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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.

Correct Answer :

C. Excise duty is an example of direct tax.


Related Questions

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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

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

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

The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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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

B. Rs.30,000

C. Rs 30,000 or Actual amount which ever is lower

D. Rs.1,50,000

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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

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

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

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

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 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

D. None of the above.

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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

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

D. All of the above

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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 apex body of Income Tax Department. is

A. Finance Ministry of Central Govt.

B. Central Govt. of India.

C. CBDT

D. Dept. of Revenue

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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

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

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

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

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

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

Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.

A. True

B. False

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4

Uncommuted pension received by a Government employee is fully exempt from tax.

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

Any receipt of casual and non-recurring nature is known as casual income

A. True

B. False

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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

A. Rs.1,60,000

B. Rs.1,30,000

C. Rs.1,10,000

D. Rs. 80,000

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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

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

Tax' is imposed on a person by

A. State Govt.

B. Central Govt.

C. Both of the above

D. None of the above

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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.