Free Printable Income Tax Game

1.

Gifts are taxed under

a)

Income tax Act

b)

Wealth Tax Act

c)

Under Gift Tax Act

d)

Negotiable Instruments ct

2.

Income Tax is imposed by

a)

(a) State Government

b)

(b) Central Government

c)

(c) Both of the above

d)

(d) Constitution of India

3.

Parliament has the power to levy tax on incomes other than

a)

(a) Exempt Incomes

b)

(b) Income of poor people

c)

(c) Agricultural Income

d)

(d) All incomes are taxable

4.

Highest Administrative Authority for Income Tax in India is .

a)

(a) Finance Minister

b)

(b) CBDT

c)

(c) President of India

d)

(d) Director of Income Tax

5.

Income Tax Act came into force on

a)

. (a) 1.4.1961

b)

(b) 1.4.1962

c)

(c) 1.4.1956

d)

(d) 1.4.1965

6.

Finance Bill becomes the Finance Act when it is passed by

a)

. (a) Lok Sabha

b)

(b) Both Lok Sabha & Rajya Sabha

c)

(c) Both House of Parliament & signed by President.

d)

(d) Both House of Parliament & signed by Prime Minister

7.

Mr. P sets up a new business on 15.7.2018 & he commenced his business from 1.2.2019. First PY shall be:

a)

(a) 15.7.2018 to 31.3.2019

b)

(b) PY 2018-19

c)

(c) 1.2.2018 to 31.3.2019

d)

(d) PY 2019-20

8.

Assesse is a person

a)

pays tax

b)

pays tax and penalty

c)

to whom a notice is sent under the Act

d)

All the above

9.

Assessees may fail to give the assessing officer adequate co-operation regarding the assessment procedure. The Assessing officer may resort to

a)

Reassessment

b)

Best Judgement Assessment

c)

Summary Assessment

d)

Self Assessment

10.

It is legal

a)

Tax avoidance

b)

Tax evasion

c)

Tax management

d)

None

11.

Insurance amount received from the insurance company on account of destruction of crops by storm

a)

Casual Income

b)

Non agricultural Income

c)

Insurance Income

d)

Agricultural Income

12.

Temple property belongs to .............as per recent pronouncement of the Supreme court

a)

Supreme court

b)

High Court

c)

Diety

d)

Worshipers

13.

Income tax return filing deadline for FY 2020-21 extended to

a)

Sept 15, 2021

b)

Oct 30 , 2021

c)

Sept 30,2021

d)

December 31, 2021

14.

The Ministry of Finance has been regularly monitoring the resolution of issues of the IT website with

a)

L&T

b)

Infosys Ltd

c)

IBM

d)

Apple

15.

The income tax officer can impose a penalty of .................. on the concerned person if he possesses more than one PAN cards.

a)

Rs 50,000

b)

Rs 1,00,000

c)

Rs 10,000

d)

Rs 2,00,000

16.

Who is not mandatory to pay advance tax?

a)

A non-resident

b)

senior citizen

c)

tax liability above 10,000

d)

All the above

17.

234E deals with

a)

late filing of ITR

b)

self assessment tax

c)

late filing of TDS return

18.

Penalty u/s 234F

a)

5000 & 10,000

b)

5000, 1000 & 10,000

c)

5000 & 1000

19.

Due date for paying advance tax under presumptive taxation scheme

a)

March 15

b)

march 31

c)

December 31

20.

Self assessment tax above 1 lakh to be paid before

a)

Before Filing of ITR

b)

July 31

c)

july 15

21.

Delay in installment payment of advance tax

a)

234B

b)

234C

c)

234B & 234C

22.

Last date to file ITR with penalty

a)

March 31

b)

December 31

c)

January 31

23.

Senior citizen liable to pay advance tax if

a)

tax liability exceed 10,000

b)

having income from business or profession

c)

None

24.

Sec 80TTA can be claimed for senior citizen

a)

True

b)

FALSE

25.

Standard deduction can be claimed in new tax regime

a)

True

b)

FALSE

26.

Due date to file ITR in case of auditable accounts for AY 2021-22?

a)

31St December 2021

b)

15th January 2022

c)

31st March 2022

d)

15th February 2022

27.

Due date for linking Aadhaar and PAN

a)

30th June 2022

b)

31st March 2022

c)

30th September 2021

d)

31st December 2021

28.

Due date for Vivad Se Vishwas amount payment with additional amount?

a)

31st March 2022

b)

31st October 2021

c)

31st October 2022

d)

31st August 2021

29.

Due date for filing ITR of non-auditable accounts for AY 2021-22?

a)

15th February 2022

b)

15th January 2022

c)

31st March 2022

d)

31st December 2021

30.

