The term 'Assessment Year' under the Income Tax Act refeRs to which period?
A
Previous year
B
None of the above
C
Calendar year
D
Financial year in which income is assessed
Question 2Single Answer
The income of a previous year is taxable in which year?
A
Same year
B
After five years
C
Any year
D
Next year
Question 3Single Answer
Income Tax in India is levied by which authority?
A
Local Bodies
B
State Government
C
Central Government
D
Both Central and State
Question 4Single Answer
Which section defines the term ‘Person’ under the Income Tax Act?
A
Section 2(31)
B
Section 2(7)
C
Section 10
D
Section 80C
Question 5Single Answer
Which entity is not included in the definition of ‘Person’?
A
Political Party
B
HUF
C
Individual
D
Company
Question 6Single Answer
The total income of an individual is computed under how many heads?
A
Four
B
Five
C
Six
D
Three
Question 7Single Answer
Which of the following is not a head of income?
A
Income from Salary
B
Income from Agriculture
C
Income from House Property
D
Income from Business or Profession
Question 8Single Answer
Which section deals with the computation of total income?
A
Section 4
B
Section 5
C
Section 14
D
Section 10
Question 9Single Answer
Residential status of an individual is determined under which section?
A
Section 4
B
Section 5
C
Section 10
D
Section 6
Question 10Single Answer
An individual who stays in India for 182 days or more during the previous year is called?
A
Resident
B
Non-resident
C
Resident but not ordinarily resident
D
None of the above
Question 11Single Answer
Which form is used for filing Income Tax return by an individual having salary income only?
A
ITR-2
B
ITR-1
C
ITR-3
D
ITR-5
Question 12Single Answer
The basic exemption limit for an individual below 60 yeaRs is?
A
RS 2,50,000
B
RS 2,00,000
C
RS 3,00,000
D
RS 5,00,000
Question 13Single Answer
Which income is exempt under section 10(10D)?
A
Gratuity
B
Pension
C
House rent allowance
D
Life insurance maturity proceeds
Question 14Single Answer
Salary received by a partner from the firm is taxable under which head?
A
Salary
B
Business or Profession
C
Other Sources
D
None
Question 15Single Answer
Income from subletting of house property is taxable under which head?
A
Other Sources
B
House Property
C
Business
D
Salary
Question 16Single Answer
Which of the following is taxable under the head ‘Salaries’?
A
Interest on debentures
B
Partner’s remuneration
C
Director’s fees
D
Dividend
Question 17Single Answer
Which section allows deduction for investment in PPF, NSC, etc.?
A
Section 80C
B
Section 24
C
Section 80G
D
Section 80D
Question 18Single Answer
Maximum deduction available under Section 80C is?
A
RS 1,00,000
B
RS 2,00,000
C
RS 1,50,000
D
RS 2,50,000
Question 19Single Answer
Deduction for medical insurance premium is available under which section?
A
Section 80D
B
Section 80C
C
Section 80E
D
Section 80G
Question 20Single Answer
Agricultural income is exempt under which section?
A
Section 10(2)
B
Section 10(1)
C
Section 10(5)
D
Section 80C
Question 21Single Answer
The due date for filing return for individuals (non-audit cases) is?
A
31st October
B
31st July
C
31st March
D
30th September
Question 22Single Answer
The due date for filing return by a company is?
A
31st July
B
30th September
C
31st October
D
31st December
Question 23Single Answer
The income of HUF is assessed in whose hands?
A
Karta
B
MembeRs individually
C
None
D
HUF as a separate entity
Question 24Single Answer
In case of a partnership firm, tax is payable at the rate of?
A
20%
B
25%
C
35%
D
30%
Question 25Single Answer
Interest on capital to partneRs is allowed as deduction under which section?
A
Section 40
B
Section 37
C
Section 36
D
Section 49
Question 26Single Answer
In case of a company, surcharge is applicable if income exceeds?
A
RS 50 lakh
B
RS 10 crore
C
RS 1 crore
D
RS 5 crore
Question 27Single Answer
MAT is applicable to which type of assessee?
