Income Tax

Gifts are taxed under

• Income tax Act

• Wealth Tax Act

• Under Gift Tax Act

• Negotiable Instruments ct

Income Tax is imposed by

• (a) State Government

• (b) Central Government

• (c) Both of the above

• (d) Constitution of India

The income tax officer can impose a penalty of .................. on the concerned person if he possesses more than one PAN cards.

• Rs 50,000

• Rs 1,00,000

• Rs 10,000

• Rs 2,00,000

LPG subsidy received by an Individual in included in his income

• True

• False

The residential status of an assessee may change in every the previous year

• True

• False

A person can be resident in more than one country.

• True

• False

TDS in case of Interest on securities

• 10%

• 15%

• 30%

• 50%

Types of Capital Gains in IT Act

• 2

• 4

• 6

• None of the above

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