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4

According to Section 2(7) of Income Tax Act "Assessee" means

A. A person by whom any tax or other sum of money is payable

B. A person by whom any proceeding under the Act has been taken

C. A person who is deemed to be an assessee in default under any provision of this Act

D. All of the above

Correct Answer :

D. All of the above


Related Questions

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4

Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first previous year will start from

A. 1st April '05

B. 1st Sept '05

C. Any of the above

D. None of the above.

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4

The Income Tax Act, which is still in force in India, was enforced in

A. 1922

B. 1961

C. 1860

D. None of the above

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4

Tax on fringe benefit has been introduced from the assessment year

A. 2000-01

B. 2006-07

C. 2005-06

D. 2004-05

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4

The amount of interest on borrowed capital allowable as deduction in case of a let out property is

A. The actual amount of interest

B. Rs.30,000

C. Rs 30,000 or Actual amount which ever is lower

D. Rs.1,50,000

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4

No interest is available if the amount of refund of income tax paid is less than

A. Rs. 5,000

B. 50% of total tax assessed

C. 10% of total tax assessed

D. 100% of total tax assessed

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4

According to Section 2(7) of Income Tax Act "Assessee" means

A. A person by whom any tax or other sum of money is payable

B. A person by whom any proceeding under the Act has been taken

C. A person who is deemed to be an assessee in default under any provision of this Act

D. All of the above

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4

Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.

A. True

B. False

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4

Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of

A. Rs.1,00,000

B. Rs.1,50,000

C. Rs.50,000

D. No limit

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4

Which of the following statements is incorrect?

A. Income tax is a direct tax

B. Wealth tax is a central govt. tax

C. Excise duty is an example of direct tax.

D. Entry tax is a state govt. tax.

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4

If an assessee makes an absolute transfer of an asset without any consideration then any income from such property should be clubbed with the income of the assessee.

A. True

B. False

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4

Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000 from present employer and Rs.50,000 from the company he is going to join from 01.04.2006, during the previous year 2005-06. The total amount of salar

A. Rs.1,60,000

B. Rs.1,30,000

C. Rs.1,10,000

D. Rs. 80,000

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4

Every employer should pay fringe benefit tax within

A. One month from the end of each quarter

B. One week from the end of each quarter

C. 15 days from the end of each quarter

D. Last day of the quarter

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4

If a self occupied property is converted into HUF property without adequate consideration then

A. Entire income from such property will be clubbed with the income of the transferor

B. 50% of such income will be clubbed

C. Such income will not be clubbed

D. None of the above

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4

Which of the following income is / are exempt from tax?

A. Payments received from family income by a member of a HUF

B. Share of profit received by a partner of a partnership firm.

C. Any income of an educational institution and hospitals

D. All of the above

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4

The TDS Certificate issued by an employer to his employees in case of salary income is

A. Form 16

B. Form 26

C. Form 26A

D. Form 26Q

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4

TDS, in case of salary should be deposited within

A. Within 15 days from the end of the month in which such tax is deducted

B. Within 30 days from the end of the month in which such tax is deducted

C. Within 7 days from the end of the month in which such tax is deducted

D. On the next working day

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4

Sec. 234A deals with

A. Interest in default in furnishing return of income

B. Interest for concealment of particulars

C. Interest for default in payment of advance tax

D. None of the above

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4

Income of a minor will not be clubbed with his/her parent's income if

A. Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge

B. Child is illiterate

C. Parents are handicapped

D. the child does not give her consent

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4

The CBDT consists of

A. One director & Two Members

B. One President & Seven Members

C. One Chairman & Six Members

D. None of the above.

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4

For a senior citizen the amount of deduction U/s 80D available is

A. The amount of premium paid or Rs.10,000 whichever is higher

B. The actual amount of premium paid or Rs.10,000 whichever is lower

C. The actual amount of premium paid or Rs.15,000 whichever is lower

D. None of the above

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4

The Income Tax Act 1961 came into force on

A. 13th Oct. 1961

B. 1st April 1961

C. 13th Sept 1961

D. 13th Dec 1961

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4

Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.

A. True

B. False

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4

The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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4

The rates of Income Tax are specified in

A. Income Tax Act, 1961

B. Income Tax Rules, 1962

C. Finance Act

D. Circulars of CBDT

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4

The term "Person" includes

A. A Registered Firm

B. An Unregistered Firm

C. All of the above

D. None of the above

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4

Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be

A. Rs. 1,00,000

B. Rs. 1,50,000

C. Rs. 2,00,000

D. None of the above

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4

Income Tax Act 1922 is a "milestone" because

A. This Act introduced first the concept of aggregating incomes under different
Heads

B. It introduced the concept of "resident but not ordinarily resident"

C. This Act is still in force in India

D. Under this Act the administration was shifted completely from the provincial
Govt to the Central govt.

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4

YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income earned by the club from such letting-out will be chargeable under the head

A. Income from salary

B. Income from House Property

C. Income from Other Sources

D. Income from Business and Profession

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4

The rates of income tax are specified in

A. Income Tax Act 1961

B. Income Tax Rule 1961

C. Finance Act

D. Circular of CBDT

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4

The apex body of Income Tax Department. is

A. Finance Ministry of Central Govt.

B. Central Govt. of India.

C. CBDT

D. Dept. of Revenue