Top 150+ Solved Income Tax Law and Practice MCQ Questions Answer
Q. Income Tax Act, 1961 came into force on:
a. 1 – 1 – 1961
b. 1 – 4 – 1961
c. 1 – 1 – 1962
d. 1 – 4 – 1962
Q. The rate of income tax is fixed under:
a. Income Tax Act
b. Notification of CBDT
c. Finance Act
d. Ordinance of Govt.
Q. The total of various heads of income is called:
a. Total Income
b. Gross Total Income
c. Taxable Income
d. Aggregate Income
Q. Income tax was introduced in India for the first time by:
a. Sir John Williams
b. Sir James Wilson
c. Sir Joseph
d. Sir James Paascal
Q. According to Income Tax Act, there are.................heads of income.
a. Three
b. Four
c. Five
d. Six
Q. Under Income Tax Act, which of the following entities comes under the term “Person”:
a. Individual
b. HUF
c. BOI/AOP
d. All of these
Q. Income Tax Department works under:
a. Central Government
b. CBDT
c. State Government
d. Chief Commissioner of Income Tax
Q. For Income Tax purpose, a senior citizen is an individual who the age of :
a. 60 years
b. 60 years or more
c. 60 year or more but less than 80 years
d. 65 years or more
Q. The income tax rate for short term capital gains specified in Sec.111A is:
a. 10%
b. 15%
c. 20%
d. 30%
Q. Which of the following section of Income Tax Act is termed as “Charging Section”:
a. Section 3
b. Section 4
c. Section 5
d. None of these
Q. For the A.Y , the tax exemption limit of income for BOI is:
a. Rs: 5,00,000
b. Rs: 3,00,000
c. Rs: 2,50,000
d. Rs: 2,00,000
Q. For the A.Y 2019-20, an individual who is resident in India, is eligible for rebate if his totalincome does not exceed:
a. Rs: 3,00,000
b. Rs: 5,00,000
c. Rs: 3,50,000
d. Rs: 3,40,000