Income Tax Law And Practices Set 1
On This Page
This set of Income Tax Law and Practices Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Law And Practices Set 1
Q1 | The Income Tax Act, was enacted in:
- 1921
- 1951
- 1961
- 1981
Q2 | 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
- 1st April, 201 9
- 2nd September,2019
- Any of the above
- None of the above
Q3 | In Assessment year, the tax will be calculated at
- current year rate
- previous year rate
- previous to previous year rate
- none of the above
Q4 | Assesee means a person from whome
- Tax is to be collected
- Tds is to be deducted
- Advance tax is collected
- all of the above
Q5 | Agriculture income is exempt in India:
- TRUE
- FALSE
- Somewhat agree
- Neither of them
Q6 | Agricultural income from foreign is taxable
- TRUE
- FALSE
- Somewhat agree
- Neither of them
Q7 | Sale of land is a
- Capital Receipt
- Revenue Receipt
- Both of the above
- Neither of the above
Q8 | Sales of goods is a
- Revenue Receipt
- Capital Receipt
- Both of the above
- Neither of the above
Q9 | As the income goes up, the slab of income tax rate goes
- up
- down
- moderate
- fluctuate
Q10 | The financial year starts from
- 1st Jan to 31st Dec
- 1st April to 31st March
- 1st Oct to 30th September
- 1st July to 31st August
Q11 | Person includes
- AOP
- BOI
- Company
- All of the above
Q12 | Income tax is paid by every individual depending on his
- citizenship
- residential status
- both of the above
- neither of the above
Q13 | Income tax is a
- Direct tax
- Indirect tax
- Neither of the above
- Both of the above
Q14 | Income tax is collected by
- state government
- central government
- Semi-Government
- All of the above
Q15 | Assessee includes any person in respect of whom:
- who is liable to pay tax
- any person in respect of whom proceedings under the Act have been started
- any person who is deemed to be an asssessee
- all of the above
Q16 | The residential status of an Individual can be:
- Resident and Ordinary Resident
- Resident but not ordinary resident
- Non resident
- All of the above
Q17 | Citizenship is the criteria of assessment
- TRUE
- FALSE
- somewhat agree
- partially correct
Q18 | An individual is said to be resident in India if he stays for_ days during theprevious year
- 180
- 182
- 183
- 184
Q19 | Income received or deemed to be received in India is taxable for
- ROR
- RNOR
- NR
- All of the above
Q20 | Gifts received from relatives on the occasion of marriage would be
- taxable
- exempted
- both of the above
- Neither of the above
Q21 | Gifts received from others on the occasion other than marriage would be taxableif the aggregate amount exceeds
- Rs 50,000
- Rs 51,000
- Rs 52,000
- Neither of the above
Q22 | As the income goes down, the slab of income tax rate goes
- up
- down
- moderate
- fluctuate
Q23 | The calendar year starts from
- 1st Jan to 31st Dec
- 1st April to 31st March
- 1st Oct to 30th September
- 1st July to 31st August
Q24 | Receipt of Income and remittance of income are different things
- TRUE
- FALSE
- Somewhat agree
- All of the above
Q25 | Ordinary resident must stay in India for_ days during the previous year
- 60 days
- 65 days
- 70 days
- neither of the above