Free Super MCQ Quiz on Concept of Income Tax Set-1

MCQ Quiz on Concept of Income Tax 

    This quiz is based on Important concept of Income tax.

MCQ Quiz on Concept of Income Tax

Concept of Income Tax MCQ Quiz is below.👇

    Above quiz consist 30 MCQ on concept of Income Tax.
    MCQ Quiz on Concept of Income Tax  is based on following MCQs.
    This MCQ Quiz on Concept of Income Tax is helpful for graduation study also and also useful for Diploma in Taxation law. Also helpful for other competitive exams in India.
MCQ Quiz on Concept of Income Tax 
MCQ.1. Income tax is collected on all types of income except _____.
(a) Agricultural Income 
(b) Industrial Income
(c) Capital Gain 
(d) Household Property
 
MCQ.2. The Income Tax Act came into force from ___________.
(a) 1st March 1971 
(b) 1st April 1971
(c) 1st April 1961 
(d) 1st April 1962
 
MCQ.3. The Income Tax Act came into force all over India Including _______________.
(a) Nepal 
(b) Shrilanka
(c) Jammu & Kashmir 
(d) Bhutan
 
MCQ.4. The period of 12 months commencing on the 1st day of April every year and ending on 31st March is termed as__________
(a) Fiscal year 
(b) New Year
(c) Previous year 
(d) Normal Year

 

MCQ Quiz on Concept of Income Tax 
 
MCQ.5. As per Income Tax Act, 1961, income tax is charged on the income of _________at rates which are prescribed by the Finance Act of relevant assessment year.
(a) Current year 
(b) One year before previous year
(c) Previous year 
(d) None of the above
 
MCQ.6. The tax payer liability is determined with reference to his or her _______________.
(a) Financial Status 
(b) Residential Status
(c) All of the above 
(d) None of the above
 
MCQ.7. The period of 12 months commencing on the first day of April every year and ending on
31st March and the year in which assesse pays tax is called as _____.
(a) Previous Year 
(b) Assessment year
(c) Accounting Year 
(d) Financial Year
 
MCQ.8. Previous year means the financial year immediately preceding the _______________.
(a) Accounting Year 
(b) Assessment Year
(c) All of the above 
(d) None of the above
 
MCQ.9. Under Income Tax Act, the income liable for tax is classified on the basis of___________
(c) Agricultural Income 
(d) Both (a) and (b)
 
MCQ Quiz on Concept of Income Tax 
 
MCQ.10. Agricultural income is completely exempted from assessment year _______________.
(a) 1974-75 
(b) 1985-86
(c) 1975-76 
(d) 1978-79
 
MCQ.11. Income received in India whether occurred in India or outside India, the tax incidence in case of resident is _________.
(a) Taxable as per slabs 
(b) Exempted from tax
(c) Partly exempted 
(d) None of the above
 
MCQ.12. Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is _______________.
(a) Taxable as per slabs 
(b) Exempted from tax
(c) Partly exempted 
(d) None of the above
 
MCQ.13. Income deemed to be received in India whether occurred in India or outside India, the tax incidence in case of resident is _______________.
(a) Taxable as per slabs 
(b) Exempted from slab
(c) Partly exempted 
(d) None of the above
 
MCQ.14. The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of resident is _______________.
(a) Taxable 
(b) Non-taxable
(c) Partly taxable 
(d) None of the above
 
MCQ Quiz on Concept of Income Tax 
 
MCQ.15. The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is _______________.
(a) Taxable 
(b) Non-taxable
(c) Partly taxable
(d) None of the above
 
MCQ.16. The tax incidence for company or firm in which income received outside India from a source controlled from India for non-resident is _______________.
(a) Non-taxable 
(b) Taxable
(c) Partly taxable 
(d) None of the above
 
MCQ.17. Which section of the Income Tax Act exempted incomes have been mentioned?
(a) Section 80C 
(b) Section 80DD
(c) Section 10 
(d) Section 2
 
MCQ.18. The agricultural income includes _______________.
(a) Income from sale of crop 
(b) Income from preparation of crop
(c) Income from nursery 
(d) All of the above
 
MCQ.19. Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is _______________.
(a) Partially taxable 
(b) Fully taxable
(c) Exempted from tax 
(d) None of the above
 
MCQ Quiz on Concept of Income Tax 
 
MCQ.20. The income of previous year is chargeable to tax in the _______________.
(a) Immediately succeeding assessment year 
(b) Same previous year
(c) Immediately preceding academic year 
(d) None of the above
 
MCQ.21. 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 
 
MCQ.22. The term income includes the following types of incomes.
(a) Illegal 
(b) Legal income from India only
(c) Legal 
(d) Legal and illegal both
 
MCQ.23. The way of tax liability by taking full advantage provided by the Act is_______________.
(a) Tax management 
(b) Tax avoidance
(c) Tax planning 
(d) Tax evasion
 
MCQ.24. Which of the following is not included in taxable income_____________
(a) Income from illegal activity 
(b) Casual income
(c) Income from Gifts of personal nature 
(d) Gift in kind.
 
MCQ Quiz on Concept of Income Tax 
 
MCQ.25. Any payments made under and awards instituted by central or state Governments are_______
(a) Fully exempted 
(b) Fully taxable
(c) Partly exempted 
 
MCQ.26. Residential status of an individual depends on the stay of the assesse in India during the______year.
a. Calendar year 
b. Accounting year
c. Assessment year 
d. Previous year
 
MCQ.27. An individual who resided in India for a period of 195 days in a previous year, is treated as ________________
a. Resident in India 
b. Non-Resident in India
c. Citizen of India 
d. An Indian
 
MCQ.28. Income from agricultural land situated in India is_______
a. Fully Taxable 
b. Partly Taxable 
c. Fully Exempt 
d. Partly Exempt
 
MCQ.29. Which of the following income is not exempt under section 10?
(a) Share income of a member from a HUF.
(b) Share income of a partner from a firm.
(c) Salary received by a partner from a firm.
(d) All of the above
 
MCQ.30. Income is divided in ___________ heads of Income.
(a) 15 
(b) 25 
(c) 05 
(d) 03
 
 

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