Practice Test

Q1) Dayabhaga School of Hindus Law is applicable in: Show Answer

Q2) Mitakshara School of Hindu Law is applicable in: Show Answer

Q3) There is no HUF status in the state of: Show Answer

Q4) Share of Income from HUF to member is: Show Answer

Q5) Deduction under Chapter VI-A is available to HUF: Show Answer

Q6) Section 115A related to _ Show Answer

Q7) Section 115AB related to_ Show Answer

Q8) Section 115AD related to _ Show Answer

Q9) Section 115AC related to _ Show Answer

Q10) Section 115ACA related to __ Show Answer

Q11) Section 172 related to __ Show Answer

Q12) Section 44c related_ Show Answer

Q13) For which of the following incomes of the Off-shore Fund, the income tax shall be payable at the rate of 10% Show Answer

Q14) Which of the following incomes of non-residents are taxable in India? Show Answer

Q15) For which of the following incomes of the Off-shore Fund, the income tax shall be payable at the rate of 10% Show Answer

Q16) In Computation the income under the head Profits and Gains of Business or Profession of a firm which is assessed as such, any interest paid to any partner in excess of __________ simple interest p.a. shall be disallowed in accordance with the provision of section 40(b).
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Q17) In computing the income under the head Profit and Gains of Business or Profession of a firm which is assessed as such, the following shall be disallowed in accordance with the provisions of Section 40(b)
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Q18) In case of book los the maximum allowable remuneration to working partner will be

