Income Tax Set 2 MCQs

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