A
Companies
B
Partnership Firms
C
Individuals
D
HUF
Question 28Single Answer
Minimum Alternate Tax is governed by which section?
A
Section 115JAA
B
Section 80C
C
Section 115JB
D
Section 40A
Question 29Single Answer
Advance tax is payable by an assessee if tax liability exceeds?
A
RS 5,000
B
RS 20,000
C
RS 15,000
D
RS 10,000
Question 30Single Answer
Who is responsible to deduct tax at source on salary?
A
Employer
B
Employee
C
Government
D
Contractor
Question 31Single Answer
TDS on salary is governed by which section?
A
Section 194A
B
Section 194C
C
Section 192
D
Section 195
Question 32Single Answer
Tax audit is applicable if turnover of business exceeds?
A
RS 2 crore
B
RS 1 crore
C
RS 5 crore
D
RS 10 crore
Question 33Single Answer
Section 44AB deals with?
A
Advance Tax
B
Interest on Tax
C
Filing of Return
D
Tax Audit
Question 34Single Answer
The assessment of income is done under which section?
A
Section 148
B
Section 143
C
Section 133
D
Section 147
Question 35Single Answer
Self-assessment tax is paid under which section?
A
Section 140A
B
Section 143
C
Section 147
D
Section 192
Question 36Single Answer
Income from winning lotteries is taxable under which head?
A
Salary
B
Capital Gains
C
Business
D
Other Sources
Question 37Single Answer
The rate of tax on winnings from lotteries is?
A
10%
B
30%
C
20%
D
40%
Question 38Single Answer
Income from illegal activities is?
A
Exempt
B
Taxable
C
Not taxable
D
Deferred
Question 39Single Answer
Dividend income is taxable under which head?
A
Salary
B
Other Sources
C
Business
D
House Property
Question 40Single Answer
Exemption for gratuity received is available under which section?
A
Section 80C
B
Section 10(5)
C
Section 10(1)
D
Section 10(10)
Question 41Single Answer
Leave encashment exemption is available under which section?
A
Section 10(10B)
B
Section 10(10AA)
C
Section 10(10C)
D
Section 10(12)
Question 42Single Answer
Perquisite is taxable under which head?
A
Capital Gains
B
Business
C
Other Sources
D
Salary
Question 43Single Answer
Casual income is taxable at which rate?
A
Normal rate
B
Flat 30%
C
10%
D
20%
Question 44Single Answer
Salary of Member of Parliament is taxable under which head?
A
Salary
B
Other Sources
C
Business
D
None
Question 45Single Answer
Income of a minor child is included in the income of?
A
Grandfather
B
Mother
C
Guardian
D
Father or parent with higher income
Question 46Single Answer
Section 64 deals with?
A
Clubbing of Income
B
Deduction
C
Depreciation
D
Rebates
Question 47Single Answer
Which section allows carry forward of losses?
A
Section 70
B
Section 72
C
Section 71
D
Section 73
Question 48Single Answer
The maximum limit of deduction for donation to PM’s Relief Fund under Section 80G is?
A
25%
B
100%
C
50%
D
10% of adjusted total income
Question 49Single Answer
Rebate under Section 87A is available to?
A
HUF
B
Individual resident
C
Non-resident
D
Company
Question 50Single Answer
Short-term capital gain on equity shares is taxed at what rate under Section 111A?
A
15%
B
10%
C
5%
D
20%
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A.B.S.T
Question 51Single Answer
Long-term capital gain exceeding RS 1 lakh on listed shares is taxed at?
A
10%
B
5%
C
15%
D
20%
Question 52Single Answer
Depreciation is allowed under which section?
A
Section 30
B
Section 32
C
Section 31
D
Section 33
Question 53Single Answer
Which of the following is not depreciable?
A
Building
B
Furniture
C
Land
D
Machinery
Question 54Single Answer
Income from sale of agricultural land in rural area is?
A
Capital gain
B
Other sources
C
Business income
D
Exempt
Question 55Single Answer
Assessment of companies is covered under which section?
A
Section 139
B
Section 115JB
C
Section 140
D
Section 143(3)
Question 56Single Answer
Firm is assessed as?
