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4

If both parents are earning then income of a minor child will be clubbed with

A. Income of parent having higher income

B. Proportionately with both parent's income

C. Income of parent having lower income

D. None of the above

Correct Answer :

A. Income of parent having higher income


Related Questions

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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

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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

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

A. Rs.150000 & 30000 respectively

B. Rs.150000 & 120000 respectively

C. Rs.120000 & 30000 respectively

D. None of the above.

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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

For the purpose of Fringe Benefit Tax, the term 'Employer' does not include

A. Individual and HUF

B. Corporate

C. Partnership firm

D. None of the above

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4

When a person has paid the security transaction tax on transfer of equity shares he does not have to pay any tax on long term capital gain arising on transfer of that equity share.

A. True

B. False

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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

PAN is necessary for the following assessees -

A. A businessman whose total turnover is Rs.5,00,001

B. A charitable trust

C. Both of the above

D. None of the above

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4

Any receipt of casual and non-recurring nature is known as casual income

A. True

B. False

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4

Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of

A. Resident

B. Not Ordinarily Resident

C. Non Resident

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

The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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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

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

The aggregate amount of deductions under chapter VI-A can not exceed

A. Rs. 50,000

B. Gross Total Income

C. Rs 1,00,000

D. None of the above

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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

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 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

The taxable Income computed should be rounded off to the nearest multiple of Rs.10.

A. True

B. False

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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

Which one of the following taxes is not levied by the State Government?

A. Entertainment tax

B. VAT

C. Professional tax

D. None of the above.

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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

Expected Rent can be determined in the following way

A. Higher of Municipal Value & Fair Rent

B. Lower of Municipal Value & Fair Rent

C. Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent

D. Any of the above

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4

A company is considered to be resident if

A. It is an Indian Company

B. During the previous year it's control and management is situated wholly in India

C. (a) & (b) both

D. Any of the above

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4

Assessment year 2006-07 commenced on

A. 1st April '05

B. 1st April '06

C. 1st April '07

D. 31st March '06

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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

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

If both parents are earning then income of a minor child will be clubbed with

A. Income of parent having higher income

B. Proportionately with both parent's income

C. Income of parent having lower income

D. None of the above

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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

Uncommuted pension received by a Government employee is fully exempt from tax.

A. True

B. False