McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Science in Law (BSL) .
| 1. |
The Income Tax Act 1961 came into force with effect from…….. |
| A. | 1st april 1962 |
| B. | 1st april 1961 |
| C. | 31st march 1961 |
| D. | none of the above |
| Answer» A. 1st april 1962 | |
| 2. |
Income Tax is charged in……. |
| A. | financial year |
| B. | assessment year |
| C. | previous year |
| D. | accounting year |
| Answer» B. assessment year | |
| 3. |
CBDT is control by……. |
| A. | central government |
| B. | state government |
| C. | both a and b |
| D. | none of the above |
| Answer» A. central government | |
| 4. |
Previous Year started from…… |
| A. | april |
| B. | march |
| C. | january |
| D. | september |
| Answer» A. april | |
| 5. |
Income Tax is a…… |
| A. | business tax |
| B. | profession tax |
| C. | direct tax |
| D. | indirect tax |
| Answer» C. direct tax | |
| 6. |
Interest u/s 234B is payable by an Assesse due to the following reason………. |
| A. | defaults in furnishing return of income |
| B. | defaults in payable of advanced tax |
| C. | defaults in installment of advanced tax |
| D. | defaults due to non-deduction tax at source |
| Answer» B. defaults in payable of advanced tax | |
| 7. |
In which of the following assessment procedure Assesse compute his taxable income as well as tax on it....... |
| A. | best judgment assessment |
| B. | reassessment |
| C. | self-assessment |
| D. | regular assessment |
| Answer» C. self-assessment | |
| 8. |
Tax is _ _ _ _ _ _ _ _ at source by the seller from the buyer at the time of debiting the amount account of the buyer or the receipt of payment whichever is earlier. |
| A. | deducted |
| B. | deposited |
| C. | payable |
| D. | collected |
| Answer» D. collected | |
| 9. |
Amount of advance tax paid on due date on or before December 15th by assessee is |
| A. | 75% of advance tax payable |
| B. | 30% of advance tax payable |
| C. | 10% of advance tax payable |
| D. | 5% of advance tax payable |
| Answer» A. 75% of advance tax payable | |
| 10. |
If recipient of income fails to furnish his Permanent Account Number to deduct of tax the tax shall be deducted |
| A. | at the rate specified in the relevant section |
| B. | at the rate or rates in forces |
| C. | at the rate of 20% |
| D. | higher of the above rate |
| Answer» D. higher of the above rate | |
| 11. |
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 | |
| 12. |
The highest Administration Authority for Income Tax in India is_ _ _ _ _ |
| A. | finance minister |
| B. | cbdt |
| C. | president of india |
| D. | director of income tax |
| Answer» B. cbdt | |
| 13. |
The number allotted by income tax authorities to assessees for identification and which should be quoted in all documents and correspondences is_ _ _ _ _ _ |
| A. | j.d.no. |
| B. | register no. |
| C. | permanent account number(pan) |
| D. | licence no. |
| Answer» C. permanent account number(pan) | |
| 14. |
Deduction of tax at source made for incomes which can be calculated in advance is called_ _ _ _ . |
| A. | t.d.s. |
| B. | p.a.s |
| C. | f.a.s |
| D. | m.a.s. |
| Answer» A. t.d.s. | |
| 15. |
Due date of filing of return by a non-business assesse is _ _ _ _ |
| A. | 30th june |
| B. | 31st october |
| C. | 31st july |
| D. | 30th november |
| Answer» C. 31st july | |
| 16. |
The agreement among the partners is called _ _ _ _ |
| A. | partnership deed |
| B. | partnership by laws |
| C. | partnership constitution |
| D. | none of the above |
| Answer» A. partnership deed | |
| 17. |
Assertion
