Income Tax Law And Practices Set 4 MCQs

Q1 | Income received in India whether occurred in India or outside India, the tax incidence in case of non-resident is .

Taxable as per slabs

Exempted from slab

Partly exempted

None of the above

Q2 | Income deemed to be received in India whether occurred in India or outside India, the taxincidence in case of resident is .

Taxable as per slabs

Exempted from slab

Partly exempted

None of the above

Q3 | The income received and accrued outside India from a business controlled or profession setup in India, the tax incidence in case of resident is .

Taxable

Non-taxable

Partly taxable

None of the above

Q4 | The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is .

Taxable

Non-taxable

Partly taxable

None of the above

Q5 | The tax incidence for company or firm in which income received in India and company is resident is .

Taxable

Non-taxable

Partly taxable

None of the above

Q6 | The tax incidence for company or firm in which income received in India and company fornon-resident is .

Taxable

Non-taxable

Partly taxable

None of the above

Q7 | The tax incidence for company or firm in which income received outside India from a source controlled from India for resident is .

Taxable

Non-taxable

Partly taxable

None of the above

Q8 | The tax incidence for company or firm in which income received outside India from a sourcecontrolled from India for non-resident is .

Non-taxable

Taxable

Partly taxable

None of the above

Q9 | __________ is exempted from income tax.

Interest from Indian company

Dividend from foreign company

(a) Cooperative dividend

(d) Dividend from Indian company

Q10 | Which section of the Income Tax Act exempted incomes have been mentioned?

Section 80C

Section 80DD

Section 10

Section 2

Q11 | _________ of Income Tax Act is related to residential status.

Section 2

Section

Section 5

Section 4

Q12 | Resident of India includes .

Ordinarily resident

Not ordinarily resident

NRI

Both (a) and (b)

Q13 | The Company may have the residential status as .

Resident or Non-resident

Not ordinarily resident

Non-resident

Resident

Q14 | The meaning of exempted income is .

Not included in total income

Agricultural income

Not taxable under income tax

All of the above

Q15 | The number of income source for a person are .

One head

Two heads

Various heads

Any of the above

Q16 | The sum of various heads is called as .

Taxable income

Total income

Gross total income

Adjusted income

Q17 | The agricultural income includes .

Income from sale of crop

Income from preparation of crop

Income from nursery

All of the above

Q18 | ____________ comes under agricultural income.

Tea garden

Commodity farming

All of the above

None of the above

Q19 | The Income Tax Act, 1961 broadly covers .

Basic charging income

Rebates and reliefs

Incomes exempted from income tax

All of the above

Q20 | The capital gain is chargeable under of Income Tax Act.

Section 45

Section 55

Section 56

Section 40

Q21 | The definition of the person includes .

An individual

A company

A Hindu undivided family

All of the above

Q22 | Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is .

Partially taxable

Fully taxable

(c) Exempted from tax

(d)None of the above

Q23 | Residential Status of an assesses can be .

Different for different previous year in the same assessment year

Different for different assessment year

None of the above

All of the above

Q24 | The income of previous year is chargeable to tax in the .

Immediately succeeding assessment year

Same previous year

Immediately preceding academic year

None of the above

Q25 | The interest on loan paid by the Government of India to a non-resident outside India is _______________in India.

Not taxable

Partially taxable

(c) Taxable

(d)Can’t say