Related Questions
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
What is the correct answer?
4
The first income tax act was introduced in the year
What is the correct answer?
4
PAN is necessary for the following assessees -
A. A businessman whose total turnover is Rs.5,00,001
What is the correct answer?
4
Which one of the following taxes is not levied by the State Government?
What is the correct answer?
4
The rates of income tax are specified in
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
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
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
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
What is the correct answer?
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
What is the correct answer?
4
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
What is the correct answer?
4
Tax' is imposed on a person by
What is the correct answer?
4
The Income Tax Act, which is still in force in India, was enforced in
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
Tax on fringe benefit has been introduced from the assessment year
What is the correct answer?
4
The Income Tax Act 1961 came into force on
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
Any receipt of casual and non-recurring nature is known as casual income
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 received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
B. Not Ordinarily Resident
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
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
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
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
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
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
The aggregate amount of deductions under chapter VI-A can not exceed
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
Contribution to superannuation fund is
A. Treated as fringe benefit
B. Not considered as fringe benefit
C. Depends on the amount of contribution