Sec. 234A deals with
Interest in default in furnishing return of income
Interest for concealment of particulars
Interest for default in payment of advance tax
None of the above
Correct Answer :
A. Interest in default in furnishing return of income
Related Questions
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
Which one of the following taxes is not levied by the State Government?
Entertainment tax
VAT
Professional tax
None of the above.
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
House Rent Allowance is 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
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
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
The rates of income tax are specified in
Income Tax Act 1961
Income Tax Rule 1961
Finance Act
Circular of CBDT
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
True
False
The first income tax act was introduced in the year
1918
1861
1860
1886
Sec. 234A deals with
Interest in default in furnishing return of income
Interest for concealment of particulars
Interest for default in payment of advance tax
None of the above
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 amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
True
False
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
1st April '05
1st Sept '05
Any of the above
None of the above.
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
No interest is available if the amount of refund of income tax paid is less than
Rs. 5,000
50% of total tax assessed
10% of total tax assessed
100% of total tax assessed
Any receipt of casual and non-recurring nature is known as casual income
True
False
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
True
False
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.
True
False
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
Rs.1,00,000
Rs.1,50,000
Rs.50,000
No limit
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
Resident
Not Ordinarily Resident
Non Resident
All 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.
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.
The income of previous year of an assessee is taxed during the following assessment year
True
False
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
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
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
The rates of Income Tax are specified in
Income Tax Act, 1961
Income Tax Rules, 1962
Finance Act
Circulars of CBDT