MCQs on Basic Concepts of Income Tax

MCQs on Basic Concepts of Income Tax, Tax Rates, Important Definitions asked by ICSI in previous papers


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According to Section 2(24) definition of ‘income’ is:

‘Income’ u/s 2(24) includes: (i) The profits and gains of a banking business carried on by a cooperative society with its members. (ii) Any advance money forfeited in the course of negotiations for the transfer of capital asset. Choose the correct option with reference to the above statements:

As per Section 2(31) of the Income-tax Act, 1961, the following is not included in the definition of ‘person’:

A municipal committee legally entitled to manage and control a municipal fund is chargeable to income-tax in the status of:

Under the Income-tax Act, 1961 the term ‘assessee’ means a person:

The year in which the income is earned is known as:

A new business of Deep Gyan Pvt. Ltd. was set up on 1st July 2021 and trading activity was commenced from 1st September 2021, the previous year would be the period commencing from:

Dr. Deep Gyan commenced medical practice on 1st September 2021. The previous year for the profession for the assessment year 2022-2023 would be

Normal rates of income tax are prescribed in the:

Mr. Deep Gyan, 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 resident individual can avail the benefit of rebate of ₹ 12,500 or 100% of Income Tax whichever is less under section 87A of Income-tax Act, 1961 for the assessment year 2022-2023 on fulfilling the condition that total income does not exceed:

The total income of Deep Gyan, a resident individual, is ₹ 4,90,000. The rebate allowable u/s 87A would be:

Total income-tax including education cess payable in case of a resident individual aged 58 years, whose computed total income is ₹ 4,40,000 for the assessment year 2022-2023 shall be:

Mr. Deep Gyan, a resident individual of 81 years works as a consultant. If his taxable income is Rs 5,20,000, the tax payable by him would be:

Tax exemption limit for a resident senior citizen having age below 80 years is (between 60 to 80 yrs.):

The basic exemption limit in case of a non-resident individual being a senior citizen for assessment year 2022-2023 is:

Surcharge on the amount of tax is to be levied at a specified percentage when an individual is having income exceeding specified limits:

For a domestic company whose turnover never been above ₹ 400 Crore, the minimum amount of total income liable for a surcharge and the rate of surcharge applicable therein are:

A domestic company has a total income of ₹ 230 lakh. The rate of surcharge is applicable on income-tax would be:

Metro Ltd., a domestic company, is assessed with a total income of ₹ 11.25 Crore. The surcharge payable by the company shall be at the rate of:

In the case of a cooperative society, the surcharge is levied, where its total income exceeds ________ Crore.

As per Income-tax Act, 1961 surcharge @ 12% is payable by a domestic company if the total income exceeds:

Deep Gyan Inc., a Singapore company engaged in shipping business collected ₹ 200 lakhs towards carrying goods from Mumbai Port. Its presumptive income chargeable to tax in India would be:

The tax rate applicable for a non-resident engaged in the shipping business in India shall be:

Aallu and Co. received Rs. 2,00,000 as compensation from Kachallu & Co. for premature termination of the contract of the agency. The amount so received is:

Deep Gyan Industries got a waiver of Goods & Services Tax (GST) of ₹ 1,50,000 for the current financial year. The amount of waiver is

Mr. Deep Gyan traced a missing girl by spending ₹ 10,000. For this, he was awarded a sum of ₹ 1,50,000; In this case, the award is taxable to the extent of:

The Central Board of Direct Taxes (CBDT) is headed by Chairman and also comprises six members. The Chairman and all the Members of the CBDT are being selected:

The Central Board of Direct Taxes (CBDT) provides essential inputs for policy and planning of direct taxes in India and is a _________________ functioning under the Central Board of Revenue Act, 1963.

The Apex Court in the case of CIT-Gujarat v. Saurashtra Cements Ltd. (2010) 233 CTR 209 has held that liquidated damages received from the supplier on account of delay in the supply of plant and machinery shall be treated in the nature of :

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