|
| A. | both (a) and (r) are true |
| B. | only (a) is true |
| C. | only (r) is true |
| D. | only (a) is true and (r) false |
| Answer» A. both (a) and (r) are true | |
| 18. |
The application for PAN is made in_ _ _ _ |
| A. | form 49(b) |
| B. | form 49(a) |
| C. | form 49(c) |
| D. | form 51(a) |
| Answer» B. form 49(a) | |
| 19. |
The scheme of advance tax is commonly known as: |
| A. | pay as much as you |
| B. | earn more pay more |
| C. | pay as you earn |
| D. | a step to words, national building |
| Answer» C. pay as you earn | |
| 20. |
In case of salary, TDS certificate is issued in form? |
| A. | form 16 |
| B. | form 16 a |
| C. | form 15 |
| D. | form 15 h |
| Answer» A. form 16 | |
| 21. |
Form 16 is issued by the employer? |
| A. | annually |
| B. | quarterly |
| C. | half yearly |
| D. | monthly |
| Answer» A. annually | |
| 22. |
SUGAM is also known as |
| A. | itr-1 |
| B. | itr-2 |
| C. | itr-3 |
| D. | itr-4 |
| Answer» D. itr-4 | |
| 23. |
Under which of the following categories partner of partnership firm will be assessed |
| A. | an individual |
| B. | huf |
| C. | firm |
| D. | body of individual |
| Answer» A. an individual | |
| 24. |
Sahaj form is also known as...... |
| A. | itr 1 |
| B. | itr 2 |
| C. | itr 3 |
| D. | itr 4 |
| Answer» A. itr 1 | |
| 25. |
First appeal always file by...... |
| A. | appellate tribunal |
| B. | commissioner |
| C. | assessee |
| D. | itat |
| Answer» C. assessee | |
| 26. |
When assessee is not satisfied he can go in CIT appeal within..... |
| A. | 30days |
| B. | 60 days |
| C. | 90 days |
| D. | 120 days |
| Answer» A. 30days | |
| 27. |
If the payee does not furnish PAN and TDS u/s 194 dividends shall be made @..... |
| A. | 20% |
| B. | 15% |
| C. | 10% |
| D. | nil |
| Answer» A. 20% | |
| 28. |
The carry forward of losses is permissible if the return of income for the year in which loss incurred is...... |
| A. | filled on time |
| B. | not filled on time |
| C. | filled in advance |
| D. | none of the above |
| Answer» A. filled on time | |
| 29. |
Rate of TDS (u/s 193) Interest on securities is..... |
| A. | 15% |
| B. | 12% |
| C. | 10% |
| D. | 20% |
| Answer» C. 10% | |
| 30. |
Individual assessee is liable to pay advance tax in -----instalments during the financial year 19-20. |
| A. | 2 |
| B. | 4 |
| C. | 3 |
| D. | lump sum |
| Answer» B. 4 | |
| 31. |
TDS made by....... |
| A. | person making payment |
| B. | government |
| C. | income tax department |
| D. | income tax payer |
| Answer» A. person making payment | |
| 32. |
The rate of TDS on rental payment of plant & machinery of equipment is..... |
| A. | 1% |
| B. | 2% |
| C. | 5% |
| D. | 10% |
| Answer» B. 2% | |
| 33. |
Assessing officer is..... |
| A. | assistant commissioner |
| B. | deputy commissioner |
| C. | income tax officer |
| D. | all of the above |
| Answer» D. all of the above | |
| 34. |
Interest for non-payment or short payment of advance tax ( u/s 234 B )...... |
| A. | 1.5 % per month or part of the month |
| B. | 2% per month or part of the month |
| C. | 0.5% per month or part of the month |
| D. | 1% per month or part of the month |
| Answer» D. 1% per month or part of the month | |
| 35. |
Income Tax in India is charged at the rates prescribed by…….. |
| A. | the finance act of the assessment year |
| B. | the income tax act 1961 |
| C. | the central board of direct taxes |
| D. | the finance act of the previous year |
| Answer» D. the finance act of the previous year | |
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