McqMate
| 1. |
The Income Tax Act, was enacted in: |
| A. | 1921 |
| B. | 1951 |
| C. | 1961 |
| D. | 1981 |
| Answer» C. 1961 | |
| 2. |
Mr. X has started his business from 2nd Sept,2019 and does not have any other source of Income, his first previous year will start from |
| A. | 1st April, 201 9 |
| B. | 2nd September,2019 |
| C. | Any of the above |
| D. | None of the above |
| Answer» B. 2nd September,2019 | |
| 3. |
In Assessment year, the tax will be calculated at |
| A. | current year rate |
| B. | previous year rate |
| C. | previous to previous year rate |
| D. | none of the above |
| Answer» A. current year rate | |
| 4. |
Assesee means a person from whome |
| A. | Tax is to be collected |
| B. | Tds is to be deducted |
| C. | Advance tax is collected |
| D. | all of the above |
| Answer» D. all of the above | |
| 5. |
Agriculture income is exempt in India: |
| A. | True |
| B. | False |
| C. | Somewhat agree |
| D. | Neither of them |
| Answer» A. True | |
| 6. |
Agricultural income from foreign is taxable |
| A. | True |
| B. | False |
| C. | Somewhat agree |
| D. | Neither of them |
| Answer» A. True | |
| 7. |
Sale of land is a |
| A. | Capital Receipt |
| B. | Revenue Receipt |
| C. | Both of the above |
| D. | Neither of the above |
| Answer» A. Capital Receipt | |
| 8. |
Sales of goods is a |
| A. | Revenue Receipt |
| B. | Capital Receipt |
| C. | Both of the above |
| D. | Neither of the above |
| Answer» A. Revenue Receipt | |
| 9. |
As the income goes up, the slab of income tax rate goes |
| A. | up |
| B. | down |
| C. | moderate |
| D. | fluctuate |
| Answer» A. up | |
| 10. |
The financial year starts from |
| A. | 1st Jan to 31st Dec |
| B. | 1st April to 31st March |
| C. | 1st Oct to 30th September |
| D. | 1st July to 31st August |
| Answer» B. 1st April to 31st March | |
| 11. |
Person includes |
| A. | AOP |
| B. | BOI |
| C. | Company |
| D. | All of the above |
| Answer» D. All of the above | |
| 12. |
Income tax is paid by every individual depending on his |
| A. | citizenship |
| B. | residential status |
| C. | both of the above |
| D. | neither of the above |
| Answer» B. residential status | |
| 13. |
Income tax is a |
| A. | Direct tax |
| B. | Indirect tax |
| C. | Neither of the above |
| D. | Both of the above |
| Answer» A. Direct tax | |
| 14. |
Income tax is collected by |
| A. | state government |
| B. | central government |
| C. | Semi-Government |
| D. | All of the above |
| Answer» B. central government | |
| 15. |
Assessee includes any person in respect of whom: |
| A. | who is liable to pay tax |
| B. | any person in respect of whom proceedings under the Act have been started |
| C. | any person who is deemed to be an asssessee |
| D. | all of the above |
| Answer» D. all of the above | |
| 16. |
The residential status of an Individual can be: |
| A. | Resident and Ordinary Resident |
| B. | Resident but not ordinary resident |
| C. | Non resident |
| D. | All of the above |
| Answer» D. All of the above | |
| 17. |
Citizenship is the criteria of assessment |
| A. | true |
| B. | false |
| C. | somewhat agree |
| D. | partially correct |
| Answer» A. true | |
| 18. |
An individual is said to be resident in India if he stays for_ days during the previous year |
| A. | 180 |
| B. | 182 |
| C. | 183 |
| D. | 184 |
| Answer» B. 182 | |
| 19. |
Income received or deemed to be received in India is taxable for |
| A. | ROR |
| B. | RNOR |
| C. | NR |
| D. | All of the above |
| Answer» D. All of the above | |
| 20. |
Gifts received from relatives on the occasion of marriage would be |
| A. | taxable |
| B. | exempted |
| C. | both of the above |
| D. | Neither of the above |
| Answer» B. exempted | |
| 21. |
Gifts received from others on the occasion other than marriage would be taxable if the aggregate amount exceeds |
| A. | Rs 50,000 |
| B. | Rs 51,000 |
| C. | Rs 52,000 |
| D. | Neither of the above |
| Answer» A. Rs 50,000 | |
| 22. |
As the income goes down, the slab of income tax rate goes |
| A. | up |
| B. | down |
| C. | moderate |
| D. | fluctuate |
| Answer» B. down | |
| 23. |
The calendar year starts from |
| A. | 1st Jan to 31st Dec |
| B. | 1st April to 31st March |
| C. | 1st Oct to 30th September |
| D. | 1st July to 31st August |
| Answer» A. 1st Jan to 31st Dec | |
| 24. |
Receipt of Income and remittance of income are different things |
| A. | True |
| B. | False |
| C. | Somewhat agree |
| D. | All of the above |
| Answer» A. True | |
| 25. |
Ordinary resident must stay in India for_ days during the previous year |
| A. | 60 days |
| B. | 65 days |
| C. | 70 days |
| D. | neither of the above |
| Answer» A. 60 days | |
| 26. |
A resident must stay in India for 730 days during the previous |
| A. | 6 years |
| B. | 8 years |
| C. | 7 years |
| D. | 9 years |
| Answer» C. 7 years | |
| 27. |
A person is said to be of Indian origin if he or his parent were born in |
| A. | undivided india |
| B. | divided india |
| C. | partitioned india |
| D. | Neither of the above |
| Answer» A. undivided india | |
| 28. |
Receipt by a member from HUF is fully exempt |
| A. | true |
| B. | false |
| C. | somewhat agree |
| D. | all of the above |
| Answer» A. true | |
| 29. |
Income of minor child clubbed with the income of parents gets an exemption of |
| A. | Rs 1500 |
| B. | Rs 3000 |
| C. | Rs 4000 |
| D. | Rs 2000 |
| Answer» A. Rs 1500 | |
| 30. |
To determine the residential status of HUF, the residential status of |
| A. | member is considered |
| B. | karta is considered |
| C. | co-parceners is considered |
| D. | neither of the above |
| Answer» B. karta is considered | |
| 31. |
GST is a…………………. |
| A. | Professional tax |
| B. | Direct tax |
| C. | Indirect tax |
| D. | Service tax |
| Answer» C. Indirect tax | |
| 32. |
A person with the age of or more is considered as a super senior citizen as per Income tax Act. |
| A. | 56 |
| B. | 60 |
| C. | 80 |
| D. | 85 |
| Answer» C. 80 | |
| 33. |
Assessment year is the period of 12 months commencing from_every year. |
| A. | 1st March |
| B. | 31s tMarch |
| C. | 1st April |
| D. | 30thApril |
| Answer» C. 1st April | |
| 34. |
Expenditure incurred on exempted income is.............. as deduction. |
| A. | Fully Allowed |
| B. | Partly Allowed |
| C. | Not Allowed |
| D. | None of these |
| Answer» A. Fully Allowed | |
| 35. |
HRA is……………….. |
| A. | Fully Taxable |
| B. | Partly Taxable |
| C. | Fully Exempted |
| D. | None of these |
| Answer» B. Partly Taxable | |
| 36. |
If the assessee is living in own house HRA is………….. |
| A. | Fully Taxable |
| B. | Partly Taxable |
| C. | Fully Exempted |
| D. | None of these |
| Answer» A. Fully Taxable | |
| 37. |
Children education allowance is exempt up to per month per child for two children. |
| A. | Rs.100 |
| B. | Rs.150 |
| C. | Rs.200 |
| D. | Rs.250 |
| Answer» A. Rs.100 | |
| 38. |
Children hostel allowance is exempt up to per month per child for |
| A. | 2 child |
| B. | 3 child |
| C. | 4 child |
| D. | 7 child |
| Answer» A. 2 child | |
| 39. |
Transport allowance given by the employer to the employee is exempt up to……….. |
| A. | Rs.1000p.m |
| B. | Rs.1600p.m |
| C. | Rs.1000p.a |
| D. | Rs.1600p.a |
| Answer» B. Rs.1600p.m | |
| 40. |
Education allowance is exempted for…….. |
| A. | One person |
| B. | Four persons |
| C. | Two persons |
| D. | None of these |
| Answer» C. Two persons | |
| 41. |
Gratuity received by a government employee is....................... |
| A. | Fully exempted |
| B. | Partly exempted |
| C. | Fully taxable |
| D. | Exempted up toRs:1,00,000 |
| Answer» A. Fully exempted | |
| 42. |
The periodic payment of money for the past service is known as........................ |
| A. | Gratuity |
| B. | Pension |
| C. | Commuted pension |
| D. | Leave salary |
| Answer» B. Pension | |
| 43. |
Pension is taxable under_head. |
| A. | Salary |
| B. | House property |
| C. | Capital gains |
| D. | other sources |
| Answer» A. Salary | |
| 44. |
Which of the following is not included in salaryincome. |
| A. | Commuted pension |
| B. | Un commuted pension |
| C. | Family pension |
| D. | Leave salary |
| Answer» C. Family pension | |
| 45. |
Dearness allowance is taxable in the handsof................. |
| A. | Govtemployees |
| B. | Non Govtemployees |
| C. | Allemployees. |
| D. | None ofthese. |
| Answer» D. None ofthese. | |
| 46. |
Deduction under section 80 C is available for investments in |
| A. | Unit link insurance plan |
| B. | LIC |
| C. | Statutory provident fund |
| D. | All of these |
| Answer» D. All of these | |
| 47. |
Deduction under section 80 CCD is available to investment made in the fund of |
| A. | State government |
| B. | Deemed government |
| C. | Centralgovt. |
| D. | None of these |
| Answer» C. Centralgovt. | |
| 48. |
Maximum deduction under section 80CCE is subject to a maximum of |
| A. | Rs. 5,00,000. |
| B. | Rs.2,00,000. |
| C. | Rs.1,00,000. |
| D. | Rs.1,50,000. |
| Answer» D. Rs.1,50,000. | |
| 49. |
.Deduction under section 80D is available on |
| A. | Health Insurance Premium |
| B. | Life Insurance Premium |
| C. | Education Insurance Premium |
| D. | None of these |
| Answer» A. Health Insurance Premium | |
| 50. |
Deduction under section 80 D is subject to |
| A. | 25,000 |
| B. | 50,000 |
| C. | 70,000 |
| D. | None of these |
| Answer» A. 25,000 | |
| 51. |
Deduction under section 80DD is available to |
| A. | dependent |
| B. | disabled dependent |
| C. | Less dependent |
| D. | None of these |
| Answer» B. disabled dependent | |
| 52. |
Deduction under sec 80DD is available to the extent of |
| A. | Rs 75,000 |
| B. | Rs 50,000 |
| C. | Rs 25,000 |
| D. | None of these |
| Answer» A. Rs 75,000 | |
| 53. |
Deduction under section 80DDB is available to the extent of |
| A. | 40,000 |
| B. | 20,000 |
| C. | 30,000 |
| D. | None of these |
| Answer» A. 40,000 | |
| 54. |
Deduction under section 80E is available on |
| A. | education |
| B. | health |
| C. | life |
| D. | none of these |
| Answer» A. education | |
| 55. |
Deduction under 80 QQB is available in respect of |
| A. | royalty income |
| B. | health |
| C. | education |
| D. | none of these |
| Answer» A. royalty income | |
| 56. |
Every assesse has to file return of income if their taxable income exceeds |
| A. | gross total income |
| B. | total income |
| C. | net income |
| D. | basic exemption limit |
| Answer» D. basic exemption limit | |
| 57. |
.The due date of filing return of income in case of company is |
| A. | 30th September |
| B. | 31st march |
| C. | 1stapril |
| D. | none of these |
| Answer» A. 30th September | |
| 58. |
if total income is up to 50,000 then the late fees of filing ROI IS |
| A. | 1,000 |
| B. | 2,000 |
| C. | 3,000 |
| D. | NONE OF THESE |
| Answer» A. 1,000 | |
| 59. |
If total income is up to 5,00,000 then the late fees of filing ROI is |
| A. | 1,000 |
| B. | 5,000 |
| C. | 3,000 |
| D. | NONE OF THESE |
| Answer» B. 5,000 | |
| 60. |
Sales tax collected from the buyer of the goods is |
| A. | Capital receipt |
| B. | Revenue receipt |
| C. | Deferred revenue receipt |
| D. | Profits in lieu of salary |
| Answer» D. Profits in lieu of salary | |
| 61. |
Income tax is collected on all types ofincome except . |
| A. | Agricultural Income |
| B. | Industrial Income |
| C. | Capital Gain |
| D. | Household Property |
| Answer» A. Agricultural Income | |
| 62. |
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 | |
| 63. |
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 | |
| 64. |
As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year. |
| A. | Current year |
| B. | One year before previous year |
| C. | Previous year |
| D. | None of the above |
| Answer» C. Previous year | |
| 65. |
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 | |
| 66. |
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 | |
| 67. |
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 | |
| 68. |
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 | |
| 69. |
Agricultural income is completely exempted for assessment year . |
| A. | 1974-75 |
| B. | 1985-86 |
| C. | 1975-76 |
| D. | 1978-79 |
| Answer» A. 1974-75 | |
| 70. |
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 | |
| 71. |
An individual is said to be resident in India if . |
| A. | It is in India in the previous year for a period of 182 days or more |
| B. | It is in India for period of 60 days or more during the previous and 365 days or more during the four years immediately proceeding previous year |
| C. | All of the above |
| D. | None of the above |
| Answer» C. All of the above | |
| 72. |
The HUF is said to be resident in India if . |
| A. | The control and management of its affairs is wholly or partly situated in India |
| B. | The control and management of its affairs is partially situated out of India |
| C. | The control and management of its affairs is wholly or partly in out of India |
| D. | None of the above |
| Answer» A. The control and management of its affairs is wholly or partly situated in India | |
| 73. |
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 | |
| 74. |
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 | |
| 75. |
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 |
| Answer» A. Taxable as per slabs | |
| 76. |
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 | |
| 77. |
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 | |
| 78. |
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 | |
| 79. |
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 | |
| 80. |
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 | |
| 81. |
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 | |
| 82. |
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 | |
| 83. |
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 | |
| 84. |
__________ is exempted from income tax. |
| A. | Interest from Indian company |
| B. | Dividend from foreign company |
| C. | (a) Cooperative dividend |
| D. | (d) Dividend from Indian company |
| Answer» D. (d) Dividend from Indian company | |
| 85. |
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» A. Section 80C | |
| 86. |
_________ of Income Tax Act is related to residential status. |
| A. | Section 2 |
| B. | Section |
| C. | Section 5 |
| D. | Section 4 |
| Answer» A. Section 2 | |
| 87. |
Resident of India includes . |
| A. | Ordinarily resident |
| B. | Not ordinarily resident |
| C. | NRI |
| D. | Both (a) and (b) |
| Answer» D. Both (a) and (b) | |
| 88. |
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 | |
| 89. |
The meaning of exempted income is . |
| A. | Not included in total income |
| B. | Agricultural income |
| C. | Not taxable under income tax |
| D. | All of the above |
| Answer» A. Not included in total income | |
| 90. |
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 | |
| 91. |
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 | |
| 92. |
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 | |
| 93. |
____________ comes under agricultural income. |
| A. | Tea garden |
| B. | Commodity farming |
| C. | All of the above |
| D. | None of the above |
| Answer» A. Tea garden | |
| 94. |
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 | |
| 95. |
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 | |
| 96. |
The definition of the person includes . |
| A. | An individual |
| B. | A company |
| C. | A Hindu undivided family |
| D. | All of the above |
| Answer» D. All of the above | |
| 97. |
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. | (c) Exempted from tax |
| D. | (d)None of the above |
| Answer» C. (c) Exempted from tax | |
| 98. |
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 | |
| 99. |
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 | |
| 100. |
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. | (c) Taxable |
| D. | (d)Can’t say |
| Answer» A. Not taxable | |
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