A
Individual
B
Separate entity
C
AOP
D
None
Question 57Single Answer
Return of income can be revised under which section?
A
Section 139(5)
B
Section 139(4)
C
Section 143(1)
D
Section 147
Question 58Single Answer
The due date for filing tax audit report is?
A
30th September
B
31st December
C
31st July
D
31st October
Question 59Single Answer
Income of a charitable trust is exempt under which section?
A
Section 10(23C)
B
All of the above
C
Section 12
D
Section 11
Question 60Single Answer
The maximum limit of exemption for leave travel concession is governed by?
A
Section 80D
B
Section 10(10)
C
Section 80C
D
Section 10(5)
Question 61Single Answer
Assessment of AOP/BOI is governed by which section?
A
Section 67A
B
Section 86
C
Section 167B
D
Section 68
Question 62Single Answer
When income of firm is assessed, partneRs are taxed on?
A
Their individual income
B
None
C
Both
D
Share of firm income
Question 63Single Answer
HUF is created by virtue of?
A
Contract
B
Partnership
C
Birth
D
Gift
Question 64Single Answer
Which of the following is not taxable under the head "Income from other sources"?
A
Agricultural income
B
Winnings
C
Interest
D
Dividend
Question 65Single Answer
Deemed dividend is covered under which section?
A
Section 80C
B
Section 2(24)
C
Section 10(34)
D
Section 2(22)
Question 66Single Answer
The due date for payment of first installment of advance tax is?
A
15th June
B
15th September
C
15th December
D
15th March
Question 67Single Answer
Which of the following is not an assessee?
A
Company
B
Minor child
C
Government
D
HUF
Question 68Single Answer
Income tax return filed after due date is called?
A
Belated return
B
Original return
C
Revised return
D
Defective return
Question 69Single Answer
Which section deals with defective return?
A
Section 140
B
Section 139(5)
C
Section 139(9)
D
Section 143
Question 70Single Answer
PAN is governed under which section?
A
Section 139A
B
Section 139B
C
Section 140A
D
Section 143A
Question 71Single Answer
The rate of surcharge for domestic companies with income exceeding RS 10 crore is?
A
7%
B
10%
C
15%
D
12%
Question 72Single Answer
Reassessment of income is done under which section?
A
Section 142
B
Section 143
C
Section 147
D
Section 148
Question 73Single Answer
Which section provides for interest for default in payment of advance tax?
A
Section 234A
B
Section 234B
C
Section 234C
D
Both b and c
Question 74Single Answer
Loss from house property can be set off against?
A
Salary
B
Business income
C
Any other head
D
None
Question 75Single Answer
Deduction for interest on education loan is allowed under which section?
A
Section 80C
B
Section 80D
C
Section 80E
D
Section 80G
Question 76Single Answer
Loss under the head capital gain can be carried forward for how many years?
A
8 years
B
6 years
C
4 years
D
10 years
Question 77Single Answer
The tax payable on LTCG under Section 112 is?
A
10%
B
15%
C
25%
D
20%
Question 78Single Answer
The rate of TDS on rent paid to a resident under Section 194I is?
A
2%
B
5%
C
10%
D
20%
Question 79Single Answer
What is the first step in the assessment procedure under the Income Tax Act?
A
Filing of return of income
B
Issue of notice
C
Payment of tax
D
Refund of tax
Question 80Single Answer
Which section deals with filing of income tax return?
A
Section 143
B
Section 140
C
Section 139
D
Section 147
Question 81Single Answer
The summary assessment without calling the assessee is made under which section?
A
Section 147
B
Section 143(2)
C
Section 144
D
Section 143(1)
Question 82Single Answer
Scrutiny assessment is made under which section?
A
Section 142
B
Section 147
C
Section 144
D
Section 143(3)
Question 83Single Answer
Best judgment assessment is made under which section?
A
Section 144
B
Section 142
C
Section 143
D
Section 147
Question 84Single Answer
Reassessment of income is made under which section?
