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McqMate
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) |
26. |
The Company may have the residential status as . |
A. | resident or non-resident |
B. | not ordinarily resident |
C. | non-resident |
D. | resident |
Answer» A. resident or non-resident |
27. |
The number of income source for a person are . |
A. | one head |
B. | two heads |
C. | various heads |
D. | any of the above |
Answer» D. any of the above |
28. |
The sum of various heads is called as . |
A. | taxable income |
B. | total income |
C. | gross total income |
D. | adjusted income |
Answer» C. gross total income |
29. |
The agricultural income includes . |
A. | income from sale of crop |
B. | income from preparation of crop |
C. | income from nursery |
D. | all of the above |
Answer» D. all of the above |
30. |
…………..comes under agricultural income. |
A. | tea garden |
B. | commodity farming |
C. | all of the above |
D. | none of the above |
Answer» C. all of the above |
31. |
If the agricultural income is ……….. then the agricultural income is considered for calculating tax. |
A. | more than ` 5,000 and total income is exceeding exemption limit |
B. | more than ` 5,000 |
C. | more than ` 10,000 |
D. | any amount |
Answer» A. more than ` 5,000 and total income is exceeding exemption limit |
32. |
The Income Tax Act, 1961 broadly covers . |
A. | basic charging income |
B. | rebates and reliefs |
C. | incomes exempted from income tax |
D. | all of the above |
Answer» D. all of the above |
33. |
The capital gain is chargeable under of Income Tax Act. |
A. | section 45 |
B. | section 55 |
C. | section 56 |
D. | section 40 |
Answer» A. section 45 |
34. |
The definition of the person includes . |
A. | an individual |
B. | a company |
C. | a hindu undivided family |
D. | all of the above |
Answer» A. an individual |
35. |
Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is . |
A. | partially taxable |
B. | fully taxable |
C. | exempted from tax |
D. | none of the above |
Answer» C. exempted from tax |
36. |
Residential Status of an assesses can be . |
A. | different for different previous year in the same assessment year |
B. | different for different assessment year |
C. | none of the above |
D. | all of the above |
Answer» B. different for different assessment year |
37. |
The income of previous year is chargeable to tax in the . |
A. | immediately succeeding assessment year |
B. | same previous year |
C. | immediately preceding academic year |
D. | none of the above |
Answer» A. immediately succeeding assessment year |
38. |
The interest on loan paid by the Government of India to a non-resident outside India is………..in India. |
A. | not taxable |
B. | partially taxable |
C. | taxable |
D. | can’t say |
Answer» A. not taxable |
39. |
Basic condition will be for a person who leaves India for employment . |
A. | at least 182 days in india |
B. | at least 60 days in previous year and 365 days in preceding 4 years |
C. | at least 730 days in preceding 7 years |
D. | all of the above |
Answer» A. at least 182 days in india |
40. |
The term income includes the following types of incomes. |
A. | illegal |
B. | legal income from india only |
C. | legal |
D. | legal and illegal both |
Answer» D. legal and illegal both |
41. |
……………is the casual income. |
A. | interest received |
B. | dividend income |
C. | pension received |
D. | winning from lotteries |
Answer» D. winning from lotteries |
42. |
The way of tax liability by taking full advantage provided by the Act is . |
A. | tax management |
B. | tax avoidance |
C. | tax planning |
D. | tax evasion |
Answer» C. tax planning |
43. |
Mr. A, partner of M/s ABC, is assessable as . |
A. | firm |
B. | an individual |
C. | body of individual |
D. | huf |
Answer» A. firm |
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