Free Printable Taxation

1.

The Incometax Act, 1961 came into effect w.e.f

a)

01 April 1961

b)

01 April 1962

c)

01 September 1961

d)

01 September 1962

2.

GST was implemented in India from

a)

1st January 2017

b)

1st April 2017

c)

1st March 2017

d)

1st July 2017

3.

Tax whose burden can be shifted to others

a)

Direct Tax

b)

Indirect Tax

c)

Both

d)

None of them

4.

What is the time limit to make Payment to the supplier if one avails ITC under GST ACT ?

a)

60 days

b)

190 days

c)

180 days

d)

365 days

5.

What is the purpose of the GST composition scheme ?

a)

Simplified Compliance for small business

b)

exemption from GST

c)

Reduced tax rates for specific sectors

d)

Rebut on Input tax credit

6.

In GST, what does 'LUT' stands for ?

a)

Letter of Underutilized tax

b)

Letter of Undertaking

c)

Legal understanding for Taxation

d)

Letter of uninterrupted Trade

7.

What does 'GSTR' stands for in the Context of GST ?

a)

Goods and Services Tax Refund

b)

General Sales Tax Return

c)

Goods and State Tax Report

d)

Goods and Services Tax Return

8.

Gifts are taxed under

a)

Income tax Act

b)

Wealth Tax Act

c)

Under Gift Tax Act

d)

Negotiable Instruments ct

9.

Income Tax is imposed by

a)

(a) State Government

b)

(b) Central Government

c)

(c) Both of the above

d)

(d) Constitution of India

10.

Gifts are taxed under

a)

Income tax Act

b)

Wealth Tax Act

c)

Under Gift Tax Act

d)

Negotiable Instruments ct

11.

Income Tax is imposed by

a)

(a) State Government

b)

(b) Central Government

c)

(c) Both of the above

d)

(d) Constitution of India

12.

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

13.

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

14.

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

15.

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

16.

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

17.

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

18.

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

19.

It is legal

a)

Tax avoidance

b)

Tax evasion

c)

Tax management

d)

None

20.

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

21.

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

a)

Supreme court

b)

High Court

c)

Diety

d)

Worshipers

22.

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

23.

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

24.

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

Taxation

Total questions: 24

Worksheet time: 14mins

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