MCQ On Income Tax Rate& Basic Concept Of Income
Tax
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MULTIPLE CHOICE QUESTIONS
BASICS OF INCOME TAX LAW
1.
The Central
Government has been empowered by entry ________________ of the Union list of
schedule VII of the constitution of India to levy tax on income other than
agricultural income.
A.
84
B.
82
C.
81
D.
85
2.
The Income tax act,
1961 came into force w.e.f........ __________ _
A.
Is' April, 1962
B.
31st March, 1961
C.
1st April, 1961
D.
None of above
3.
Amongst the
following _________________ is empowered to levy tax on agricultural income.
A. Central Government
B. State Government
C. Commissioner
D. President
4.
Circulars and
Notifications are binding on the
A. Central Board of Direct Taxes (CBDT)
B. Assessee
C. Income Tax Appellate Tribunal (ITAT)
D. Income Tax Authorities
5.
Supreme Courts
precedent in binding on
A. Courts
B. Appellate Tribunals
C. Income Tax Authorities
D. All of the above.
6.
High Court's
precedents are not binding on
A. Tribunal
B. Income Tax Authorities
C. Assessee
D. None of the above.
7.
Wherever in the Act
the phrase as prescribed appears it means that -
A. Regulations are to be framed is in this respect.
B. Rules have been framed in this respect.
C. Regulations were earlier framed in this respect.
D. Regulations are framed in this respect.
8.
Who amongst the
following confers on the power to issue circulars and clarifications?
A. ITAT
B. Central Government
C. CBDT
D. State Government
9.
Amendments by the
finance act are made applicable from
A. First day of next financial year
B. First day of same financial year
C. Last day of same Accounting year
D.
None of the above.
CONCEPT OF CHARGE
OF INCOME TAX, PERSON,
ASSESSEE AND
EXCEPTIONS TO PREVIOUS YEAR RULE
10.
Income Tax is
charged in -
A. Financial Year
B. Assessment Year
C. Previous Year
D. Accounting Year
11.
A person includes:
A. Only Individual
B. Only Individual and HUF
C. Individuals, HUF, Firm, Company only
D. Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every
Artificial Juridical Person
12.
As per section
2(31), the following is not included in the definition of 'person'
A. An individual
B. A Hindu undivided family
C. A company
D. A minor
13.
Every
assessee is a person, and -
A. every person is also an assessee
B. every person need not be an assessee
C. an individual is always an assessee
D. A HUF is always an assessee
14.
Describe the status
of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal
heirs of Z. Z died in 2018 and X and Y carry on his business without entering
into a partnership.
A. Firm
B. Limited Liability Partnership
C. Company
D. Body of Individual
15.
Assessment year can
be a period of :
A. only more than 12 months
B. 12 months and less than 12 months
C. only 12 months
D. 12 months and more than 12 months
16.
Year in which
income is taxable is known as ___________ and year in which income is earned is
known as ----
A. Previous year, Assessment year
B. Assessment year, Previous year
C. Assessment year, Assessment year
D. Previous year, Previous year
17.
The year in which
the income is earned is known as
A.
Previous year
B.
Financial year
C.
Both
(A) or (B)
D.
None of the above.
18.
All assesses are required to follow:
A.
Uniform previous year which must be
calendar year only
B.
Uniform previous year which must be
financial year only
C.
Any period of 12 months
D.
Period starting from 1st July to
30th June only
19.
XYZ LLP falls under which----------
category of person -
A.
Individual
B.
Partnership firm
C.
Company
D.
Association of person
20.
Municipality of Delhi falls
under----- category of person-
A.
Artificial juridical person
B.
Local authority
C.
Individual
D.
Association of Person
21.
Under Income Tax Act partnership
firm includes -
A.
Limited liability partnership
B.
Limited liability company
C.
One person company
D.
Association of person
22.
A.O.P should consist of :
A.
Individual only
B.
Persons other than individual only
C.
