- B) Section 4
- C) Rule 4A
- D) Section 4 A
9. Rule 4 includes …………………
- A) Tenancy must be bonafide
- B) The defaulting tenant has vacated or steps have been taken to vacate the house
- C) The defaulting tenant is not occupying any other property of the owner
- D) All of the above
10. The tax paid by the tenant is ……………………
- A) Added to rent received
- B) No adjustment
- C) Deducted from rent received
- D) Added to Annual value
AIS Income Tax MCQs :
11. If the house remains vacant for the whole year, annual value will be …………..
- A) Equal to Municipal Value
- B) Equal to Fair rent
- C) Nil
- D) None of the above
12. A sum equal to …………… is allowed as deduction from the annual value.
- A) 15%
- B) 20%
- C) 25%
- D) 30%
13. A sum equal to 30% is allowed as deduction from the annual value as ………………
- A) Deduction
- B) Standard Deduction
- C) Basic Deduction
- D) None of the above
14. Interest on loan taken for which all purposes are deductible from annual value?
- A) Purchase
- B) Repair
- C) Construction
- D) All of the above
15. Deductions from annual value is as per section …………
- A) 22
- B) 24
- C) 26
- D) 24A
16. Which of the following is not deductible from annual value?
- A) Interest on unpaid interest
- B) Interest on loan taken for repairs
- C) Interest on loan taken for reconstruction
- D) None of the above
17. Interest for pre-acquisition period is deductible in …………. instalments
- A) 3
- B) 4
- C) 5
- D) 7
18. Annual value of self-occupied house is ………………
- A) Equal to Municipal Value
- B) Equal to Fair rent
- C) Nil
- D) None of the above
19. From the amount of arrears of rent received, …………. Is allowed as deduction.
- A) 15%
- B) 20%
- C) 25%
- D) 30%
20. The balance of unabsorbed loss from HP can be carry forward to a maximum of …….. years.
- A) 6
- B) 7
- C) 5
- D) None of these
AIS Income Tax MCQs :
21. Rent from vacant plot of land is assessable under the head …………………
- A) Income from HP
- B) Income from Other Source
- C) Income from Capital Gain
- D) None of the above
22. Subletting is assessable under the head ………………
- A) Income from HP
- B) Income from Other Source
- C) Income from Capital Gain
- D) None of the above
23. In case of disputed ownership, income from HP is chargeable in the hands of …………
- A) Recipient of income
- B) Not accessible
- C) All owners
- D) None of the above
24. What is expected rent?
- A) Municipal value of Fair value whichever is lower
- B) Municipal value of Fair value whichever is higher
- C) Municipal value of Fair value whichever is higher subject to standard rent
- D) None of these
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