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WorksheetsQuiz 2- Tax 1
Total questions: 10
Worksheet time: 10mins
A person follows calendar year for accounting. For taxation, he has to follow:
Calendar year only :1st January to 31st December
Financial year only :1st April to 31st March
Any of the Calendar or Financial year as per his choice
He will to follow extended year from 1st January to next 31st March (a period of 15 months)
In which of the following cases, income of previous year is assessable in the previous year itself:
Assessment of persons leaving India
A person in employment in India
A person who is into illegal business
A person who is running a charitable institution
In case of non-residents engaged in shipping business in India income earned during the financial year is_______
Taxable in India the same financial year
Taxable in India the relevant assessment year
Not taxable in India in the same financial year
Not taxable in India
Which amongst the following is an exception to the previous year rule?
Business or Profession newly set up.
Where a source of income newly set up.
Non-resident engaged in shipping business
None of these.
The charging section of the Income-tax Act, 1961, states that the income earned in a year is taxable in the next year. This is known as ______
Principle of mutuality
Previous year rule
Financial year rule
None of these
Income includes -
Profits and gains
Profit in lieu of Salary
Income from other sources
All of these
Income is divided in ___________ heads of Income.
4
5
6
3
The term' income' includes the following types of incomes -
Legal
Illegal
Legal and illegal both
None of these
Which amongst the following is not a head of Income?
Salaries
Income from house Property
Capital gains
Income from exports
Amongst the following which activity will be taxable?
Profits & gains of any insurance business
Income from specific services provided by carried on by a co-operative society. Trade, professional or similar association.
The profits and gains of any banking business carried on by a co-operative society
All of these
