An individual is said to be resident in India if
A. It is in India in the previous year for a period of 182 days or more
B. It is in India for period of 60 days or more during the previous and 365 days or more during the four years immediately proceed previous year
C. All of the above
D. None of the above
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Arrange the steps to e-filing of Income Tax Return in correct sequence:
(1) Register yourself
(2) Verify ITR V
(3) Select the requisite form
(4) Fill form and upload
Choose the correct option:
A. (1) → (3) → (4) → (2)
B. (1) → (2) → (3) → (4)
C. (1) → (2) → (4) → (3)
D. (3) → (1) → (4) → (2)
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For how many assessment years unabsorbed depreciation can be carried forward for set-off?
A. 5 years
B. 7 years
C. 8 years
D. Unspecified period
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The children education allowance, the amount exempted from taxable income is limited to:
A. Rs. 100 per month per child up to 3 children
B. Rs. 1,000 per year per child up to 2 children
C. Rs. 100 per year per child up to 2 children
D. None of the above
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Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of:
A. 25% of annual value
B. 10% of annual value
C. 30% of annual value
D. 20% of annual value
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Which of the following statements are correct in context of short-term capital gains?
A. An asset held for a period of 36 months or less is a short-term capital asset
B. The criteria of 36 months have been reduced to 24 months for immovable properties such as land, building and house property from FY 2017-18
C. Both A and B
D. None of the above
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Minimum Alternative Tax (MAT) under Section 115 JB of the Income Tax Act is applicable on:
A. Partnership firm
B. Association of persons
C. Certain companies
D. All types of companies
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Which authority has right to rectify the mistakes?
A. Lower authority
B. The authority which has passed the order
C. Higher authority
D. Any of the above
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Income received in India in previous year is taxable in the hands of:
A. Resident
B. Non-resident
C. Non-ordinarily resident
D. All of these
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To determine the net annual value:
A. The municipal tax actually paid for the current year and previous year is deducted
B. The municipal tax for the current year is only deducted
C. The municipal tax paid for the previous years along with the current year's due amount (if not paid) is deducted
D. 50% of the previous year tax and 100% of the current year's tax if paid in current year is deducted
E. No deduction is allowed for the previous year's tax and only current year's tax is deducted
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Mr P was born on 18th April, 1986 in India and later on he took the citizenship of USA. Neither his parents nor his grandparents were born in undivided India. In this Mr P shall be
A. a person of Indian origin
B. a citizen of India
C. a foreign national
D. None of these
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Deduction under Section 36(1) shall be allowed of those expenditure which are of
A. capital nature
B. revenue nature
C. Both A and B
D. deferred revenue nature
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Deduction in respect of contribution to pension scheme of Central Government is covered under Section
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Mr X, a non-resident, earned Rs. 36,000 as interest on German Development Bonds. Of this, he received 6 1 th in India. The amount to be included as interest for the computation of his gross total income is
A. Rs. 36,000
B. Rs.30,000
C. Rs. 6,000
D. Nil
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An expenditure incurred to preserve and maintain an existing asset is
A. maintenance
B. repairs
C. current repairs
D. current maintenance
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Income Tax Act Section 24 is related to
A. Annual value
B. Deduction income from house property
C. Municipal tax
D. None of these
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Two enterprises shall be deemed to be associated enterprises if, at any time during the previous year, a loan advanced by one enterprise to the other enterprise constitutes not less than of the book value of the total assets of the other enterprise.
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The Income Tax Act was implemented on 1st April 1961. Which of the following areas basically falls under the scope of the Income Tax Act, 1961?
A. Basic charging income
B. Rebates and reliefs
C. Incomes exempted from income tax
D. All of the above
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If any of income from house property is received in previous year, then it is chargeable to tax under lead
A. income from capital gain
B. income from business and profession
C. income from house property
D. will not be chargeable
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Which of the following is not a punishable?
A. Tax management
B. Tax planning
C. Both A and B
D. None of these
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