Question 1

What is the section of Incidence of law

Accepted Answer

B

Question 2

R Ltd. Is an Indian company whose place of effective management is outside India. R Ltd., shall be:

Accepted Answer

A

Question 3

government in country

Accepted Answer

Governments impose taxes as a primary means of collecting revenue to fund various public services and infrastructure projects. Taxes can come in various forms, including income tax, sales tax, property tax, and more.

Question 4

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

Accepted Answer

All the options listed, including Individual, Firm, and Body of Persons, fall under the definition of "persons" as per Section 2(A) of various legal, financial, or taxation frameworks, indicating that the term "person" encompasses a wide range of entities.

Question 5

The HUF is said to be resident in India if

Accepted Answer

The control and management of its affairs is situated wholly in India, it is considered a resident for tax purposes.

Question 6

Benefits Given in kind are

Accepted Answer

Benefits given in kind are referred to as perquisites. These are non-cash benefits provided to employees, such as company cars, housing, or health insurance. Allowances, on the other hand, are typically cash payments for specific purposes.

Question 7

which of the following heads are the head of Income under Income tax Act 1961

Accepted Answer

All of the options listed, namely Salary, Capital Gain, and House Property, are heads of income under the Income Tax Act, 1961. These categories are used to classify income for taxation purposes.

Question 8

Outstanding salary would be taxable basis

Accepted Answer

Outstanding salary is taxable on a due basis, meaning it is taxed when it becomes due, regardless of whether it is received.

Question 9

Advance salary would be taxable basis

Accepted Answer

Advance salary is taxable on a receipt basis, meaning it is taxed when it is received, not when it is due.

Question 10

is a retirement benefit given by the employer to the employee in consideration of past

Accepted Answer

Gratuity is a retirement benefit paid by the employer to the employee as a token of appreciation for the employee's service to the company. It is typically paid at the time of retirement or upon leaving the job, provided certain conditions are met, such as a minimum period of service.

Question 11

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

Accepted Answer

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

Question 12

Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)

Accepted Answer

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

Question 13

Full form of TDS

Accepted Answer

The full form of TDS is "Tax Deducted at Source," which refers to the practice where the government requires the payer to deduct tax at the time of making a payment and remit it to the government treasury.

Question 14

against the profit or income of that particular year.

Accepted Answer

The term "set off" refers to the process of adjusting losses against the profit or income of the same year.

Question 15

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

Accepted Answer

Capital losses can be carried forward for up to 8 assessment years from the assessment year in which the loss was incurred, as per the Income Tax Act in India.

Question 16

which of the following are the basic condition to become resident of india

Accepted Answer

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

Question 17

Salary should have relationship

Accepted Answer

The term "salary" is associated with the compensation paid for services rendered in a professional relationship, which can be described both in terms of employer-employee and master-servant contexts. Historically, the master-servant relationship was a precursor to the modern employer-employee relationship, both of which involve the payment of wages or salary for work done.

Question 18

salary is chargeable to tax on

Accepted Answer

Salary is chargeable to tax on a "receipt or due whichever is earlier" basis. This means that salary income is taxable either when it is received or when it becomes due, whichever happens first, according to tax laws in many jurisdictions. This principle ensures that salary income cannot escape taxation by being deferred.

Question 19

Arear on salary are taxable on

Accepted Answer

The answer of Arear on salary are taxable on             
...

Question 20

---------------------means fixed quantum of money given regularly in addition to salary to meet particular

Accepted Answer

Allowance refers to a fixed amount of money given regularly in addition to salary for meeting specific needs or expenses.

Quiz 1: Income Taxation and Allowances