1. A domestic company means
A. Only an Indian company
B. Both Indian & Foreign Co having branch in India
C. Both Indian company and a foreign company having business connection in India
D. Both Indian & Foreign Co which has made the prescribed arrangement for declaration & payment of dividends in India out of the income chargeable to tax in India
2. The rates of Income Tax are mentioned in
A. The Income-tax Act, 1961 only
B. Both Income-tax Act, 1961 and Income-tax Rules, 1962
C. The First Schedule to the Annual Finance Act
D. Both Income-tax Act, 1961 and the First Schedule to the Annual Finance Act
3. The Surcharge applicable in the case of Asian Paints is:
A. 7% of tax payable if total income exceeds ₹50L but does not exceed ₹1 crore
B. 2% of tax payable if total income exceeds ₹1 crore
C. 7% of tax payable if total income exceeds ₹1 crore upto ₹10 crore & 12% if total income exceeds ₹10 crores.
D. Both (a) and (c), as the case may be
4. In respect of Non-Resident Assessee shareholder, who is of the age of 60 years or more, but less than 80 years at any time during the PY 20-21:
A. Basic exemption of ₹ 2,50,000 is available
B. Basic exemption of ₹. 3,00,000 is available
C. Basic exemption of ₹. 5,00,000 is available
D. No basic exemption limit would be available
5. In case of Above Co whose Turnover in PY 18-19 is ₹5511 cr., the rate of tax applicable will be
A. 29% B. 25% C. 30% D. None of above
Solution:
1. D 2. D 3. C 4. A 5. C
1. Education Cess of 4% is payable on:
A. Income Tax
B. Income Tax + Surcharge, if any
C. Surcharge
D. Not payable by any assessee
2. The circulars issued by CBDT are binding on
A. Assessee
B. Income Tax authorities i.e., Assessing Officers
C. Both of the above
D. None of the above
3. Decision passed by Supreme Court is binding on
A. All courts & tribunal
B. Income Tax Authorities
C. Assessee
D. All of the above
4. The amount of HEC to be collected along with income tax for the AY 21-22 is
A. 2% B. 1% C. 4% D. Nil
5. The rate of tax for Limited Liability Partnership is-
A. Normal slab rates B. 25% C. 40% D. 30%
6. The FA’20 amendments have the following objectives-
A.Preventing tax abuse
B. Tax incentives
C. To provide tax certainty
D. All of the above
7. Rebate u/s 87A is allowed only on fulfillment of which condition
i) Assessee should be resident individual
ii) The income of assessee is upto ₹. 5,00,000
iii) All assessee
A. (i) and (ii) B. only (ii) C. (ii) and (iii) D. (iii)
8. Income Tax Act Applies to
A. Whole of India & Foreign
B. Whole of India except J&K
C. Whole of India
D. None
9. Income Tax is covered under entry no.____ to Union List
A. 83. B. 84 C. 82 D. 85
10.Agriculture Income can also be Taxed under entry no.82 to union list
A. True B. False C. None
11.Power to levy tax on agriculture income rest with
A. CG B. SG C. Both D. None
12.Power to levy Tax on agriculture Income is given in entry no__ of state list
A. 46 B. 47 C. 48 D. 49
13.CBDT stands for ______.
14.Finances bill becomes the Finance Act when it is passed by:
A. The Lok Sabha
B. Both the Lok Sabha and Rajya Sabha
C. Both the houses of the Parliament and given the assent of the President
D. Both the houses of the Parliament and given the assent of the Prime Minister /Finance
Minister.
15.Part I of schedule I of the Finance Act ,2020 has given rates of income tax for the
assessment year
A. 2021-22 B. 2020-21 C. 2019-20
16.A.O.P should consist of
A. individuals only B. person other than individuals only
C. both the above
17.B.O.I. should consist of
A. individuals only B. person other than individuals only
C. both the above
Solutions:
1. B 2. B 3. D 4.C 5. D
6. D 7. A 8. C 9. C 10. B
11. B 12. A 13. Central Board of Direct Taxes
14. C 15. A 16. C 17. A
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