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WorksheetsIncome Tax
Total questions: 28
Worksheet time: 14mins
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
A company is considered to be resident if:
It is an Indian Company
During PY, foreign company’s POEM is in India
Both (a) & (b)
Any of the above All of them
Tax is paid by...
Individuals only
Businesses only
Individuals and businesses
Individuals, businesses, and the government
Capital asset excludes all except
(A) Stock-in-trade
(B) Personal effects
(C) Jewellery
(D) Rural agricultural land in India
The base year for the purpose of calculation of the indexed cost of acquisition or the cost of improvement in respect of long term capital asset acquired prior to 1st April 2001 shall be taken as:
1981-1982
(B) 2001-2002
(C) 1991-1992
(D) 2011-2012
Income from letting of machinery, plant and furniture is—
always chargeable to tax under the head “Profits and gains of business and profession”
(b) always chargeable to tax under the head “Income from other sources”
(c) chargeable under the head “Income from other sources” only if not chargeable under the head “Profits and gains of business and profession”
(d) chargeable to tax under the head “Income from house property”
MR. V has received a sum of Rs. 75,000 on 24/10/2020 from his friend on the occasion of his marriage anniversary.
Entire Rs. 75,000 is chargeable to tax
Entire Rs. 75,000 is exempt from tax
Only Rs. 25,000 is chargeable to tax
Only 50% i.e. Rs. 37,500 is chargeable to tax
MR. V has received a sum of Rs. 51,000 on 24/10/2020 from relatives on the occasion of his marriage.
Entire Rs. 51,000 is chargeable to tax.
Only Rs. 1,000 is chargeable to tax
Entire Rs. 51,000 is exempt from tax
Only 50% i.e. Rs. 25,500 is chargeable to tax
Which Section allows taxpayer to file income tax return on or before the due date?
139(4)
139(1)
139(5)
All of the above
Assessment year is known as
The year in which assessee earn the income
The year in which assessee pays the tax on income earn in PY
The year in which assessee pay tax in advance
The year in which assessee find excuse to not to pay any taxes
Who is not mandatory to pay advance tax?
A non-resident
senior citizen
tax liability above 10,000
All the above
Senior citizen liable to pay advance tax if
tax liability exceed 10,000
having income from business or profession
None
Sec 80TTA can be claimed for senior citizen
True
FALSE
Penalty for late filing of return u/s 234F?
5000 & 1000
5000, 1000 & 10,000
5000 & 10,000
5000 only
The term person is defined under this section of Income Tax Act
4
2(31)
2(7)
3
Find the term that does not belong to the group
Ordinary Assessee
Not Oridnarily Assessee
Assessee in default
Representative Assessee
Assessee is explained u/s
2(9)
2(7)
2(5)
2(6)
Assessment Year is explained u/s
2(10)
2(8)
2(12)
2(9)
Previous Year is explained u/s
5
6
3
2
