Practice Test

Q1) Income-Tax Act Extends To: Show Answer

Q2) Finance Bill becomes Finance Act when it is passed by: Show Answer

Q3) The Circulars issued by CDBT are binding on: Show Answer

Q4) AOP should consist of : Show Answer

Q5) BOI should be consist Show Answer

Q6) A new business was set up on 15-10-2015 and it commenced its business from 1-12-2015. The first previous year shall be : Show Answer

Q7) A person leaves India permanently 15-11-2015.The income earned till 15-11-2015 in this case shall be assessed u/s 174 during the year: Show Answer

Q8) Surcharge on Income Tax is payable by: Show Answer

Q9) The maximum amount on which income tax is not chargeable in case of HUF for A.Y. 2016-17 is : Show Answer

Q10) The amount of Rebate available u/s 87A is : Show Answer

Q11) Rebate u/s 87A is available if total income of assessee does not exceed: Show Answer

Q12) The maximum amount on which Income-Tax is not chargeable in case of firm is : Show Answer

Q13) Education Cess & Secondary Higher Education Cess is leviable in case of : Show Answer

Q14) Education Cess is leviable on: Show Answer

Q15) The Total Income of the assessee has been computed as Rs.2,53,432.80. For rounding off, the total income will be taken as : Show Answer

Q16) The Total income of the assessee has been computed as Rs.2,53,495. For rounding off,the total income will be taken as: Show Answer

Q17) Rebate u/s 87 is available to : Show Answer

Q18) Tax computed is Rs.8,256.12. After rounding off tax payable is : Show Answer

Q19) Calculate tax payable by a Very Senior Citizen having Total Incomes of Rs.4,30,000 Show Answer

Q20) Maximum amount not chargeable to tax in case of senior Citizen is: Show Answer

Q21) Calculate Tax payable for A.Y.2016-17 by Mr. X resident in India having total income of Rs.4,30,000:
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Q22) Income Tax is rounded off to:
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Q23) Marginal Relief is allowed if Total Income exceeds :
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Q24) Domestic Company having Total Income in range of 1 crore to 10 crore is liable to pay surcharge at the rate of :

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Q25) Foreign Company having total income exceeding crore but less than 10 crore is liable to pay Surcharge at the rate of:
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Q26) Residential status is to be determined for :
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Q27) Incomes which accrue or arise out side India but are received directly into India are taxable in case of :
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Q28) Income deemed to accrue or arise in India is taxable is case of :
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Q29) Income which accrue or arise outside India from a business controlled from India is taxable in case of :
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Q30) Income which accuse outside India and also received outside India is taxable in case of :
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Q31) Total Income of a person is determined on the basis of his:
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Q32) RA was born 5th April 1997 in India and he later on took the citizenship of U.S.A Neither his parents nor his grand parents were born in divided /undivided India RA in this case shall be a :
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Q33) RB was born in England, his parents were born in India in 1952. His grand parents were born in South Africa. RB shall be :
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Q34) RC was born in India in 1997. His father was born in India in 1950 and his mother was in England. His grand father was born in England & Grand Mother was born in South Africa . The parents of RC along citizenship of England. RC is a : Show Answer

Q35) RD was born in India in 1997. His parents were born in India in 1952.His grand father was born in Lahore in 1937 but his grand mother was born in England in 1941. RD will be a :
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Q36) RH Ltd. Is an Indian Company whose entire control and management of its affairs is situated outside India. RH Ltd shall be:
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Q37) RI Ltd. is registered in U.K. The entire control and management of its affairs is situated outside India. RI Ltd. Shall be :
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Q38) RJ, a Foreign-National, visited India during previous year 2015-2016 for 180 days. Earlier to this he never visited India RJ in this case shall be :
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Q39) RK, a Foreign National, but a person of Indian origin visited India during previous year 2015-2016 for 181 days. During 4 preceding previous year he was in India for 400 days. RK shall be :
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Q40) Dividend paid an Indian Company outside India is :
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Q41) Out of the following which is a revenue receipt Show Answer

Q42) A. O. P. should consist of : Show Answer

Q43) Body of individual should consist of : Show Answer

Q44) A new business was set up on 15-11-2011 and it commenced its business from 1-12-2011. The first previous year in this case shall be : Show Answer

Q45) Shivaji University is assessable under the Income Tax Act as Show Answer

Q46) Previous year means the ___ year immediately preceeding the assessment year. Show Answer

Q47) The first previous year of a newly set up business can be _____12 months. Show Answer

Q48) A period of twelve months commencing on the first day of April every year is called ____ Show Answer

Q49) An assessment is defined under Income-tax Act to include ______ Show Answer

Q50) Full form of AOP is Show Answer

Q51) HUF stands for Show Answer

Q52) A person who is liable to pay tax under Income Tax Act is known as Show Answer

Q53) _____ is a revenue receipt. Show Answer

Q54) Alex, a foreign national, visited India during previous year for 200 days. Earlier to this he never visited India. Alex in this case shall be : Show Answer

Q55) Aircel Ltd. is registered in Africa. The control and management is situated in India. Aircel Ltd shall be : Show Answer

Q56) Income means any receipt in cash. Show Answer

Q57) A company under the Income ?Tax Act means a company as defined under the Companies Act. Show Answer

Q58) Previous year always indicates a period of 12 months from 1st April to 31st March. Show Answer

Q59) Assessee means a person liable to pay tax on his income. Show Answer

Q60) On rendering some service to a garments manufacturing unit M is given a suit as remuneration. It is not an ?Income?, since he has not received anything in cash. Show Answer

