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Latest CA Final Direct Tax Laws and International Taxation Exam Question (Objective Questions), MCQ in English

Subjects : Direct Tax Laws and International Taxation

Question Bank CA Final Direct Tax Laws and International Taxation Exam Paper 4 - English
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Direct Tax Laws and International Taxation

Question 1Single Answer
Under the Income-tax Act, 1961, the term "person" includes?
  1. A
    An individual only
  2. B
    Only resident individuals
  3. C
    Only companies and firms
  4. D
    An individual, HUF, company, firm, AOP, BOI, local authority, and artificial juridical person
Question 2Single Answer
The "assessment year" as defined under the Income-tax Act, 1961, refers to?
  1. A
    The year in which tax is assessed and paid
  2. B
    The year in which income is earned
  3. C
    The calendar year preceding the previous year
  4. D
    The year in which the return is filed
Question 3Single Answer
The "previous year" under the Income-tax Act, 1961, is?
  1. A
    The year in which tax is paid
  2. B
    The calendar year preceding the assessment year
  3. C
    The financial year immediately preceding the assessment year
  4. D
    The year in which income is assessed
Question 4Single Answer
Which of the following is NOT one of the five heads of income under the Income-tax Act, 1961?
  1. A
    Income from Salaries
  2. B
    Income from House Property
  3. C
    Income from Other Sources
  4. D
    Income from Agricultural Land
Question 5Single Answer
The term "assessee" under the Income-tax Act, 1961, refers to?
  1. A
    Only non-residents
  2. B
    Only individuals filing income tax returns
  3. C
    Only companies liable to pay tax
  4. D
    A person by whom any tax or other sum of money is payable
Question 6Single Answer
Income tax is levied on the income earned during?
  1. A
    The assessment year
  2. B
    The fiscal year
  3. C
    The calendar year
  4. D
    The previous year
Question 7Single Answer
The concept of "income" under the Income-tax Act, 1961, includes?
  1. A
    Only cash receipts
  2. B
    All receipts, whether in cash or kind, having monetary value
  3. C
    Only profits from business
  4. D
    Only salary income
Question 8Single Answer
The financial year in India runs from?
  1. A
    April 1 to March 31
  2. B
    January 1 to December 31
  3. C
    July 1 to June 30
  4. D
    October 1 to September 30
Question 9Single Answer
Which of the following is considered a "person" under the Income-tax Act, 1961?
  1. A
    All of the above
  2. B
    A sole proprietorship
  3. C
    A charitable trust
  4. D
    A Hindu Undivided Family (HUF)
Question 10Single Answer
The maximum marginal rate of tax for individuals in the Assessment Year 2024-25 is?
  1. A
    42.74% (including surcharge and cess)
  2. B
    35%
  3. C
    30%
  4. D
    25%
Question 11Single Answer
The term "gross total income" refers to?
  1. A
    Total income including exempt income
  2. B
    Total income after deductions under Chapter VI-A
  3. C
    Total income before deductions under Chapter VI-A
  4. D
    Total income after tax payment
Question 12Single Answer
Under the Income-tax Act, 1961, the term "resident" is defined based on?
  1. A
    The type of income earned
  2. B
    The place of birth
  3. C
    The nationality of the individual
  4. D
    The number of days of stay in India
Question 13Single Answer
The Income-tax Act, 1961, was enacted in which year?
  1. A
    1947
  2. B
    1956
  3. C
    1961
  4. D
    1971
Question 14Single Answer
The term "previous year" for a newly set-up business starts from?
  1. A
    The date of commencement of business
  2. B
    The date of incorporation
  3. C
    The beginning of the financial year
  4. D
    The date of registration
Question 15Single Answer
Which of the following is a head of income under the Income-tax Act, 1961?
  1. A
    Income from Dividends
  2. B
    Income from Investments
  3. C
    Income from Capital Gains
  4. D
    Income from Exports
Question 16Single Answer
The term "taxable income" refers to?
  1. A
    Total income including exempt income
  2. B
    Total income before deductions
  3. C
    Gross total income minus deductions under Chapter VI-A
  4. D
    Total income after tax payment
Question 17Single Answer
The basic exemption limit for a resident individual below 60 years for AY 2024-25 under the new tax regime is?
  1. A
    Rs 3,00,000
  2. B
    Rs 2,50,000
  3. C
    Rs 5,00,000
  4. D
    Rs 7,00,000
Question 18Single Answer
The concept of "previous year" is relevant for?
  1. A
    Filing the income tax return
  2. B
    Determining the income to be taxed
  3. C
    Calculating the tax liability
  4. D
    Assessing deductions
Question 19Single Answer
Which of the following is NOT considered an "assessee" under the Income-tax Act, 1961?
  1. A
    A person who has filed a return of income
  2. B
    A person against whom a tax proceeding is pending
  3. C
    A person who has never earned income
  4. D
    A person who is not liable to pay tax
Question 20Single Answer
The term "income" under the Income-tax Act, 1961, includes?
  1. A
    Revenue receipts only
  2. B
    Capital receipts only
  3. C
    Only exempt receipts
  4. D
    Both revenue and capital receipts, if taxable
Question 21Single Answer
The assessment year immediately follows?
  1. A
    The tax year
  2. B
    The calendar year
  3. C
    The financial year
  4. D
    The previous year
Question 22Single Answer
Which of the following is a characteristic of income under the Income-tax Act, 1961?
  1. A
    It must have a definite source
  2. B
    It must be received in cash
  3. C
    It must be received in India
  4. D
    It must be earned annually
Question 23Single Answer
The term "artificial juridical person" includes?
  1. A
    A deity or an idol
  2. B
    A partnership firm
  3. C
    A sole proprietorship
  4. D
    A Hindu Undivided Family
Question 24Single Answer
The income tax rates for companies in AY 2024-25 are specified in?
  1. A
    The Income-tax Act, 1961
  2. B
    The Finance Act
  3. C
    The Companies Act, 2013
  4. D
    The GST Act, 2017
Question 25Single Answer
The concept of "total income" under the Income-tax Act, 1961, refers to?
  1. A
    The income after tax payment
  2. B
    The income before set-off of losses
  3. C
    The income before deductions under Chapter VI-A
  4. D
    The aggregate of income under all heads after set-off of losses and deductions
Question 26Single Answer
The term "assessee" includes a person who is?
  1. A
    Deemed to be an assessee in default
  2. B
    Only a resident individual
  3. C
    Only a company
  4. D
    Only a non-resident
Question 27Single Answer
The Income-tax Act, 1961, applies to?
  1. A
    Only specific states
  2. B
    The whole of India except Jammu & Kashmir
  3. C
    Only Union Territories
  4. D
    The whole of India including Jammu & Kashmir
Question 28Single Answer
The head "Income from Other Sources" includes?
  1. A
    Salary income
  2. B
    Capital gains
  3. C
    Dividend income
  4. D
    Business income
Question 29Single Answer
The term "previous year" can be less than 12 months in the case of?
  1. A
    A newly set-up business
  2. B
    A resident individual
  3. C
    Both a and c
  4. D
    A company incorporated mid-year
Question 30Single Answer
The basic exemption limit for a resident senior citizen (aged 60 to 80 years) for AY 2024-25 under the old tax regime is?
  1. A
    Rs 2,50,000
  2. B
    Rs 7,00,000
  3. C
    Rs 5,00,000
  4. D
    Rs 3,00,000
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