Both individual and non individual
persons.
D.
None of these
23.
Body of individual should consist of
:
A.
Individual only
B.
Persons other than individual only
C.
Both individual and non individual
persons.
D.
None of these
24.
A person becomes a member of HUF by
-
A.
Contract
B.
Agreement
C.
Popularity
D.
Status
25.
In order to be assessed as HUF there should be
-
A.
Partnership
B.
Co-Partnership
C.
Co -Parcenership
D.
Co-Ownership
26.
Section __ of the Income-tax Act,
1961 defines the term 'person' -
A.
4
B.
2(31)
C.
5
D.
2(32)
27.
--------------must be one in which
two or more persons join in for a common purpose or common action with the
object of earning income or profits or gains.
A.
Partnership
B.
Co-ownership
C.
Body of Individuals
D.
Association of Persons
28.
Which amongst the following is
Artificial Juridical Person?
A.
Corporation
B.
Local Fund
C.
District Board
D.
None of these
29.
Previous year is defined in -
A.
Section 2(34)
B.
Section 2(9)
C.
Section 3
D.
Section 4
30.
Financial year means a year
commencing on –
A.
31st March of the period
B.
1" day of the April
C.
Mid of the year
D.
None of these
31.
First previous year in case of a
business/profession newly set up on 31-3-2019 would:
A.
Start from 1st April, 2018 and end
on 31st March 2019
B.
Start from 31" March, 2019 and
will end on 31st March, 2019
C.
Start from 1st January, 2019 and end
on 31st December, 2019
D.
Start from 1st January, 2019 and
will end on 31st March,2019
32.
Dr. Ashok commenced medical practice
on 1st September, 2018. The previous year for the profession for the assessment
year 2019-20 would be _
A.
1st April, 2018 to 31st
March, 2019
B.
1st September, 2018 to 31st March,
2019
C.
1st June, 2018 to 31st March, 2019
D.
1st September, 2018 to 31st January,
2019
33.
Income of business commenced on 1st
March, 2019 will be assessed in assessment year-
A.
2018-19
B.
2019-20
C.
2020-21
D.
2021-22
34.
A person follows calendar year for
accounting. For taxation, he has to follow:
A.
Calendar year only :1stJanuary to 31st
December
B.
Financial year only :1st April to
31st March
C.
Any of the Calendar or Financial
year as per his choice
D.
He will to follow extended year from
1st January to next 31st March (a period of 15 months)
35.
In which of the following cases,
income of previous year is assessable in the previous year itself:
A.
Assessment of persons leaving India
B.
A person in employment in India
C.
A person who is into illegal business
D.
A person who is running a charitable
institution
36.
In which of the following cases,
Assessing Officer has the discretion to assess the income of previous year in
previous year itself or in the subsequent assessment year:
A.
Shipping business of non-residents
B.
Assessment of Association of Persons
or Body of Individuals formed for a particular event or purpose
C.
Assessment of persons likely to
transfer property to avoid tax
D.
Discontinued business
37.
In case of non-residents engaged in
shipping business in India income earned during the financial year is
A.
Taxable in India the same financial
year
B.
Taxable in India the relevant
assessment year
C.
Not taxable in India in the same
financial year
D.
Not taxable in India.
38.
In case of non-residents engaged in
shipping business _____________ freight paid or payable to the owner or
charterer shall be deemed to be total income.
A.
5%
B.
10%
C.
7.5 %
D.
20 %
39.
Which amongst the following is an
exception to the previous year rule?
A.
Business or Profession newly set up.
B.
Where a source of income newly set
up.
C.
Non-resident engaged in shipping
business
D.
None of the above.
40.
Income Tax is levied on the
___________ of a person.
A.
Total Income
B.
Total Income-Debt
C.
Gross Total Income
D.
Net Income-Debt Perquisites
41.
The period of 12 months commencing
on the rt day of April every year is known as ____________ _
A.
Financial Year
B.
