Deck 2: Income Tax and Taxpayers

Question 1

Income tax is a ........................

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

Answer 1

direct tax

Question 2

A person is said to be an ordinarily Resident when the person is satisfying ________________.

A)both basic and additional conditions
B)only basic conditions
C)only additional conditions
D)not basic and additional conditions

Answer 2

both basic and additional conditions

Question 3

A person is said to be a non resident when he is _______________.

A)not fulfilling any one of the basic conditions
B)fulfilling only basic conditions
C)fulfilling only additional conditions
D)fulfilling both basic and additional conditions

Answer 3

not fulfilling any one of the basic conditions

Question 4

Who is assessee in case of a HUF?

A)father
B)spouse
C)karta
D)deemed karta

Question 5

Agriculture Income is __________.

A)taxable
B)not taxable
C)partly taxable
D)none of this above

Question 6

Section 10 0f Income Tax Act deals with _________.

A)deductions
B)exempted incomes
C)income from salary
D)casual incomes

Question 7

Income Tax Authorities are grouped into two main wings; Administrative and.................

A)judicial.
B)managerial.
C)executives.
D)clerical.

Question 8

What are the exemption limit in Hostel Expenditure Allowance?

A)rs.200pm
B)rs.300pm
C)rs.400pm
D)rs.500pm

Question 9

Rates of Income tax are fixed under .......................

A)an ordinance
B)the income tax act
C)the finance act
D)notification of cbdt

Question 10

The number allotted by income tax authorities to assessees for identification and which should be quoted in all documents and correspondence is.......................

A)i.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 assessee is...................

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

Question 12

In case of residential status of HUF ,firm and AOP if control and management are wholly outside India they are deemed as..................

A)resident.
B)ordinarily resident.
C)non resident
D)none of these.

Question 13

An Indian company's residential status is that it is always.....................

A)resident.
B)non resident.
C)ordinarily resident.
D)none of these.

Question 14

Salary paid by an Indian company to its employees working in one of its branches outside India is................................

A)salary accruing in india.
B)salary deemed to accrue in india.
C)salary accruing outside india.
D)none of these.

Question 15

Income received in India is taxable in the hands of...........................

A)resident only.
B)resident and ordinarily resident only.
C)non-resident only.
D)all assessees.

Question 16

Income accrued in India is taxable in the hands of............................

A)non-resident only.
B)resident and not ordinarily resident only.
C)all assesses.
D)resident and ordinarily resident only.

Question 17

Income accrued and received outside India is taxable in the hands of...........................

A)non-resident.
B)resident and ordinarily resident.
C)resident and not ordinarily.
D)none of these residents.

Question 18

Past untaxed income brought to India is taxable in the hands of.................

A)resident and not ordinarily resident.
B)resident and ordinarily resident.
C)non-resident.
D)none of these.

Question 19

The CII for the financial year 2012-13 is ..........................

A)582
B)852
C)632
D)820

Question 20

Income from a farm house is..........................

A)income from house property
B)income from business
C)agricultural income
D)income from other sources

Question 21

Incomes on which Income tax is not charged are called..............

A)exceptional incomes
B)privileged incomes
C)exempted incomes.
D)none of the above