Related Questions
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Which of the following income is / are exempt from tax?
A. Payments received from family income by a member of a HUF
B. Share of profit received by a partner of a partnership firm.
C. Any income of an educational institution and hospitals
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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
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4
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
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For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
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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
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Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
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The rates of Income Tax are specified in
B. Income Tax Rules, 1962
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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.
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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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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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The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
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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
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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
The apex body of Income Tax Department. is
A. Finance Ministry of Central Govt.
B. Central Govt. of India.
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YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income earned by the club from such letting-out will be chargeable under the head
B. Income from House Property
C. Income from Other Sources
D. Income from Business and Profession
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The first income tax act was introduced in the year
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Any receipt of casual and non-recurring nature is known as casual income
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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
C. Parents are handicapped
D. the child does not give her consent
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The aggregate amount of deductions under chapter VI-A can not exceed
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4
The CBDT consists of
A. One director & Two Members
B. One President & Seven Members
C. One Chairman & Six Members
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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
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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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House Rent Allowance is exempt from tax
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The Income Tax Act 1961 came into force on
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Assessment year 2006-07 commenced on
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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
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The term "Person" includes
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The income of previous year of an assessee is taxed during the following assessment year
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Tax on fringe benefit has been introduced from the assessment year
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Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.