Deck 1: Income Tax Act and Procedures in India: Part A

Question 1

Income Tax is charged in…….

A)financial year
B)assessment year
C)previous year
D)accounting year

Answer 1

assessment year

Question 2

CBDT is control by…….

A)central government
B)state government
C)both a and b
D)none of the above

Answer 2

central government

Question 3

Previous Year started from……

A)april
B)march
C)january
D)september

Answer 3

april

Question 4

Income Tax is a……

A)business tax
B)profession tax
C)direct tax
D)indirect tax

Question 5

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

Question 6

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

Question 7

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

Question 8

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

Question 9

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

Question 10

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.

Question 11

Due date of filing of return by a non-business assesse is _ _ _ _

A)30th june
B)31st october
C)31st july
D)30th november

Question 12

The agreement among the partners is called _ _ _ _

A)partnership deed
B)partnership by laws
C)partnership constitution
D)none of the above

Question 13

Assertion (A) an Assessee can pay his tax on the basis of his self-assessment(R) Reason (R) to 2% to 3% returns are went for scrutiny for the detailed checking of self-assessment returns.

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

Question 14

The application for PAN is made in_ _ _ _

A)form 49(b)
B)form 49(a)
C)form 49(c)
D)form 51(a)

Question 15

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

Question 16

In case of salary, TDS certificate is issued in form?

A)form 16
B)form 16 a
C)form 15
D)form 15 h

Question 17

Form 16 is issued by the employer?

A)annually
B)quarterly
C)half yearly
D)monthly

Question 18

SUGAM is also known as

A)itr-1
B)itr-2
C)itr-3
D)itr-4

Question 19

Under which of the following categories partner of partnership firm will be assessed

A)an individual
B)huf
C)firm
D)body of individual

Question 20

Sahaj form is also known as......

A)itr 1
B)itr 2
C)itr 3
D)itr 4

Question 21

First appeal always file by......

A)appellate tribunal
B)commissioner
C)assessee
D)itat