Question 1

If loan granted by employer to employee does not exceed …………., it is not treated as perquisite to employee for purpose of income tax.

Accepted Answer

A) ` 20,000 
B) 40,000 
C) ` 30,000 
D) ` 25,000 
A) ` 20,000 
B) 40,000 
C) ` 30,000 
D) ` 25,000 B

Question 2

Pension is ……………under the salary head.

Accepted Answer

A) fully taxable 
B) partially taxable 
C) not taxable 
D) none of the above 
A) fully taxable 
B) partially taxable 
C) not taxable 
D) none of the above A

Question 3

The death-cum-retirement gratuity received by the Government Employee or employee of local authority is .

Accepted Answer

A) partially exempted 
B) fully exempted 
C) half taxable 
D) none of the above 
A) partially exempted 
B) fully exempted 
C) half taxable 
D) none of the above B

Question 4

Expenditure on free meals to employee in excess of………………per meal will be treated as perquisite of employee.

Accepted Answer

A) ` 25 
B) 50 
C) ` 100 
D) ` 55 
A) ` 25 
B) 50 
C) ` 100 
D) ` 55

Question 5

The maximum limit for the claim of deduction under salary head Contributions to certain pension funds of LIC or any other insurer is .

Accepted Answer

A) up to ` 2,00,000 
B) up to ` 1,50,000 
C) up to ` 1,75,000 
D) none of the above 
A) up to ` 2,00,000 
B) up to ` 1,50,000 
C) up to ` 1,75,000 
D) none of the above

Question 6

The income is chargeable under the head of salary under ……………of Income Tax Act, 1961.

Accepted Answer

A) section 15 
B) section 20 
C) section 14 
D) section 16 
A) section 15 
B) section 20 
C) section 14 
D) section 16

Question 7

Deduction under section 80C to 80U cannot exceed .

Accepted Answer

A) gross total income 
B) total income 
C) income from business or profession 
D) income from house property 
A) gross total income 
B) total income 
C) income from business or profession 
D) income from house property

Question 8

Income tax rate for the senior citizens for year 2016-17 is .

Accepted Answer

A) upto ` 5 lakh is nil 
B) upto ` 10 lakh is 10% 
C) upto ` 5 lakh is 10% 
D) none of the above 
A) upto ` 5 lakh is nil 
B) upto ` 10 lakh is 10% 
C) upto ` 5 lakh is 10% 
D) none of the above

Question 9

Income accrued outside India and received outside India is taxable in case of.

Accepted Answer

A) resident and ordinary resident (ror) only 
B) resident but not ordinary resident (rnor) only 
C) non-resident only 
D) ror, rnor and non-resident 
A) resident and ordinary resident (ror) only 
B) resident but not ordinary resident (rnor) only 
C) non-resident only 
D) ror, rnor and non-resident

Question 10

For computation for Income tax liability for individual, the Education Cess is

Accepted Answer

A) 3% 
B) 4% 
C) 2.5% 
D) 2% 
A) 3% 
B) 4% 
C) 2.5% 
D) 2%

Question 11

The following is not taxable as income under the head "Salaries":

Accepted Answer

A) commission received by a full-time director 
B) remuneration received by a partner 
C) allowances received by an employee 
D) free accommodation given to an employee 
A) commission received by a full-time director 
B) remuneration received by a partner 
C) allowances received by an employee 
D) free accommodation given to an employee

Question 12

Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under .

Accepted Answer

A) section 15 
B) section 20 
C) section 17 
D) section 19 
A) section 15 
B) section 20 
C) section 17 
D) section 19

Question 13

Total income is to be rounded off to nearest multiple of …………….and tax is to be rounded off to nearest multiple of .

Accepted Answer

A) ten rupee 
B) hundred, ten 
C) ten, ten 
D) rupee, rupee 
A) ten rupee 
B) hundred, ten 
C) ten, ten 
D) rupee, rupee

Question 14

Gift to employee up to p.a. will not be treated as perquisite taxable in the hands of employee.

Accepted Answer

A) ` 4,000 
B) ` 5,000 
C) ` 10,000 
D) 2,500 
A) ` 4,000 
B) ` 5,000 
C) ` 10,000 
D) 2,500

Question 15

……………….of Income Tax Act defines the perquisites and their valuation.

Accepted Answer

A) section 18 
B) section17 
C) section 18(c) 
D) section 17(c) 
A) section 18 
B) section17 
C) section 18(c) 
D) section 17(c)

Question 16

Compensation received on voluntary retirement is given by of Income Tax Act, 1961.

