| 1. |
Income tax Act extends to ____________ |
| A. | Whole of India |
| B. | Whole of India except Jammu & Kashmir |
| C. | Whole of Maharashtra Only |
| D. | Madhya Pradesh |
| Answer» A. Whole of India | |
| 2. |
Out of the following which is a revenue receipt _______________- |
| A. | Premium received on issue of new shares. |
| B. | Annuity received from former employer |
| C. | Interest from investments |
| D. | New Shares |
| Answer» C. Interest from investments | |
| 3. |
Body of individual should consist of ____________ |
| A. | Individual only |
| B. | Persons other than individual only |
| C. | A local authority |
| D. | Income of all persons |
| Answer» A. Individual only | |
| 4. |
A new business was set up on 15-11-2017 and it commences its business from 1-12-2017. The first previous year in this case shall be _______________________ |
| A. | 15-11-2017 to 31-3-2018 |
| B. | 1-12-2017 to 31-3-2018 |
| C. | 2017-18 |
| D. | 2019-20 |
| Answer» A. 15-11-2017 to 31-3-2018 | |
| 5. |
Shivaji University is assessable under the Income Tax Act as _______________. |
| A. | An Individual |
| B. | An artificial Juridical Person |
| C. | A local Authority |
| D. | Person other than Individual |
| Answer» B. An artificial Juridical Person | |
| 6. |
In which year is the income tax liability computed_______________ |
| A. | Assessment Year |
| B. | Previous Year |
| C. | Financial Year |
| D. | Calendar Year |
| Answer» A. Assessment Year | |
| 7. |
Income earned during what period is taxed____________ |
| A. | Assessment Year |
| B. | Previous Year |
| C. | Financial Year |
| D. | Calendar Year |
| Answer» B. Previous Year | |
| 8. |
Whose income is chargeable to Income tax _______________ |
| A. | Income of only Indian Citizen |
| B. | Income of only residents |
| C. | Income of all persons |
| D. | Income of only assesses |
| Answer» C. Income of all persons | |
| 9. |
One who is liable to pay the income tax__________________ |
| A. | Indian Citizen |
| B. | Resident in India |
| C. | Any Person |
| D. | An Assessee |
| Answer» D. An Assessee | |
| 10. |
Assessment year is the period of twelve months commencing on ________________ |
| A. | The first day of March every year |
| B. | The first day of January every year |
| C. | Financial year immediately preceding the previous year. |
| D. | The first day of April every year |
| Answer» D. The first day of April every year | |
| 11. |
Previous year means the _____________ |
| A. | Financial year immediately after the assessment year |
| B. | The period of twelve months commencing on the first day of April every year |
| C. | Financial year immediately preceding the assessment year. |
| D. | Calendar year immediately preceding the assessment year |
| Answer» A. Financial year immediately after the assessment year | |
| 12. |
Mr. Joshi runs a chemist`s shop, accounting year of which is the financial year. On November -9,2017.He sets up a chemical factory. What is the previous year for the assessment year 2018-19 for the above two businesses___________________ |
| A. | 1-4-2017 to 31-3-2018 for both |
| B. | 9-11-2017 to 31-3-2018 for both |
| C. | 1-1-2017 to 31-12-2017 for both |
| D. | Shop: 1-4-2017 to 31-3-2018 and factory 9-11-2017 to 31-3-2018 |
| Answer» D. Shop: 1-4-2017 to 31-3-2018 and factory 9-11-2017 to 31-3-2018 | |
| 13. |
A company joining with two other Companies in a Joint venture is treated under Income tax laws as __________. |
| A. | A Company |
| B. | An Association of persons |
| C. | A body of individuals |
| D. | An artificial juridical person |
| Answer» B. An Association of persons | |
| 14. |
Residential status is to be determined for ____________ |
| A. | Previous year |
| B. | Assessment year |
| C. | Accounting year |
| D. | Resident |
| Answer» A. Previous year | |
| 15. |
Income which accrue or arise outside India but are received directly into India are taxable in case of ________ |
| A. | Resident only |
| B. | Both ordinarily resident and NOR |
| C. | Non -resident |
| D. | All these assesses |
| Answer» D. All these assesses | |
| 16. |
Total income of person is determined on the basis of his ________________ |
| A. | Residential Status in India |
| B. | Citizenship in India |
| C. | Citizen |
| D. | Non -resident |
| Answer» A. Residential Status in India | |
| 17. |
Income which accrue or arise outside India and also received outside India is taxable in case of __________ |
| A. | Resident only |
| B. | Non- resident in India |
| C. | Not ordinarily resident in India |
| D. | Resident |
| Answer» A. Resident only | |
| 18. |
Income received in India ____________ |
| A. | Is taxable only for Resident |
| B. | Is not taxable only for a non -resident |
| C. | Is taxable for a resident, a resident but only ordinarily resident non -resident |
| D. | Is exempt in all cases. |
| Answer» C. Is taxable for a resident, a resident but only ordinarily resident non -resident | |
| 19. |
Income which accrue in India from a business controlled from India _________________ |
| A. | Is taxable only for resident |
| B. | Is not taxable only for non – resident |
| C. | Is taxable for resident, a resident but only ordinarily resident non- resident |
| D. | Is exempt in all cases |
| Answer» B. Is not taxable only for non – resident | |
| 20. |
Income accruing in Japan and received there is taxable in India in the case of ______________ |
| A. | Resident and ordinarily resident only |
| B. | A resident but not ordinarily resident |
| C. | A non -resident |
| D. | Resident |
| Answer» A. Resident and ordinarily resident only | |
| 21. |
Mr. Manmohan Sharma goes out to India every year for 274 days. For the assessment year 2018 -19, he is ____________________ |
| A. | A resident and ordinarily resident |
| B. | A resident but not ordinarily a resident |
| C. | A non-resident |
| D. | Resident |
| Answer» B. A resident but not ordinarily a resident | |
| 22. |
M.a chartered accountant is employed with M ltd, as an internal auditor and requests the employer to call the remuneration as internal audit fee.M. shall be chargeable to tax for such fees under the head __________ |
| A. | Income from salaries |
| B. | Profit and gains from business and profession |
| C. | Income from other sources |
| D. | None of these |
| Answer» A. Income from salaries | |
| 23. |
M,who is entitled to a salary of Rs.20,000 p.m took an advance of Rs.50,000 against the salary in the month of March ,2018. The gross salary of m for assessment year 2018-19 shall be _________ |
| A. | 2,90,000 |
| B. | 2,40,000 |
| C. | 50,000 |
| D. | 60,000 |
| Answer» B. 2,40,000 | |
| 24. |
M, who is entitled to salary of Rs.12,000 p.m. took advantage salary from his employer for the month of March, 2018 on 31-3-2018.The gross salary of M for assessment year 2018-19 shall__________ |
| A. | 1,44,000 |
| B. | 1,68,000 |
| C. | Rs.24,000 |
| D. | 2,90,000 |
| Answer» B. 1,68,000 | |
| 25. |
Salary of M becomes due on 1st of next month and it is paid on 7th of that month. For the assessment year 2018-19, the salary of M shall be taken from ________ |
| A. | April 2017 to March 2018 |
| B. | March 2017 to February 2018 |
| C. | April 2018 to March 2019 |
| D. | April 2019 to March 2020 |
| Answer» B. March 2017 to February 2018 | |
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