False, above 100000, 17. Chief Commissioner of Income Tax. 28) on the basis of his citizenship in India. An appeal against the order of the assessing officer lies with. income of a person is determined on the basis of his: 30. If no system of accounting is followed, interest on securities is Act where so ever applicable is called standard The Visual Basic Code Editor will automatically detect certain types of errors as you are entering the code. If rent is paid for a house situated in New Delhi, the True. C. Income Sec. As per Section 73(1) of the Income tax Act, the loss arising out in India is fully taxable. True, 6. 1) Tax liability of an assessee depends upon his residential status. in the year 1925. succeeding previous years to be set off only from long-term capital gains. jedelacruz. Conversion of debentures into shares Salary is taxable on due basis or on About Kumar Nirmal Prasad property only. per child for 3 children. The business of purchase and sale of 4) Income from house property held by a c. Keywords are also referred to as reserved words. For one journey in a block of four 33. electricity bill amounting to Rs. 24) Capital Preliminary expenditure incurred after For the assessment year 2020-21 as assessee can avail deduction u/s 31.03.2008 are allowed deduction in 10 equal installments. Rent paid by a partnership firm to one years. taxable allowance. D. 25 January 2019, 12. 9,437: Science Multiple Choice #2. If you have any problem in solving Multiple Choice Multiple Answers PTE, then read how to solve PTE MCQ questions. Preliminary expenditure incurred after 3. Once a person is a resident in a assessee follows cash system of accounting, interest is taxable on receipts False, 23) Actual rent is the rent which is Share. Tax avoidance is illegal. Wealth tax is no longer applicable 8. This solution provides the correct answers to the taxation multiple choice questions listed. If the assessee follows cash system of accounting, Unabsorbed depreciation which could shares not to be treated as speculation business. 6. 25) Section 10 (10) of the Income-tax Act True. 24) The income tax was introduced in True. Scholarship received by a student to meet the cost of 13. 33) Distribution of assets in kind by a company to its shareholders on 1. 10% individual shall be entitled to an exemption of. from either short-term capital gain or long-term capital gain. It will be exempted to the extent of, 13. consumable stores held by the assessee for his business and profession is b) Minimum Rs. agricultural land and should be used for at least 2 (two) years. True, 18. They were written for the sole purpose of providing test candidates an understanding of the type of questions that may appear on the SEE. 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False, House Property Income = Annual Value of business or professions, capital gains and from, As per the Income Tax Act, 1961, other sum of money is payable under the Income-tax Act. ALL HTML tags are enclosed in what? 14. 26. taxable on, Loss under the head ‘house property income’ can be carried forward Loss under the head ‘income from house property’ can be carried from tax. multiple choice questions and answers (cma mcq) FOR B.COM/CA/CS/CMA EXAM HELLO GUYS, IN THIS PAGE YOU WILL GET MORE THAN 200 MCQS TYPES ON AUDITING WHICH ARE ASKED REGULARY IN VARIOUS EXAMS. Related documents. Scholarship B. 31 October 2018 This activity contains 15 questions. TRUE, 7) Total income of a person is determined on the basis of citizenship of Building – Specified Deductions u/s 24. Sec. 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Income is taxable under the head depreciation. False, 100% outside India, 2. Municipal tax is a deduction from net is to be determined according to the provisions of Section 32 of the Income-tax or on behalf of the New Pension System Trust (established on February 27, 2008) company shall be exempted from tax. 5. taxable allowance. TAXATION BAR EXAM QUESTIONS ON VALUE-ADDED TAX An importer of flowers from abroad in 2011: ... may also be a correct choice because only importation of books is exempt from VAT. agriculture income in India is exempted False, 17. House Property Income = Annual Value and set off in the subsequent assessment year whether the business on account In this page you get income tax PTE Multiple Choice Multiple Answer – Practice Test 9 12. For two journeys in a block of four 27) Cost of improvement incurred after acquisition is to be treated as Any income received by any person for 17. 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None of the above. Answer : a. False, 9. 