Income Tax PTP IV Sem 1

Permanent Account Number (PAN) is a ....................... digit unique alphanumeric number issued

by the Income Tax Department.

• Twenty

• Fifteen

• Ten

• Five

The fifth character of PAN represents the status of the PAN holder.

• True

• False

There is no bar on obtaining more than one PAN i.e. a person can hold more than one PAN.

• True

• False

A non-resident person is liable to pay tax in India on __________.

• a. Global Income

• b. Income which accrues or arises or deemed to accrue or arise in India

• c. Income received or deemed to be received in India

• d. Both b and c

For the purpose of Income-tax Law, an individual can have only any one of the

following residential status: (1) Resident and ordinarily resident in India

(2) Resident but not ordinarily resident in India

• True

• False

Under the Income-tax Law, the residential status of a person is to be determined

only once in his life time.

• True

• False

An individual will be said to be resident in India during a year if, if he satisfies both of

the following basic conditions.

(1) He is in India for a period of 182 days or more in that year; or

(2) He is in India for a period of 60 days or more in the year and for a period of 365 days

or more in immediately preceding 4 years .

• True

• False

A resident individual will be treated as resident and ordinarily resident in India during

the year if he satisfies any one of the following additional conditions:

(1) He is resident in India for at least 2 years out of 10 years immediately preceding the

relevant year.

(2) His stay in India is for 730 days or more during 7 years immediately preceding the

relevant year.

• True

• False

For the purpose of Income-tax Law, a HUF will be treated as resident in India, if the

control and management of the affairs of the HUF is located in India.

• Partly

• Wholly

• Exclusively

• Partly or wholly

An Indian company is always resident in India.

• True

• False