Assessment year 2006-07 commenced on
1st April '05
1st April '06
1st April '07
31st March '06
Correct Answer :
B. 1st April '06
Related Questions
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
The first income tax act was introduced in the year
1918
1861
1860
1886
Which of the following income is / are exempt from tax?
Payments received from family income by a member of a HUF
Share of profit received by a partner of a partnership firm.
Any income of an educational institution and hospitals
All of the above
Every employer should pay fringe benefit tax within
One month from the end of each quarter
One week from the end of each quarter
15 days from the end of each quarter
Last day of the quarter
If both parents are earning then income of a minor child will be clubbed with
Income of parent having higher income
Proportionately with both parent's income
Income of parent having lower income
None of the above
The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get a deduction of Rs.30, 000 under sections 80C to 80U.His Gross Total Income and Net Total income are
Rs.150000 & 30000 respectively
Rs.150000 & 120000 respectively
Rs.120000 & 30000 respectively
None of the above.
According to Section 2(7) of Income Tax Act "Assessee" means
A person by whom any tax or other sum of money is payable
A person by whom any proceeding under the Act has been taken
A person who is deemed to be an assessee in default under any provision of this Act
All of the above
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
Income Tax Act 1922 is a "milestone" because
This Act introduced first the concept of aggregating incomes under different
Heads
It introduced the concept of "resident but not ordinarily resident"
This Act is still in force in India
Under this Act the administration was shifted completely from the provincial
Govt to the Central govt.
Any receipt of casual and non-recurring nature is known as casual income
True
False
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
True
False
The rates of Income Tax are specified in
Income Tax Act, 1961
Income Tax Rules, 1962
Finance Act
Circulars of CBDT
Which of the following statements is incorrect?
Income tax is a direct tax
Wealth tax is a central govt. tax
Excise duty is an example of direct tax.
Entry tax is a state govt. tax.
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
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
Income from salary
Income from House Property
Income from Other Sources
Income from Business and Profession
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
If a self occupied property is converted into HUF property without adequate consideration then
Entire income from such property will be clubbed with the income of the transferor
50% of such income will be clubbed
Such income will not be clubbed
None of the above
The income of previous year of an assessee is taxed during the following assessment year
True
False
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.
True
False
The apex body of Income Tax Department. is
Finance Ministry of Central Govt.
Central Govt. of India.
CBDT
Dept. of Revenue
The Income Tax Act, which is still in force in India, was enforced in
1922
1961
1860
None of the above
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
None of the above
A company is considered to be resident if
It is an Indian Company
During the previous year it's control and management is situated wholly in India
(a) & (b) both
Any of the above
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
Individual and HUF
Corporate
Partnership firm
None of the above
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
Income of minor child, if clubbed with income of parents, is exempt from tax up to
Rs.1,000
Rs.1,500
Rs.1,200
None of the above
For a senior citizen the amount of deduction U/s 80D available is
The amount of premium paid or Rs.10,000 whichever is higher
The actual amount of premium paid or Rs.10,000 whichever is lower
The actual amount of premium paid or Rs.15,000 whichever is lower
None of the above
PAN is necessary for the following assessees -
A businessman whose total turnover is Rs.5,00,001
A charitable trust
Both of the above
None of the above