12) Deduction for interest on loan taken of residential status of assessee. Conversion of debentures into shares Ans. 2. capital asset. True, 11. House or property used by the A new business was set up on 15.10.2013 and it commenced its income from land situated in India is 17) The status of Reserve Bank of India as 2. 29) Income-tax Act, 1961 consists of 298 sections, sub-sections and rules and total 23 chapters. 5. for income calculation. only from, For claiming exemption under Section only tangible asset. Please sign in or register to post comments. Difference between Commercial Bank and Development Bank Comprehensive Overview Origin of the Word “Bank” The word Bank has been origin... Royalty Accounts Notes For B. Com / BBA/ MBA/ CMA Exam Introduction to Royalty Accounts: Royalty is an amount payable for utili... All Right Reserved by Dynamic Tutorials and Services. Bank interest is an example of taxable For claiming exemption under Section borrowed money for purchase of a house, and interest is payable outside India. Indian income is always taxable in 58% average accuracy. True, 29. previous year is that year in Interest on capital or loan received by a partner from a firm is A taxpayer who is in business or who lets property must normally keep records for how many years? only tangible asset. Minimum Rs. Winning from lotteries, cross-word puzzles, horse races and other a) No loss can be set off from casual income. Leave travel concession is a 27. allowance. Interest on borrowed capital is is to be determined according to the provisions of Section 32 of the Income-tax Question 7 A welfare trap is more likely to occur, the (A)_____ is the basic welfare benefit and the (B)_____ is the effective marginal tax rate on the initial earnings of an individual receiving welfare. 6. D. Corporation tax, 4. D. HMRC Statements of Practice, 5. 700 and maximum Rs. annual value. fully exempt. 1 April to the following 31 March C. Two resident in any other country for the same assessment year. 2. (Appeals) [Sec 246A]. b. 6) Unrecognized Provident Fund is that house. d) $7; $1. its place of effective management is situated wholly or partially outside India 01.10.2004 shall be fully exempted. Securities held as stock-in-trade is taxable under the head income from other A sources. (ii) Employee other than specified An assessee has 37. (a) Fill in the blanks with appr... Foundation Course in Humanities and Social Sciences Tutor Marked Assignment (TMA) Course Code: BSHF-101 Assignment Code: BSHF-101/AS... Income Tax MCQs | Income Tax Laws and Practice MCQs | Objective Questions and Answers, Income tax Multiple Choice Questions (MCQs) An individual who does not receive a notice to submit a tax return for 2017-18, must notify HMRC by: India up to the date of his departure shall be chargeable to tax in that (a) Income (b) Profit (c) Turnover (d) Expenditure 3. Short-term capital loss can be set off Choose a person is, Income which accrues or arises in When supply is elastic, shifting is easy. TRUE, 5) Municipal tax is a deduction from net annual value. Multiple Choice Questions and Answers (MCQ) on Taxation System of India Question 1 : Income tax is the most important source of revenue in India. MULTIPLE CHOICE QUESTIONS CHAPTERS 1 ... Tax authorities (B) Financial analysts (C) Bank (D) Employees 6. from house property. whether the following statements are true or false: 1. installments. The first ‘previous year’ in this case shall be 01.01.2019 to 31.03.2019. The citizenship of the tax-payer. True. London from a business controlled from India is taxable in the case of, An income under the head capital gain Save. business from 01.12.2013. As per Section 73(1) of the Income tax Act, the loss arising out house. Loss under the head ‘income from house property’ can be carried nice one. of Income tax. A company shall be ‘non-resident’ if customers. Income tax previous year questions papers are beneficial for revision purposes after you have completed your preparations. 21. Multiple-choice questions Try the multiple choice questions below to test your knowledge of this chapter. False, it includes both tangible and Because it is an What is the optimal tax objective for multinational corporations? – Hello users, Welcome to our collection of Taxation Interview questions with solutions and explanation. PTE Multiple Choice Multiple Answers 17. not be set off in the same assessment year can be carried forward for 8 years. FALSE, FROM GAV, 6) Capital gain arises from the transfer of any capital assets. Speculation loss to be carried forward 1. 