1._____is a tax where the liability as well as the burden to pay it resides on thesame individual.
a. Direct Tax
b. Indirect Tax
c. Both a and b
d. None of the above
2._____is paid by the same person according to tax brackets as defined by the income tax department.
a. Direct Tax
b. Indirect Tax
c. Both a and b
d. None of the above
3. _____is an example of Direct T ax.
a. Corporate Tax
b. Wealth Tax
c. Income Tax
d. All the above
4. ______ cannot be evaded as the taxes are charged on goods and services.
a. Direct Tax
b. Indirect Tax
c. Income Tax
d. All the above
5. Assessment year means the period of 12 months commencing on the first day of April every year and ending on _____ of the next year
a. 1st April
b. 1st March
c. 31st March
d. 31st December
6. Person includes_______
a. Individual
b. Hindu Undivided Family
c. Company
d. All the above
7 . One of the Basic conditions for residential status is stay in India for a period or periods amounting ___days or more in the previous year
a. 65
b. 365
c. 182
d. 120
8._____ is an Additional condition for Residential Status of an Assessee.
a. An individual who has been in India at least 2 out of 10 previous years preceding
the relevant previous year .
b. The individual has been India for at least 730 days in all during the 7 previous year
preceding the relevant P .Y .
c. Both a and b
d. None of the above
9 . Income _____ shall be included in the total income of Resident Assesse.
a. Received or deemed to be received in India
b. Accrue or deemed to be accrue in India
c. Accrue to him outside India
d. All the above
10. Income ______ shall be included in the total income of Not Ordinarily Residentassesse.
a. Received or deemed to be received in India
b. Accrue or deemed to be accrue in India
c. Accrue outside India but derived from the business / profession controlled in India
d. All of the above.
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Answer:
1) Dierect Tax
2)a. Direct Tax
3)d. All the above
4)b. Indirect Tax
5)c. 31st March
6)d. All the above
7)c. 182
8)c. Both a and b
9)d. All the above
10)d. All of the above.
11)b. Taxable
12)b. 12% of salary
13)b. exempt fully to the extent actually spent
14)b. Maximum Rs. 100 per month per child for two children
15)a. Fully Taxable
16)c. Due or receipt basis whichever is earlier
17)c. 50% of salary
18)c. Perquisites
19)d. Fully Taxable
20)b. Business
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