Related Questions
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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
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4
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
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4
The rates of income tax are specified in
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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
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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
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4
The TDS Certificate issued by an employer to his employees in case of salary income is
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4
Income of minor child, if clubbed with income of parents, is exempt from tax up to
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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
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
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
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4
Contribution to superannuation fund is
A. Treated as fringe benefit
B. Not considered as fringe benefit
C. Depends on the amount of contribution
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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
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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
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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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4
Tax' is imposed on a person by
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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
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
A. The actual amount of interest
C. Rs 30,000 or Actual amount which ever is lower
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4
The rates of Income Tax are specified in
B. Income Tax Rules, 1962
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4
The Income Tax Act, which is still in force in India, was enforced in
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4
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
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4
Which one of the following taxes is not levied by the State Government?
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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.
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4
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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4
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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4
Tax on fringe benefit has been introduced from the assessment year
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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 term "Person" includes
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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
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4
The Income Tax Act 1961 came into force on
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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