Income Tax Law And Practices Set 3
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This set of Income Tax Law and Practices Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Law And Practices Set 3
Q1 | Deduction under section 80DD is available to
- dependent
- disabled dependent
- Less dependent
- None of these
Q2 | Deduction under sec 80DD is available to the extent of
- Rs 75,000
- Rs 50,000
- Rs 25,000
- None of these
Q3 | Deduction under section 80DDB is available to the extent of
- 40,000
- 20,000
- 30,000
- None of these
Q4 | Deduction under section 80E is available on
- education
- health
- life
- none of these
Q5 | Deduction under 80 QQB is available in respect of
- royalty income
- health
- education
- none of these
Q6 | Every assesse has to file return of income if their taxable income exceeds
- gross total income
- total income
- net income
- basic exemption limit
Q7 | .The due date of filing return of income in case of company is
- 30th September
- 31st march
- 1stapril
- none of these
Q8 | if total income is up to 50,000 then the late fees of filing ROI IS
- 1,000
- 2,000
- 3,000
- NONE OF THESE
Q9 | If total income is up to 5,00,000 then the late fees of filing ROI is
- 1,000
- 5,000
- 3,000
- NONE OF THESE
Q10 | Sales tax collected from the buyer of the goods is
- Capital receipt
- Revenue receipt
- Deferred revenue receipt
- Profits in lieu of salary
Q11 | Income tax is collected on all types ofincome except .
- Agricultural Income
- Industrial Income
- Capital Gain
- Household Property
Q12 | The Income Tax Act came into force from .
- 1st March 1971
- 1st April 1971
- 1st March 1961
- 1st April 1961
Q13 | The Income Tax Act came into force all over India except .
- Andaman & Nicobar
- Maldives
- Jammu & Kashmir
- None of the above
Q14 | As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year.
- Current year
- One year before previous year
- Previous year
- None of the above
Q15 | The tax payer liability is determined with reference to his or her .
- Financial Status
- Residential Status
- All of the above
- None of the above
Q16 | As per the definition of Income, the income includes the following .
- Profits and gains
- Dividend declared
- Voluntary contribution received by a trust created
- All of the above
Q17 | The period of 12 months commencing on the first day of April every year and ending on 31stMarch is called as .
- Previous Year
- Assessment year
- Accounting Year
- Financial Year
Q18 | Previous year means the financial year immediately preceding the .
- Accounting Year
- Assessment Year
- All of the above
- None of the above
Q19 | Agricultural income is completely exempted for assessment year .
- 1974-75
- 1985-86
- 1975-76
- 1978-79
Q20 | The income from foreign companies by providing the services in project connected with security of India is _________ from tax liability.
- 50% exempted
- 20% exempted
- 100% exempted
- 55% exempted
Q21 | An individual is said to be resident in India if .
- It is in India in the previous year for a period of 182 days or more
- It is in India for period of 60 days or more during the previous and 365 days or more during the four years immediately proceeding previous year
- All of the above
- None of the above
Q22 | 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
Q23 | The awards and rewards are exempted from Income Tax if .
- Payment is in cash
- Payment is in kind
- Payment is in cash or in kind
- None of the above
Q24 | Income received in India whether occurred in India or outside India, the tax incidence in caseof resident is .
- Taxable as per slabs
- Exempted from tax
- Partly exempted
- None of the above
Q25 | Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is .
- Taxable as per slabs
- Exempted from tax
- Partly exempted
- none