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Q19) Remuneration received by a partner of a firm such shall be taxable as
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Q20) The payment of remuneration is allowed to be deducted from the book profits only when it is paid to the partner who is
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Q21) The payment of remuneration is allowed to be deducted from the book profit only when it is
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Q22) Interest on capital contribution is allowed to be deducted in the hands the firm from book profits when it is paid/credited to be the account of
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Q23) What is the rate of interest at which the interest on capital is allowed to be deducted from the book profits?
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Q24) How much is allowed as remuneration to working partner when is no profit?
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Q25) On the first Rs. 3 lakhs of the profit of the firm, what is the rate at which remuneration is allowed to be deducted from the book profit of the firm
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Q26) On the balance of the book (after first Rs. 3 lakhs) , what is the rate which remuneration is allowed to be deducted from the book profits of the firm
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Q27) Income of partnership firm is taxable
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Q28) For lent of surcharge, the taxable income of the partnership firm should exceed
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Q29) When the taxable income of the partnership firm exceeds a specified amount of Rs. 1 crore, the surcharge is levied
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Q30) What is the rate at which the long term capital gains are taxed in the hands of the partnership firm?
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Q31) What is the tax treatment of share in net profits of the firm in the hands of partners?
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Q32) What is the tax treatment of bonus paid to a partner who is actively engaged and works for full time for the firm?
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Q33) Under which head of income interest on capital and salary to partner are taxable in the hands of partners?
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Q34) What is the treatment in the hands of the firm for rent paid to a partner for property taken to run the business
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Q35) Where at the time of making an assessment under Section 143 or 144, it is found that a change has occurred in the constitution of a firm, the assessment shall be made on the firm as constituted at the time of
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Q36) A, B and C are the partners in a firm engaged in medical profession. For the year ended on 31st March 2015, the book profit of the firm was calculated as Rs. 3,00,000.The maximum amount admissible as remuneration to partners is
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Q37) A, B and C are the partners in a firm engaged in medical profession. For the year ended on 31st March, 2015 the of loss profit of the firm was calculated as Rs. 3,00,000.The maximum amount admissible as remuneration to partners is
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Q38) A, B and C are the partners in a firm engaged in medical profession. For the year ended on 31st March 2015, the book profit of the firm was calculated as Rs. 10,00,0000. The maximum amount admissible as remuneration to partners In accordance of provisions of Section 40(b) is
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Q39) A, B and C are the partners in a firm engaged in retail trade. For the year ended on 31st March, 2015, the profits of the firm after debititng remuneration to working partner was Rs. 6,00,000. The remuneration paid to working partner was Rs. 4,00,000 as per partnership deed. The maximum amount admissible as remuneration to working partners in accordance of provisions of Section 40(b) is
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Q40) A, B and C are the partners in a firm engaged in retail trade. For the year ended on 31st March, 2015, the profits of the firm after debititng remuneration to working partner was Rs. 4,00,000. The remuneration paid to working partner was Rs. 6,00,000 as per partnership deed. The maximum amount admissible as remuneration to partners in accordance of provisions of Section 40(b) is
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Q41) A, B and C are the partners in a firm engaged in retail trade. For the year ended on 31st March, 2015, the profits of the firm after debiting remuneration to working partner was Rs. 4,00,000. The firm has paid interest on capital of Rs. 1,08,000 to each of the working partners @ 18% as per partnership deed. Mr. C is a non-working partner. The maximum amount admissible as interest to partners in accordance of provisions of Section 40(b) is
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Q42) Every individual/HUF/AOP/BOI/ artificial juridical person has to file the of return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provision if section 10A, 10B, or 10BA or Chapter VIA (i.e. deduction under section 80C to 80U), exceeds
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Q43) What is the due date of filing the return of income in case of a company other than a company who is required 30 to furnish a report in Form No. 3CEB under section 92E?
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Q44) What is the due date of filing the return of income in case of a person who id required to furnish a report in Form No. 3CEB under section 92E?
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Q45) What is the due date of filing the return of income in case of a person other than a company whose accounts are not required to be audited under the Income-tax Law or under any other law?
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Q46) What is the due date of filing the return of income in case of a person whose accounts are to be audited under the income-tax Law or under any other law (other than a person who is required to furnish a report in Form No. 3CEB under section 92E?
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Q47) An assessment is required to compulsorily file the income Tax Return, the income exceeds the maximum exemption limit. For this purpose Income means
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Q48) Who amongst the following is compulsory required to file the Income Tax Return even if there is no income or loss?
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Q49) What the due dates is as specified in section 139(1) of the income Tax Act, 1961 of the relevant assessment year?
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Q50) What is the due date of filing the income Tax Return in respect of auditable cases?
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Q51) What is the due date of filing the Income Tax Return by company assessment?
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Q52) What is the due date of filing the income Tax Return by working by working partners of a partnership firm which is required to get the tax audit done?
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Q53) What is the due date of filing the Income Tax Return non-working partners of a partnership firm which is required to get the tax audit done?
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Q54) What is the due date for filing the Income Tax Return by salaried assessment year?
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Q55) What is the due date of the filing the Income Tax Return by assesses who are not required to get their accounts audited?
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Q56) Which of the following is a consequence of not filing the Income Tax Return on or before the due date specified in section 139(1) of the Income Tax Act, 1961?
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Q57) Which of the following is a required for filing a revised Income Tax Return?
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Q58) The Income Tax Return filed after the due date as specified in section 139(1) of the Income Tax Act, 1961, is called as
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Q59) Under which section of the Income Tax Act, a belated return is filed
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Q60) Revised return means an Income Tax Return filed
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Q61) The time limit for filing a revised return of income is on or before completion of the assessment form the end of the relevant assessment year or before the completion of assessment, whichever is earlier. Such specified period is
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Q62) How many times a revised return can be revised?
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Q63) An Income Tax Return filed but not in the prescribed from with all annexure columns and statements duly filed in is considered as
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Q64) In case of defective Income Tax Return, the defect is required to be removed within
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Q65) The prescribed from of Income Tax Return for company assessment is
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Q66) The prescribed from of Income Tax Return for partnership firm
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Q67) The prescribed from Tax Return for partners of partnership firm and not having income from own business is
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Q68) The prescribed form of Income Tax Return for salaried assessees having only bank interest/ income from other sources is
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Q69) The prescribed from of income Tax Return for an individual having business income is
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Q70) The term ‘Hindu undivided family’ has been clearly defined in the Income-tax Act. Show Answer

Q71) A son conceived (in his mother’s womb) is not treated a member of the HUF for Income-tax purposes. Show Answer

