Question 1

Capital LosseCan be carry forward up to next______________assessment years from the assessment year in which the loss was incurred

Accepted Answer

A)  8
B)  4
C)  2
D)  5 A

Question 2

Salary should have relationship

Accepted Answer

A)  employer employee
B)  Master and servent
C)  both a and b
D)  none of the above C

Question 3

Full form of TDS

Accepted Answer

A)  Tax deducted at source
B)  Tax deducted for source
C)  tax deducted by source
D)  none of above A

Question 4

which of the following are the basic condition to become resident of india

Accepted Answer

A)  He must be in India for 182 days or more in relevent previous year
B)  He must be in India for 60 days or more in Relevent Previous year AND In preceding 4 previous year he must be in
C)  both a and b
D)  none of the above

Question 5

An allowance to meet the expenses in connection with the rent of the house, by whatever name called

Accepted Answer

A)  House Rent allowance
B)  Perquisites
C)  pension
D)  none of the above

Question 6

It is an extra amount given to an employee to meet the burden of inflation or increased cost of living.

Accepted Answer

A)  House Rent allowance
B)  Dearness allowance
C)  both a and b
D)  none of the above

Question 7

Arear on salary are taxable on

Accepted Answer

A)  Receipt
B)  due
C)  Receipt or due whichever is earlier
D)  none of the above

Question 8

salary is chargeable to tax on

Accepted Answer

A)  Receipt
B)  due
C)  Receipt or due whichever is earlier
D)  none of the above

Question 9

Which of the allowances are fully taxable

Accepted Answer

A)  Dearness allowance
B)  Lunch allowance
C)  Medical allowance
D)  All of the above

Question 10

profit or income of that particular year.

Accepted Answer

A)  set off
B)  carry forward
C)  none of above
D)  both of above

Question 11

means fixed quantum of money given regularly in addition to salary to meet particular requirement

Accepted Answer

A)  Allowance
B)  Perquisites
C)  pension
D)  none of the above

Exam 2: Taxation and Allowances