In which date, the Income Tax Act is enforced in India?
A. 1st April 1960
B. 1st April 1961
C. 1st April 1962
D. 1st July 1962
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ADEN Rules, 1953 is related to which of the following?
A. Tax exemption
B. Residential status
C. Double taxation relief
D. Assessment of corporate entity
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Which of the following is/are agricultural income?
1. Income from growing flowers and creepers.
2. Income from dairy farming.
3. Rent for agricultural land received from sub-tenants by mortgagee in possession.
Select the correct answer using the options given below
A. Only 1
B. Both 1 and 3
C. Both 2 and 3
D. All of the above
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Gratuity received by a government employee is
A. exempted upto Rs. 3,50,000
B. exempted upto Rs. 10,00,000
C. fully exempted
D. fully taxable
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Consider the following statements.
Assertion: Tax avoidance is an art of avoiding tax without actually breaking the law.
Reason: Avoidance of tax is not illegal.
A. Both A and R are incorrect
B. A is correct, but B is incorrect
C. A is incorrect, but R is correct
D. Both A and R are correct
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Causes of tax evasion is/are
A. higher tax rates
B. complex of provisions
C. corruption
D. All of these
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Deduction of tax at source for insurance commission is at:
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In case of make or buy decision, the product is consumable one, raw material or required to replace a worn out part at the time of repair, its cost will be treated as . . . . . . . . expense and deductible in computing the income.
A. capital
B. revenue
C. deferred revenue
D. abnormal
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Any individual, who is resident in any previous year, in the next previous year, he shall be
A. not-ordinarily resident
B. non-resident
C. resident
D. Any one of the three
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Under Section 194B and 194BB of Income Tax Act, tax is deductible @ . . . . . . . . on payment in respect of winnings from lotteries or cross word puzzles etc.
A. 10%
B. 20%
C. 30%
D. 40%
E. 50%
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In which of the following cases, income of previous year is assessable in the previous year itself?
A. A person in employment
B. A person engaged in illegal business
C. A person who is running charitable business
D. A person leaving India permanently
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Agricultural income of Pakistan is taxable for
A. Extraordinary resident
B. Resident
C. Non-resident
D. Not taxable
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Which of the following is the acknowledgement of filing the return of income?
A. ITR-4
B. ITR-V
C. Form 26AS
D. Form 26QB
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Central Government may enter into an agreement, with the government of any country outside India under Section 90 for granting relief in respect of
A. income, where income tax has been paid both in India and in country of residence of taxpayer
B. income on which income tax is chargeable under the IT Act and under the corresponding law in force in that country
C. Both A and B
D. None of the above
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Under the Head Income from House Property, which of the following is the basis of charge of Property?
A. Annual value
B. Quarterly value
C. Half-quarterly value
D. None of the above
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Person is defined u/s . . . . . . . .
A. 2(31)
B. 2(36)
C. 1(9)
D. 2(45)
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Residence rule provides that income is to be taxed in the country
A. where the recipient of income is a resident
B. where it originates
C. Both A and B
D. None of the above
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Application for applying a PAN is given in form no.
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Basic condition will be for a person who leaves India for employment
A. At least 182 days in India
B. At least 60 days in previous year and 365 days in preceding 4 years
C. At least 730 days in preceding 7 years
D. All of the above
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The period of 12 months commencing on the first day of April every year and ending on 31st March is called as:
A. Previous Year
B. Assessment year
C. Accounting Year
D. Financial Year
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