Taxation Set 1
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This set of Taxation Multiple Choice Questions & Answers (MCQs) focuses on Taxation Set 1
Q1 | The Constitution of india empowers ____________________________________ to levy tax on income
- state government
- central government
- parliament
- finance minister
Q2 | The income tax act extends to __________________________________________ of india
- states
- union territories
- citizens
- whole
Q3 | Residential has nothing to do with
- constitution
- citizenship
- censorship
- change
Q4 | Residential Status of an individual depends on the stay of assesses in india during the
- calender year
- accounting year
- asseseement year
- previous year
Q5 | A person by whom any tax is payable under income tax act 1961 is called as
- individual
- tax receiver
- assessee
- none of the above
Q6 | The Financial year in which the income is earned is called as the
- assessment year
- present year
- previous year
- current year
Q7 | An Company is always resident in india
- industrial
- individual
- indian
- investment
Q8 | Income tax act extends to
- whole of india
- whole of india except jammu & kashmir
- india & sri lanka
- none of these
Q9 | Shivaji University is assessable under the income tax act as
- a individual
- an artificial juridical person
- a local authority
- none of these
Q10 | A firm is regarded as a unit of assessment as per ______________________________
- income tax act
- partnership act
- companies act
- finance act
Q11 | ____________________________ is chargeable u/s 45
- capital gains
- profit and gains
- dividend
- voluntary contribution
Q12 | What is the section of Incidence of law
- 6
- 5
- 7
- 4
Q13 | Incomes which accrue or arise outside India but received directly in India are taxable in case of
- resident and ordinarily resident only
- resident but not ordinarily resident
- non-resident
- All of the above
Q14 | R Ltd. Is an Indian company whose place of effective management is outside India. R Ltd., shall be:
- resident in India
- non-resident in India
- not ordinarily resident in India
- resident and ordinarily resident only
Q15 | which of the following are the persons under sec2(A)
- Individual
- firm
- body of person
- All of the above
Q16 | The HUF is said to be resident in India if
- The control and management of its affairs is wholly or partly situated in India
- The control and management of its affairs is partially situated out of India
- The control and management of its affairs is wholly or partly in out of India
- None of the above
Q17 | The Company may have the residential status as
- Resident and non resident
- non ordinary resident
- ordinary Resident
- none of the above
Q18 | Benefits Given in kind are
- Allowance
- Perquisites
- both a and b
- none of the above
Q19 | which of the following heads are the head of Income under Income tax Act 1961
- salary
- capital gain
- House Property
- All of the above
Q20 | Outstanding salary would be taxable basis
- Due
- receipts
- both a & b
- none of the above
Q21 | Advance salary would be taxable basis
- Due
- receipts
- both a & b
- none of the above
Q22 | is a retirement benefit given by the employer to the employee in consideration of past services.
- Gratuity
- Dearness allowance
- Lunch allowance
- House Rent allowance
Q23 | A is a non-cash benefit granted by an employer to the employee
- Allowance
- Perquisites
- pension
- none of the above
Q24 | Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)
- Taxable
- Not taxable
- Both A & B
- none of the above
Q25 | Previous year means the financial year immediately preceding the
- Accounting year
- Assesment year
- non of the above
- both