Chapters
| 1. |
Income tax is collected on all types of income except . |
| A. | agricultural income |
| B. | industrial income |
| C. | capital gain |
| D. | household property |
| Answer» A. agricultural income | |
| 2. |
The Income Tax Act came into force from . |
| A. | 1st march 1971 |
| B. | 1st april 1971 |
| C. | 1st march 1961 |
| D. | 1st april 1961 |
| Answer» D. 1st april 1961 | |
| 3. |
The Income Tax Act came into force all over India except . |
| A. | andaman & nicobar |
| B. | maldives |
| C. | jammu & kashmir |
| D. | none of the above |
| Answer» D. none of the above | |
| 4. |
As per Income Tax Act, 1961, income tax is charged on the income of
|
| A. | current year |
| B. | one year before previous year |
| C. | previous year |
| D. | none of the above |
| Answer» C. previous year | |
| 5. |
The tax payer liability is determined with reference to his or her . |
| A. | financial status |
| B. | residential status |
| C. | all of the above |
| D. | none of the above |
| Answer» B. residential status | |
| 6. |
As per the definition of Income, the income includes the following . |
| A. | profits and gains |
| B. | dividend declared |
| C. | voluntary contribution received by a trust created |
| D. | all of the above |
| Answer» D. all of the above | |
| 7. |
The period of 12 months commencing on the first day of April every year and ending on 31st March is called as . |
| A. | previous year |
| B. | assessment year |
| C. | accounting year |
| D. | financial year |
| Answer» B. assessment year | |
| 8. |
Previous year means the financial year immediately preceding the . |
| A. | accounting year |
| B. | assessment year |
| C. | all of the above |
| D. | none of the above |
| Answer» B. assessment year | |
| 9. |
Agricultural income is completely exempted for assessment year |
| A. | 1974-75 |
| B. | 1985-86 |
| C. | 1975-76 |
| D. | 1978-79 |
| Answer» A. 1974-75 | |
| 10. |
The income from foreign companies by providing the services in project connected with security of India is from tax liability. |
| A. | 50% exempted |
| B. | 20% exempted |
| C. | 100% exempted |
| D. | 55% exempted |
| Answer» C. 100% exempted | |
| 11. |
The awards and rewards are exempted from Income Tax if . |
| A. | payment is in cash |
| B. | payment is in kind |
| C. | payment is in cash or in kind |
| D. | none of the above |
| Answer» C. payment is in cash or in kind | |
| 12. |
Income received in India whether occurred in India or outside India, the tax incidence in case of resident is . |
| A. | taxable as per slabs |
| B. | exempted from tax |
| C. | partly exempted |
| D. | none of the above |
| Answer» A. taxable as per slabs | |
| 13. |
Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is . |
| A. | taxable as per slabs |
| B. | exempted from tax |
| C. | partly exempted |
| D. | none of the above |
| Answer» A. taxable as per slabs | |
| 14. |
Income received in India whether occurred in India or outside India, the tax incidence in case of non-resident is . |
| A. | taxable as per slabs |
| B. | exempted from slab |
| C. | partly exempted |
| D. | none of the above |
| Answer» A. taxable as per slabs | |
| 15. |
Income deemed to be received in India whether occurred in India or outside India, the tax incidence in case of resident is . |
| A. | taxable as per slabs |
| B. | exempted from slab |
| C. | partly exempted |
| D. | none of the above |
| Answer» A. taxable as per slabs | |
| 16. |
The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of resident is . |
| A. | taxable |
| B. | non-taxable |
| C. | partly taxable |
| D. | none of the above |
| Answer» A. taxable | |
| 17. |
The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is . |
| A. | taxable |
| B. | non-taxable |
| C. | partly taxable |
| D. | none of the above |
| Answer» B. non-taxable | |
| 18. |
The tax incidence for company or firm in which income received in India and company is resident is . |
| A. | taxable |
| B. | non-taxable |
| C. | partly taxable |
| D. | none of the above |
| Answer» A. taxable | |
| 19. |
The tax incidence for company or firm in which income received in India and company for non-resident is . |
| A. | taxable |
| B. | non-taxable |
| C. | partly taxable |
| D. | none of the above |
| Answer» A. taxable | |
| 20. |
The tax incidence for company or firm in which income received outside India from a source controlled from India for resident is . |
| A. | taxable |
| B. | non-taxable |
| C. | partly taxable |
| D. | none of the above |
| Answer» A. taxable | |
| 21. |
The tax incidence for company or firm in which income received outside India from a source controlled from India for non-resident is . |
| A. | non-taxable |
| B. | taxable |
| C. | partly taxable |
| D. | none of the above |
| Answer» A. non-taxable | |
| 22. |
…………. is exempted from income tax. |
| A. | interest from indian company |
| B. | dividend from foreign company |
| C. | cooperative dividend |
| D. | dividend from indian company |
| Answer» D. dividend from indian company | |
| 23. |
Which section of the Income Tax Act exempted incomes have been mentioned? |
| A. | section 80c |
| B. | section 80dd |
| C. | section 10 |
| D. | section 2 |
| Answer» C. section 10 | |
| 24. |
……………….of Income Tax Act is related to residential status. |
| A. | section 2 |
| B. | section 6 |
| C. | section 5 |
| D. | section 4 |
| Answer» B. section 6 | |
| 25. |
Resident of India includes . |
| A. | ordinarily resident |
| B. | not ordinarily resident |
| C. | nri |
| D. | both (a) and (b) |
| Answer» D. both (a) and (b) | |