Assessment Year
C.
Previous Year
D.
Accounting Year
42.
The charging section of the
Income-tax Act, 1961, states that the income earned in a year is taxable in the
next year. This is known as ______
A.
Principle of mutuality
B.
Previous year rule
C.
Financial year rule
D.
None of these.
43.
Income-tax in India is charged at
the rates prescribed by -
A.
The Finance Act of the assessment
year
B.
The Income-tax Act, 1961
C.
The Central Board of Direct Taxes
D.
The Finance Act of the previous
year.
44.
A new business was set-up on 1st
July, 2018 and trading activity was commenced from 1st September, 2018, the
previous year would be the period commencing from
A.
1st April, 2018 to 31st March, 2019
B.
1st July, 2018 to 31st March, 2019
C.
1st September, 2018 to 31st March,
2019
D.
1st October, 2018 to 31st March,
2019.
CONCEPTS OF INCOME, METHOD OF ACCOUNTING
45.
According to section 2(24)
definition of 'income' is -------
A.
Inclusive
B.
Exhaustive
C.
Exclusive
D.
Descriptive.
46.
'Income' under section 2(24)
includes -
(i) The profits and gains of a banking business carried on
by a co-operative society with its members.
(ii) Any advance money
forfeited in the course of negotiations for transfer of capital asset.
Choose the
correct option with reference to the above statements _
A.
Both (i) and (ii)
B.
Only (i)
C.
Only (ii)
D.
Neither (i) nor (ii).
47.
Income includes -
A.
Profits and gains
B.
Profit in lieu of Salary
C.
Income from other sources
D.
All of the above
48.
Income is divided in ___________
heads of Income.
A.
4
B.
5
C.
6
D.
3
49.
Income includes -
A.
Profits or Gains
B.
Capital gains
C.
Lottery winnings
D.
All of the above
50.
The term' income' includes the
following types of incomes -
A.
' Legal
B.
Illegal
C.
Legal and illegal both
D.
None of the above,
51.
Which of the following income is not
included in the term 'income' under the Income-tax Act, 1961 -
A.
Profit and gains
B.
Dividend
C.
Profit in lieu of salary
D.
Reimbursement of travelling
expenses.
52.
Which amongst the following is not a
head of Income?
a.
Salaries
b.
Income from house Property
c.
Capital gains
d.
Income from exports
53.
Amongst the following which activity
will be taxable?
A.
Profits & gains of any insurance
business
B.
Income from specific services
provided by carried on by a co-operative society. Trade, professional or similar
association.
C.
The profits and gains of any banking
business carried on by a co-operative society.
D.
All of the above.
54.
AB & Co. received Rs.`2, 00,000
as compensation from CD & Co. for premature termination of contract of
agency. Amount so received is -----
A.
Capital receipt and taxable
B.
Capital receipt and not taxable
C.
Revenue receipt and taxable
D.
Revenue receipt and not taxable
55.
Subsidy if given as assistance to
carry on business already commenced is a -----
A.
Revenue receipt
B.
Capital receipt
C.
It is not a receipt
D.
None of these
56.
Which of the following is not
included in taxable income -
A.
Income from smuggling activity
B.
Casual income
C.
Gifts of personal nature subject to
a maximum of `50,000 received in cash
D.
Income received in kind.
57.
Compensation on account of loss of
profit is -
A.
Revenue receipt
B.
Capital receipt
C.
Revenue expenditure
D.
Capital expenditure
58.
Out of the following, which of the
capital receipt is not taxable:
A.
Capital gains of Rs.` 10,00,000
B.
Amount of Rs.`5,00,000 won by way of
lottery, games, puzzles
C.
Amount of Rs.`2,00,000 received by
way of gift from relatives
D.
Amount of Rs.`1,00,000 received by
way of gift from a friend on marriage anniversary
59.
In case the Key man insurance policy
is taken in name of any other person any sum received on its maturity by such
person shall be taxable under the head -
A.