Q72) The lineal male descendants of a person upto the ________ generation of such person are known as coparceners. Show Answer

Q73) Wives of male members of the family are also treated as coparceners. Show Answer

Q74) The senior most member of the family is called as _________ in an HUF. Show Answer

Q75) If the fees or remuneration is earned essentially for services rendered by the member of HUF in his personal capacity, the income shall constitute the___________. Show Answer

Q76) Any sum paid by an HUF to a member of the family out of its income is not deductible in computing the income of the family. Show Answer

Q77) If any remuneration is paid by the Hindu Undivided family to the karta or any other member for services rendered by him in conducting family’s business, the remuneration is __________.

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Q78) If salary is paid by the Hindu undivided family to its karta such salary is _________. Show Answer

Q79) Can a parsi create a HUF? Show Answer

Q80) Penalty for failure to file return of income before the end of the relevant assessment year is _________. Show Answer

Q81) Dayabhaga school of Hindu law is application in Show Answer

Q82) Mitakshara school of Hindu law is application in Show Answer

Q83) There is no HUF status in the state of Show Answer

Q84) Share of income from HUF to member is Show Answer

Q85) Deduction under chapter VI-A is available to HUF Show Answer

Q86) Where the total income does not exceed 10,000 the tax rate applicable on co-operative society is __________%. Show Answer

Q87) Surcharge at the rate _____% shall be applicable where the total income exceeds 1 crore on co-operative society. Show Answer

Q88) Remuneration earned by a member of HUF for the services rendered by him is __________.

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Q89) BOI (Body of Individual) may consist non-individual members.

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Q90) AMT covers all persons other than a __________. Show Answer

Q91) The provisions of AMT under Chapter XII-BA shall not apply to a person if the adjusted total income of such person does not exceed ___________.

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Q92) Tax credit paid by a person on account of AMT under Chapter XIIBA shall be allowed to the extent of the excess of the AMT paid over the regular income-tax shall be allowed to be carried forward up to the _________ assessment year. Show Answer

Q93) Association of persons has not been defined in the Income-tax Act. Show Answer

Q94) __________ means an association in which two or more persons join in for a common purpose or common action to produce income, profits or gains. Show Answer

Q95) Interest paid by the AOP to a member will not be allowed as a deduction from the income of the Association of Persons. Show Answer

Q96) Any salary, bonus, commission or remuneration paid by the AOP to a member will not be allowed as a deduction. Show Answer

Q97) Where the income of association of person are indeterminate or unknown, tax shall be charged on the total income of the association or body at the_________.

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Q98) Income by a co-operative society from ginning and pressing of cotton is_________. Show Answer

Q99) An association of persons (AOP) has paid tax at the maximum marginal rate. Yash a member of AOP received Rs 1 lakh as his share of income. Such income is chargeable to tax in his assessment Show Answer

Q100) Though only coparceners can demand partition, once the partition takes effect, which of the following persons are entitled to a share? Show Answer

Q101) Where the entire joint family property is divided among all coparceners and the family ceases to exist as an undivided family, the partition is __________. Show Answer

Q102) A joint Hindu family can be a partner in a firm. Show Answer

Q103) According to section 44AD which of the following is/are not eligible to pay tax on estimated basis. Show Answer

Q104) According to section 44AD the income from eligible business is estimated @ _______% of gross receipt or total turnover. Show Answer

Q105) Section 44ADA has been inserted to provide presumptive taxation regime for___________. Show Answer

Q106) To avail the benefit of presumptive taxation scheme under section 44ADA Total Gross receipts should not exceed ___________.

