Deck 1: Income Tax in India: Part A

Question 1

The Income Tax Act, was enacted in:

A)1921
B)1951
C)1961
D)1981

Answer 1

1961

Question 2

Mr. X has started his business from 2nd Sept,2019 and does not have any other source of Income, his first previous year will start from

A)1st April, 201 9
B)2nd September,2019
C)Any of the above
D)None of the above

Answer 2

2nd September,2019

Question 3

In Assessment year, the tax will be calculated at

A)current year rate
B)previous year rate
C)previous to previous year rate
D)none of the above

Answer 3

current year rate

Question 4

Assesee means a person from whome

A)Tax is to be collected
B)Tds is to be deducted
C)Advance tax is collected
D)all of the above

Question 5

Agriculture income is exempt in India:

A)True
B)False
C)Somewhat agree
D)Neither of them

Question 6

Agricultural income from foreign is taxable

A)True
B)False
C)Somewhat agree
D)Neither of them

Question 7

Sale of land is a

A)Capital Receipt
B)Revenue Receipt
C)Both of the above
D)Neither of the above

Question 8

Sales of goods is a

A)Revenue Receipt
B)Capital Receipt
C)Both of the above
D)Neither of the above

Question 9

As the income goes up, the slab of income tax rate goes

A)up
B)down
C)moderate
D)fluctuate

Question 10

The financial year starts from

A)1st Jan to 31st Dec
B)1st April to 31st March
C)1st Oct to 30th September
D)1st July to 31st August

Question 11

Person includes

A)AOP
B)BOI
C)Company
D)All of the above

Question 12

Income tax is paid by every individual depending on his

A)citizenship
B)residential status
C)both of the above
D)neither of the above

Question 13

Income tax is a

A)Direct tax
B)Indirect tax
C)Neither of the above
D)Both of the above

Question 14

Income tax is collected by

A)state government
B)central government
C)Semi-Government
D)All of the above

Question 15

Assessee includes any person in respect of whom:

A)who is liable to pay tax
B)any person in respect of whom proceedings under the Act have been started
C)any person who is deemed to be an asssessee
D)all of the above

Question 16

The residential status of an Individual can be:

A)Resident and Ordinary Resident
B)Resident but not ordinary resident
C)Non resident
D)All of the above

Question 17

Citizenship is the criteria of assessment

A)true
B)false
C)somewhat agree
D)partially correct

Question 18

An individual is said to be resident in India if he stays for_ days during the previous year

A)180
B)182
C)183
D)184

Question 19

Income received or deemed to be received in India is taxable for

A)ROR
B)RNOR
C)NR
D)All of the above

Question 20

Gifts received from relatives on the occasion of marriage would be

A)taxable
B)exempted
C)both of the above
D)Neither of the above

Question 21

Gifts received from others on the occasion other than marriage would be taxable if the aggregate amount exceeds

A)Rs 50,000
B)Rs 51,000
C)Rs 52,000
D)Neither of the above

Question 22

As the income goes down, the slab of income tax rate goes

A)up
B)down
C)moderate
D)fluctuate

Question 23

The calendar year starts from

A)1st Jan to 31st Dec
B)1st April to 31st March
C)1st Oct to 30th September
D)1st July to 31st August

Question 24

Receipt of Income and remittance of income are different things

A)True
B)False
C)Somewhat agree
D)All of the above

Question 25

Ordinary resident must stay in India for_ days during the previous year

A)60 days
B)65 days
C)70 days
D)neither of the above