Recent questions tagged income-tax

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

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

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

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

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 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

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

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

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

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

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

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

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

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