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WorksheetsTaxation-MOP
Total questions: 15
Worksheet time: 5mins
Tax liability of an assessee depends upon their residential status.
True
False
The Incometax Act, 1961 came into effect w.e.f
01 April 1961
01 April 1962
01 September 1961
01 September 1962
Income tax circulars and notifications are binding on
Assessee's
Income tax Appellate Tribunal
Commissioner of Income tax
Income tax authorities
Amendments in finance act are made applicable from
First day of same financial year
First day of next financial year
Last of the accounting year
As may be specified
'Municipality of Chennai' falls under ______ category of person
Artificial juridical person
Partnership firm
Local authority
State Government
AOP should consist of
Individuals only
Other than individuals only
Both individual and other than individual
None of the above
A person becomes a member of HUF by
Agreement
Contract
Status
Popularity
Which of the following income is not included in the term 'income' under the Income-tax Act, 1961
Business income
Profit in lieu of salary
Reimbursement of travel expense
Dividend
OECD in its Base Erosion and Profit Sharing project has specified ______ action plans, as a guidance for countries to ensure there is tax compliance and no leakage to govt
10
13
15
17
What is the rate of standard deduction in Income from House Property?
20%
25%
30%
35%
Long term capital loss can be set-off with
STCG
LTCG
All of the above
None of the above
Unabsorbed depreciation loss can be carried forward for
4 years
6 years
8 years
No specific time limit
Cost Inflation Index for FY 2021-22 is
280
301
289
317
Preliminary expenditure under Section ______ is allowed as deduction for _______ years
Section 35DD, 5 years
Section 35D, 10 years
Section 35D, 5 years
Section 35DD, 10 years
Loss under IHP can be carried forward even if income tax return is not filed within due date
False
True
