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Current Affairs January 2024

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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

Correct Answer :

B. 2006-07


Related Questions

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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

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

A. True

B. False

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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

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

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

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

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

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

Income of minor child, if clubbed with income of parents, is exempt from tax up to

A. Rs.1,000

B. Rs.1,500

C. Rs.1,200

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

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

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

House Rent Allowance is exempt from tax

A. True

B. False

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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

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 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

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

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

A. True

B. False

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4

Tax' is imposed on a person by

A. State Govt.

B. Central Govt.

C. Both of the above

D. None of the above

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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

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

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

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

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

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

The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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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

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

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