Top 50+ Solved Income Tax Act-1961 (Meaning, Concept and Definitions) MCQ Questions Answer
Q. Life Insurance Corporation of India is a _______________.
a. AOP
b. Firm
c. Company
d. Individual
Q. ……………………. is an artificial person registered under Indian Companies Act 1956.
a. Individual
b. Company
c. Firm
d. Local Authority
Q. 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
Q. 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
Q. Mr. X has started has business from 1st Sept '16 and does not have any other source of income. His first previous year will start from
a. 1st April '16
b. 1st Sept '16
c. Any of the above
d. None of the above.
Q. According to Section 2(7) of Income Tax Act "Assessee" means a person
a. By whom any tax or other sum of money is payable
b. By whom any proceeding under the Act has been taken
c. Who is deemed to be an assessee in default under any provision of this Act
d. All of the above
Q. Amongst the following _________________ is empowered to levy tax on agricultural income.
a. Central Government
b. State Government
c. Commissioner
d. President
Q. A person includes:
a. Only Individual
b. Only Individual and HUF
c. Individuals, HUF, Firm, Company only
d. Individuals, HUF, Company, Firm, AOP or BOI, Local Authority, Every
Q. XYZ LLP falls under which---------- category of person -
a. Individual
b. Partnership firm
c. Company
d. Association of person
Q. Which amongst the following is not a head of Income?
a. Salaries
b. Income from house Property
c. Capital gains
d. Income from exports
Q. Which of the following is not included in taxable income -
a. Reimbursement of expenses
b. Cash gifts received from non-relatives
c. Income from illegal activity
d. Profit on sale of equity shares of unlisted company
Q. Which amongst the following is Artificial Juridical Person?
a. Corporation
b. Local Fund
c. District Board
d. None of these