Taxation Quiz 1 /50

What is considered as income for tax purposes?

• Only salary

• Only business profits

• Salaries, business profits, interest, and rental income

• Only rental income

Which of the following is a direct tax?

• Sales tax

• Value Added Tax (VAT)

• Income tax

• Goods and Services Tax (GST)

Which tax is levied on goods and services?

• Income tax

• Wealth tax

• Goods and Services Tax (GST)

• Property tax

If the financial year is 2022-2023, what is the corresponding assessment year?

• 2022-2023

• 2023-2024

• 2024-2025

• 2021-2022

Who is considered an assessee?

• Only individuals

• Only companies

• Any individual or entity liable to pay tax

• Only government agencies

Which of the following is an indirect tax?

• Income tax

• Wealth tax

• Customs duty

• Corporate tax

Which of the following criteria is used to determine if an individual is a resident for tax purposes?

• They must stay in the country for at least 182 days in the financial year.

• They must be a citizen of the country.

• They must own property in the country.

• They must be employed in the country.

What is the status of an individual who spends 60 days in the current year and 365 days in the preceding 4 years?