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Taxes in India mcq questions and answers for competitive exams

Ramya_naidu

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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
76.
An assessee has borrowed money for purchase of a house & Interest is payable outside India. Such interest shall:

a
Not to be allowed on deduction
b
Be allowed as deduction
c
Be allowed as deduction if the tax is deducted at source
d
None of these
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77.
Which of the following states became the first state in the country to launch RBI's e-payment system for commercial tax payers?

a
Kerala
b
Karnataka
c
Maharashtra
d
Andhra Pradesh
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78.
VAT is imposed-

a
Directly on consumer
b
On final stage of production
c
On first stage of production
d
On all stages between production and final sale
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79.
The quantum of deduction allowed u/s 80U is :

a
Rs. 20,000
b
Rs. 40,000
c
Rs. 50,000
d
Rs. 70,000
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80.
Deduction under section 80CCC is allowed to the extent of :

a
Rs. 1,00,000
b
Rs. 3,00,000
c
Rs. 5,00,000
d
Rs. 7,00,000
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81.
The provisions relating to valuation of taxable services are contained in:

a
section 65 of the Finance Act, 1994
b
section 67 of the Finance Act, 1994
c
section 65A of the Finance Act, 1999
d
none of the above
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82.
If business is set up on 1st September, 2015, previous year in this case shall be

a
Either a or b at the discretion of assessee
b
Either a or b at the discretion of assessing officer
c
The period beginning with 1st April, 2015 and ending with 31st March, 2016
d
The period beginning with 1st September, 2015 and ending with 31st March, 2016
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83.
Deduction U/s 80G on account of donation is allowed to:

a
Any assessee
b
A business assessee only
c
Individual or HUF only
d
None of these
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84.
Preliminary expenses incurred are allowed deduction in:

a
Full
b
5 equal annual installments
c
10 equal annual installments
d
None of these
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85.
Which commission distributes the taxes between centre and states?

a
NITI Ayog
b
Finance Commission
c
Board of Direct Taxes
d
National Development Counsel
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86.
Taxes in India are including -

a
Direct taxes
b
Indirect taxes
c
Both (a) and (b)
d
None of these
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87.
Loss from a speculation business of a particular A Yr. can be set off in the same A Yr. from:

a
Profit and gains from any business
b
Income of speculation business
c
Profit and gains from any business other than speculation business
d
None of these
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88.
R transferred his house property to his wife under an agreement to live apart. Income from such house property shall be taxable in the hands of :

a
R as deemed owner
b
Mrs. R
c
R. However, it will be first computed as Mrs. R income & Thereafter clubbed in the hands of R
d
None of these
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89.
Expenditure incurred on purchase of animals to be used by the assessee for the purpose of carrying on his business & profession is subject to

a
Nil deduction
b
Depreciation
c
Deduction in the previous year in which animal dies or become permanently useless
d
None of these
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90.
Expenditure incurred on family planning amongst the employees is allowed to

a
An assessee which is a company or cooperative society
b
Any assessee
c
A company assessee
d
None of these
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