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B Com Exam  >  B Com Tests  >  Income Tax Laws  >  Test: Computation of Total Income- 2 - B Com MCQ

Test: Computation of Total Income- 2 - B Com MCQ


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10 Questions MCQ Test Income Tax Laws - Test: Computation of Total Income- 2

Test: Computation of Total Income- 2 for B Com 2024 is part of Income Tax Laws preparation. The Test: Computation of Total Income- 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Computation of Total Income- 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Computation of Total Income- 2 below.
Solutions of Test: Computation of Total Income- 2 questions in English are available as part of our Income Tax Laws for B Com & Test: Computation of Total Income- 2 solutions in Hindi for Income Tax Laws course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Computation of Total Income- 2 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Income Tax Laws for B Com Exam | Download free PDF with solutions
Test: Computation of Total Income- 2 - Question 1
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Which type of expenditure is generally incurred to acquire a fixed asset or in connection with its installation?

Detailed Solution for Test: Computation of Total Income- 2 - Question 1
Capital expenditure is incurred to acquire fixed assets or for their installation. These expenses are not immediately charged to expenses but are capitalized and written off over time.
Test: Computation of Total Income- 2 - Question 2
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What is the maximum permissible deduction under Section 80C, including deductions under Sections 80CCC and 80CCD?

Detailed Solution for Test: Computation of Total Income- 2 - Question 2
Section 80C provides deductions for various investments and payments, and the maximum permissible deduction is Rs. 1,50,000 along with deductions under Sections 80CCC and 80CCD.
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Test: Computation of Total Income- 2 - Question 3
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If an individual receives compensation for surrendering a right, what type of receipt is it?

Detailed Solution for Test: Computation of Total Income- 2 - Question 3
Compensation received for surrendering a right is considered a capital receipt. It involves a termination of a source of income and is therefore treated as capital in nature.
Test: Computation of Total Income- 2 - Question 4
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What is the maximum deduction available under Section 80D for insurance of parents who are less than 60 years of age?
Detailed Solution for Test: Computation of Total Income- 2 - Question 4
Under Section 80D, a deduction of Rs. 25,000 can be claimed for insurance of parents who are less than 60 years of age. This can be in addition to the deduction for insurance of self, spouse, and dependent children.
Test: Computation of Total Income- 2 - Question 5
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In which section of the Income Tax Act is the provision for deduction of interest on loans taken for higher education mentioned?
Detailed Solution for Test: Computation of Total Income- 2 - Question 5
Section 80E of the Income Tax Act provides a deduction for interest on loans taken for higher education. The deduction can be claimed for a maximum of 8 years or until the entire interest is repaid, whichever is earlier.
Test: Computation of Total Income- 2 - Question 6
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Which condition must be satisfied to claim a deduction under Section 80GG (Deduction in respect of rent paid)?
Detailed Solution for Test: Computation of Total Income- 2 - Question 6
To claim a deduction under Section 80GG, the assessee should not own any residential property at the place of his/her employment or business, and the accommodation should be occupied for his/her own residence.
Test: Computation of Total Income- 2 - Question 7
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Which type of deduction is available for individuals suffering from physical disability or mental retardation?
Detailed Solution for Test: Computation of Total Income- 2 - Question 7
Section 80U provides a deduction for individuals suffering from physical disability or mental retardation. The deduction amount is Rs. 75,000 and can be higher for severe disabilities.
Test: Computation of Total Income- 2 - Question 8
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What type of deduction is available to senior citizens for interest income from deposits held by them?
Detailed Solution for Test: Computation of Total Income- 2 - Question 8
Section 80TTB provides a deduction for interest income from deposits held by senior citizens. The deduction limit is Rs. 50,000, and this deduction is over and above the deduction available under Section 80C.
Test: Computation of Total Income- 2 - Question 9
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Which deduction is available for payments made by an Indian company to any political party?
Detailed Solution for Test: Computation of Total Income- 2 - Question 9
Section 80GGB provides a deduction for any sum contributed by an Indian company to any political party. It is important to note that no deduction shall be allowed for cash contributions.
Test: Computation of Total Income- 2 - Question 10
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If an individual receives a sum as compensation for the termination of a source of income, what type of receipt is it?
Detailed Solution for Test: Computation of Total Income- 2 - Question 10
Compensation received for the termination of a source of income is considered a capital receipt. It involves the loss of future income and is therefore treated as capital in nature.
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