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Thread: PCC - Objective Questions in Income Tax.

  1. #21
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 21. A co-operative society is taxable at flat rate of 30% on TI.

    a) True
    b) False

    Ans. b) False.

  2. #22
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 22. Education cess is leviable @:

    a) 3%
    b) 5%
    c) 2.5%

    Ans. a) 3%.

  3. #23
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 23. Education cess is leviable in case of:

    a) An individual and HUF
    b) A company assessee only
    c) All assesses

    Ans. c) All assesses.

  4. #24
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 24. In case of an individual and HUF education cess is leviable only when the total income of such assessee

    a) Exceeds Rs.10,00,000
    b) No income limit

    Ans. b) No income limit.

  5. #25
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 25. The TI of the assessee has been computed as Rs.2,53,494.90. For rounding off ,the TI will be taken as:

    a) Rs.2,53,500
    b) Rs.2,53,490
    c) Rs.2,53,495

    Ans. a) Rs.2,53,500.

  6. #26
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 26. Income tax is rounded off to:

    a) Nearest ten rupees
    b) Nearest one rupee
    c) No rounding off of tax is done

    Ans. a) Nearest ten rupees.

  7. #27
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 27. As TI for the A.Yr.2009-10 is Rs.2,50,000.His tax liability shall be

    a) 10,000
    b) 10,300
    c) 11,330

    Ans. b) 10,300.

  8. #28
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 28. Residential status to be determined for :

    a) Previous year
    b) Assessment year
    c) Accounting year

    Ans. a) Previous year.

  9. #29
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 29. Incomes which accrue or arise outside India but are received directly into India are taxable in case of

    a) Resident only
    b) Both ordinarily resident and NOR
    c) Non-resident
    d) All the assesses

    Ans. d) All the assesses.

  10. #30
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 30. Income deemed to accrue or arise in India is taxable in case of :

    a) Resident only
    b) Both ordinarily resident and NOR
    c) Non-resident
    d) All the assesses

    Ans. d) All the assesses.

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