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

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
by

1 Answer

Answer :

B) One Basic Condition and Both Additional Conditions
by

Related questions

Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable

Description : Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable

Last Answer : A) Resident

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

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

As per Income tax Act, Person includes …………… A) Individual B) HUF C) Local Authority D) All of the above

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

CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above

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

The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.

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

Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these

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

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

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

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

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

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

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

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

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

Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)

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)

If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

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

Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB

Description : Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB

Last Answer : 2A

HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Description : HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Last Answer : B) Partly Taxable

Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these

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

Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A

Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A

Last Answer : C) 10(10) 

Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

Last Answer : A) Fully Taxable

When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance

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

Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)

Description : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)

Last Answer : D)17(1)

Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26

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

Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8

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

Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these

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

Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

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

Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these

Description : Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these 

Last Answer : A) Karta

A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4

Description : A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4

Last Answer : A) 2

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

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

Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%

Description : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%

Last Answer : C) 3%

Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore

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

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

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 

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

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

Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year

Description : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year

Last Answer : D) Assessment Year

Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C

Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C

Last Answer : B) 87A

The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000

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

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

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

There are …………… heads of income A) 3 B) 4 C) 5 D) 2

Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2 

Last Answer : C) 5

Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules

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

Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax

Description : Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax

Last Answer : B) Direct tax

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

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

Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972

Description : Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972

Last Answer : C) 1961

A Hurwitz polynomial D(s) must satisfy two conditions. One is the polynomial is real when s is real...

Description : A Hurwitz polynomial D(s) must satisfy two conditions. One is the polynomial is real when s is real. What is the other condition ?

Last Answer : A Hurwitz polynomial D(s) must satisfy two conditions. One is the polynomial is real when s is real. What is the other condition ? Roots of D(s) have real parts which are either zero or negative

The individual within the operations group who ordinarily uses a variety of keyboard devices, is the 1) Data Clerk 2) Keypunch Operator 3) Data Entry Clerk 4) Computer Operator

Description : The individual within the operations group who ordinarily uses a variety of keyboard devices, is the 1) Data Clerk 2) Keypunch Operator 3) Data Entry Clerk 4) Computer Operator

Last Answer : 3) Data Entry Clerk

An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily result in the preparation of a report. b. The usual audit of financial statement covers the four basic financial statements whereas the operational audit is usually limited either the balance sheet or the income statement. c. The boundaries of an operation audit are often drawn from anorganization chart and are notlimited to a single accountingperiod.d. The operational audit deals withoperating profit while financial auditconsiders both the operating and netprofits.

Description : An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily ... audit deals with operating profit while financial audit considers both the operating and net profits.

Last Answer : The boundaries of an operation audit are often drawn from anorganization chart and are not limited to a single accounting period

Which type of Mendelian inherited condition results in both genders being affected equally in a vertical pattern? a) Automosomal dominant inheritance An individual who has an autosomal dominant inherited condition carries a gene mutation for that condition on one chromosome of a pair. b) Automosomal recessive inheritance The pattern of inheritance in autosomal recessive inherited conditions is different from that of autosomal dominant inherited conditions in that it is more horizontal than vertical, with relatives of a single generation tending to have the condition. c) X-linked inheritance X-linked conditions may be inherited in families in recessive or dominant patterns.

Description : Which type of Mendelian inherited condition results in both genders being affected equally in a vertical pattern? a) Automosomal dominant inheritance An individual who has an autosomal dominant ... that combine during early embryonic development leading to incomplete closure of the neural tube.

Last Answer : a) Automosomal dominant inheritance An individual who has an autosomal dominant inherited condition carries a gene mutation for that condition on one chromosome of a pair.

Which of the following statements about fraud or error is incorrect? a. The responsibility for the prevention and detection of fraud and error rests with management. b. The auditor should plan and perform the audit with an attitude of professional skepticism, recognizing that conditions or events may be found that fraud or error may exist. c. The likelihood of detecting fraud is ordinarily higher than that of detecting error. d. The auditor is not and can not be held responsible for the prevention of fraud and error

Description : Which of the following statements about fraud or error is incorrect? a. The responsibility for the prevention and detection of fraud and error rests with management. b. The auditor should plan and perform ... . The auditor is not and can not be held responsible for the prevention of fraud and error

Last Answer : The likelihood of detecting fraud is ordinarily higher than that of detecting error.

Which of the following statements concerning nickel-cadmium batteries is true? A. When mixing electrolyte always add acid to the water. B. Nickel-cadmium batteries can be charged and discharged only a limited number of times without damage to the cells. C. Nickel-cadmium batteries can be stored for a long time and still keep a full charge without additional charging. D. The electrolyte of an idle nickel-cadmium battery must be replaced monthly to maintain battery condition.

Description : Which of the following statements concerning nickel-cadmium batteries is true? A. When mixing electrolyte always add acid to the water. B. Nickel-cadmium batteries can be charged and ... The electrolyte of an idle nickel-cadmium battery must be replaced monthly to maintain battery condition.

Last Answer : Answer: C

An individual moves into the adoption stage of the adoption process at the point when he or she A)is self-motivated to get information about the product. B)begins using that specific product when the need for that general type of product arises. C)seriously considers whether the product will satisfy his or her needs. D)experiences the product for the first time.

Description : An individual moves into the adoption stage of the adoption process at the point when he or she A)is self-motivated to get information about the product. B)begins using that specific product when ... whether the product will satisfy his or her needs. D)experiences the product for the first time.

Last Answer : B)begins using that specific product when the need for that general type of product arises.

An application for leave must be submitted ordinarily a) Fifteen days advance b) One month advance c) Two month advance d) None of these

Description : An application for leave must be submitted ordinarily a) Fifteen days advance b) One month advance c) Two month advance d) None of these

Last Answer : b) One month advance

The ratio of the rens digit and the units digit of a two digit number is ` 1 : 2` .How many two digit number satisfy this condition?

Description : The ratio of the rens digit and the units digit of a two digit number is ` 1 : 2` .How many two digit number satisfy this condition?

Last Answer : The ratio of the rens digit and the units digit of a two digit number is ` 1 : 2` .How many two digit number satisfy this condition?

Every postmaster or record clerk, as the case may be, should at least once in every _______, count and examine the bags of his office and satisfy himself that they are correct and in once in serviceable condition and that bags of suitable sizes are kept in stock a) Month b) Quarter c) Six month d) Year

Description : Every postmaster or record clerk, as the case may be, should at least once in every _______, count and examine the bags of his office and satisfy himself that they are correct and in once in serviceable ... that bags of suitable sizes are kept in stock a) Month b) Quarter c) Six month d) Year

Last Answer : b) Quarter