The Income Tax Act, which is still in force in India, was enforced in
1922
1961
1860
None of the above
Correct Answer :
B. 1961
Related Questions
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
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
Rs.150000 & 30000 respectively
Rs.150000 & 120000 respectively
Rs.120000 & 30000 respectively
None of the above.
The apex body of Income Tax Department. is
Finance Ministry of Central Govt.
Central Govt. of India.
CBDT
Dept. of Revenue
The Income Tax Act, which is still in force in India, was enforced in
1922
1961
1860
None of the above
The income of previous year of an assessee is taxed during the following assessment year
True
False
Which one of the following taxes is not levied by the State Government?
Entertainment tax
VAT
Professional tax
None of the above.
Any receipt of casual and non-recurring nature is known as casual income
True
False
Tax' is imposed on a person by
State Govt.
Central Govt.
Both of the above
None of the above
The rates of income tax are specified in
Income Tax Act 1961
Income Tax Rule 1961
Finance Act
Circular of CBDT
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
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
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
Income of minor child, if clubbed with income of parents, is exempt from tax up to
Rs.1,000
Rs.1,500
Rs.1,200
None of the above
The CBDT consists of
One director & Two Members
One President & Seven Members
One Chairman & Six Members
None of the above.
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
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
A company is considered to be resident if
It is an Indian Company
During the previous year it's control and management is situated wholly in India
(a) & (b) both
Any of the above
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
No interest is available if the amount of refund of income tax paid is less than
Rs. 5,000
50% of total tax assessed
10% of total tax assessed
100% of total tax assessed
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
Individual and HUF
Corporate
Partnership firm
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
The rates of Income Tax are specified in
Income Tax Act, 1961
Income Tax Rules, 1962
Finance Act
Circulars of CBDT
The TDS Certificate issued by an employer to his employees in case of salary income is
Form 16
Form 26
Form 26A
Form 26Q
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
Tax on fringe benefit has been introduced from the assessment year
2000-01
2006-07
2005-06
2004-05
The first income tax act was introduced in the year
1918
1861
1860
1886
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.
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
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