Taxes In India Quiz 6 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. The loss is allowed to be carried forward only when as assessee has furnished

Correct Answer: A) Return of loss before the due date mentioned u/s 139(1).

2. The exemption u/s 54B, is allowed to

Correct Answer: B) Individual only.

3. Service tax is payable on the value of taxable service @

Correct Answer: D) 12.36 %.

4. Service tax is not payable if the aggregate value of taxable service does not exceed

Correct Answer: D) Rs.10,00,000.

5. The term person is defined under

Correct Answer: C) Section 2(31).

6. Conversion of capital asset into stock in trade will result into capital gain of the previous year

Correct Answer: B) In which such converted asset is sold or otherwise transferred.

7. Education cess was levied by

Correct Answer: C) The Finance No. (2) Act, 2004.

8. Interest on capital or loan received by a partner from a firm is

Correct Answer: A) Taxable U/H business and profession.

9. The exemption under section 54,shall be available

Correct Answer: C) To the extent of capital gain invested in the HP.

10. Service tax is levied in India by following the

Correct Answer: A) Selective approach.

11. Loss under the head income from house property can be carried forward

Correct Answer: A) Even if the return is furnished after the due date.

12. For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds

Correct Answer: A) Rs. 10lakhs.

13. R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd shall be

Correct Answer: C) Non-resident.

14. Service tax is applicable to

Correct Answer: B) Whole of India except Jammu and Kashmir.

15. Ambitious anti-offshore tax evasion and black money detection agreement between USA and India is known as

Correct Answer: D) FATCA.

16. Incomes which accrue or arise outside India but are received directly into India are taxable in case of

Correct Answer: D) All the assesses.

17. Loss under the head capital gain in a particular assessment year can

Correct Answer: A) Be carried forward.

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

Correct Answer: C) 12 % p.a. or at the rate mentioned in partnership deed whichever is less.

19. The partial integration of agricultural income, is done to compute tax on

Correct Answer: A) Non agricultural income.

20. Which of the following is not a union tax?

Correct Answer: C) Both (a) and (b).