Question

T.Y.B.Com - Test.1 on Income Tax (Online Practice Test)Last date of submission 25.04.2020

Prepared By: Dr. A. H. Gaikwad,
Vice Principle, Professor & HoD,
Post Graduate Department of Commerce and Research Centre.
S.N.Arts, D.J.M. Commerce & B.N.S. Science College, Sangamner.

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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.

11.Leave encashment received while in service is ______

a. Exempt

b. Taxable

c. Deducted

d. None of the above

12. Employers’ Contribution to Recognised Provident Fund is exempt upto____

a. 9.5 % of salary

b. 12% of salary

c. 10% of salary

d. Fully Exempt

13. Allowances for expenses on travelling on tour or transfer are____

a. exempt upto lower of the amount actually spent or the prescribed limits

b. exempt fully to the extent actually spent

c. exempt to the extent of lower of allowance received ot lumpsum amount

prescribed.

d. fully taxable

14. Children Education allowance is exempt upto ____

a. Maximum Rs. 150 per month per child for two children

b. Maximum Rs. 100 per month per child for two children

c . Fully Exempt

d. None of the above

15. Uncommuted pension is ___

a. Fully Taxable

b. Fully exempt

c. Exempt upto 50%

d. None of the above

16. Salary is taxable on _____basis

a. Due basis

b. Receipt basis

c. Due or receipt basis whichever is earlier

d. Due or receipt basis whichever is later .

17 . House Rent Allowance is exempt upto ____ if the house is situated at Delhi.

a. 40% of salary

b. 75% of salary

c. 50% of salary

d. Fully exempt

18. ______ is any casual emoluments attached to an office or position.

a. Dearness Alllowance

b. Allowance

c. Perquisites

d. None of the above.

19 . Reimbursement of medical expenses is _____ for medical treatment of assesse or his family member

a. Exempted upto Rs. 15,000

b. Exempted upto Rs. 20,000

c. Fully Exempted

d. Fully Taxable

20. Salary received by a partner from partnership firm is taxable under the head______

a. Salary

b. Business

c. Capital Gains

Other Sources

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