A
Section 147
B
Section 143(3)
C
Section 148
D
Section 142(1)
Question 85Single Answer
Which section deals with issue of notice for reassessment?
A
Section 143(2)
B
Section 149
C
Section 148
D
Section 144
Question 86Single Answer
When is advance tax payable?
A
At the end of the financial year
B
During the financial year
C
After assessment
D
Only after return filing
Question 87Single Answer
Which section governs the payment of advance tax?
A
Section 210
B
Section 208
C
Section 207
D
Section 211
Question 88Single Answer
Advance tax is payable if total tax liability exceeds?
A
RS 10,000
B
RS 5,000
C
RS 15,000
D
RS 20,000
Question 89Single Answer
The due date for first installment of advance tax is?
A
15th March
B
15th September
C
15th December
D
15th June
Question 90Single Answer
The last installment of advance tax is payable on?
A
15th December
B
15th March
C
31st March
D
1st April
Question 91Single Answer
TDS stands for?
A
Tax Deduction at Source
B
Tax Determination at Source
C
Tax Division at Source
D
Tax Department Scheme
Question 92Single Answer
Which section relates to TDS on salary?
A
Section 192
B
Section 194A
C
Section 194C
D
Section 195
Question 93Single Answer
TDS on interest other than securities is under which section?
A
Section 194D
B
Section 194C
C
Section 194A
D
Section 194H
Question 94Single Answer
TDS on contractor payments is deducted under?
A
Section 194A
B
Section 194C
C
Section 194D
D
Section 194H
Question 95Single Answer
TDS on commission or brokerage is under which section?
A
Section 194H
B
Section 194C
C
Section 194A
D
Section 194I
Question 96Single Answer
TDS on rent is covered under which section?
A
Section 194H
B
Section 194C
C
Section 194I
D
Section 194J
Question 97Single Answer
TDS on professional fees is covered under?
A
Section 194J
B
Section 194I
C
Section 194H
D
Section 192
Question 98Single Answer
TDS on payment to non-residents is covered under?
A
Section 194A
B
Section 200
C
Section 197
D
Section 195
Question 99Single Answer
Who is responsible for deducting TDS?
A
Recipient of income
B
Government
C
Payer of income
D
Auditor
Question 100Single Answer
The deducted TDS must be deposited within how many days from month-end?
A
7 days
B
10 days
C
15 days
D
30 days
Question 101Single Answer
The certificate of TDS is issued in which form?
A
Form 15A
B
Form 19
C
Form 17
D
Form 16
Question 102Single Answer
TAN refeRs to?
A
Tax Deduction and Collection Account Number
B
Tax Assessment Number
C
Tax Account Number
D
Tax Application Number
Question 103Single Answer
The rate of TDS on professional fees is?
A
2%
B
10%
C
5%
D
15%
Question 104Single Answer
The rate of TDS on rent of land/building is?
A
2%
B
5%
C
15%
D
10%
Question 105Single Answer
Failure to deduct TDS attracts interest under which section?
A
Section 201(1A)
B
Section 234A
C
Section 234B
D
Section 234C
Question 106Single Answer
The person who fails to deduct TDS is treated as?
A
Defaulter
B
Non-resident
C
Assessee in default
D
Not liable
Question 107Single Answer
Refund of excess tax paid can be claimed under which section?
A
Section 240
B
Section 237
C
Section 245
D
Section 143
Question 108Single Answer
Refunds are granted by which authority?
A
Central Government
B
Income Tax Officer
C
Commissioner of Income Tax
D
Assessing Officer
Question 109Single Answer
Refunds are generally issued through?
A
Cheque
B
Cash
C
Postal Order
D
ECS or Direct Credit
Question 110Single Answer
Interest on delayed refund is allowed under which section?
A
Section 244A
B
Section 237
C
Section 245
D
Section 143
Question 111Single Answer
Interest on refund is allowed at the rate of?
A
0.5% per month
B
1.5% per month
C
1% per month
D
2% per month
Question 112Single Answer
If a person fails to file a return on time, he is liable to pay interest under which section?
