Welcome to Income Tax Act - Basic 2 MCQs.
DATE : November 27, 2022.
Note : All Questions are compulsory.
Correct Answer : 2 points; Incorrect Answer : - 1 point ( Lets make it tough).
1. a) Income tax refund is .....
b) Interest on Income tax refund is .....
2. Harbhajan, 34 years old and resident in india receives the following amount during financial year 2017-18 :
a) Share of profit from parnership firm - Rs. 1,20,000.
b) Lottery income (net) - Rs. 70,000.
c) Income from Business - Rs. 2,90,000.
Calculate Gross Total Income and Tax liability for Assessment Year 2018-19.
3. A person shall not be considered as an assessee if have no assessable income during previous year.
4. Ranbeer, indian citizen, left India for the first time on 19.09.2017 for employment purpose. He came back to India on 15.03.2018. Following are the details of income of Ranbeer for the previous year ended 31.03.2018 -
a) Dividend received from a company registered in UK and having no business activities in India - Rs. 1,00,000.
b) Rental income of a land situated in Germany was accrued but received in Sri lanka during previous year 2017-18. - Rs. 60,000.
c) Business income in France Rs. 3,60,000 of which Rs. 2,75,000 were received in India.
d) Profit on sale of Machinery in India Rs. 80,000 but 50% of the amount was received in France.
From the above details ascertain residential status and the Total Gross Income of Ranbeer for the assessment year 2018-19.
5. Facebook Ltd is registered in USA but control and management of its affairs is partly situated in India also. Facebook Ltd shall be :
6. Abhishek was participated in KBC contest and won 3 lacs. Total amount is taxable under the head :
8. Income earned by Trade Union under the head -
a) house property is .....
b) capital gain is .....
9. If supply made by Local Authority outside its own jurisdictional area.
a) Income from supply of water or electricity .....
b) Income from supply of commodities .....
10. A garment business was registered by Amit on 12.11.2017 but commenced business from 14.02.2018. First previous year for income tax purpose shall be :
11. Perquisites received by indian citizen from Government for rendering services outside India are taxable.
12. Total Income of the assessee - Rs. 5,49,994.90
After rounding off, total income will be :
13. Narendra Modi, a resident of India, is 68 years old.
Ascertain Tax Liability for assessment year 2018-19 -
a) If His total income during previous year 2017-18 is Rs. 3,49,900.
b) If His total income during previous year 2017-18 is Rs. 3,50,100.
14. Select income which are not deemed to accrue or arise in India :
15. Body of Individual (BOI) must consist of :
