Top 150+ Solved Income Tax Law and Practices MCQ Questions Answer
Q. Mr. X has started his business from 2nd Sept,2019 and does not have any other source of Income, his first previous year will start from
a. 1st April, 201 9
b. 2nd September,2019
c. Any of the above
d. None of the above
Q. In Assessment year, the tax will be calculated at
a. current year rate
b. previous year rate
c. previous to previous year rate
d. none of the above
Q. Assesee means a person from whome
a. Tax is to be collected
b. Tds is to be deducted
c. Advance tax is collected
d. all of the above
Q. Agricultural income from foreign is taxable
a. True
b. False
c. Somewhat agree
d. Neither of them
Q. Sale of land is a
a. Capital Receipt
b. Revenue Receipt
c. Both of the above
d. Neither of the above
Q. Sales of goods is a
a. Revenue Receipt
b. Capital Receipt
c. Both of the above
d. Neither of the above
Q. The financial year starts from
a. 1st Jan to 31st Dec
b. 1st April to 31st March
c. 1st Oct to 30th September
d. 1st July to 31st August
Q. Income tax is paid by every individual depending on his
a. citizenship
b. residential status
c. both of the above
d. neither of the above
Q. Income tax is collected by
a. state government
b. central government
c. Semi-Government
d. All of the above
Q. Assessee includes any person in respect of whom:
a. who is liable to pay tax
b. any person in respect of whom proceedings under the Act have been started
c. any person who is deemed to be an asssessee
d. all of the above