Quiznetik

Taxation | Set 1

1. The Constitution of india empowers ____________________________________ to levy tax on income

Correct : B. central government

2. The income tax act extends to __________________________________________ of india

Correct : D. whole

3. Residential has nothing to do with

Correct : B. citizenship

4. Residential Status of an individual depends on the stay of assesses in india during the

Correct : D. previous year

5. A person by whom any tax is payable under income tax act 1961 is called as

Correct : C. assessee

6. The Financial year in which the income is earned is called as the

Correct : C. previous year

7. An Company is always resident in india

Correct : C. indian

8. Income tax act extends to

Correct : A. whole of india

9. Shivaji University is assessable under the income tax act as

Correct : B. an artificial juridical person

10. A firm is regarded as a unit of assessment as per ______________________________

Correct : A. income tax act

11. ____________________________ is chargeable u/s 45

Correct : A. capital gains

12. What is the section of Incidence of law

Correct : B. 5

13. Incomes which accrue or arise outside India but received directly in India are taxable in case of

Correct : D. All of the above

14. R Ltd. Is an Indian company whose place of effective management is outside India. R Ltd., shall be:

Correct : A. resident in India

15. which of the following are the persons under sec2(A)

Correct : D. All of the above

16. The HUF is said to be resident in India if

Correct : A. The control and management of its affairs is wholly or partly situated in India

17. The Company may have the residential status as

Correct : A. Resident and non resident

18. Benefits Given in kind are

Correct : B. Perquisites

19. which of the following heads are the head of Income under Income tax Act 1961

Correct : D. All of the above

20. Outstanding salary would be taxable basis

Correct : A. Due

21. Advance salary would be taxable basis

Correct : B. receipts

22. is a retirement benefit given by the employer to the employee in consideration of past services.

Correct : A. Gratuity

23. A is a non-cash benefit granted by an employer to the employee

Correct : C. pension

24. Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)

Correct : B. Not taxable

25. Previous year means the financial year immediately preceding the

Correct : B. Assesment year

26. Full form of TDS

Correct : A. Tax deducted at source

27. profit or income of that particular year.

Correct : A. set off

28. Capital LosseCan be carry forward up to next             assessment years from the assessment year in which the loss was incurred

Correct : A. 8

29. which of the following are the basic condition to become resident of india

Correct : B. He must be in India for 60 days or more in Relevent Previous year AND In preceding 4 previous year he must be in

30. .A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of :

Correct : C. 160

31. of Income Tax Act is related to residential status

Correct : A. Section 6

32. Salary should have relationship

Correct : C. both a and b

33. salary is chargeable to tax on

Correct : C. Receipt or due whichever is earlier

34. Arear on salary are taxable on

Correct : A. Receipt

35. means fixed quantum of money given regularly in addition to salary to meet particular requirement

Correct : A. Allowance

36. An allowance to meet the expenses in connection with the rent of the house, by whatever name called

Correct : A. House Rent allowance

37. It is an extra amount given to an employee to meet the burden of inflation or increased cost of living.

Correct : B. Dearness allowance

38. Which of the allowances are fully taxable

Correct : D. All of the above