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Current Affairs January 2024

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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.

Correct Answer :

D. None of the above.


Related Questions

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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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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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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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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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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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The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.

A. True

B. False

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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

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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House Rent Allowance is exempt from tax

A. True

B. False

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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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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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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.

A. True

B. False

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

A. True

B. False

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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

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

A. 1st April '05

B. 1st Sept '05

C. Any of the above

D. None of the above.

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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

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

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

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

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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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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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

PAN is necessary for the following assessees -

A. A businessman whose total turnover is Rs.5,00,001

B. A charitable trust

C. Both of the above

D. None of the above

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

A. True

B. False

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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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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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The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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The CBDT consists of

A. One director & Two Members

B. One President & Seven Members

C. One Chairman & Six Members

D. None of the above.

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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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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