Salaries
B.
Profits & Gains of Business or
Profession
C.
Capital Gains
D.
Income from Other Sources
60.
Method of Accounting is not relevant
for –
A.
Salaries
B.
Income from House Property
C.
Capital Gains
D.
All of the above
61.
Income-tax in India is charged at
the rate(s) prescribed by -
A.
The Finance Act
B.
The Income-tax Act
C.
The Central Board of Direct Taxes
D.
The Ministry of Finance.
62.
Which of the following is not
included in taxable income -
A.
Reimbursement of expenses
B.
Cash gifts received from non
relatives
C.
Income from illegal activity
D.
Profit on sale of equity shares of unlisted
company.
63.
The Central Government has notified
Income computation and disclosure standards for computing income under the head
Profits and Gains of Business and Profession - .
A.
2
B.
5
C.
8
D.
10
64.
An individual is said to have
substantial interest in a concern if he or she, along with his or her
relatives, is, at any time during the previous year, beneficial owner of equity
shares carrying or more of the voting power in a company; or entitled to or
more of the profits of such concern.
A.
20% ,10%
B.
10% ,20%
C.
10%, 10%
D.
20% ,20%
MODE OF COMPUTATION OF INCOME AND TAX RATES FOR ASSESSMENT YEAR
2019-20
65.
Surcharge @ 12 is payable by a
domestic company if the total income exceeds.
A.
Rs.` 10 lakhs
B.
Rs.` 1 crore
C.
Rs.` 10 crore
D.
None of the above.
66.
Surcharge @ 7 is payable by a
domestic company if the total income exceeds.
A.
Rs.` 10 lakhs
B.
Rs.` 50 lakhs
C.
Rs.` 1 crore
D.
Rs.` 10 crores.
67.
The tax exemption limit for a
resident senior citizen is -
A.
Up to Rs.` 2,00,000
B.
Up to Rs.` 5,00,000
C.
Up to Rs.` 1,80,000
D.
Up to Rs.` 3,00,000
68.
The tax exemption limit for a
resident Super senior citizen is -
A.
Up to Rs.` 2,00,000
B.
Up to Rs.` 5,00,000
C.
Up to Rs.` 1,80,000
D.
Up to Rs.` 3,00,000
69.
Surcharge of 15% is payable by an
individual where the total income exceeds:
A.
Rs.` 7,50,000
B.
Rs.` 8,50,000
C.
Rs.` 1,00,00,000
D.
None of the three
70.
The maximum amount on which
income-tax is not chargeable in case a co-operative society is:
A.
Rs.` 50,000
B.
Rs.` 30,000
C.
Rs.` 20,000
D.
Nil
71.
Additional surcharge (health and
education cess) of 4 per cent is payable on-
A.
Income tax
B.
Income tax plus surcharge
C.
Surcharge
D.
None of the three
72.
What is the maximum amount of income
not chargeable to tax in case of AOP /BOI?
A.
Rs.` 2,50,000
B.
Rs.` 1,45,000
C.
Rs.` 10,000
D.
None of these.
73.
In case of Partnership firm or
company and foreign company marginal relief is provided if total income exceeds
` --
A.
. Rs. ` 1 crore
B.
Rs.` 10 lakhs
C.
Marginal relief
D.
None of these
74.
The total income is rounded off to
the nearest multiple of -
A.
Rs.`1
B.
Rs.`10
C.
Rs.`100
D.
Rs.`1,000
75.
The MMR of 35.88% for Assessment
Year 2019-20 is relevant in case of which of the following person if income
exceed 1crore
A.
Individual
B.
Association of Persons
C.
None of (a) and (b)
D.
Both of (a) and (b)
76.
If a firm's total Income is Rs.`
1,03,00,000, the marginal relief available to the firm is –
A.
Rs.` 3,09,000
B.
Rs.` 3,03,000
C.
Rs.` 1,60,800
D.
