1. When the income of minor child is included in the income of parent, then parent is
entitled to an exemption up to:
Correct : B. Rs: 1,500 per child
2. Loss in respect of speculation business can be:
Correct : B. Set-off with profit from another speculation business
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.
Correct : C. 8 years
4. The losses of non-speculation business can be carried forward and set off against:
Correct : B. Profit from any business
5. The losses of non-speculation business can be carried forward for:
Correct : B. 8 years
6. The losses of speculation business can be carried forward for:
Correct : A. 4 years
7. The losses from specified business can be carried forward and can be set-off against
profits of:
Correct : A. Specified business only
8. S T C L can be carried forward for:
Correct : C. 8 years
9. S T C L can be carried forward and set-off against:
Correct : C. S T C G or L T C G
10. L T C L can be carried forward for:
Correct : C. 8 years
11. L T C L can be carried forward and set-off against:
Correct : A. L T C G only
12. Loss from the activity of owning and maintaining race horses can be carried forward for:
Correct : A. 4 years
13. Only................are entitled to deduction under section 80 U.
Correct : B. Individuals
14. The amount of deduction under section 80 C is restricted to:
Correct : B. Rs: 1,50,000
15. The aggregate amount of deduction under section 80 C, section 80 CCC and section 80
CCD(1) shall not exceed:
Correct : B. Rs: 1,50,000
16. The deduction in respect of medical treatment of a dependent who is a person with
disability is:
Correct : C. Rs: 75,000
17. The deduction in respect of medical treatment of a dependent who is a person with
disability is:
Correct : B. Rs: 1,25,000
18. Which among the following deals with deduction in respect of donation to certain funds,
charitable institution, etc?
Correct : C. 80G
19. With effect from A. Y. 2018-19, donation should be paid in any mode other than cash
when it exceeds:
Correct : A. Rs: 2,000
20. Which among the following deals with deduction in respect of royalty income of
authors?
Correct : B. 80QQB
21. Which among the following deals with deduction in respect persons with disability?
Correct : D. 80U
22. While computing the total income, an individual assessee with disability is entitled to a
deduction of:
Correct : B. Rs: 75,000
23. An individual assessee with severe disability is entitled to a deduction of
................. while computing his total income.
Correct : C. Rs: 1,25,000
24. Hill allowance given to an employee is fully taxable, if the place is located at:
Correct : A. Less than 1,000 metre height from sea level
25. Which among the following is a fully exempted allowance?
Correct : B. U.N. allowance
26. If a partner lets out his buildings to the firm, the rent received by him will be taxed under:
Correct : B. Income from house property
27. The rate of surcharge if total income of an individual assessee exceeds Rs:fifty lakh but
does not exceed Rs: one crore is:
Correct : B. 10%
28. The rate of surcharge if total income of an individual assessee exceeds Rs: one crore is: