Income Tax Laws Solved MCQs

1.

What is the section of Incidence of law

A. 6
B. 5
C. 7
D. 4
Answer» B. 5
2.

Incomes which accrue or arise outside India but received directly in India are taxable in case of

A. resident and ordinarily resident only
B. resident but not ordinarily resident
C. non-resident
D. All of the above
Answer» D. All of the above
3.

R Ltd. Is an Indian company whose place of effective management is outside India. R Ltd., shall be:

A. resident in India
B. non-resident in India
C. not ordinarily resident in India
D. nt and ordinarily residen
Answer» A. resident in India
4.

government in country

A. tax
B. penalty
C. fine
D. none of the above
Answer» A. tax
5.

which of the following are the persons under sec2(A)

A. Individual
B. firm
C. body of person
D. All of the above
Answer» D. All of the above
6.

The HUF is said to be resident in India if                    

A. The control and management of its affairs is
B. The control and management of its
C. The control and management of its
D. None of the above
Answer» A. The control and management of its affairs is
7.

The Company may have the residential status as

A. Resident and non resident
B. non ordinary resident
C. ordinary Resident
D. none of the above
Answer» A. Resident and non resident
8.

Benefits Given in kind are

A. Allowance
B. Perquisites
C. both a and b
D. none of the above
Answer» B. Perquisites
9.

which of the following heads are the head of Income under Income tax Act 1961

A. salary
B. capital gain
C. House Property
D. All of the above
Answer» D. All of the above
10.

Outstanding salary would be taxable basis

A. Due
B. receipts
C. both a & b
D. none of the above
Answer» A. Due
11.

Advance salary would be taxable basis

A. Due
B. receipts
C. both a & b
D. none of the above
Answer» B. receipts
12.

  is a retirement benefit given by the employer to the employee in consideration of past

A. Gratuity
B. Dearness allowance
C. Lunch allowance
D. House Rent allowance
Answer» A. Gratuity
13.

A is a non-cash benefit granted by an employer to the employee

A. Allowance
B. Perquisites
C. pension
D. none of the above
Answer» C. pension
14.

Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)

A. Taxable
B. Not taxable
C. Both A & B
D. none of the above
Answer» B. Not taxable
15.

Previous year means the financial year immediately preceding the                          

A. Accounting year
B. Assesment year
C. non of the above
D. both
Answer» B. Assesment year
16.

Full form of TDS

A. Tax deducted at source
B. Tax deducted for source
C. tax deducted by source
D. none of above
Answer» A. Tax deducted at source
17.

against the profit or income of that particular year.

A. set off
B. carry forward
C. none of above
D. both of above
Answer» A. set off
18.

Capital LosseCan be carry forward up to next             assessment years from the assessment year in which

A. 8
B. 4
C. 2
D. 5
Answer» A. 8
19.

which of the following are the basic condition to become resident of india

A. He must be in India for 182 days or more in relevent
B. He must be in India for 60 days or more in
C. both a and b
D. none of the above
Answer» B. He must be in India for 60 days or more in
20.

.A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be

A. 200
B. 260
C. 160
D. 240
Answer» C. 160
21.

Salary should have relationship

A. employer employee
B. Master and servent
C. both a and b
D. none of the above
Answer» C. both a and b
22.

salary is chargeable to tax on

A. Receipt
B. due
C. Receipt or due whichever is earlier
D. none of the above
Answer» C. Receipt or due whichever is earlier
23.

Arear on salary are taxable on             

A. Receipt
B. due
C. Receipt or due whichever is earlier
D. none of the above
Answer» A. Receipt
24.

                   means fixed quantum of money given regularly in addition to salary to meet particular

A. Allowance
B. Perquisites
C. pension
D. none of the above
Answer» A. Allowance
25.

An allowance to meet the expenses in connection with the rent of the house, by whatever name called

A. House Rent allowance
B. Perquisites
C. pension
D. none of the above
Answer» A. House Rent allowance
26.

It is an extra amount given to an employee to meet the burden of inflation or increased cost of living.

A. House Rent allowance
B. Dearness allowance
C. both a and b
D. none of the above
Answer» B. Dearness allowance
27.

Which of the allowances are fully taxable

A. Dearness allowance
B. Lunch allowance
C. Medical allowance
D. All of the above
Answer» D. All of the above
Tags
Question and answers in Income Tax Laws, Income Tax Laws multiple choice questions and answers, Income Tax Laws Important MCQs, Solved MCQs for Income Tax Laws, Income Tax Laws MCQs with answers PDF download