Taxes in India mcq questions and answers for competitive exams

Ramya_naidu

Posted on


Taxes in India mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online
61.
Deduction under section 80C is allowed from:

a
Total income
b
Gross total income
c
Tax on total income
d
None of these

62.
Deduction u/s 80D is allowed if the premium is paid to :

a
Life insurance Corporation
b
Life insurance or General insurance corporation
c
General insurance Corporation or any other insurer approved by IRDA
d
None of these

63.
Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the extent of:

a
12 % p.a. even if it is not mentioned in partnership deed
b
18 % p.a.
c
12 % p.a. or at the rate mentioned in partnership deed whichever is less
d
None of these

64.
If any amount is donate for research, such research should be in nature of:

a
Scientific research only
b
Social or statistical research only
c
Scientific or social or statistical research
d
None of these

65.
The payment for Insurance premium under section 80D should be paid:

a
In cash
b
Cash/by cheque
c
By any mode other than cash
d
None of these

66.
Service tax is not payable on any service provided to:

a
an undertaking in a free trade zone
b
an undertaking in a special economic zone
c
a developer or unit in a special economic zone
d
an undertaking in a software technological park

67.
If the aggregate value of taxable service in the preceding previous year in less than Rs. 10,00,000, service tax in the current financial year shall be payable:

a
on the entire aggregate value of service
b
on the amount which is in excess of Rs. 2,00,000
c
on the amount which is in excess of Rs. 10,00,000
d
none of these

68.
Where a partner transfers any capital asset into the business of firm,the sale consideration of such asset to the partner shall be :

a
Price at which it was recorded in the books of the firm
b
Market value of such asset on the date of such transfer
c
Cost of such asset to the partner
d
None of these

69.
Consider the following statements and identify the right ones.

a
Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list.
b
The constitution also provides for transferring certain tax revenues from union list to states.
c
All of the above
d
None of these

70.
If the aggregate value of taxable service in the preceding financial year exceeds Rs. 10,00,000, service tax shall be payable during the current financial year

a
On the entire aggregate value of service.
b
If the aggregate value of taxable service exceed, Rs. 10,00,000 during the current year.
c
If the aggregated value of taxable service exceeds Rs. 10,00,000 during the current financial year.
d
None of these

71.
R, a foreign national visited India during previous year 2008-09 for 180 days. Earlier to this he never visited India. R in this case shall be:

a
Non-resident
b
Resident in India
c
Not ordinarily resident in India
d
None of these

72.
Gross amount charged for the taxable services includes:

a
Only that amount received towards the taxable service which is received after the provision of such services.
b
Only that amount received towards the taxable service which is received before the provision of such services.
c
Any amount received towards the taxable services whether received before, during or after provision of such services.
d
None of these

73.
In case an assessee is engaged in the business of retail trade, presumptive income scheme is applicable if the total turnover of such retail trade of goods does not exceed:

a
Rs. 10lakhs
b
Rs. 20lakhs
c
Rs. 30lakhs
d
Rs. 40lakhs

74.
An assessee has paid life insurance premium of Rs.25,000 during the previous year for a policy of Rs.1,00,000.He shall:

a
Not be allowed deduction u/s 80C
b
Be allowed Deduction for the entire premium as per the provisions of section 80C
c
Be allowed Deduction u/s 80C to the extent of 20 % of the capital sum assuredi.e.Rs.20,000
d
None of these

75.
The quantum of deduction allowed under section 80D shall be limited to:

a
Rs. 5,000
b
Rs. 15,000
c
Rs. 25,000
d
Rs. 35,000

Rate This:
NaN / 5 - 1 votes
Profile photo for Dasaradhan Gajendra