Income Tax Set 2
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This set of Income Tax Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Set 2
Q1 | Who is Tax payer?
- assessee
- businessman
- trust
- govt. employee
Q2 | Income tax is a ........................
- business tax
- profession tax
- direct tax
- indirect tax
Q3 | A person is said to be an ordinarily Resident when the person is satisfying ________________.
- both basic and additional conditions
- only basic conditions
- only additional conditions
- not basic and additional conditions
Q4 | A person is said to be a non resident when he is _______________.
- not fulfilling any one of the basic conditions
- fulfilling only basic conditions
- fulfilling only additional conditions
- fulfilling both basic and additional conditions
Q5 | Who is assessee in case of a HUF?
- father
- spouse
- karta
- deemed karta
Q6 | Education cess on tax payable is at................
- 2%
- 1%
- 3%
- 5%
Q7 | Agriculture Income is __________.
- taxable
- not taxable
- partly taxable
- none of this above
Q8 | Section 10 0f Income Tax Act deals with _________.
- deductions
- exempted incomes
- income from salary
- casual incomes
Q9 | Income Tax Authorities are grouped into two main wings; Administrative and.................
- judicial.
- managerial.
- executives.
- clerical.
Q10 | The highest Administrative Authority for Income Tax in India is............
- finance minister.
- cbdt.
- president of india.
- director of income tax.
Q11 | What are the exemption limit in Hostel Expenditure Allowance?
- rs.200pm
- rs.300pm
- rs.400pm
- rs.500pm
Q12 | Rates of Income tax are fixed under .......................
- an ordinance
- the income tax act
- the finance act
- notification of cbdt
Q13 | The number allotted by income tax authorities to assessees for identification and which should bequoted in all documents and correspondence is.......................
- i.d. no.
- register no.
- permanent account number (pan).
- licence no.
Q14 | Deduction of tax at source made for incomes which can be calculated in advance is called.......
- t.d.s.
- p.a.s.
- f.a.s.
- m.a.s.
Q15 | Due date of filing of return by a non business assessee is...................
- 30th june.
- 31st august.
- 31st july.
- 30th november.
Q16 | In case of residential status of HUF ,firm and AOP if control and management are wholly outside Indiathey are deemed as..................
- resident.
- ordinarily resident.
- non resident
- none of these.
Q17 | An Indian company’s residential status is that it is always.....................
- resident.
- non resident.
- ordinarily resident.
- none of these.
Q18 | Salary paid by an Indian company to its employees working in one of its branches outside Indiais................................
- salary accruing in india.
- salary deemed to accrue in india.
- salary accruing outside india.
- none of these.
Q19 | Income received in India is taxable in the hands of...........................
- resident only.
- resident and ordinarily resident only.
- non-resident only.
- all assessees.
Q20 | Income accrued in India is taxable in the hands of............................
- non-resident only.
- resident and not ordinarily resident only.
- all assesses.
- resident and ordinarily resident only.
Q21 | Income accrued and received outside India is taxable in the hands of...........................
- non-resident.
- resident and ordinarily resident.
- resident and not ordinarily.
- none of these residents.
Q22 | Past untaxed income brought to India is taxable in the hands of.................
- resident and not ordinarily resident.
- resident and ordinarily resident.
- non-resident.
- none of these.
Q23 | The CII for the financial year 2012-13 is ..........................
- 582
- 852
- 632
- 820
Q24 | Income from a farm house is..........................
- income from house property
- income from business
- agricultural income
- income from other sources
Q25 | Incomes on which Income tax is not charged are called..............
- exceptional incomes
- privileged incomes
- exempted incomes.
- none of the above