Deck 4: Taxation and Deductions

Question 1

When the income of minor child is included in the income of parent, then parent is entitled to an exemption up to:

A)Rs: 1,000 per child
B)Rs: 1,500 per child
C)Rs: 3,000 per child
D)None of these

Answer 1

Rs: 1,500 per child

Question 2

Loss in respect of speculation business can be:

A)Set-off with profit from non-speculation business.
B)Set-off with profit from another speculation business
C)Set-off with income from house property
D)Set-off with income from other sources

Answer 2

Set-off with profit from another speculation business

Question 3

The unabsorbed loss under "Income from house property" shall be carried forward and set-off in subsequent assessment years up to a maximum of ............................... years against income from house property.

A)4 years
B)6 years
C)8 years
D)12 yeas

Answer 3

8 years

Question 4

The losses of non-speculation business can be carried forward and set off against:

A)Profit from non-speculation business only
B)Profit from any business
C)Income from salary
D)All of the above

Question 5

The losses of non-speculation business can be carried forward for:

A)6 years
B)8 years
C)10 years
D)Any number of years

Question 6

The losses of speculation business can be carried forward for:

A)4 years
B)8 years
C)12 years
D)None of these

Question 7

The losses from specified business can be carried forward and can be set-off against profits of:

A)Specified business only
B)Speculative business only
C)Non-speculative business only
D)Any business

Question 8

S T C L can be carried forward for:

A)4 years
B)6 years
C)8 years
D)Any number of years

Question 9

S T C L can be carried forward and set-off against:

A)S T C G only
B)L T C G only
C)S T C G or L T C G
D)Income under any head

Question 10

L T C L can be carried forward for:

A)4 years
B)6 years
C)8 years
D)Any number of years

Question 11

L T C L can be carried forward and set-off against:

A)L T C G only
B)S T C G only
C)S T C G or L T C G
D)Income under any head

Question 12

Loss from the activity of owning and maintaining race horses can be carried forward for:

A)4 years
B)6 years
C)8 years
D)None of these

Question 13

Only................are entitled to deduction under section 80 U.

A)Firms
B)Individuals
C)Companies
D)Co-operative societies

Question 14

The amount of deduction under section 80 C is restricted to:

A)Rs: 1,00,000
B)Rs: 1,50,000
C)Rs: 2,00,000
D)Rs: 5,00,000

Question 15

The aggregate amount of deduction under section 80 C, section 80 CCC and section 80 CCD(1) shall not exceed:

A)Rs: 1,00,000
B)Rs: 1,50,000
C)Rs: 2,00,000
D)Rs: 5,00,000

Question 16

The deduction in respect of medical treatment of a dependent who is a person with disability is:

A)Rs: 1,50,000
B)Rs: 1,25,000
C)Rs: 75,000
D)None of these

Question 17

The deduction in respect of medical treatment of a dependent who is a person with disability is:

A)Rs: 1,50,000
B)Rs: 1,25,000
C)Rs: 75,000
D)None of these

Question 18

Which among the following deals with deduction in respect of donation to certain funds, charitable institution, etc?

A)80E
B)80EE
C)80G
D)80GG

Question 19

With effect from A. Y. 2018-19, donation should be paid in any mode other than cash when it exceeds:

A)Rs: 2,000
B)Rs: 2,500
C)Rs: 3,000
D)Rs: 10,000

Question 20

Which among the following deals with deduction in respect of royalty income of authors?

A)80JJA
B)80QQB
C)80TTB
D)80P

Question 21

Which among the following deals with deduction in respect persons with disability?

A)80G
B)80E
C)80D
D)80U

Question 22

While computing the total income, an individual assessee with disability is entitled to a deduction of:

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

Question 23

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

Question 24

Hill allowance given to an employee is fully taxable, if the place is located at:

A)Less than 1,000 metre height from sea level
B)Less than 1,200 metre height from sea level
C)Less than 1,500 metre height from sea level
D)Less than 1,800 metre height from sea level

Question 25

Which among the following is a fully exempted allowance?

A)Proctor allowance
B)U.N. allowance
C)Deputation allowance
D)Non-practicing allowance

Question 26

If a partner lets out his buildings to the firm, the rent received by him will be taxed under:

A)Profits and gains from business
B)Income from house property
C)Income from other sources
D)None of these

Question 27

The rate of surcharge if total income of an individual assessee exceeds Rs:fifty lakh but does not exceed Rs: one crore is:

A)7.5%
B)10%
C)15%
D)20%

Question 28

The rate of surcharge if total income of an individual assessee exceeds Rs: one crore is:

A)7.5%
B)10%
C)15%
D)20%