Part A – Chapter 1 – Basic Concepts MCQs

From which date Income Tax Act came into force?

Which among the follwong is the highest Administrative Authority for Income Tax in India?

What are the components of income tax law.

By which government Income Tax Act is imposed?

Income tax act is applicable in which portion of India?

In what period Finance minister of India introduces the finance bill in the Parliament’s budget session?

who is empowered to make rules for carrying out the purpose of the Act

Which Entry of Union List empowers Parliament to levy tax on income?

Which of the following is the correct definition of the term Assessee?

Which of the following is not included in the definition of the term person

Which of the following are the types of Income tax assessment

As per section 2(31) Person includes

The term “Person” includes

A person becomes a member of HUF by

Members of HUF are known as

Under Income tax act 1961, which of the following would also be assessed as a HUF

AOP shall consist of

Which amongst the following is Artificial Juridical Person?

Which of the following statement is covered under the definition of company as
per section 2(17)

The expression ‘Indian Company’ also includes the following provided their
registered or principal office is in India:
i. a corporation established by or under a Central, State or Provincial Act (like Financial Corporation or a State Road Transport Corporation);
ii. an institution or association or body which is declared by the Board to be a company under section 2(17)(iv):
iii. a company formed and registered under any law relating to companies which was or is in force in any part of India [other than Jammu and Kashmir and Union territories mentioned in (v) below):
iv. in the case of Jammu and Kashmir, a company formed and registered under any law for the time being in force in Jammu and Kashmir,
v. in the case of any of the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, a company formed and registered under any law for the time being in force in that Union territory.

What is the meaning of the term “Average rate of tax” as per provisions of Income tax Act,1961

What is the maximum marginal rate for A.Y. 2021-22

Assessment Year as per Section 2(9) of Income tax act is:

Previous year as per section 3 of Income tax act is:

Select the correct option from the following:
All Assesses are required to follow which of the following.

KIWI is running a business since 1995. Determine the previous year for
the assessment year 2022-23.

A chartered accountant sets up his profession on 1st July, 2021. Determine the
previous year for assessment year 2022-2023.

Select the correct statement from the given options:

What is the nature of definition of ‘income’ as per sec. 2(24)

Income of previous year is assessed in the assessment year following the
previous year. Which of the following are not the exception to this rule.

Income tax is to be charged at the rates fixed for the year as per____________?

What is the minimum age to qualify as a senior citizen as per Income Tax Act?

What is the minimum age to qualify as a very senior citizens as per Income Tax Act?

What is the Basic exemption limit applicable for senior citizens.

What is the Basic exemption limit applicable for very senior citizens.

Mr. Ajay has a total income of 13,00,000 for P.Y. 2021-22, comprising of income
from house property and interest on fixed deposit. Compute his tax liability for A.Y. 2022-23 assuming his age is 37 years

Mr. Vijay has a total income of 13,00,000 for P.Y. 2021-22, comprising of income
from house property and interest on fixed deposit. Compute his tax liability for A.Y. 2022-23 assuming his age is 65 years.

Mr. Vijay has a total income of Rs. 13,00,000 for P.Y. 2020-21, comprising of income
from house property and interest on fixed deposit. Compute his tax liability for A.Y. 2022-23 assuming his age is 83 years.

what is the applicable tax rate for Firm/LLP.

what is the applicable tax rate for Local Authority.

Compute the tax liability of Mr. Rajan (aged 42 years), having total income of
51.5 lakhs for the Assessment Year 2021-22.

Compute the marginal relief if income of assessee (age 57) is 51.5 lakhs

Compute the marginal relief available to an assessee aged 52 years having total income of ₹10200000.

Compute the marginal relief of YOLO Ltd. a domestic company if:
Total Income is ₹100100000 and Gross receipts for the P.Y. 2018-19 is 409 crores.

What is the Rebate available from tax payable by an assessee, being an individual resident of India, having total income of ₹ 500000.

Compute tax liabilty of Mr. Ajju an individual aged 37 years if his total income is ₹460000.

The rate at which health and education cess is charged for the AY 2021-2022

Compute the marginal relief available to XOXO Ltd., A domestic company having
total income of ₹10100000 for A.Y. 2021-22

Finance Bill is known as the Finance Act if the same is Passed by which of the following:

Compute the marginal relief available to Laala Ltd., a domestic company having
total income of ₹5,02,00,000 for A.Y. 2021-22.

Compute the Tax Liability of Leela Ltd, a domestic company having total income
of ₹5,02,00,000 for A.Y. 2021-22.