Income Tax Set 1

Bachelor of Business Administration in Finance (BBA Finance),

Staff Selection Commission (SSC)

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This set of Income Tax Multiple Choice Questions & Answers (MCQs) focuses on Income Tax Set 1

Q1 | Under the income- tax act, the incidence of taxation depends on......................
Q2 | Unabsorbed depreciation can be carried forward for set off.......................
Q3 | Residential status is determined for......................
Q4 | How many heads of income are there to compute Gross total income.
Q5 | Income Tax Act came into force on............................
Q6 | Income by way of rent of agricultural land is ..............
Q7 | Receipt of amount on maturity of LIC Policy is.............................
Q8 | Which of the following is not a capital receipt?
Q9 | Compensation for cancellation of a licence by the government resulting in cessation of businessis...................................
Q10 | Compensation received for loss of trading asset is a....................
Q11 | Salary received by the manager of an agricultural farm is .................................
Q12 | A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for............................. days to become a resident
Q13 | Loss due to fire of hired machinery is.............................
Q14 | Embezzlement of cash by a cashier is.................
Q15 | Who among the following may be “not ordinarily resident”
Q16 | Agricultural income in Pakistan is assessable for........................
Q17 | The following is not taxable as income under the head "Salaries".
Q18 | Section.................. of the Income Tax Act deals with exempted incomes.
Q19 | Gratuity received by a government employee is .......................
Q20 | Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profitin any accounting year can be carried forward for.....................
Q21 | __________ is / are empowered to levy and collect income tax.
Q22 | In which year Income Tax was levied in India for the first time ?
Q23 | Income Tax Act was passed in the year_____________.
Q24 | CBDT is control by ______________.
Q25 | previous year started from ______________.
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