TAXATION QUIZ QUESTIONS:

1. Which of these can’t be claimed as deduction by individual taxpayers?

a. Accidental death and disability insurance
b. Health insurance of self and family
c. Preventive health check-ups of self and family
Ans: A.
2. Under how many heads the income of a taxpayer is classified?
a. 3
b. 4
c. 5
d. 6
Ans: C (Salaries, Income from house property, Profits and gains of business or
profession, Capital gains, Income from other sources)

3. Long term capital gain can be carried forward for

a. Indefinitely
b. 8 subsequent assessment years
c. 6 years
d. None of the above
Ans: B

4. Loss from specified business can be set off

a. Income other than salary
b. Any head of income
c. Profits of any other specified business only
d. None of the above
Ans: C

5. Loss from house property can be set off up to ….. from any head of income
a. 2,50,000
b. 2,00,000
c. 3,00,000
d. None of the above
Ans: B

6. The loss in speculation business can be carried forward only for a maximum period
of…
a. 4 subsequent year assessment year
b. 8 subsequent year assessment year
 c. 2 subsequent year assessment year
d. None of the above
Ans: A

7. Income tax rates are fixed in

a. Income tax Act
b. Finance Act
c. Income tax rules
d. Finance rules
Ans: B

8. Who is assesse in case of HUF?

a. Deemed Karta
b. Coparceners
c. Karta
d. None of the above
Ans: C

9. Dividend from an Indian Company is

a. Fully Taxable
b. Partly Taxable
c. Fully Exempted
d. None of the these
Ans: C

10. Bonus paid by the employer to the employee is

a. Fully taxable
b. Partly taxable
c. Fully Exempted
d. None of these
Ans: A

11. Payment made by an employer to employee monthly, other than salary is called
a. Bonus
b. Allowances
c. Benefits
d. None of the above
 Ans: B

12. If the assesse is living in own house HRA is

a. Fully taxable
b. Partly Taxable
c. Fully Exempted
d. None of the above
Ans: A

13. Income from other sources may be includes

a. Indian company dividend
b. Dividend from units
c. Foreign company dividend
d. All the above
Ans: D

14. Income from other sources is known as

a. Films head of income
b. Residuary head of income
c. Marriage heads of income
d. None of the above
Ans: B

15. In the case of bonus shares, cost of acquisition will be?

a. FMV
b. Cost of the previous owner
c. Nil
d. None of the above
Ans: C
16. In India GST became effective from
a. 1st April 2017
b. 1st January 2017
c. 1st July 2017
d. 1st March 2017
Ans: C
17. What are the taxes levied on an Intra-State Supply?
a. CGST
b. SGST
 c. CGST and SGST
d. IGST
Ans: C

18. Which of the following taxes will be levied on Imports of goods and services?
a. CGST
b. SGST
c. IGST
d. Exempt
Ans: C

19. Integrated Goods and services tax is applicable when:

a. Sold in Union territory
b. Sold from one GST dealer to another GST dealer
c. Sold within a state
d. There is interstate supply
Ans: D

20. GST can be collected by

A. Any registered dealer
B. Any GST dealer
C. Any service provider
D. Any dealer
Ans: B