McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
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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