Taxation-MOP

Tax liability of an assessee depends upon their residential status.

• True

• False

The Incometax Act, 1961 came into effect w.e.f

• 01 April 1961

• 01 April 1962

• 01 September 1961

• 01 September 1962

Income tax circulars and notifications are binding on

• Assessee's

• Income tax Appellate Tribunal

• Commissioner of Income tax

• Income tax authorities

Amendments in finance act are made applicable from

• First day of same financial year

• First day of next financial year

• Last of the accounting year

• As may be specified

'Municipality of Chennai' falls under ______ category of person

• Artificial juridical person

• Partnership firm

• Local authority

• State Government

AOP should consist of

• Individuals only

• Other than individuals only

• Both individual and other than individual

• None of the above

A person becomes a member of HUF by

• Agreement

• Contract

• Status

• Popularity

Which of the following income is not included in the term 'income' under the Income-tax Act, 1961

• Business income

• Profit in lieu of salary

• Reimbursement of travel expense

• Dividend

OECD in its Base Erosion and Profit Sharing project has specified ______ action plans, as a guidance for countries to ensure there is tax compliance and no leakage to govt

• 10

• 13

• 15

• 17

What is the rate of standard deduction in Income from House Property?

• 20%

• 25%

• 30%

• 35%