Q61) On Sale of goods illegally imported from a foreign country C generates a surplus of Rs.5,500. As the income is derived from an illegal activity, it is not chargeable to tax. Show Answer

Q62) A birthday gift received by V from his father Rs.20,000 is not taxable as income of V. Show Answer

Q63) Out of Rs.29,000 per month received by Mrs. V from her husband for household expenses, she saves approximately Rs.1,200 per month which is deposited by her in a bank account Rs.12,400 is ?Income? of Mrs. V. Show Answer

Q64) Profit on sale of a house property is capital receipt which is, however, chargeable to tax Show Answer

Q65) Salary, paid to M by his employer X Ltd. out of capital reserve, is not income in the hands of M. Show Answer

Q66) Income earned by an assessee during the assessment year is charged to tax during the previous year. Show Answer

Q67) Every person does not have to pay income-tax. Show Answer

Q68) A person by whom any tax is payable under the act is known as an _______ Show Answer

Q69) An individual shall be deemed to be of Indian origin if he or any of his __or___ were born in undivided India. Show Answer

Q70) Total Income of a person is determined on the basis of his : Show Answer

Q71) Y. Ltd., is an Indian company whose entire control and management of its affairs is situated outside India Y. Ltd. shall be : Show Answer

Q72) A Ltd., is registered in U. K. The control and management of its affairs is situated in India. A Ltd. shall be : Show Answer

Q73) M, a foreign national visited India during previous year 2011-12 for 180 days. Earlier to this he never visited India. M in this case shall be Show Answer

Q74) M, a foreign national but a person of Indian origin visited India during previous year 2011-12 for 181 days. During 4 preceding previous years he was in India for 366 days, M shall be Show Answer

Q75) HUF is said to be _____in India if the control and management of its affairs is situated partly in India. Show Answer

Q76) Foreign company is resident in India if the control and management of its affairs is situated _____in India during the previous year. Show Answer

Q77) Income which accrues or arise outside India from a business controlled from India is taxable in case of ______ and _______. Show Answer

Q78) M, a person of Indian origin visited India on 11-11-2011 and plans to stay here for 330days. During 4 years prior to previous year 2011-12, he was in India for 759 days. Earlier to that he was never in India. For assessment year 2012-13. M shall be ____. Show Answer

Q79) On the basis of residential status a firm can be classified into ____ or_______. Show Answer

Q80) Mr. A came to India on 7/05/ 2011 & left India on 4/11/ 2011. His stay India for PY 11-12 shall be Show Answer

Q81) Mr. J left India on 5th May, 2011 & came back on 1st March 2012. His stay in India is Show Answer

Q82) If an Individual is a Resident in India in P.Y. 11-12, then he shall be Show Answer

Q83) Residential Status of an individual depends upon Show Answer

Q84) According to Basic condition 1, an individual is said to be a Resident in India if his stay in India is Show Answer

Q85) Basic condition 2 is not applicable, if an Individual is Show Answer

Q86) According to Basic condition 2 an Individual?s stay in PY must be 60 days or more & his stay in last 4 p.y. must be Show Answer

Q87) Mr. A left India on 3rd Aug.11, for employment to Paris, He is Show Answer

Q88) . Mr. J. an American national left India in P.Y 11-12 employment to Australia, he is Show Answer

Q89) Mr. A is a Canadian national.His grandfather was born in a village near Karachi in 1932. Mr. A shall be considered as Show Answer

Q90) Mr. Miza is a citizien of Malaysia. His mother was born in China in 1942. He shall be consider as Show Answer

Q91) Mr. Shah was born in Islamabad in 1941. He come to India in py 11-12 for visit. He shall be considered as Show Answer

Q92) Mr. J a British national came to India p.y. 11-12 for visit for 200 days. Before this he never came to India. He is Show Answer

Q93) Mr. Adi an Indian citizen left India on 15/08/11 for employment to Dubai. He is to be considered for P.Y. 11-12 as Show Answer

Q94) Mr. Tahir's stay in India for P.Y 11-12 is 80 days before this he was in India for last 4 P.Y for 350 days. He is to be considered for P.Y. 11-12 as Show Answer

Q95) Mr.A an Arab citizen came to India for 1st time in P.Y.11-12 on 1st Jan, 12.He will be considered for P.Y.11-12 as Show Answer

Q96) Mr. A , an Indian citizen?s stay in P.Y.11-12 is 200 days before this his stay in last 7 P.Y. is 720 days. He shall be considered for P.Y. 11-12 as Show Answer

Q97) Mrs. Sujata an Indonesian National came to India in PY 11-12 for a visit of 40 days. She is to be considered for PY 11-12 as a Show Answer

Q98) Only individuals and HUFs can be resident, but not ordinarily resident in India. Show Answer

Q99) Once a person is a resident in a previous year he shall be deemed to be resident for subsequent previous year Show Answer

Q100) Once a person is resident for a source of income in a particular previous year he shall be deemed to be resident for all other sources of income in the same previous year. Show Answer

Q101) An Indian company is always resident in India. Show Answer

Q102) A resident in India cannot become resident in any other country for the same assessment year. Show Answer

Q103) Residential status is to be determined on the basis of stay in India during assessment year. Show Answer

Q104) Residential status remains same every year. Show Answer

Q105) Residential status is determined for every previous year, as it may change from year to year. Show Answer

Q106) Residential status is different from citizenship. Show Answer

Q107) A company can be resident but not ordinarily resident in India. Show Answer

Q108) Residential status is determined on the basis of Income earn in India. Show Answer

Q109) For satisfying Ist basic condition assessee must stay in India for 180 days or less. Show Answer