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Thread: PCC - Objective Questions in Income Tax.

  1. #11
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 11. In some cases assessment year and previous year can be same financial year.

    a) True
    b) False

    Ans. a) True.

  2. #12
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q.12. A.O.P should consist of :

    a) Individual only
    b) Persons other than individual only
    c) Both the above

    Ans. c) Both the above.

  3. #13
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 13. Body of individual should consist of :

    a) Individual only
    b) Persons other than individual only
    c) Both the above

    Ans. a) Individual only.

  4. #14
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 14. A new business was set up on15-11-2008 and it commenced its business from 1-12-2008.The first previous year in this case shall be:

    a) 15-11-2008 to 31-3-2009
    b) 1-12-2008 to 31-3-2009
    c) 2008-2009

    Ans. a) 15-11-2008 to 31-3-2009.

  5. #15
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 15. A person leaves India permanently on 15-11-2008.The assessment year for income earned till 15-11-2008 in this case shall be:

    a) 2007-08
    b) 2008-09
    c) 2009-10

    Ans. b) 2008-09.

  6. #16
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 16. Surcharge in case of an individual or HUF for assessment year 2009-10 is payable at the rate of :

    a) 12% of the income-tax payable provided the total income exceed Rs.60,000.
    b) 10% of the income-tax payable provided the total income exceeds Rs.10,00,000
    c) 5% of the income-tax payable if the total income exceeds Rs.8,50,000

    Ans. b) 10% of the income-tax payable provided the total income exceeds Rs.10,00,000.

  7. #17
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 17. Surcharge in case of a firm for assessment year 2009-10 is payable at the rate:

    a) 2.5% of income-tax payable
    b) 5% of income-tax payable
    c) 10% of income-tax payable

    Ans. c) 10% of income-tax payable.

  8. #18
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 18. The maximum amount on which income-tax is not chargeable in case of firm is:

    a) Rs.1,00,000
    b) Rs. 90,000
    c) Nil

    Ans. c) Nil.

  9. #19
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 19. The maximum amount on which income-tax is not chargeable in case a co-operative society is:

    a) Rs.50,000
    b) Rs.30,000
    c) Nil

    Ans. c) Nil.

  10. #20
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 20. A local authority is taxable at flat rate of income-tax.

    a) True
    b) False

    Ans. a) True.

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