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Thread: PCC - Objective Questions in Income Tax.

  1. #1
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    Thumbs up PCC - Objective Questions in Income Tax.

    MULTIPLE CHOICE QUESTIONS (Finance Act 2008)

    Q.1. Surcharge of 10 per cent is payable by an individual where the total income exceeds:

    a) Rs.7,50,000
    b) Rs.8,50,000
    c) Rs.10,00,000
    d) None of the three

    Ans. c) Rs.10,00,000

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    Q.2. Additional surcharge (education cess) of 3% per cent is payable on

    a) Income tax
    b) Income tax plus surcharge
    c) Surcharge

    Ans. b) Income tax plus surcharge.

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    Q. 3. Family pension received by a widow of a member of the armed forces where the death of the member has occurred in the course of the operational duties, is

    a) Exempt up to Rs.3,00,000
    b) Exempt up to Rs. 3,50,000
    c) Totally exempt under section 10(19)
    d) Totally chargeable to tax

    Ans. c) Totally exempt under section 10(19).

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    Q. 4. In respect of shares held as investment, while computing the capital gains, securities transaction tax paid in respect of sale of listed shares sold in a recognized stock exchange,

    a) Is deductible up to Rs.1,00,000
    b) Is deductible up to Rs.2,00,000
    c) Is deductible if C.G.ís is < 5,00,000
    d) Is not deductible at all

    Ans. d) Is not deductible at all.

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    Q. 5. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative regularly assessed to income-tax, is

    a) A capital receipt not chargeable to tax
    b) Chargeable as other sources
    c) Chargeable to tax as business income
    d) Exempt up to Rs.50,000 and balance chargeable to tax as income from other source

    Ans. b) Chargeable as other sources.

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    Q. 6. The rate of tax that is leivable on STCG arising from transfer of Equity shares of a Company or units of an Equity oriented fund is

    a) 10%
    b) 15%
    c) 20%

    Ans. b) 15%.

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    Q. 7. For an employee in receipt of hostel expenditure allowance for his three children, the maximum annual allowance exempt under section 10(14) is

    a) Rs.10,800
    b) Rs.7,200
    c) Rs.9,600
    d) Rs.3,600

    Ans. b) Rs. 7,200
    .

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    Q. 8. For an industrial undertaking fulfilling the conditions, additional depreciation in respect of a machinery costing Rs.10 lakh acquired and installed on October 3, 2005 is

    a) Rs.75,000
    b) Rs.1,50,000
    c) Rs.1,00,000
    d) None of the above

    Ans. c) Rs.1,00,000.

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    Q. 9. Assessee is always a person but a person may or may not be an assessee.

    a) True
    b) False

    Ans. a) True.

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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 10. A person may not have assessable income but may still be assessee.

    a) True
    b) False

    Ans. a) True.

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