Related Questions
What is the correct answer?
4
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
What is the correct answer?
4
Uncommuted pension received by a Government employee is fully exempt from tax.
What is the correct answer?
4
The rates of Income Tax are specified in
B. Income Tax Rules, 1962
What is the correct answer?
4
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
What is the correct answer?
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
What is the correct answer?
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.
What is the correct answer?
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
What is the correct answer?
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
What is the correct answer?
4
Income of minor child, if clubbed with income of parents, is exempt from tax up to
What is the correct answer?
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.
What is the correct answer?
4
The CBDT consists of
A. One director & Two Members
B. One President & Seven Members
C. One Chairman & Six Members
What is the correct answer?
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
What is the correct answer?
4
House Rent Allowance is exempt from tax
What is the correct answer?
4
The apex body of Income Tax Department. is
A. Finance Ministry of Central Govt.
B. Central Govt. of India.
What is the correct answer?
4
The Income Tax Act 1961 came into force on
What is the correct answer?
4
The aggregate amount of deductions under chapter VI-A can not exceed
What is the correct answer?
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
What is the correct answer?
4
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
What is the correct answer?
4
Tax' is imposed on a person by
What is the correct answer?
4
The term "Person" includes
What is the correct answer?
4
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
What is the correct answer?
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
What is the correct answer?
4
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
What is the correct answer?
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
What is the correct answer?
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.
What is the correct answer?
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
What is the correct answer?
4
The first income tax act was introduced in the year
What is the correct answer?
4
Assessment year 2006-07 commenced on
What is the correct answer?
4
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
What is the correct answer?
4
No interest is available if the amount of refund of income tax paid is less than
B. 50% of total tax assessed
C. 10% of total tax assessed
D. 100% of total tax assessed