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Q107) Under section 44ADA [PRESUMPTIVE TAXATION FOR PROFESSIONALS] Income shall be estimated @ _____% of the total gross receipts. Show Answer

Q108) To avail the benefit of presumptive taxation scheme under section 44ADA assessee is required to maintain books of accounts u/s 44AA and gets the accounts audited u/s 44AB. Show Answer

Q109) AMT is payable at the rate of ______. Show Answer

Q110) An AOP has paid tax at maximum marginal rate. Pratik a member of AOP received Rs 10,000 as his share of income. Such income is chargeable to tax in his assessment @-

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Q111) A registered trade union earned Rs 80,000 by way of rent form let-out of its premises and Rs 21,000 by way of interest on bank deposits. Total income of the trade union chargeable to tax would be- Show Answer

Q112) A BOI (Body of Individual) can become a member in an AOP (Association of Person). Show Answer

Q113) An AOP (Association of Person) can become a member in a BOI (Body of Individual). Show Answer

Q114) Property derived by a woman from her father or brother or husband or any other relative either before or after her marriage is known as ___________. Show Answer

Q115) Co-operative Society’ means a co-operative society registered under the Co-operative Societies Act, ________.

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Q116) A regional rural bank (to which provisions of the Regional Rural Bank Act, 1976, apply) is _________ to be a cooperative society.

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Q117) Section 80P provides for certain deductions from the gross total income of a Co-operative Society, if the Co-operative Society is engaged in ___________. Show Answer

Q118) A co-operative society earned an income of 50,000 by way of interest or dividends derived from its investments with any other co-operative society, tax payable by the society will be _________. Show Answer

Q119) Tonnage tax scheme is applicable on _________. Show Answer

Q120) Calculate the tax payable by a co-operative society, earning a net profit of Rs. 25,000 in the financial year 2016-17. Show Answer

Q121) Calculate the tax payable by a co-operative society, earning a net profit of Rs. 50,000 in the financial year 2016-17. Show Answer

Q122) Urvi received Rs 1 lakh form the HUF of which he is a coparcener the HUF consists of five coparceners including his father who is the Karta of the HUF. The amount paid was by way of debit to the capital account of HUF engaged in textile business is the amount of receipt chargeable to tax- Show Answer

Q123) Nimisha received Rs 1.5 lakh form the HUF of which he is a coparcener the HUF consists of eight coparceners. The amount paid was by way of debit to the capital account of HUF engaged in transport business is the amount of receipt chargeable to tax- Show Answer

Q124) A partnership firm M/s Sweet earned a profit of Rs 12,00,000 during the financial year. Calculate the tax payable by the firm. Show Answer

Q125) Residential Status is determined on the basis of ________ presence. Show Answer

Q126) Liability to pay tax in India depend on the nationality or domicile of the Tax payer. Show Answer

Q127) A person who resides outside India is technically known as _________. Show Answer

Q128) Which of the following incomes are exempt in the hands of a non-resident? Show Answer

Q129) Income by way of long term capital gains of a non-resident is taxable at the rate of ________% Show Answer

Q130) According to section 115F where a foreign exchange asset is transferred by the assessee and the net consideration for the transfer is invested by him within ________ months of the date of transfer in any specified asset long-term capital gains arising from the transfer will not be charged to tax. Show Answer

Q131) A non-resident Indian is not required to furnish his return of income u/s 139(1) if his total income in respect of which he is assessable consists only of _____________. Show Answer

Q132) A non-resident (other than a company) and a foreign company will pay tax on dividend income other than dividends referred to in Section 115-O - @ ______% Show Answer

Q133) A non-resident (other than a company) and a foreign company will pay tax on Interest received from Government or an Indian concern on money borrowed or debt incurred by Government - @ _____%. Show Answer

Q134) A non-resident (other than a company) and a foreign company will pay tax on Interest received from an infrastructure debt fund referred to in Section 10(47) - @ ______%. Show Answer

Q135) A non-resident (other than a company) and a foreign company will pay tax on Royalty or fees for technical services (FTS) - @ _______%. Show Answer

Q136) Where a Foreign Institutional Investor receives income in respect of securities other than income by way of dividends referred to in Section 115-O then its income will be taxable @ ________%. Show Answer

Q137) DRs can be issued against listed equity shares only.

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Q138) DRs can be freely held and transferred by ___________. Show Answer

Q139) GDR refers to _____________. Show Answer

Q140) In the case of an assessee, being a non-resident engaged in the business of operation of aircraft, a sum equal to _______% of the aggregate of the amounts shall be deemed to be the profits and gains of such business chargeable to tax under the head ‘Profits and gains of business or profession’.

