Income Tax Laws (BCOM 214)

Income Tax Act was passed in the year ________.

• 1947

• 1961

• 1991

• 2017

Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of

• Resident

• Non-Resident

• Not Ordinarily Resident

• All of the above

According to Section 2(7) of Income Tax Act "Assessee" means a person by whom any tax or other sum of money is payable by whom any proceeding under the Act has been taken

• By whom any tax or other sum of money is payable

• By whom any proceeding under the Act has been taken

• Who is deemed to be an assessee in default under any provision of this Act

• All of the above

A company is considered to be resident if:

• It is an Indian Company

• During PY, foreign company’s POEM is in India

• Both (a) & (b)

• Any of the above All of them

The highest rate of income-tax applicable on total income of an individual is

• 42.744

• 30%

• 37%

• 45%

Surcharge applicable to an Individual whose total income is Rs. 4.5 crores is

• Nil

• 25%

• 37%

• 15%

Rate of education cess on total income is ___________.

• 2%

• 3%

• 4%

• 5%

______________are not treated as agricultural income. Income from poultry farming

• Income from poultry farming

• Income from bee heaving

• Purchase of standing crop

• All of the above

Foreign income received in India during the previous year is taxable in the case of

• ROR

• RNOR

• NR

• All of the above

Mr. PRC is Karta of HUF doing business at DELHI. Mr. PRC is residing in Dubai for past 10 years & visited India for 20 days every year for filing Income tax return of HUF. His 5 major sons take care of the day-to-day affairs of business in India. Residential status of HUF for AY 2022-23 is:

• ROR

• RNOR

• NR

• All of the above