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Income Tax Law and Practice Online MCQ Practice Set

Study Income Tax Law and Practice Online MCQ Practice Set for your academic course and prepare for your exam and online assignments. You can give online FREE Quiz and test your knowledge on OMCQ portal.

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Question: A citizen of India who goes abroad for the purpose of employment, must stay in India for aperiod of at least___days during the P.Y. to become ordinarily resident.

  • A. 60 days
  • B. 182 days
  • C. 90 days
  • D. 180 days

View Answer

Answer B. 182 days

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Question: Agricultural income from China is assessable for:

  • A. Ordinarily resident
  • B. Not ordinarily resident
  • C. Non resident
  • D. All the above

View Answer

Answer A. Ordinarily resident

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Question: An assessee paid Rs: 64,000 as interest on a loan taken in the P.Y 2018-19 for the renovation ofself-occupied house. While computing income from H.P, he is eligible for deduction to the extent of:

  • A. Rs: 64,000
  • B. Rs: 30,000
  • C. Rs: 1,20,000
  • D. Zero

View Answer

Answer B. Rs: 30,000

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Question: An individual assessee with severe disability is entitled to a deduction of___while computing his total income.

  • A. Rs: 50,000
  • B. Rs: 75,000
  • C. Rs: 1,25,000
  • D. Rs: 1,50,000

View Answer

Answer C. Rs: 1,25,000

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Question: Annual accretion is taxable under:

  • A. Salary under section 17(1)
  • B. Perquisites
  • C. Allowances
  • D. Profit in lieu of salary

View Answer

Answer A. Salary under section 17(1)

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Question: Annuity received from former employer is treated as income under:

  • A. Salary under section 17(1)
  • B. Profit in lieu of salary
  • C. Allowances
  • D. Perquisites

View Answer

Answer B. Profit in lieu of salary

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Question: Annuity received from the present employer is treated as income under:

  • A. Salary under section 17(1)
  • B. Perquisites
  • C. Allowances
  • D. Profit in lieu of salary

View Answer

Answer A. Salary under section 17(1)

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Question: Children education allowance is exempt up to___per month per child for a Maximumof two children.

  • A. Rs: 100
  • B. Rs: 200
  • C. Rs: 300
  • D. Rs: 500

View Answer

Answer A. Rs: 100

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Question: Children hostel allowance is exempt up to___per month per child for a maximum oftwo children.

  • A. Rs: 100
  • B. Rs: 200
  • C. Rs: 300
  • D. Rs: 500

View Answer

Answer C. Rs: 300

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Question: Commuted pension received by a non-government employee, who has not received Gratuity shall be exempt:

  • A. 1/4 of total pension
  • B. 1/2 of total pension
  • C. 1/3 of total pension
  • D. 2/3 of total pension

View Answer

Answer B. 1/2 of total pension

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Question: Employee’s contribution to which of the following is eligible for deduction u/s 80C:

  • A. Statutory Provident Fund
  • B. Recognised Provident Fund
  • C. un-recognised Provident Fund
  • D. All of these

View Answer

Answer C. un-recognised Provident Fund

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Question: Entertainment allowance received by an employee of statutory corporation is:

  • A. Fully exempted
  • B. Fully taxable
  • C. Partly Exempted
  • D. None of these

View Answer

Answer B. Fully taxable

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Question: Every year the residential status of an assessee:

  • A. will certainly change
  • B. will not change
  • C. may change
  • D. none of the above

View Answer

Answer C. may change

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Important note for exam preparation: Must try Online MCQ Quiz Test after practice these MCQ, so you can check your knowledge and improve efficiency. You can get link from above mention for these subjects.