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Q141) Income by way of long term capital gains arising from the transfer of global depository receipts shall be taxable @ _______%. Show Answer

Q142) If a non-resident assessee brings some money into India for lending purposes, any interest earned thereon __________. Show Answer

Q143) Compute the income tax payable for a foreign company, Rs. 10 lakh long-term capital gains received by an overseas financial organisation on transfer of units purchased in foreign currency. Show Answer

Q144) Where there is no duly constituted agent in India, the A.O. may statutorily treat which of the following persons as an agent?

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Q145) A broker in India shall not be deemed to be statutory agent of non-resident on fulfillment of some conditions. Show Answer

Q146) Where an agent pays any sum of tax on behalf of a non- resident, he shall be entitled to recover the sum so paid from the person on whose behalf it is paid.

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Q147) For which of the following incomes of the Off-shore Fund, the income tax shall be payable at the rate of 10%? Show Answer

Q148) Foreign Institutional investor shall pay tax @ rate of _______ % on short term capital gain on transfer of securities Show Answer

Q149) Income generated by the Off-shore funds is taxable under section 115 AB@ _________ % Show Answer

Q150) The income of non-resident from the business of operation of aircraft in respect of carrying of cargo or passenger in India shall be taxable as per section 44BBA@ ______ Show Answer

Q151) The tax on the income of non-resident can be/may be recovered

1) By deduction of tax at source
2) Form his associates
3) Form his agents
4) Select the correct answer form the option given below
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Q152) A Foreign Institutional Investor (FII) has total income which includes short-term capital gains on sales on listed shares of RS 30 lakh The rate of tax for charging such income to tax is-

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Q153) Section 115 A related to. Show Answer

Q154) Section 115AB related to. Show Answer

Q155) A non-resident earned Income by way of long term capital gains of Rs. 2,00,000. Calculate the tax payable by him Show Answer

Q156) Mr. Nayan a non-resident earned Income by way of dividend income other than dividends referred to in Section 115-O of Rs 12,000 calculate the tax payable by him. Show Answer

Q157) Mr. Kedar a non-resident earned Interest of Rs 25,000 from an infrastructure debt fund referred to in Section 10(47). Calculate the tax payable by him. Show Answer

Q158) A Foreign Institutional investor earned income of Rs 32 lakh by way of short term capital gain on transfer of securities. Calculate the tax payable by him. Show Answer

Q159) Mr. Devendra a non-resident earned dividend of Rs 1,50,000 other than referred in section 115-O and Royalty or fees for technical services(FTS) of Rs. 3,00,000. Calculate the tax payable by him. Show Answer

Q160) A Foreign Institutional investor earned income of Rs 32 lakh by way of short term capital gain on transfer of securities and Long term capital gain on transfer of securities of Rs 12 lakh. Calculate the tax payable by him Show Answer

Q161) Mr Subhash is a non-resident engaged in the business of operation of aircraft, earned a profit of Rs 12 lakh during the financial year. Calculate the tax payable by him. Show Answer

Q162) Under section 115E, the rate applicable for long-term capital gains referred to therein, for a resident as envisaged by section 115C is. Show Answer

Q163) Where a foreign institutional investor received income in respect of securities other than income by way of dividend referred to in section 115-O or received in respect of securities other than unit referred to in section 115AB, such income is taxable @ ______. Show Answer

Q164) Income of non-resident when attributed from operation in india relating to following in taxable in india

1) Profit of business
2) Fee for technical services
3) Royalty
4) Income from house property in india
5) Select the correct answer from the option given below.
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Q165) Martin shipping Inc., a Singapore company engaged in shipping business collected Rs 150 lakh towards carrying goods from Chennai port its presumptive income chargeable to tax in India would be __________. Show Answer

Q166) Mr. Subhash a non-resident earned income of Rs 51 Lakh from the business of operation of aircraft in respect of carrying of cargo or passenger in India during PY 2016-17. Calculate his presumptive income chargeable to tax in India. Show Answer