None of these.
77.
The amount of health and education cess to be collected along with income-tax for
assessment year 2019-20 shall be
A.
1 %
B.
2%
C.
3%
D.
4%
78.
In respect of a resident assessee,
who is of the age of 60 years or more at any time during the previous year but
less than 80 years on the last day of
Previous Year relevant to Assessment Year 2019-20:
A.
Rebate of tax payable subject to a
maximum of Rs.20,000.
B.
Higher basic exemption of Rs.` 1,
50,000.
C.
Higher basic exemption of Rs.` 3,
00,000.
D.
Higher basic exemption of Rs.` 1,
35,000.
79.
Surcharge of 15% is payable by an
Hindu Undivided Family where the total income exceeds:
A.
Rs.` 7,50,000
B.
Rs.` 8,50,000
C.
Rs.` 1,00,00,000
D.
None of the three.
80.
In case of resident HUF, what is
maximum exemption limit for Assessment Year 2019-20 :
A.
Rs.` 3,00,000
B.
Rs.` 2,50,000
C.
Rs.` 5,00,000
D.
Rs.` 2,20,000
81.
In case of a female individual, who
is of 59 years of age, what is the maximum exemption limit for AY? 2019-20:
A.
Rs.` 3,00,000
B.
Rs.` 2,50,000
C.
Rs.` 5,00,000
D.
Nil
82.
The income-tax payable by a Resident
Individual (aged 30 years) for AY. 2019-20 if his total income is Rs.`3,00,000
will be:
A.
Rs.` 2,600
B.
Rs.` 2,210
C.
Rs.` 2,206
D.
Nil
83.
The income-tax payable by a Non
Resident Individual (aged 30 years) for Assessment Year 2019-20 if his total
income is Rs.` 2,70,000 will be:
A.
Rs.` 2,060
B.
Rs.` 2,210
C.
Rs.` 2,206
D.
Rs.1040
84.
The income-tax payable by a Resident
Individual (aged 30 years) for AY. 2019-20 if his total income is Rs.` 3,01,500
will be:
A.
Rs.` 2,630
B.
Rs.` 78
C.
Rs.` 150
D.
Rs.` 2,626
85.
The income-tax payable by a Mrs.
Swati Non Resident Individual (aged
65 years) for AY. 2019-20 if her total income is Rs.` 2,75,000 will be:
A.
Rs.560
B.
Rs.` 2,575
C.
Rs.` 2,580
D.
Rs.` 1300
86.
The income-tax payable by a Mr.
Bansal Resident Individual (aged 25 years) for AY. 2019-20 if his total income
is Rs.` 4,50,000 will be :
A.
Rs.10,400
B.
Rs.` 15,450
C.
Rs.` 20,600
D.
Rs.` 540
87.
Arun, a non-resident of India
celebrated his 80th birthday on 10th October 2018. If his total income for the
previous year is Rs.` 6,00,000, his income-tax liability for the previous year
2018-19 is
A.
Rs.` 46,350
B.
Rs.` 41,200
C.
Rs.` 20,600
D.
Rs. ‘ 33,800
88.
The amount of marginal relief
admissible to Mr. Bansal Resident Individual (aged 25 years) for AY 2019-20 if
his total income is Rs.1,01,00,000 will
be :
A.
Rs.`3,58,250
B.
Rs.` 2,00,000
C.
Rs.` 2,20,000
D.
Rs.3,56,375
89.
The maximum income of `
---------------is not chargeable to tax is case of non-resident woman of 60
years of age.
A.
Rs.` 2,50,000
B.
Rs.` 3,00,000
C.
Rs.` 5,00,000
D.
Rs.` 10,00,000
90.
The tax payable is rounded off to
the nearest multiple of -
A.
Rs.` 1
B.
Rs.` 1,000
C.
Rs.` 10
D.
Rs.` 100
91.
