2. Mr. X has started his business from 2nd Sept,2019 and does not have any other source of Income, his first previous year will start from
Correct : B. 2nd September,2019
3. In Assessment year, the tax will be calculated at
Correct : A. current year rate
4. Assesee means a person from whome
Correct : D. all of the above
5. Agriculture income is exempt in India:
Correct : A. True
6. Agricultural income from foreign is taxable
Correct : A. True
7. Sale of land is a
Correct : A. Capital Receipt
8. Sales of goods is a
Correct : A. Revenue Receipt
9. As the income goes up, the slab of income tax rate goes
Correct : A. up
10. The financial year starts from
Correct : B. 1st April to 31st March
11. Person includes
Correct : D. All of the above
12. Income tax is paid by every individual depending on his
Correct : B. residential status
13. Income tax is a
Correct : A. Direct tax
14. Income tax is collected by
Correct : B. central government
15. Assessee includes any person in respect of whom:
Correct : D. all of the above
16. The residential status of an Individual can be:
Correct : D. All of the above
17. Citizenship is the criteria of assessment
Correct : A. true
18. An individual is said to be resident in India if he stays for_ days during the
previous year
Correct : B. 182
19. Income received or deemed to be received in India is taxable for
Correct : D. All of the above
20. Gifts received from relatives on the occasion of marriage would be
Correct : B. exempted
21. Gifts received from others on the occasion other than marriage would be taxable
if the aggregate amount exceeds
Correct : A. Rs 50,000
22. As the income goes down, the slab of income tax rate goes
Correct : B. down
23. The calendar year starts from
Correct : A. 1st Jan to 31st Dec
24. Receipt of Income and remittance of income are different things
Correct : A. True
25. Ordinary resident must stay in India for_ days during the previous year
Correct : A. 60 days
26. A resident must stay in India for 730 days during the previous
Correct : C. 7 years
27. A person is said to be of Indian origin if he or his parent were born in
Correct : A. undivided india
28. Receipt by a member from HUF is fully exempt
Correct : A. true
29. Income of minor child clubbed with the income of parents gets an exemption of
Correct : A. Rs 1500
30. To determine the residential status of HUF, the residential status of
Correct : B. karta is considered
31. GST is a………………….
Correct : C. Indirect tax
32. A person with the age of or more is considered as a super senior citizen as
per Income tax Act.
Correct : C. 80
33. Assessment year is the period of 12 months commencing from_every year.
Correct : C. 1st April
34. Expenditure incurred on exempted income is.............. as deduction.
Correct : A. Fully Allowed
35. HRA is………………..
Correct : B. Partly Taxable
36. If the assessee is living in own house HRA is…………..
Correct : A. Fully Taxable
37. Children education allowance is exempt up to per month per child for two children.
Correct : A. Rs.100
38. Children hostel allowance is exempt up to per month per child for
Correct : A. 2 child
39. Transport allowance given by the employer to the employee is exempt up to………..
Correct : B. Rs.1600p.m
40. Education allowance is exempted for……..
Correct : C. Two persons
41. Gratuity received by a government employee is.......................
Correct : A. Fully exempted
42. The periodic payment of money for the past service is known as........................
Correct : B. Pension
43. Pension is taxable under_head.
Correct : A. Salary
44. Which of the following is not included in salaryincome.
Correct : C. Family pension
45. Dearness allowance is taxable in the handsof.................
Correct : D. None ofthese.
46. Deduction under section 80 C is available for investments in
Correct : D. All of these
47. Deduction under section 80 CCD is available to investment made in the fund of
Correct : C. Centralgovt.
48. Maximum deduction under section 80CCE is subject to a maximum of
Correct : D. Rs.1,50,000.
