EXEMPTIONS FROM TAX Objective Question

In this post we will provide Objective Answer Type Question of Income Tax. And all the mcq question’s answer are given below this post. Income Tax or Taxation that is the subject of Bachelor of Commerce

इस पोस्ट में हम आयकर के वस्तुनिष्ठ उत्तर प्रकार प्रश्न प्रदान करेंगे। और सभी MCQ प्रश्न के उत्तर इस पोस्ट के नीचे दिए गए हैं। Income Tax या Taxation जो बैचलर ऑफ कॉमर्स का विषय है

1. State, which of the following income id exempted from tax? 

    a. Agricultural income in Kolkata

    b. Interest on Government securities

    c. Income from Salary

    d. Capital Gains

2. Agricultural Income is: 

    a. Taxable

    b. Exempted

    c. Partly exempted

    d. None of these

3. A new undertaking is established in Special Economic Zone during the previous year 2014-15. Deduction u/s 10AA shall be allowed for: 

    a. 5 Assessment years

    b. 8 Assessment years

    c. 10 Assessment years

    d.15 Assessment years

4. In which section of the Income-tax Act exempted incomes have been mentioned?

    a. Sec. 10

    b. Sec. 80C

    c. Sec. 13

    d. Sec. 2

5. The daily allowance received by a Member of Parliament is : 

    a. Exempt

    b. Taxable

    c. To be included in total income for tax purpose

    d. None of these

6. Tax-free income from the following is : 

    a. Agriculture income

    b. Foreign Income

    c. Dividend from a foreign company

    d. All of these

7. Exempted income is: 

    a. Interest from a domestic company

    b. Dividend from a domestic company

    c. Dividend from a foreign company

    d. Dividend from a cooperative society

8. Income of minor child is exempted: 

    a. ` 1000

    b. ` 1500

    c. Income of minor child or ` 1500, whichever is less

    d. Whole Income

9. Maximum limit of interest exemption on individual account in post office savings account is: 

    a. ` 2500

    b. ` 3500

    c. ` 4500

    d. Whole Amount

10. Exempted income of a partner from the firm is: 

    a. salary fro partnership firm

    b. Interest from partnership firm

    c. Share of profit in the firm’s income

    d. All of these

[Ans. 1. (a), 2.(b), 3.(d), 4.(a), 5.(a), 6.(d), 7.(b), 8.(c), 9.(b), 10.(c).]

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