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Current Affairs January 2024

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4

The term "Person" includes

A. A Registered Firm

B. An Unregistered Firm

C. All of the above

D. None of the above

Correct Answer :

C. All of the above


Related Questions

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4

The rates of Income Tax are specified in

A. Income Tax Act, 1961

B. Income Tax Rules, 1962

C. Finance Act

D. Circulars of CBDT

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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

D. None of the above

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4

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

B. Child is illiterate

C. Parents are handicapped

D. the child does not give her consent

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4

The aggregate amount of deductions under chapter VI-A can not exceed

A. Rs. 50,000

B. Gross Total Income

C. Rs 1,00,000

D. None of the above

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4

Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of

A. Rs.1,00,000

B. Rs.1,50,000

C. Rs.50,000

D. No limit

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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.

A. True

B. False

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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

D. All of the above

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4

The Income Tax Act 1961 came into force on

A. 13th Oct. 1961

B. 1st April 1961

C. 13th Sept 1961

D. 13th Dec 1961

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4

The term "Person" includes

A. A Registered Firm

B. An Unregistered Firm

C. All of the above

D. None of the above

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4

The TDS Certificate issued by an employer to his employees in case of salary income is

A. Form 16

B. Form 26

C. Form 26A

D. Form 26Q

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4

Tax on fringe benefit has been introduced from the assessment year

A. 2000-01

B. 2006-07

C. 2005-06

D. 2004-05

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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

A. Income from salary

B. Income from House Property

C. Income from Other Sources

D. Income from Business and Profession

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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

D. None of the above

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4

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

Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be

A. Rs. 1,00,000

B. Rs. 1,50,000

C. Rs. 2,00,000

D. None of the above

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4

The Income Tax Act, which is still in force in India, was enforced in

A. 1922

B. 1961

C. 1860

D. None of the above

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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

C. (a) & (b) both

D. Any of the above

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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

A. Resident

B. Not Ordinarily Resident

C. Non Resident

D. All of the above.

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4

Which one of the following taxes is not levied by the State Government?

A. Entertainment tax

B. VAT

C. Professional tax

D. None of the above.

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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

D. None of the above

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4

For the purpose of Fringe Benefit Tax, the term 'Employer' does not include

A. Individual and HUF

B. Corporate

C. Partnership firm

D. None of the above

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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.

A. True

B. False

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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

D. None of the above

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4

Income of minor child, if clubbed with income of parents, is exempt from tax up to

A. Rs.1,000

B. Rs.1,500

C. Rs.1,200

D. None of the above

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4

Assessment year 2006-07 commenced on

A. 1st April '05

B. 1st April '06

C. 1st April '07

D. 31st March '06

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4

The rates of income tax are specified in

A. Income Tax Act 1961

B. Income Tax Rule 1961

C. Finance Act

D. Circular of CBDT

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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

D. None of the above

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4

The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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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 taxable Income computed should be rounded off to the nearest multiple of Rs.10.

A. True

B. False