Deck 1: Income Taxation and Allowances

Question 1

What is the section of Incidence of law

A)6
B)5
C)7
D)4

Answer 1

5

Question 2

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 2

resident in India

Question 3

government in country

A)tax
B)penalty
C)fine
D)none of the above

Answer 3

tax

Question 4

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

A)Individual
B)firm
C)body of person
D)All of the above

Question 5

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

Question 6

Benefits Given in kind are

A)Allowance
B)Perquisites
C)both a and b
D)none of the above

Question 7

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

Question 8

Outstanding salary would be taxable basis

A)Due
B)receipts
C)both a & b
D)none of the above

Question 9

Advance salary would be taxable basis

A)Due
B)receipts
C)both a & b
D)none of the above

Question 10

  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

Question 11

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

A)Allowance
B)Perquisites
C)pension
D)none of the above

Question 12

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

Question 13

Full form of TDS

A)Tax deducted at source
B)Tax deducted for source
C)tax deducted by source
D)none of above

Question 14

against the profit or income of that particular year.

A)set off
B)carry forward
C)none of above
D)both of above

Question 15

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

A)8
B)4
C)2
D)5

Question 16

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

Question 17

Salary should have relationship

A)employer employee
B)Master and servent
C)both a and b
D)none of the above

Question 18

salary is chargeable to tax on

A)Receipt
B)due
C)Receipt or due whichever is earlier
D)none of the above

Question 19

Arear on salary are taxable on             

A)Receipt
B)due
C)Receipt or due whichever is earlier
D)none of the above

Question 20

---------------------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

Question 21

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

Question 22

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

Question 23

Which of the allowances are fully taxable

A)Dearness allowance
B)Lunch allowance
C)Medical allowance
D)All of the above