The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
Correct Answer :
C. 13th Sept 1961
Related Questions
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
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.
True
False
Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first previous year will start from
1st April '05
1st Sept '05
Any of the above
None of the above.
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
The rates of income tax are specified in
Income Tax Act 1961
Income Tax Rule 1961
Finance Act
Circular of CBDT
For a senior citizen the amount of deduction U/s 80D available is
The amount of premium paid or Rs.10,000 whichever is higher
The actual amount of premium paid or Rs.10,000 whichever is lower
The actual amount of premium paid or Rs.15,000 whichever is lower
None of the above
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
True
False
Income Tax Act 1922 is a "milestone" because
This Act introduced first the concept of aggregating incomes under different
Heads
It introduced the concept of "resident but not ordinarily resident"
This Act is still in force in India
Under this Act the administration was shifted completely from the provincial
Govt to the Central govt.
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
True
False
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
Resident
Not Ordinarily Resident
Non Resident
All of the above.
Expected Rent can be determined in the following way
Higher of Municipal Value & Fair Rent
Lower of Municipal Value & Fair Rent
Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
Any of the above
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
Rs.1,60,000
Rs.1,30,000
Rs.1,10,000
Rs. 80,000
The Income Tax Act, which is still in force in India, was enforced in
1922
1961
1860
None of the above
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.
True
False
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
Individual and HUF
Corporate
Partnership firm
None of the above
Assessment year 2006-07 commenced on
1st April '05
1st April '06
1st April '07
31st March '06
House Rent Allowance is exempt from tax
True
False
Sec. 234A deals with
Interest in default in furnishing return of income
Interest for concealment of particulars
Interest for default in payment of advance tax
None of the above
Every employer should pay fringe benefit tax within
One month from the end of each quarter
One week from the end of each quarter
15 days from the end of each quarter
Last day of the quarter
Income of a minor will not be clubbed with his/her parent's income if
Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge
Child is illiterate
Parents are handicapped
the child does not give her consent
According to Section 2(7) of Income Tax Act "Assessee" means
A person by whom any tax or other sum of money is payable
A person by whom any proceeding under the Act has been taken
A person who is deemed to be an assessee in default under any provision of this Act
All of the above
Which of the following income is / are exempt from tax?
Payments received from family income by a member of a HUF
Share of profit received by a partner of a partnership firm.
Any income of an educational institution and hospitals
All of the above
PAN is necessary for the following assessees -
A businessman whose total turnover is Rs.5,00,001
A charitable trust
Both of the above
None of the above
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
The TDS Certificate issued by an employer to his employees in case of salary income is
Form 16
Form 26
Form 26A
Form 26Q
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
Rs.1,00,000
Rs.1,50,000
Rs.50,000
No limit
Any receipt of casual and non-recurring nature is known as casual income
True
False
The first income tax act was introduced in the year
1918
1861
1860
1886
If both parents are earning then income of a minor child will be clubbed with
Income of parent having higher income
Proportionately with both parent's income
Income of parent having lower income
None of the above