WorksheetsBasic Concepts of Income Tax
Total questions: 15
Worksheet time: 8mins
Income Tax Act came into force as on
1-4 -1961
1-3 -1961
1-4 -1962
31-3-1962
Income earned during the ______ is to be assessed in _______.
Previous year, Assessment Year
Assessment year, Previous Year
Assessment year, Financial Year
Calendar Year, Previous Year.
Previous year starts from
1st April every year
In the case of newly started business- from the date of commencement
In the case of newly started business- from the date of commencement. In any other case - 1st April of the year
1st January every year
Income under the Income-Tax Act, 1961, is to be computed under -
Five heads
Six heads
Four heads
Seven heads
Income tax is a .......................... tax
Direct
Indirect
Consumption
Local
Income Tax is imposed by..................
State Government
Central Government
Both of the above
Constitution of India
Parliament has the power to levy tax on incomes other than......................
Exempt Incomes
Income of poor people
Agricultural Income
All incomes are taxable
Highest Administrative Authority for Income Tax in India is
Finance Minister
CBDT
President of India
Director of Income Tax
As per Section 2(7),“Assesses” means a person
By whom any tax or other sum of money is payable
Against whom proceeding has been taken under the act
A person deemed to be assessee in default
All of the above
Which of the following income is not included in the term ‘income’ ?
Profit & gains
Dividend
Profit in lieu of salary
Reimbursement of travelling expenses
Finance Bill becomes the Finance Act when it is passed by
Lok Sabha
Both Lok Sabha & Rajya Sabha
Both House of Parliament & signed by President
Both House of Parliament & signed by Prime Minister
In which of the following cases, income earned during the previous year is assessed in the same year? / In which of the following cases previous year and assessment year are same?
Shipping business of non resident
Discontinued business
Person who are likely to transfer their assets to avoid tax
All of the above
As per section 288A , amount of tax shall be rounded off to the
nearest multiple of Rs.10
nearest multiple of Rs.100
nearest multiple of Rs.5
nearest multiple of Rs.50
Residential status of an assessee is determined as per the provisions of........................
Section 6
Section 7
Section 8
Section 11
Incomes which do not form part of total Income are called..............
Exceptional income
Deemed income
Exempted income
Speculative income