49. .Deduction under section 80D is available on
Correct : A. Health Insurance Premium
50. Deduction under section 80 D is subject to
Correct : A. 25,000
51. Deduction under section 80DD is available to
Correct : B. disabled dependent
52. Deduction under sec 80DD is available to the extent of
Correct : A. Rs 75,000
53. Deduction under section 80DDB is available to the extent of
Correct : A. 40,000
54. Deduction under section 80E is available on
Correct : A. education
55. Deduction under 80 QQB is available in respect of
Correct : A. royalty income
56. Every assesse has to file return of income if their taxable income exceeds
Correct : D. basic exemption limit
57. .The due date of filing return of income in case of company is
Correct : A. 30th September
58. if total income is up to 50,000 then the late fees of filing ROI IS
Correct : A. 1,000
59. If total income is up to 5,00,000 then the late fees of filing ROI is
Correct : B. 5,000
60. Sales tax collected from the buyer of the goods is
Correct : D. Profits in lieu of salary
61. Income tax is collected on all types ofincome except .
Correct : A. Agricultural Income
62. The Income Tax Act came into force from .
Correct : D. 1st April 1961
63. The Income Tax Act came into force all over India except .
Correct : D. None of the above
64. 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.
Correct : C. Previous year
65. The tax payer liability is determined with reference to his or her .
Correct : B. Residential Status
66. As per the definition of Income, the income includes the following .
Correct : D. All of the above
67. The period of 12 months commencing on the first day of April every year and ending on 31st
March is called as .
Correct : B. Assessment year
68. Previous year means the financial year immediately preceding the .
Correct : B. Assessment Year
69. Agricultural income is completely exempted for assessment year .
Correct : A. 1974-75
70. The income from foreign companies by providing the services in project connected with security of India is _________ from tax liability.
Correct : C. 100% exempted
71. An individual is said to be resident in India if .
Correct : C. All of the above
72. 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
73. The awards and rewards are exempted from Income Tax if .
Correct : C. Payment is in cash or in kind
74. Income received in India whether occurred in India or outside India, the tax incidence in case
of resident is .
Correct : A. Taxable as per slabs
75. Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is .
Correct : A. Taxable as per slabs
76. Income received in India whether occurred in India or outside India, the tax incidence in case of non-resident is .
Correct : A. Taxable as per slabs
77. Income deemed to be received in India whether occurred in India or outside India, the tax
incidence in case of resident is .
Correct : A. Taxable as per slabs
78. The income received and accrued outside India from a business controlled or profession set
up in India, the tax incidence in case of resident is .
Correct : A. Taxable
79. 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 .
Correct : B. Non-taxable
80. The tax incidence for company or firm in which income received in India and company is resident is .
Correct : A. Taxable
81. The tax incidence for company or firm in which income received in India and company for
non-resident is .
Correct : A. Taxable
82. The tax incidence for company or firm in which income received outside India from a source controlled from India for resident is .
Correct : A. Taxable
83. The tax incidence for company or firm in which income received outside India from a source
controlled from India for non-resident is .
Correct : A. Non-taxable
84. __________ is exempted from income tax.
Correct : D. (d) Dividend from Indian company
85. Which section of the Income Tax Act exempted incomes have been mentioned?
Correct : A. Section 80C
86. _________ of Income Tax Act is related to residential status.
Correct : A. Section 2
87. Resident of India includes .
Correct : D. Both (a) and (b)
88. The Company may have the residential status as .
Correct : A. Resident or Non-resident
89. The meaning of exempted income is .
Correct : A. Not included in total income
90. The number of income source for a person are .
Correct : D. Any of the above
91. The sum of various heads is called as .
Correct : C. Gross total income
92. The agricultural income includes .
Correct : D. All of the above
93. ____________ comes under agricultural income.
Correct : A. Tea garden
94. The Income Tax Act, 1961 broadly covers .
Correct : D. All of the above
95. The capital gain is chargeable under of Income Tax Act.
Correct : A. Section 45
96. The definition of the person includes .
Correct : D. All of the above
97. Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is .
Correct : C. (c) Exempted from tax
98. Residential Status of an assesses can be .
Correct : B. Different for different assessment year
99. The income of previous year is chargeable to tax in the .
Correct : A. Immediately succeeding assessment year
100. The interest on loan paid by the Government of India to a non-resident outside India is _______________in India.