Due date for submitting audit report for AY 2021-22?

a)

15th February 2022

b)

15th January 2022

c)

31st March 2022

d)

15th March 2022

31.

due date for filing belated or revised return for AY 2021-22?

a)

31st December 2021

b)

31st January 2022

c)

31st March 2022

d)

None of the above

32.

dividend income up to 10Lakh only can be shown in ITR 1?

a)

True

b)

False

33.

How to download 143(1) intimation?

a)

Login to e-file -> E file-> File income tax return-> view details-> download intimation

b)

Login to e-file -> E file-> view filed returns-> view details-> download intimation

c)

Login to e-file -> E file -> View filed returns-> download intimation 143(1)

d)

login to e-file -> Income tax Returns-> view fled returns-> view details-> download intimation

34.

Penalty for late filing of return u/s 234F?

a)

5000 & 1000

b)

5000, 1000 & 10,000

c)

5000 & 10,000

d)

5000 only

35.

To file rectification request one's profile

above 95% should be completed.

a)

True

b)

False

36.

Due date for linking Aadhaar and PAN

a)

30th June 2022

b)

31st March 2022

c)

30th September 2021

d)

31st December 2021

37.

Due date for Vivad Se Vishwas amount payment with additional amount?

a)

31st March 2022

b)

31st October 2021

c)

31st October 2022

d)

31st August 2021

38.

Due date for filing ITR of non-auditable accounts for AY 2021-22?

a)

15th February 2022

b)

15th January 2022

c)

31st March 2022

d)

31st December 2021

39.

Due date for submitting audit report for AY 2021-22?

a)

15th February 2022

b)

15th January 2022

c)

31st March 2022

d)

15th March 2022

40.

due date for filing belated or revised return for AY 2021-22?

a)

31st December 2021

b)

31st January 2022

c)

31st March 2022

d)

None of the above

41.

dividend income up to 10Lakh only can be shown in ITR 1?

a)

True

b)

False

42.

How to download 143(1) intimation?

a)

Login to e-file -> E file-> File income tax return-> view details-> download intimation

b)

Login to e-file -> E file-> view filed returns-> view details-> download intimation

c)

Login to e-file -> E file -> View filed returns-> download intimation 143(1)

d)

login to e-file -> Income tax Returns-> view fled returns-> view details-> download intimation

43.

Penalty for late filing of return u/s 234F?

a)

5000 & 1000

b)

5000, 1000 & 10,000

c)

5000 & 10,000

d)

5000 only

44.

To file rectification request one's profile

above 95% should be completed.

a)

True

b)

False

45.

Who is not mandatory to pay advance tax?

a)

A non-resident

b)

senior citizen

c)

tax liability above 10,000

d)

All the above

46.

234E deals with

a)

late filing of ITR

b)

self assessment tax

c)

late filing of TDS return

47.

Due date for paying advance tax under presumptive taxation scheme

a)

March 15

b)

march 31

c)

December 31

48.

Self assessment tax above 1 lakh to be paid before

a)

Before Filing of ITR

b)

July 31

c)

july 15

49.

Delay in installment payment of advance tax

a)

234B

b)

234C

c)

234B & 234C

50.

Last date to file ITR with penalty

a)

March 31

b)

December 31

c)

January 31

51.

Senior citizen liable to pay advance tax if

a)

tax liability exceed 10,000

b)

having income from business or profession

c)

None

52.

Sec 80TTA can be claimed for senior citizen

a)

True

b)

FALSE

53.

Standard deduction can be claimed in new tax regime

a)

True

b)

FALSE

54.

Due date to file ITR in case of auditable accounts for AY 2021-22?

a)

31St December 2021

b)

15th January 2022

c)

15th February 2022

d)

31st March 2022

55.

INCOME TAX is a

a)

Direct Tax

b)

Indirect Tax

c)

Corporation Tax

d)

Death Tax

56.

Securities Transactions Tax is an example of

a)

G S T

b)

Indirect Tax

c)

Direct Tax

d)

Customs Duty

57.

Under old regime, if the income is less than ________ for an individual (59 Yrs), then he need not pay any tax.

a)

2,25,000

b)

2,50,000

c)

3,00,000

d)

5,00,000

58.

State which of the following income are exempted?

a)

Dearness allowance

b)

Education allowance

c)

Foreign allowance

d)

City compensatory allowance

59.

Reimbursement of medical bills of a private hospital is exempt upto.......

a)

15000

b)

Nil

c)

1,00,000

d)

30,000

60.

Employer's contribution to SPF is...

a)

Fully taxable

b)

Exempt up to 12%

c)

Fully exempt

d)

Exempt upto 9%

61.

The scheme of advance tax is commonly known as:

a)

Pay as much as you can

b)

Pay as you earn

c)

Earn more pay more

d)

A step towards Nation building

62.

Double taxation is frequently avoided through DTAAs entered into by two countries for the avoidance of double taxation on the ……:

a)

Same Income

b)

Different Income

c)

Specific Income

d)

Any income

63.