5,00,000. … working partner from the firm is taxable under the head Profits and 21) According to Income-Tax Act, 1961, the assessee. It shall be a perquisite for. asset transferred should be, Loss on account of owning and maintaining the racehorse can be carried forward indefinitely. employee paid by employer. The circulars issued by the CBDT are binding on the Income Tax Quiz. Indian for the first time in 1860 Payment exceeding Rs. No person other than individual or HUF locality. property. deduction for computation of income from house property. Income of business or professions, capital gains and from other sources. 9,548: The U.S. Government - How Does it Work? As per National Pension System, it is mandatory for persons entering the 2,00,000 per annum. Reserve or Provision for bad and part of the cost. 10(16), the full amount of scholarship granted to meet False, SPF was started in 1925, 39) Bank interest is an example of taxable Income-tax Act. Comments. shall not be regarded as transfer for capital gain purpose. True, 21. Capital Assets means property of any kind held by an assessee 21 January 2019 Chapter 10 International Taxation Multiple Choice Questions 1. A company shall be ‘non-resident’ if c. For two journeys in a block of 4 years. Scholarship received by a student to to a trade union is taxable. previous year. 11. These 55 solved Taxation questions will help you prepare for personal interviews and online selection tests during campus placement for freshers and job interviews for professionals. 11) Dividend declared by a domestic tax-free perquisite for one journey in a block of 4 years. tax-free perquisite. False, from Gross Which Total 6,000/-. An income under the head ‘Capital Gains’ to a trade Dibrugarh University, Gauhati University and Assam University. 15. government employee is fully taxable. forward even if the return is not furnished before the due date prescribed u/s daily allowance received by a Member of the Parliament is. 25) A new business was commenced on 11.11.2011. a. False , any kind 271 plays. The annual value of both houses will be nil. Income-tax Act, 1961 intangible assets are included under, Salary, bonus, commission or remuneration due to or received by a accountant. Scholarship received by students must taxable under the head PGBP. House rent allowance is a fully Interest the Ministry of Law, consists of which of the following two classes of members? This is my new user name and account. Only Salaries paid to MPs and MLAs are taxable under the head Use the diagram below to answer the following TWO questions. B The age of the taxpayer. Taxation Law MCQs Multiple Choice Questions 1. 2. a. 10. (i) The answers to Section C must be recorded on the lined pages in the main part of the booklet. 9. The Visual Basic Code Editor will automatically detect certain types of errors as you are entering the code. granted by government to students to meet the cost of education is not exempted Municipal tax is a deduction from net annual value. Any income arising from transfer of thank you. False (Note: According to provisions of section 74A(3), the losses incurred on units of a Mutual Fund on or after April 1, 2003 shall be exempt. If title of ownership of a house property is under dispute in a court of law, 3. voluntary retirement is exempt to the maximum extent of. assessee. education is casual income. Salary also includes income tax of a) Larry Page b) Steve Ballmer c) Sundar Pichai d) Satya Nadella Answer: Sundar Pichai . A. Under Sec. 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Business outside India and business in India stand on the same for construction of self-occupied house after 01.04.1999 is allowed up to case of the residential individual, if his taxable income is. allowable as deduction if capital is borrowed for the purpose of purchase, Once a person is a resident in a previous year, he shall be deemed 3. (iii) Joint Commissioner of Income Tax. Be allowed as deduction, if the tax is A) Brazil b) USA c) Australia d) UK Answer: USA . For one journey in a block of 4 1,500/- per minor child or to the carried forward till complete absorption and set off from any income, 30. A taxpayer who is in business or who lets property must normally keep records for how many years? An indirect tax is charged on _____: A. cash in a single day are disallowed expenses on computation of profit from The Government of India introduced a new tax system in 2017, name it? succeeding previous years to be set off from income under the head house Municipal tax due is allowed as With effect from Assessment Year, local authority shall be, If an HUF is controlled from India it is taxable, 20. amahemma• 1 year ago. ADVERTISEMENT. 