Q167) Compute the income tax payable for a foreign company, Rs. 5 lakh long-term capital gains received by an overseas financial rganization on transfer of units purchased in foreign currency. Show Answer

Q168) A Foreign Institutional investor earned income of Rs 24 lakh by way of short term capital gain on transfer of securities. Calculate the tax payable by him. Show Answer

Q169) Mr. Kaushik a non-resident earned income of Rs 64 Lakh from the business of operation of aircraft in respect of carrying of cargo or passenger in India during PY 2016-17. Calculate his presumptive income chargeable to tax in India. Show Answer

Q170) An incorporated company being a legal person may form a partnership with an individual or with another company. Show Answer

Q171) In considering the maximum number of partners comprising a firm, the company will be considered as _________ persons. Show Answer

Q172) A partnership firm entitled to enter into a partnership with another firm. Show Answer

Q173) In the case of a firm which is assessable as such (i.e. as a firm), tax is chargeable on its total income at the rate of _______%. Show Answer

Q174) Surcharge on partnership firm shall be applicable at _________%. Show Answer

Q175) Surcharge on partnership firm shall be applicable where the total income exceeds__________. Show Answer

Q176) Payment of salary, bonus, commission or remuneration by whatever name called to a non-working partner shall be allowed as deduction upto Rs. 30,000 only. Show Answer

Q177) Interest payable to a partner shall be allowable as deduction subject to a maximum of _______% p.a.

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Q178) A joint Hindu family can be a partner in a firm. Show Answer

Q179) In case of partnership firm surcharge @12% shall be applicable where the total income exceeds ___________. Show Answer

Q180) Liability of partners of the partnership firm is ___________. Show Answer

Q181) In case of partnership firm, partners are liable ___________. Show Answer

Q182) Calculate the tax payable by a firm having income of 2 crore. Show Answer

Q183) Unabsorbed depreciation can be carried forward by the reconstituted firm without deducting share of the outgoing partner. Show Answer

Q184) Every partner of the firm shall be jointly and severally liable along with the firm for the following dues Show Answer

Q185) Any interest, salary, bonus, commission or remuneration received by a partner of a firm from the firm will be chargeable to tax in the hands of the partner under the head ___________. Show Answer

Q186) Calculate the tax payable by a partnership firm, earning a net profit of Rs. 50,000 in the financial year 2016-17. Show Answer

Q187) Calculate the tax payable by a partnership firm, earning a net profit of Rs. 2,50,000 in the financial year 2016-17. Show Answer

Q188) Payment of salary, bonus, commission or remuneration by whatever name called to a non-working partner shall not be allowed as deduction. Show Answer

Q189) A partnership firm M/S Dedhia Bros. Given commission of 1200 per month to Mr. Ramesh a non-working partner, what is the allowable deduction to the firm? Show Answer

Q190) A partnership firm allowed interest on partners capital of Rs. 1,80,000 @ 18%, what is the allowable deduction to the firm? Show Answer

Q191) A partnership firm allowed interest on partners capital of Rs. 3,00,000 @ 15%, what is the allowable deduction to the firm? Show Answer

Q192) When all the partners in the predecessor firm are replaced by new partners in the successor firm, it is known as __________ of one firm by another firm. Show Answer

Q193) If the predecessor cannot be found, or the tax assessed on the predecessor cannot be recovered from him for the previous year the unrealised tax payable by the predecessor shall be recovered from the successor. Show Answer

Q194) A LLP has book profit of Rs 6 lakh the maximum amount allowable towards the salary of non-working partners would be Show Answer

Q195) If the partnership firm earns a book profit of Rs. 2,60,000, What is the maximum remuneration allowed as deduction if paid to working partner? Show Answer

Q196) If a partnership firm earns a book profit of Rs. 4,60,000, What is the maximum remuneration allowed as deduction if paid to working partner? Show Answer

Q197) If a partnership firm earns a book profit of Rs. 4,60,000, What is the maximum remuneration allowed as deduction if paid to non-working partner? Show Answer