Accepted Answer

A) section 10(10d) 
B) section 10(10c) 
C) section 10(10e) 
D) section 11(10d) 
A) section 10(10d) 
B) section 10(10c) 
C) section 10(10e) 
D) section 11(10d)

Question 17

The assesses can claim relief under…………….for arrears or advance salary.

Accepted Answer

A) section 89(1) 
B) section 89(2) 
C) section 89(3) 
D) section 89(4) 
A) section 89(1) 
B) section 89(2) 
C) section 89(3) 
D) section 89(4)

Question 18

The entertainment allowance is applicable to .

Accepted Answer

A) private sector employees 
B) public sector employees 
C) government employees 
D) all of the above 
A) private sector employees 
B) public sector employees 
C) government employees 
D) all of the above

Question 19

Which of the following is not taxable under the head Salary?

Accepted Answer

A) remuneration paid to the lecturer of a college for setting a question paper 
B) salary received by a member of parliament 
C) commission received by an employee director of a company 
D) both (a) and (b) 
A) remuneration paid to the lecturer of a college for setting a question paper 
B) salary received by a member of parliament 
C) commission received by an employee director of a company 
D) both (a) and (b)

Question 20

The family pension received by the family members of armed forces after death of employee is .

Accepted Answer

A) exempt fully 
B) exempted after fulfilling of certain conditions 
C) not exempted 
D) none of the above 
A) exempt fully 
B) exempted after fulfilling of certain conditions 
C) not exempted 
D) none of the above

If loan granted by employer to employee does not exceed …………., it is not treated as perquisite to employee for purpose of income tax.

Pension is ……………under the salary head.

The death-cum-retirement gratuity received by the Government Employee or employee of local authority is .

Expenditure on free meals to employee in excess of………………per meal will be treated as perquisite of employee.

The maximum limit for the claim of deduction under salary head Contributions to certain pension funds of LIC or any other insurer is .

The income is chargeable under the head of salary under ……………of Income Tax Act, 1961.

Deduction under section 80C to 80U cannot exceed .

Income tax rate for the senior citizens for year 2016-17 is .

Income accrued outside India and received outside India is taxable in case of.

For computation for Income tax liability for individual, the Education Cess is

The following is not taxable as income under the head "Salaries":

Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under .

Total income is to be rounded off to nearest multiple of …………….and tax is to be rounded off to nearest multiple of .

Gift to employee up to p.a. will not be treated as perquisite taxable in the hands of employee.

……………….of Income Tax Act defines the perquisites and their valuation.

Compensation received on voluntary retirement is given by of Income Tax Act, 1961.

The assesses can claim relief under…………….for arrears or advance salary.

The entertainment allowance is applicable to .

Which of the following is not taxable under the head Salary?

The family pension received by the family members of armed forces after death of employee is .

Income Tax Act 1961

Income From House Property

Capital Gain

Assessment of Various Entities

Miscellaneous and Computation of Total Taxable Income of an Individual

Filters

Exam 2: Income From Salary

If loan granted by employer to employee does not exceed …………., it is not treated as perquisite to employee for purpose of income tax.

Pension is ……………under the salary head.

The death-cum-retirement gratuity received by the Government Employee or employee of local authority is .

Expenditure on free meals to employee in excess of………………per meal will be treated as perquisite of employee.

The maximum limit for the claim of deduction under salary head Contributions to certain pension funds of LIC or any other insurer is .

The income is chargeable under the head of salary under ……………of Income Tax Act, 1961.

Deduction under section 80C to 80U cannot exceed .

Income tax rate for the senior citizens for year 2016-17 is .

Income accrued outside India and received outside India is taxable in case of.

For computation for Income tax liability for individual, the Education Cess is

The following is not taxable as income under the head "Salaries":

Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under .

Total income is to be rounded off to nearest multiple of …………….and tax is to be rounded off to nearest multiple of .

Gift to employee up to p.a. will not be treated as perquisite taxable in the hands of employee.

……………….of Income Tax Act defines the perquisites and their valuation.

Compensation received on voluntary retirement is given by of Income Tax Act, 1961.

The assesses can claim relief under…………….for arrears or advance salary.

The entertainment allowance is applicable to .

Which of the following is not taxable under the head Salary?

The family pension received by the family members of armed forces after death of employee is .

Income Tax Act 1961

Income From House Property

Capital Gain

Assessment of Various Entities

Miscellaneous and Computation of Total Taxable Income of an Individual

Filters