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McqMate
Chapters
1. |
Income Tax Act was passed in the year _________. |
A. | 1947 |
B. | 1950 |
C. | 1961 |
D. | 1991 |
Answer» C. 1961 |
2. |
Life Insurance Corporation of India is a _______________. |
A. | AOP |
B. | Firm |
C. | Company |
D. | Individual |
Answer» C. Company |
3. |
……………………. is an artificial person registered under Indian Companies Act 1956. |
A. | Individual |
B. | Company |
C. | Firm |
D. | Local Authority |
Answer» B. Company |
4. |
The first income tax act was introduced in the year |
A. | 1918 |
B. | 1861 |
C. | 1860 |
D. | 1886 |
Answer» C. 1860 |
5. |
The apex body of Income Tax Department. is |
A. | Finance Ministry of Central Govt. |
B. | Central Govt. of India. |
C. | CBDT |
D. | Dept. of Revenue |
Answer» C. CBDT |
6. |
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of |
A. | Resident |
B. | Not Ordinarily Resident |
C. | Non-Resident |
D. | All of the above |
Answer» D. All of the above |
7. |
The Income Tax Act, which is still in force in India, was enforced in |
A. | 1922 |
B. | 1961 |
C. | 1860 |
D. | None of the above |
Answer» B. 1961 |
8. |
Mr. X has started has business from 1st Sept '16 and does not have any other source of income. His first previous year will start from |
A. | 1st April '16 |
B. | 1st Sept '16 |
C. | Any of the above |
D. | None of the above. |
Answer» B. 1st Sept '16 |
9. |
According to Section 2(7) of Income Tax Act "Assessee" means a person |
A. | By whom any tax or other sum of money is payable |
B. | By whom any proceeding under the Act has been taken |
C. | Who is deemed to be an assessee in default under any provision of this Act |
D. | All of the above |
Answer» D. All of the above |
10. |
Amongst the following _________________ is empowered to levy tax on agricultural income. |
A. | Central Government |
B. | State Government |
C. | Commissioner |
D. | President |
Answer» B. State Government |
11. |
A person includes: |
A. | Only Individual |
B. | Only Individual and HUF |
C. | Individuals, HUF, Firm, Company only |
D. | Individuals, HUF, Company, Firm, AOP or BOI, Local Authority, Every |
Answer» D. Individuals, HUF, Company, Firm, AOP or BOI, Local Authority, Every |
12. |
XYZ LLP falls under which---------- category of person - |
A. | Individual |
B. | Partnership firm |
C. | Company |
D. | Association of person |
Answer» B. Partnership firm |
13. |
Which amongst the following is not a head of Income? |
A. | Salaries |
B. | Income from house Property |
C. | Capital gains |
D. | Income from exports |
Answer» D. Income from exports |
14. |
Income is divided in ___________ heads of Income. |
A. | 4 |
B. | 5 |
C. | 6 |
D. | 3 |
Answer» B. 5 |
15. |
Which of the following is not included in taxable income - |
A. | Reimbursement of expenses |
B. | Cash gifts received from non-relatives |
C. | Income from illegal activity |
D. | Profit on sale of equity shares of unlisted company |
Answer» A. Reimbursement of expenses |
16. |
Which amongst the following is Artificial Juridical Person? |
A. | Corporation |
B. | Local Fund |
C. | District Board |
D. | None of these |
Answer» A. Corporation |
17. |
The Central Government has notified Income computation and disclosure standards for computing income under the head Profits and Gains of Business and Profession - . |
A. | 2 |
B. | 5 |
C. | 8 |
D. | 10 |
Answer» D. 10 |
18. |
An assessee incurred expense of tax on non monetary perquisites of employees. Such expenditure shall be considered as: |
A. | Revenue expenditure |
B. | Deferred revenue |
C. | Capital expenditure |
D. | Expressly disallowed |
Answer» D. Expressly disallowed |
19. |
Contribution was made by PFI towards Credit Guarantee Fund Trust. Such expenditure shall be considered as: |
A. | Revenue expenditure |
B. | Capital expenditure |
C. | Deferred revenue expenditure |
D. | Illegal expenditure |
Answer» A. Revenue expenditure |
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