Income Tax Act was passed in the year_________

• 1934

• 1956

• 1961

• 1972

Assessment year is the period of 12 months commencing from________Every year

• 1st April

• 1st March

• 30th April

• 31st March

A Company has_____types of residential status

• Two(2)

• Three(3)

• One(1)

• Four(4)

Income-tax Act, 1961 applies to_________

• Whole of India

• Whole of India excluding Jammu and Kashmir

• Maharashtra

• North Eastern States

Income Tax Act contains_______sections

• XIV

• 298

• XV

• 297

Gratuity received by a Govt. employee is _________________

• Fully taxable

• Fully exempted

• Exempted upto Rs.10,00,000

• Exempted upto Rs.5,00,000

Perquisites and allowances paid to Govt. employees posted abroad are ___________

• Fully taxable

• Fully exempted

• Taxable upto 10% of employee's salary

• Taxable upto 15% of employee's salary

Commuted value of pension is fully exempted in a case of ___________

• A Government employee

• An employee of private sector

• An employee of a Public Limited Company

• Semi Govt. employee

Dearness Allowance is taxable in case of ______________

• All employees

• Govt. employees

• Employee of the private sector

• Employee of Public sector Undertaking

The amount of exemption for running allowance is _____________

• 70% of such allowance or Rs.3000 p.m.

• 70% of such allowance or Rs.10000 p.m. whichever is less

• Fully exempted

• Fully Taxable