Top 150+ Solved Income Tax Law and Practices MCQ Questions Answer
Q. The sum of various heads is called as .
a. Taxable income
b. Total income
c. Gross total income
d. Adjusted income
Q. The agricultural income includes .
a. Income from sale of crop
b. Income from preparation of crop
c. Income from nursery
d. All of the above
Q. ____________ comes under agricultural income.
a. Tea garden
b. Commodity farming
c. All of the above
d. None of the above
Q. The Income Tax Act, 1961 broadly covers .
a. Basic charging income
b. Rebates and reliefs
c. Incomes exempted from income tax
d. All of the above
Q. The capital gain is chargeable under of Income Tax Act.
a. Section 45
b. Section 55
c. Section 56
d. Section 40
Q. The definition of the person includes .
a. An individual
b. A company
c. A Hindu undivided family
d. All of the above
Q. Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is .
a. Partially taxable
b. Fully taxable
c. (c) Exempted from tax
d. (d)None of the above
Q. Residential Status of an assesses can be .
a. Different for different previous year in the same assessment year
b. Different for different assessment year
c. None of the above
d. All of the above
Q. The income of previous year is chargeable to tax in the .
a. Immediately succeeding assessment year
b. Same previous year
c. Immediately preceding academic year
d. None of the above
Q. The interest on loan paid by the Government of India to a non-resident outside India is _______________in India.
a. Not taxable
b. Partially taxable
c. (c) Taxable
d. (d)Can’t say
Q. An individual is resident and ordinarily resident of India if .
a. Person had been resident in India at least 2 out of 10 previous years immediately preceding the relevant previous year
b. Person been in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year
c. All of the above
d. None of the above
Q. The Resident HUF is ordinarily resident in India, if
a. He has been resident in India at least 2 years out of 10 previous years immediately
b. He has been resident in India at least 3 years out of 10 previous years immediately
c. He has been resident in India at least 2 years out of 5 previous years immediately
d. None of the above
Q. Basic condition will be for a person who leaves India for employment
a. At least 182 days in India
b. At least 60 days in previous year and 365 days in preceding 4 years
c. At least 730 days in preceding 7 years
d. All of the above
Q. Which of the following is not included in the term Income under the Income Tax Act, 1961?
a. Reimbursement of travelling expenses
b. Profits and gains of business or profession
c. Dividend
d. Profit in lieu of salary
Q. 14 Income from shares of a public company set up in any special Industrial zone is exempt up to-------- years from the date of commencement of commercial production.
a. Three
b. Four
c. Five
d. None of the above