Q198) If a partnership firm earns a book profit of Rs. 2,00,000, Calculate the maximum remuneration allowed as deduction if paid to a working partner. Show Answer

Q199) A partnership firm has income of 24,00,000 calculate the tax payable by the firm. Show Answer

Q200) A partnership firm has profit of 5,00,000 and it has paid interest on capital to a non-working partner of Rs. 20,000 @ 10%. Calculate the tax liability of the firm. Show Answer

Q201) A non-professional firm has book profits of Rs 9,36,000 the allowable remuneration to working partners for income-tax purpose shall be- Show Answer

Q202) From tax point of view, a limited liability partnership (LLP) is treated as: Show Answer

Q203) A LLP has book profit of Rs 6 lakh the maximum amount allowable towards the salary of working partners would be Show Answer

Q204) The book profit of a partnership firm is Rs 1,20,000. The actual remuneration paid to working partners is Rs 3,54,000. The allowable deduction under section 40(b) towards remuneration to partners is- Show Answer

Q205) The book profit of a partnership firm is Rs 84,000. The actual remuneration paid to working partners is Rs 1,10,000. The allowable deduction under section 40(b) towards remuneration to partners is- Show Answer

Q206) The book profit of a partnership firm is Rs 1,20,000. The actual remuneration paid to working partners is Rs 3,54,000. The allowable deduction under section 40(b) towards remuneration to partners is-

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Q207) When a non-domestic company is a member in an AOP and its share of profit is indeterminate the tax on total income of the AOP is charged at the – Show Answer

Q208) A partnership firm M/s Moon has net profit of Rs 6,20,000 before deducting interest on capital to partners @ 15% of Rs 1,50,000 and working partner salary of Rs 1,80,000 (as per the deed of partnership) the total income of the firm chargeable to tax would be –

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Q209) A partnership firm M/s Sun has net profit of Rs 4,60,000 before deducting interest on capital to partners @ 15% of Rs 1,50,000 and working partner salary of Rs 1,80,000 (as per the deed of partnership) the total deduction allowable in respect of interest and salary will be Show Answer

Q210) It should be obligatory for the partnership firm to file return of income only if firm’s income exceeds the maximum amount which is not chargeable to income tax. Show Answer

Q211) In respect of individual, HUF, AOP, BOI, Artificial juridical Person, filing of return of income shall be compulsory if their total income before allowing deductions under sections 10A, 10B,10BA or chapter VI-A and 10(38) exceeds the maximum amount which is not chargeable to income tax. Show Answer

Q212) Assessee need not to file return of income voluntarily, he should wait for the notice from income tax department.

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Q213) For the previous year 2016-17, Mr. X did not file the return of income on the due date. Can Mr. X file the return of income after the due date? Show Answer

Q214) Belated return cannot be revised. Show Answer

Q215) . In case of companies deriving loss for any assessment year, filling of return of income within the due date laid down in Section 139(1) is compulsory – Show Answer

Q216) Partnership firm deriving loss need not file return of income.

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Q217) A return of income which was not mandatorily required to be filed under section 139(1) shall not attract penalty even if it is filed after the expiry of the assessment year. Show Answer

Q218) Where an original return filed by the assessee under section 139(1) or 142(1)(i) has certain ‘omission’ or ‘wrong statement’ in it, the assessee can certainly file a revised return within _____ year from the end of relevant assessment year or before completion of assessment whichever is earlier.

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Q219) Non-payment of advance tax liability renders the return as defective return. Show Answer

Q220) Where an assessee files a belated return he will be denied to claim carry forward of losses. Show Answer

Q221) An assessee can file two returns of income for one particular assessment year. Show Answer

Q222) Mr. Pratik filed his return within the time specified under section 139(1), Assessing Officer found defect in his return, what is the maximum time limit for Mr. Pratik to rectify defect in return? Show Answer

Q223) The person who is not liable to pay tax cannot apply for PAN. Show Answer

Q224) A person can apply for more than one PAN if his income exceeds 25 lakhs. Show Answer