Which of the following is not included in liability for the purpose of calculating the fair value of unquoted equity share:

a)

Provision for ascertained liability

b)

Provision for unascertained liabilities

c)

Depreciation reserve

d)

Debenture

64.

The Income-tax Act, 1961 empowers the Central Government to enter into double taxation avoidance agreements with other countries under section :

a)

87

b)

88

c)

90

d)

91

65.

Double taxation relief for incomes taxed in the countries with which no agreement exists is governed by:

a)

90

b)

91

c)

93

d)

94

66.

Rule 11UA of Income tax rules provides rule for valuation of………?

a)

Jewellery

b)

Shares and Securities

c)

Artistic Work

d)

All of the above

67.

Rule 11UA of Income tax rules does not provides rule for valuation of………?

a)

Immovable Property

b)

Unquoted Equity Shares

c)

preference share

d)

None of above

68.

A private limited has issued unquoted equity share to resident at premium during the previous year. For the purpose of determining the income under section 56(2)(viib), fair value of the such equity shares is:

a)

book Value of Share

b)

Discounted Free Cash Flow Method

c)

Either a or b at option of Assessee

d)

a or B which ever is lower

69.

Which of the following method is used by merchant banker to determine fair value of unquoted equity share for the purpose of section 56(2)(viib):

a)

book Value of Share

b)

Discounted Free Cash Flow Method

c)

Net Asset Method

d)

Any of above

70.

.……. means relief is provided by the home country when there is no mutual agreement between the countries:

a)

Unilateral Relief

b)

Bilateral Relief

c)

Unilateral & Bilateral relief

d)

Unilateral or Bilateral relief

71.

.…….is provided when there is an agreement between to country and relief is calculated according mutual agreement between such two countries

a)

Unilateral Relief

b)

Bilateral Relief

c)

Unilateral & Bilateral relief

d)

Unilateral or Bilateral relief

72.

Income by way of rent of agricultural land is

a)

Business income

b)

Income from other sources

c)

Agricultural income

d)

Casual income

73.

Agriculture income received from outside India will be

a)

Taxable under the head Profit and Gains of Business or profession

b)

Taxable under the head Income from other source

c)

Exempt from tax

d)

NOTA

74.

Mohan received a watch worth Rs. 60,000 from his cousin grandfather (brother of his grandfather). What will be the taxable amount?

a)

NIL

b)

10000

c)

60000

d)

50000

75.

Tax is paid by...

a)

Individuals only

b)

Businesses only

c)

Individuals and businesses

d)

Individuals, businesses, and the government

76.

Tax is used by each level of government to...

a)

Make politicians rich

b)

Pay for their employees

c)

Pay for services that some of the population use

d)

Provide goods and services that are needed by the community

77.

Income Tax Act was passed in the year

a)

1924

b)

1961

c)

1962

d)

1988

78.

Which is the present Assessment Year?

a)

2018-19

b)

2019-20

c)

2020-21

d)

2001-02

79.

Which is the present Previous Year?

a)

2018-19

b)

2019-20

c)

2020-21

d)

2001-02

80.

TDS

a)

Tax Deducted at Source

b)

Total Deducted at Source

c)

Tax Deducted at Sample

d)

Tax Due at Source

81.

Earnings of a salesperson based on the percentage of goods or services sold.

a)

Salary

b)

Wages

c)

Commission

d)

Deductions

82.

An employee's fixed agreed yearly income.

a)

Salary

b)

Deductions

c)

Wages

d)

Commission

83.

How many weeks in a year?

a)

365

b)

52

c)

26

d)

12

84.

This is paid to the Government once a person's income passes a set amount.

a)

Fees

b)

Wages

c)

Tax

d)

Salary

85.

What is income tax

a)

direct tax

b)

indirect tax

c)

both direct and indirect

d)

none of above

86.

Income tax is directly paid by individual

a)

yes

b)

no

c)

maybe

d)

none of the above

87.

income from profession is covered under income tax

a)

yes

b)

no

c)

may be

d)

not sure

88.

specific income is covered under

a)

income from profession

b)

income from house property

c)

income from salaries

d)

income from other sources

89.

what is property tax

a)

indirect tax

b)

sales tax

c)

direct tax

d)

none of above

90.

Income Tax is imposed by

a)

(a) State Government

b)

(b) Central Government

c)

(c) Both of the above

d)

(d) Constitution of India

91.

Income Tax Act came into force on

a)

. (a) 1.4.1961

b)

(b) 1.4.1962

c)

(c) 1.4.1956

d)

(d) 1.4.1965

92.

Assesse is a person

a)

pays tax

b)

pays tax and penalty

c)

to whom a notice is sent under the Act

d)

All the above

Income Tax Game

Total questions: 92

Worksheet time: 43mins

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