The income-tax payable by a Non
Resident Individual (aged 30 years) for AY 2019-20 if his total income s Rs. `
2,75,500 will be:
A.
Rs.` 1,326
B.
Rs.` 566
C.
Rs.` 570
D.
Rs.` 2,626
92.
The income-tax payable by a Resident
Individual (aged 30 years) for AY 2019-20 if his total income is Rs.` 5,00,000
will be:
A.
Rs.` 20,600
B.
Rs.` 25,750
C.
Rs.` 33,990
D.
Rs. ‘ 13,000
93.
The income-tax payable by a Resident
Individual (aged 30 years) for AY 2019-20 if his total. income is Rs.` 6,00,000
will be:
A.
Rs.` 46,350
B.
Rs.` 44,290
C.
Rs.` 45,000
D.
Rs.` 33,475
94.
The income-tax payable by a Resident
Individual (aged 30 years) for AY 2019-20 if his total income is Rs. `
16,00,000 will be:
A.
Rs.` 3,14,150
B.
Rs.` 3,19,000
C.
Rs.` 3,04,200
D.
Rs.` 3,30,000
95.
The income-tax payable by a Non
Resident Individual (aged 62 years) for AY 2019-20 if his total income is Rs. `
2,90,000 will be:
A.
Rs.2,080
B.
Rs.`2,060
C.
Rs.` 4,120
D.
Rs.` 4,000
96.
The income-tax payable by a Resident
Individual (aged 62 years) for AY 2019-20 if his total income is Rs.` 3,00,000
will be :
A.
Nil
B.
Rs.`2,060
C.
Rs.` 4,120
D.
Rs.` 4,000
97.
The income-tax payable by a Resident
Individual (aged 62 years) for AY 2019-20 if his total income is Rs.` 3,50,000
will be:
A.
Rs.` 2,060
B.
Rs.` 1,030
C.
Rs.` 4,120
D.
Nil
98.
The income-tax payable by a Resident
Individual (aged 62 years) for AY 2019-20 if his total income is Rs.` 3,60,000
will be:
A.
Rs.` 1,030
B.
Rs.` 6,180
C.
Rs.` 8,240
D.
Rs. ` 3,120
99.
The income-tax payable by a Resident
Individual (aged 80 years) for AY 2019-20 if his total income is Rs.` 5,00,000
will be:
A.
Nil
B.
Rs.` 1,030
C.
Rs.` 8,240
D.
Rs.` 6,180
100.
The income-tax payable by a Resident
Individual (aged 80 years) for AY 2019-20 if his total income is Rs. ` 5,10,000 will be:
A.
Rs.2,080
B.
Rs.` 2,060
C.
Rs.`1,030
D.
Rs.` 6,180
101.
An assessee, being an individual
resident in India, is entitled to a deduction, from the amount of income-tax on
his total income which is chargeable for an assessment year, of an amount equal
to 100 of such income-tax or a lesser amount. The maximum amount of total
income qualifying for such deduction and the maximum amount of deduction so
available is
A.
Rs.` 5 lakh and Rs.` 2,000
respectively
B.
Rs.` 3lakh and Rs.` 2,000
respectively
C.
Rs.` 5 lakh and Rs.` 5,000
respectively
D.
Rs.` 3.5 lakh and Rs. ` 2,500
respectively
102.
Calculate Income-tax payable by an
Individual (aged 30 years) for AY 2019-20 if his total income is Rs. ` 1,01,20,000:
A.
Rs.`30,33,350
B.
Rs.`32,47,180
C.
Rs.` 29,14,900
D.
Rs.` 33,42,300
103.
Calculate the amount of rebate u/s 87 A in
case of a resident individual having total income of Rs.` 3, 00,000. For A.Y 2019-20
A.
Rs.` 30,000
B.
Rs.` 10,000
C.
Rs.` 2,500
D.
Rs.` 5,000
104.
The income-tax payable by a XYZ Inc
a foreign company on total income of Rs.` 12,25,500 will be :
A.