Q225) One is required to obtain a permanent Account (PAN) whose total sales turnover or gross receipts are likely to exceed __________ in any previous year. Show Answer

Q226) If the defect is not rectified within the period of 15 days, the return shall be treated as an invalid return and the provisions of this Act shall apply as if – Show Answer

Q227) If the assessee rectifies the defect within 15 days, the Assessing Officer may condone the delay and treat the return as a _________ return. Show Answer

Q228) Every person who is required to deduct TDS shall submit the _________ of the person on whose account the TDS has been deducted. Show Answer

Q229) The last date of filing the return of income u/s 139(1) for assessment year 2017-18 in cases of a working partner of a firm whose accounts are liable to be audited shall be Show Answer

Q230) ___________ in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit, direct or indirect, of himself or any other person.

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Q231) If Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government, the employee need not to file return of income. Show Answer

Q232) The process of electronically filing of Income Tax return through the mode of internet access is called __________ of return.

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Q233) There are _________ forms for e-filing of returns. Show Answer

Q234) Which of the following return cannot be filed under the scheme of bulk return? Show Answer

Q235) Bulk filing of return is available in income chargeable under the head ___________. Show Answer

Q236) _____________ can exempt any class or classes of persons from the requirement of furnishing a return of income by issue notification in the Official Gazette. Show Answer

Q237) It is obligatory for the assessee to file a return of his total income even in cases where the assessee has incurred a loss under the head _________________.

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Q238) Where assessment has not been completed, belated income-tax return for assessment year 2017-18 can be filed upto Show Answer

Q239) The due date for filing return of an individual, who is a partner in a firm, whose turnover for the year ended 31-03-2017 exceeds Rs. 60 lakhs, is

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Q240) Where a person files his/its return of income even where he/it is not required to file a mandatory return, such return can be said to be a ____________.

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Q241) Section ___________ talks about the Mandatory Return. Show Answer

Q242) It is mandatory to file return of losses so as to carry forward the losses. Show Answer

Q243) Assessee can carry forward the losses under the head ____________ though he has not filed return of losses under prescribed time limit under section 139 (1).

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Q244) A loss return filed under section 139(1) within time limit cannot be revised. Show Answer

Q245) A ___________ is a return which contains certain defect mentioned in the Explanation to section 139(9). Show Answer

Q246) The last date of filing the return of income u/s 139(1) for assessment year 2017-18 in cases of a sleeping partner of a firm whose accounts are not liable to be audited shall be

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Q247) Failure to file Returns within the due date attracts interest @ ___% p.m. on the balance tax payable from the due date to the actual date of filling. Show Answer

Q248) If a person required to file Return u/s 139(1) fails to file Return before the end of the relevant Assessment Year a penalty of _________ shall be levied. Show Answer

Q249) A non-resident India is not required to furnish his return of income under section 139(1) if his total income in respect of which he is assessable under the income-tax Act, 1961 during the previous year consists of- Show Answer

Q250) As per section 139(1) an individual other than an individual of the age of 60 years or more shall have to file return of income if Show Answer

Q251) As per Section 139(1) a company shall have to file return of income: Show Answer

Q252) As per Section 139(1) a person other than a company or firm shall have to file return of income Show Answer

Q253) The last date of filing the return of income u/s 139(1) for A.Y.2017-2018 in case of a company assessee is:

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Q254) The last date of filing the return of income u/s 139(1) for assessment year 2017-18 in cases of a non corporate business assess who account are not liable to be audited shall be Show Answer

Q255) A political party is required to file its return of income mandatorily if its total income exceeds the basic exemption limit – Show Answer

Q256) The last date of filing the return of income u/s 139(1) for assessment year 2017-18 in cases of a political party whose accounts are liable to be audited shall be Show Answer

Q257) The last date of filing the return of income u/s 139(1) for assessment year 2017-18 in cases of a political party whose accounts are not liable to be audited shall be Show Answer

Q258) What is the due date for e-filing if the assessee is a Charitable Trust; if the charitable trust does not wish to take exemption and its accounts are not required to be audited? Show Answer