Description : Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956
Last Answer : C) 1st April 1962
Description : While auditing the financial statements of non-corporate enterprises, the auditor's duties and scope of work would be governed by- (A) the statute passed by the Parliament (B) the Companies Act, 1956, and ... (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961
Last Answer : Answer: the agreement with his client.
Description : Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8
Last Answer : B) 10
Description : As per Income tax Act, Person includes …………… A) Individual B) HUF C) Local Authority D) All of the above
Last Answer : D) All of the above
Description : A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. A) 56 B) 60 C) 80 D) 85
Last Answer : C) 80
Description : Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules
Last Answer : B) Finance Act
Description : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year
Last Answer : D) Assessment Year
Description : In which year first copyright act was passed in India? a. 1956 b. 1934 c. 1914 d. 1924
Last Answer : c. 1914
Description : The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.
Last Answer : B) CBDT
Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C
Last Answer : B) 87A
Description : Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax
Last Answer : B) Direct tax
Description : When the income earned in an year is taxed in the same year, it is called ………………….. A) Advanced Assessment B) Super Assessment C) Accelerated Assessment D) None of the above
Last Answer : C) Accelerated Assessment
Description : Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable
Last Answer : A) Resident
Description : Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26
Last Answer : B) 15 to 17
Description : Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these
Last Answer : C) Not Allowed
Description : Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore
Last Answer : C) 1 Crore
Description : The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000
Last Answer : C) 300,000
Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2
Last Answer : C) 5
Description : A Shareholder has been defined by ________ A. Banking Regulation Act, 1949 B. Reserve Bank of India Act, 1934 C. Negotiable Instruments Act, 1881 D. Indian Contract Act, 1872 E. The companies act, 1956
Last Answer : E. The companies act, 1956 Explanation: The Companies Act, 1956 ―Small Shareholder‖ means a shareholder holding shares of nominal value of twenty thousand rupees or less in a public company to which section 252 of the Act applies.
Description : BCSBI registered as an independent and autonomous body under ________ A. RBI Act 1934 B. Societies Registration Act, 1860 C. Banking Regulation Act, 1949 D. The Companies Act, 1956 E. Both (B) and (C)
Last Answer : B. Societies Registration Act, 1860 Explanation: BCSBI is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860.
Description : Issuance of stamp duty on bonds is under ________ A. The Companies Act, 1956 B. The Public Debt Act 1944. C. Indian Stamp Act 1899 (Central Act) D. Reserve Bank of India Act, 1934 E. Both (A) and (C)
Last Answer : C. Indian Stamp Act 1899 (Central Act) Explanation: Issuance of stamp duty on bonds is under Indian Stamp Act 1899 (Central Act). A bond is transferable by endorsement and delivery without payment of any transfer stamp duty.
Description : A citizen of India who goes abroad for the purpose of employment, he must stay in India in the previous year for at least ............................. days to become a resident A) 90 days B) 162 days C) 180 days D) 182 days
Last Answer : D) 182 days
Description : Assessment year is the period of 12 months commencing from ……………. Every year. A) 1st March B) 31st March C) 1st April D) 30 th April
Last Answer : C) 1st April
Description : Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these
Last Answer : A) Fully Exempted Allowance
Description : Transport allowance given by the employer to the employee is exempt up to ……….. A) Rs.1000p.m B) Rs.1600p.m C) Rs.1000p.a D) Rs.1600p.a
Last Answer : B) Rs.1600p.m
Description : Children hostel allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.200 C) Rs.250 D) Rs.300
Last Answer : D) Rs.300
Description : Children education allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.150 C) Rs.200 D) Rs.250
Last Answer : A) Rs.100
Description : Any allowance granted for encouraging research, academic and other professional pursuit is called ……………………… A) Research Allowance B) Academic Allowance C) Higher Educational Allowance D) Educational Allowance
Last Answer : any allowance granted from encouraging research or Academy and other professional fruit suit is called what
Description : Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)
Last Answer : C) 16(ii)
Description : If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : A) Fully Taxable
Description : Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB
Last Answer : 2A
Description : HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : B) Partly Taxable
Description : Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these
Last Answer : B) Allowances
Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A
Last Answer : C) 10(10)
Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Description : When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance
Last Answer : C) Transferred Balance
Description : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)
Last Answer : D)17(1)
Description : Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : C) Fully Exempted
Description : Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these
Last Answer : A) Karta
Description : A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4
Last Answer : A) 2
Description : To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions
Last Answer : B) One Basic Condition and Both Additional Conditions
Description : CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above
Last Answer : A) Central Government
Description : CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes
Last Answer : B) Central Board of Direct Taxes
Description : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%
Last Answer : C) 3%
Description : According to the Income Tax act of 1961, the age of Super senior Citizens should be _______ A. 60 years B. 70 years C. 80 years D. 75 years E. 65 years
Last Answer : C. 80 years Explanation: According to the Income Tax act of 1961, the age of Super senior Citizens is 80 years.
Description : Investment under senior citizen savings scheme qualifies for the benefit of __________ of the Income Tax Act, 1961. A. Section 60C B. Section 70C C. Section 80C D. Section 90C E. None of the Above
Last Answer : C. Section 80C Explanation: Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961.
Description : Mark the correct option a) There is no maximum limit of deposit in TD accounts of any type b) No subsequent withdrawal allowed in TD accounts before date of maturity c) The investment under 5 years TD ... the benefit of Section 80C f the income tax Act 1961 from 01-04-2007 d) All the above
Last Answer : d) All the above
Description : The exemption under section 54 of the Income Tax Act, 1961 is available ___________. e) to the extent of capital gain invested in the house property f) proportionate to the net consideration price invested g) to the extent of amount actually invested h) to the extent of net consideration
Last Answer : to the extent of capital gain invested in the house property
Description : Salary under section 17(1) of the Income Tax Act, 1961 does not include _____. a) wages b) pension c) interest d) gratuity
Last Answer : interest