Rs.` 5,09,800
B.
Rs.` 5,04,906
C.
Rs.` 3,78,520
D.
Rs.` 3,78,525
105.
The income-tax payable by a XYZ
Cooperative society on total income of Rs.` 50,000 will be
A.
Rs.` 12,360
B.
Nil
C.
Rs.` 20,600
D.
Rs.` 12,480
106. Total income is to be
rounded off to nearest multiple of __ and tax is to be rounded off to nearest
multiple of
A.
Ten, Rupee
B.
Hundred, Ten
C.
Ten, Ten
D.
Rupee, Rupee
107.
Unexplained cash credits are chargeable to tax
@ ___________ _
A.
10%
B.
15%
C.
20%
D.
30%
108.
Long term capital Gains are
chargeable to tax @ ___________ _
A.
10%
B.
15%
C.
20%
D.
30%
109.
Short term capital gains arising on
transfer of listed equity shares through recognized stock exchange are
chargeable to Tax @ _____ _
A.
10%
B.
15%
C.
20%
D.
30%
110.
Income by way of dividends in excess
of ` 10 lakh in the case of an individual, Hindu undivided family (HUF) or a
firm who is resident in India is chargeable to tax at rate of -
A.
10%
B.
15%
C.
20%
D.
30%
111.
Income by way of royalty in respect
of a patent developed and registered in India in respect of person who is
resident in India is chargeable to tax at rate of -
A.
10%
B.
15%
C.
20%
D.
30%
112.
For a domestic company, the minimum
amount of total income liable for surcharge and the rate of surcharge
applicable therein are -
A.
Rs.` 10 crore and 7 respectively
B.
Rs.` 1 crore and 7 respectively
C.
Rs.` 1 crore and 12 respectively
D.
Rs.` 10 crore and 12 respectively
113.
The total income of Atul, a resident
individual, is Rs.` 2, 65,000. The rebate allowable u/s 87 A would be –
A.
Rs.` 2.000
B.
Nil
C.
Rs.` 1,500
D.
Rs.`7, 50.
114.
For the previous year 2018-19,
taxable income of A Ltd., a domestic company (Turnover in FY 2016-17 was Rs. ` 2,
49.5 crores) is Rs.10, 86,920. Its tax liability would be
A.
Rs.` 2,82,600
B.
Rs.` 3,39,120
C.
Rs.` 3,32,770
D.
Rs.` 3,35,860
115.
For the previous year 2018-19,
taxable income of A Ltd., a domestic company (Turnover in FY 2016-17 was Exceed Rs.`
2, 50 crores) is Rs.10, 86,920. Its tax liability would be
A.
Rs.` 2,82,600
B.
Rs.` 4,47,811
C.
Rs.` 3,39,120
D.