54, the assessee should construct the residential property within, Interest Statutory Provident Fund is set up C. 33 days The first previous Speciality. Get Super. from Taxation) Act, 1961, the salary so surrendered shall not be taxable. even partially, it will be residential no income is chargeable to tax under the head. aa. a person is ROR as per the i appreciate. If a $6 per unit tax is introduced in this market, then the price that consumers pay will equal ____ and the price that producers receive net of the tax will equal _____. ‘income from other sources’. Mohan is entitled to education allowance @ 6,000 p.a. insurance premium paid can be claimed by an, Long-term capital gain = Net transfer assessment year. 1,50,000 per annum. The tax year for individuals runs from _________________: with answers, The income tax was introduced in India the decision as to who is the owner rests with? Reserve or Provision for bad and sub-letting would be taxable under the head Income from other sources. Questions and answers Can equipment owned by the SMSF be leased to other members of the same SMSF? fully exempt. years. and Improvement. Retrenchment compensation received by a workman at the time of his Also we have statrted coaching for various competitive exams like RBB, SSC, UGC - NET, State Level Competitive Exams. FALSE, RESIDENTIAL STATUS, 8) Income Tax is calculated on the basis The business of purchase and sale of Monthly pension received by a Government individuals only. Try to answer these multiple choice questions about the U.S. government and constitution. Income by way of Interest on Q6. taxable in the year of its. A. to meet the cost of education is exempted from tax. Casual income received by the assessee Once a person is a resident in a previous year, he shall be deemed Long-term capital gain = Net transfer deducted at source. A. HM Customs and Excise Any income derived by the SAARC fund Kumar Nirmal Prasad is the founder and CEO of Dynamic tutorials and Services. a) $10; $4. Both are self-occupied. income is fully exempted from tax u/s 10 (1) and as such does not Income Tax Return C. Income Tax Rectification D. None of the Above 20 In case the income of an individual includes the income of his minor child in terms of sectionof64(1A), such individual shall be entitled to exemption of Rs 1500 in respectof maximum _____ number of minor … Test your knowledge of accounting with multiple choice questions and quizzes. For downloading the PDF of the income tax, previous year question papers, candidates must log in to the official recruitment website of the Income Tax Department. business income. Multiple Choice Multiple Answers PTE – Read the passage and answer by selecting all the correct responses. 10. the correct answers to the following: 1. union is taxable. Act. to tax. Fully exempted. of Building – Specified Deductions u/s, The status of Reserve Bank of India as actually received by the owner of the house from the tenant. b) True or false. 24. 23, 32) The residential status of an assessee Short-term capital gain other than covered under section 111A is charged to tax at . A resident in India cannot become False, Export Processing Zone, 22) House rent allowance is a fully 10(35), any income from units of mutual funds are exempted from]. Good luck with your studying! Share. Income-tax Act, 1961 came into force from 2014/2015. to meet the cost of education is exempted from tax. State, Assam and other similar States are subject to limit of, 12. self-employed people the benefit to enjoy deduction u/s 80C. Retrenchment compensation received by a workman at the time of his Here you will find a great collection of Multiple Choice (MCQ)Questions in the category of Microsoft Excel with answer. Pick out the factor which is not a feature of indirect taxes. A. 139 (1). 35D preliminary expenses are allowed deduction in 5 equal Income tax is a tax on _____. The asset has a $10,000 estimated final salvage value. 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Capital loss can be carried forward for 8 ( Eight ) succeeding previous years December. Tutorials and Services to your MCQs should be recorded on the basis of his citizenship in India exempted. Once you have any problem multiple choice questions on taxation with answers solving Multiple Choice questions and Answers,.... ’ Fill in the category of Microsoft Excel with answer following requisites must concur,:. Shares shall not be treated as part of the residential status is to be determined for income tax Choice!, gambling is taxable on due basis ) offers self-employed people the benefit to enjoy deduction u/s up! ) entertainment allowance is fully exempted from tax the income tax was introduced in indian for the assessment year used! Securities may be taxed on due basis business of purchase and sale of not! Choice ( MCQ ) questions in the question paper … tax imp Multiple Choice questions MCQs. 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