Question 1

__________ is / are empowered to levy and collect income tax.

Accepted Answer

A)  state governments
B)  central government
C)  rbi
D)  local self government departmentE) B) and C)
F) All of the above

Question 2

Section.................. of the Income Tax Act deals with exempted incomes.

Accepted Answer

A)  2
B)  7
C)  10
D)  80E) A) and C)
F) A) and B)

Question 3

Income Tax Act came into force on............................

Accepted Answer

A)  01-04-1961
B)  01-04-1962
C)  01-04-1956
D)  01-04-1965E) A) and B)
F) A) and C)

Question 4

Compensation received for loss of trading asset is a....................

Accepted Answer

A)  capital receipt.
B)  revenue receipt.
C)  a casual receipt.
D)  none of these.E) A) and C)
F) B) and C)

Question 5

Gratuity received by a government employee is .......................

Accepted Answer

A)  fully exempted
B)  partly exempted
C)  fully taxable
D)  exempted up to rs:1,00,000E) A) and C)
F) None of the above

Question 6

Which of the following is not a capital receipt?

Accepted Answer

A)  'salami' for settlement of tenancy.
B)  insurance claim received on machinery lost by fire.
C)  lump sum received on sale of shares.
D)  goods sold for cash.E) B) and C)
F) A) and D)

Question 7

Agricultural income in Pakistan is assessable for........................

Accepted Answer

A)  resident
B)  not ordinarily resident
C)  non-resident
D)  not taxableE) B) and C)
F) C) and D)

Question 8

Under the income- tax act, the incidence of taxation depends on......................

Accepted Answer

A)  the citizenship of the tax-payer.
B)  the age of the taxpayer
C)  the residential status of the tax-payer.
D)  the gender of the taxpayerE) All of the above
F) A) and B)

Question 9

CBDT is control by ______________.

Accepted Answer

A)  central government
B)  state government
C)  both (a)  and (b) 
D)  none of this aboveE) B) and C)
F) A) and D)

Question 10

Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for.....................

Accepted Answer

A)  16
B)  8
C)  indefinite
D)  12E) All of the above
F) A) and B)

Question 11

previous year started from ______________.

Accepted Answer

A)  april
B)  march
C)  january
D)  septemberE) B) and D)
F) B) and C) A

Question 12

Embezzlement of cash by a cashier is.................

Accepted Answer

A)  a revenue loss.
B)  a capital loss.
C)  a casual loss.
D)  none of these.E) B) and D)
F) A) and D) A

Question 13

Unabsorbed depreciation can be carried forward for set off.......................

Accepted Answer

A)  for a period of four years only.
B)  for a period of eight years only.
C)  for an unlimited number of years.
D)  for a period of eighteen years only.E) A) and B)
F) A) and C)

Question 14

Who among the following may be "not ordinarily resident"

Accepted Answer

A)  partnership firm.
B)  company.
C)  association of persons.
D)  hindu undivided family.E) B) and C)
F) A) and D)

Question 15

Loss due to fire of hired machinery is.............................

Accepted Answer

A)  capital loss.
B)  revenue loss.
C)  capital expenditure
D)  none of the above.E) A) and B)
F) None of the above

Question 16

Salary received by the manager of an agricultural farm is .................................

Accepted Answer

A)  an agricultural income.
B)  a salary income.
C)  a business income.
D)  a capital income.E) A) and B)
F) A) and C)

Question 17

Compensation for cancellation of a licence by the government resulting in cessation of business is...................................

Accepted Answer

A)  a casual receipt.
B)  a capital receipt.
C)  a revenue receipt.
D)  none of the above.E) B) and C)
F) None of the above

Question 18

A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for ............................. days to become a resident

Accepted Answer

A)  90 days
B)  162 days
C)  180 days
D)  182 daysE) A) and D)
F) All of the above D

Question 19

In which year Income Tax was levied in India for the first time ?

Accepted Answer

A)  1960
B)  1961
C)  1860
D)  1857E) B) and D)
F) B) and C)

Exam 1: Income Tax Act

__________ is / are empowered to levy and collect income tax.

Correct Answer
verified

Section.................. of the Income Tax Act deals with exempted incomes.

Correct Answer
verified

Income Tax Act came into force on............................

Correct Answer
verified

Compensation received for loss of trading asset is a....................

Correct Answer
verified

Gratuity received by a government employee is .......................

Correct Answer
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Which of the following is not a capital receipt?

Correct Answer
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Agricultural income in Pakistan is assessable for........................

Correct Answer
verified

Under the income- tax act, the incidence of taxation depends on......................

Correct Answer
verified

CBDT is control by ______________.

Correct Answer
verified

Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for.....................

Correct Answer
verified

previous year started from ______________.

Correct Answer
verified
A

Embezzlement of cash by a cashier is.................

Correct Answer
verified
A

Unabsorbed depreciation can be carried forward for set off.......................

Correct Answer
verified

Who among the following may be "not ordinarily resident"

Correct Answer
verified

Loss due to fire of hired machinery is.............................

Correct Answer
verified

Salary received by the manager of an agricultural farm is .................................

Correct Answer
verified

Compensation for cancellation of a licence by the government resulting in cessation of business is...................................

Correct Answer
verified

A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for ............................. days to become a resident

Correct Answer
verified
D

In which year Income Tax was levied in India for the first time ?

Correct Answer
verified

Exam 1: Income Tax Act

__________ is / are empowered to levy and collect income tax.

Correct AnswerverifiedShow Answer

Section.................. of the Income Tax Act deals with exempted incomes.

Correct AnswerverifiedShow Answer

Income Tax Act came into force on............................

Correct AnswerverifiedShow Answer

Compensation received for loss of trading asset is a....................

Correct AnswerverifiedShow Answer

Gratuity received by a government employee is .......................

Correct AnswerverifiedShow Answer

Which of the following is not a capital receipt?

Correct AnswerverifiedShow Answer

Agricultural income in Pakistan is assessable for........................

Correct AnswerverifiedShow Answer

Under the income- tax act, the incidence of taxation depends on......................

Correct AnswerverifiedShow Answer

CBDT is control by ______________.

Correct AnswerverifiedShow Answer

Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for.....................

Correct AnswerverifiedShow Answer

previous year started from ______________.

Correct AnswerverifiedA

Embezzlement of cash by a cashier is.................

Correct AnswerverifiedA

Unabsorbed depreciation can be carried forward for set off.......................

Correct AnswerverifiedShow Answer

Who among the following may be "not ordinarily resident"

Correct AnswerverifiedShow Answer

Loss due to fire of hired machinery is.............................

Correct AnswerverifiedShow Answer

Salary received by the manager of an agricultural farm is .................................

Correct AnswerverifiedShow Answer

Compensation for cancellation of a licence by the government resulting in cessation of business is...................................

Correct AnswerverifiedShow Answer

A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for ............................. days to become a resident

Correct AnswerverifiedD

In which year Income Tax was levied in India for the first time ?

Correct AnswerverifiedShow Answer

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A

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A

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D

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