Rs.` 3,35,860
Answer Key
|
Question Number
|
Answer
|
|
1
|
82
|
|
2
|
1ST April, 1962
|
|
3
|
State Government
|
|
4
|
Income Tax Authorities
|
|
5
|
All of the above
|
|
6
|
None of Above
|
|
7
|
Regulations are framed in this respect
|
|
8
|
CBDT
|
|
9
|
First day of next financial year
|
|
10
|
Assessment Year
|
|
11
|
Individuals, HUF, Company, Firm, AOP or BOI,Local Authority,
Every Artificial Juridical Person
|
|
12
|
A minor
|
|
13
|
Every person need not to be an assessee
|
|
14
|
body of individual
|
|
15
|
only 12 months
|
|
16
|
Assessment year, Previous year
|
|
17
|
Previous year
|
|
18
|
Uniform previous year which must be financial year only
|
|
19
|
Partnership firm
|
|
20
|
Local authority
|
|
21
|
Limited liability partnership
|
|
22
|
Both individual and non individual persons
|
|
23
|
Individual only
|
|
24
|
Status
|
|
25
|
Co -Parcenership
|
|
26
|
2(31)
|
|
27
|
Association of Persons
|
|
28
|
Corporation
|
|
29
|
Section 3
|
|
30
|
1" day of the April
|
|
31
|
Start from 31" March, 2019 and will end on 31st March, 2019
|
|
32
|
1st September, 2018 to 31st March, 2019
|
|
33
|
2019-20
|
|
34
|
Financial year only :1st April to 31st March
|
|
35
|
Assessment of persons leaving India
|
|
36
|
Discontinued business
|
|
37
|
Taxable in India the same financial year
|
|
38
|
7.50%
|
|
39
|
Non-resident engaged in shipping business
|
|
40
|
Total Income
|
|
41
|
Assessment Year
|
|
42
|
Previous year rule
|
|
43
|
The Finance Act of the assessment year
|
|
44
|
1st July, 2018 to 31st March, 2019
|
|
45
|
Inclusive
|
|
46
|
Both (i) and (ii)
|
|
47
|
All of Above
|
|
48
|
5
|
|
49
|
All of the above
|
|
50
|
Legal and illegal both
|
|
51
|
Reimbursement of travelling expenses
|
|
52
|
income from export
|
|
53
|
all of above
|
|
54
|
Revenue receipt and not taxable
|
|
55
|
Revenue receipt
|
|
56
|
Gifts of personal nature subject to a maximum of Rs.`50,000
received in cash
|
|
57
|
Revenue receipt
|
|
58
|
Amount of Rs.`2,00,000 received by way of gift
from relatives
|
|
59
|
Income from Other Sources
|
|
60
|
All of the above
|
|
61
|
The Finance Act
|
|
62
|
Reimbursement of expenses
|
|
63
|
10
|
|
64
|
20% ,20%
|
|
65
|
Rs.10
crore
|
|
66
|
Rs.1
core
|
|
67
|
Up to Rs.` 3,00,000
|
|
68
|
Up to Rs.` 5,00,000
|
|
69
|
Rs.`
1,00,00,000
|
|
70
|
Nil
|
|
71
|
Income tax plus surcharge
|
|
72
|
Rs.2,50,000
|
|
73
|
Rs.1
crore
|
|
74
|
10
|
|
75
|
Both of (a) and (b)
|
|
76
|
Rs.1,60,800
|
|
77
|
4%
|
|
78
|
Higher basic exemption of Rs.` 3,
00,000.
|
|
79
|
Rs.`
1,00,00,000
|
|
80
|
Rs.`
2,50,000
|
|
81
|
Rs.
2,50,000
|
|
82
|
Nil
|
|
83
|
Rs.1040
|
|
84
|
Rs.78
|
|
85
|
Rs.1,300
|
|
86
|
Rs.10,400
|
|
87
|
Rs.33,800
|
|
88
|
Rs.3,56,375
|
|
89
|
Rs.-`
2,50,000
|
|
90
|
Rs.-10
|
|
91
|
Rs.1,326
|
|
92
|
Rs.13,000
|
|
93
|
Rs.33,475
|
|
94
|
Rs.3,04,200
|
|
95
|
Rs.2,080
|
|
96
|
Nil
|
|
97
|
Nil
|
|
98
|
Rs.3,120
|
|
99
|
Nil
|
|
100
|
Rs.2,080
|
|
101
|
Rs.3.5
lakh and Rs.`
2,500 respectively
|
|
102
|
Rs.`
33,42,300
|
|
103
|
Rs.2,500
|
|
104
|
Rs.`
5,09,800
|
|
105
|
Rs.`
12,480
|
|
106
|
Ten, Ten
|
|
107
|
30%
|
|
108
|
20%
|
|
109
|
15%
|
|
110
|
10%
|
|
111
|
10%
|
|
112
|
Rs.` 1
crore and 7 respectively
|
|
113
|
Rs.7,50
|
|
114
|
Rs.`
2,82,600
|
|
115
|
Rs.`
3,39,120
|
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