Question 1

The Constitution of india empowers ____________________________________ to levy tax on income&#10;A)state government&#10;B)central government&#10;C)parliament&#10;D)finance minister

Accepted Answer

central government&#10;

Question 2

The income tax act extends to __________________________________________ of india&#10;A)states&#10;B)union territories&#10;C)citizens&#10;D)whole

Accepted Answer

The Income Tax Act extends to the whole of India, covering all states, union territories, and citizens under its jurisdiction.

Question 3

Residential has nothing to do with&#10;A)constitution&#10;B)citizenship&#10;C)censorship&#10;D)change

Accepted Answer

citizenship&#10;

Question 4

Residential Status of an individual depends on the stay of assesses in india during the&#10;A)calender year&#10;B)accounting year&#10;C)asseseement year&#10;D)previous year

Accepted Answer

The residential status of an individual for tax purposes in India depends on the individual's physical presence in India during the "previous year," which is the financial year immediately preceding the assessment year. The assessment year is the year in which the income of the previous year is assessed.

Question 5

A person by whom any tax is payable under income tax act 1961 is called as&#10;A)individual&#10;B)tax receiver&#10;C)assessee&#10;D)none of the above

Accepted Answer

An assessee is a person by whom any tax or any other sum of money is payable under the Income Tax Act, 1961. This includes every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person.

Question 6

The Financial year in which the income is earned is called as the&#10;A)assessment year&#10;B)present year&#10;C)previous year&#10;D)current year

Accepted Answer

The financial year in which the income is earned is referred to as the "previous year." This term is used in the context of income tax, where the income of the "previous year" is taxed in the following year, known as the "assessment year."

Question 7

An Company is always resident in india&#10;A)industrial&#10;B)individual&#10;C)indian&#10;D)investment

Accepted Answer

An "Indian" company is always considered resident in India for tax purposes, as per the Income Tax Act. This is because the place of incorporation for an Indian company is within India, making it inherently resident.

Question 8

A firm is regarded as a unit of assessment as per ______________________________&#10;A)income tax act&#10;B)partnership act&#10;C)companies act&#10;D)finance act

Accepted Answer

A firm is regarded as a unit of assessment under the Income Tax Act, where it is treated as a separate entity for the purpose of taxation.

Question 9

____________________________ is chargeable u/s 45&#10;A)capital gains&#10;B)profit and gains&#10;C)dividend&#10;D)voluntary contribution

Accepted Answer

Under Section 45 of the Income Tax Act, capital gains are chargeable to tax. This section specifically deals with the taxation of any profits or gains arising from the transfer of a capital asset.

Question 10

What is the section of Incidence of law&#10;A)6&#10;B)5&#10;C)7&#10;D)4

Accepted Answer

The answer of What is the section of Incidence of...

Question 11

R Ltd. Is an Indian company whose place of effective management is outside India. R Ltd., shall be:&#10;A)resident in India&#10;B)non-resident in India&#10;C)not ordinarily resident in India&#10;D)resident and ordinarily resident only

Accepted Answer

The answer of R Ltd. Is an Indian company whose...

Question 12

which of the following are the persons under sec2(A)&#10;A)Individual&#10;B)firm&#10;C)body of person&#10;D)All of the above

Accepted Answer

The answer of which of the following are the persons...

Question 13

The HUF is said to be resident in India if &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#10;A)The control and management of its affairs is wholly or partly situated in India&#10;B)The control and management of its affairs is partially situated out of India&#10;C)The control and management of its affairs is wholly or partly in out of India&#10;D)None of the above

Accepted Answer

The answer of The HUF is said to be resident...

Question 14

Benefits Given in kind are&#10;A)Allowance&#10;B)Perquisites&#10;C)both a and b&#10;D)none of the above

Accepted Answer

The answer of Benefits Given in kind are&#10;A)Allowance&#10;B)Perquisites&#10;C)both a and...

Question 15

which of the following heads are the head of Income under Income tax Act 1961&#10;A)salary&#10;B)capital gain&#10;C)House Property&#10;D)All of the above

Accepted Answer

The answer of which of the following heads are the...

Question 16

Outstanding salary would be taxable basis&#10;A)Due&#10;B)receipts&#10;C)both a & b&#10;D)none of the above

Accepted Answer

The answer of Outstanding salary would be taxable basis&#10;A)Due&#10;B)receipts&#10;C)both a...

Question 17

Advance salary would be taxable basis&#10;A)Due&#10;B)receipts&#10;C)both a & b&#10;D)none of the above

Accepted Answer

The answer of Advance salary would be taxable basis&#10;A)Due&#10;B)receipts&#10;C)both a...

Question 18

is a retirement benefit given by the employer to the employee in consideration of past services.&#10;A)Gratuity&#10;B)Dearness allowance&#10;C)Lunch allowance&#10;D)House Rent allowance

Accepted Answer

The answer of is a retirement benefit given by the...

Question 19

A is a non-cash benefit granted by an employer to the employee&#10;A)Allowance&#10;B)Perquisites&#10;C)pension&#10;D)none of the above

Accepted Answer

The answer of A is a non-cash benefit granted by...

Question 20

Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)&#10;A)Taxable&#10;B)Not taxable&#10;C)Both A & B&#10;D)none of the above

Accepted Answer

The answer of Allowances to Judges of High Court/Supreme Court...

Deck 1: Income Tax Laws in India