A
Section 234C
B
Section 234B
C
Section 234A
D
Section 140A
Question 113Single Answer
Interest for default in payment of advance tax is under which section?
A
Section 234A
B
Both b and c
C
Section 234C
D
Section 234B
Question 114Single Answer
The penalty for failure to file return of income is covered under which section?
A
Section 273
B
Section 271A
C
Section 271F
D
Section 272B
Question 115Single Answer
What is the time limit for issue of intimation under Section 143(1)?
A
6 months
B
9 months
C
18 months
D
12 months
Question 116Single Answer
Which authority can conduct a reassessment under Section 147?
A
Commissioner
B
Assessing Officer
C
CIT(A)
D
CBDT
Question 117Single Answer
A revised return can be filed before?
A
Assessment completion or 31st December
B
End of financial year
C
One year after filing
D
Completion of assessment or 3 months before end of assessment year
Question 118Single Answer
The type of assessment done without calling the assessee is called?
A
Summary assessment
B
Scrutiny assessment
C
Best judgment assessment
D
Regular assessment
Question 119Single Answer
Which assessment is based on best judgment of Assessing Officer?
A
Section 143(1)
B
Section 144
C
Section 143(3)
D
Section 147
Question 120Single Answer
The due date for filing TDS return for Q1 is?
A
31st July
B
31st October
C
15th July
D
31st March
Question 121Single Answer
The return of income can be verified by?
A
Manual signature
B
Digital signature
C
Electronic verification code
D
Any of the above
Question 122Single Answer
Which section allows adjustment of refund against tax payable?
A
Section 245
B
Section 237
C
Section 240
D
Section 244A
Question 123Single Answer
Tax deducted at source is to be deposited using which form?
A
Form 16A
B
Form 17
C
Form 26AS
D
Form 26QB
Question 124Single Answer
Form 26AS contains details of?
A
None
B
Salary
C
Refund
D
Tax payments and TDS
Question 125Single Answer
Which form is used for claiming refund of tax deducted at source?
A
Form 15CA
B
Form 10E
C
Form 15G/15H
D
Form 26AS
Question 126Single Answer
TDS return must be filed quarterly in which form?
A
Form 10A
B
Form 15G
C
Form 16
D
Form 24Q/26Q/27Q
Question 127Single Answer
Statement of financial transactions (SFT) is filed under which section?
A
Section 139
B
Section 285BA
C
Section 142
D
Section 147
Question 128Single Answer
Which authority issues a refund order?
A
Assessing Officer
B
Commissioner
C
CBDT
D
Income Tax Ombudsman
Question 129Single Answer
Which section empoweRs the Assessing Officer to demand tax after assessment?
A
Section 147
B
Section 143
C
Section 156
D
Section 148
Question 130Single Answer
Notice of demand under Section 156 is issued in which form?
A
Form 15
B
Form 10
C
Form 7
D
Form 16
Question 131Single Answer
The appeal against assessment order can be filed to?
A
CBDT
B
CIT(A)
C
High Court
D
Supreme Court
Question 132Single Answer
Refund adjustment against demand is permissible under which section?
A
Section 243
B
Section 237
C
Section 240
D
Section 245
Question 133Single Answer
If refund is wrongly issued, it can be recovered under which section?
A
Section 241
B
Section 245
C
Section 237
D
Section 244A
Question 134Single Answer
Which authority manages e-filing of returns in India?
A
CPC Bengaluru
B
CBDT
C
Assessing Officer
D
RBI
Question 135Single Answer
TDS deducted is credited to the account of payee in?
A
Form 16
B
Form 10E
C
Form 27A
D
Form 26AS
Question 136Single Answer
The assessing officer can reopen assessment if income escaped assessment within how many years?
A
3 years
B
10 years
C
6 years
D
16 years
Question 137Single Answer
Time limit to complete scrutiny assessment under Section 143(3) is?
A
6 months
B
12 months from end of AY
C
18 months
D
24 months
Question 138Single Answer
Refund adjustment is intimated through?
A
Demand notice
B
Intimation u/s 143(1)
C
Refund voucher
D
CPC email
Question 139Single Answer
If a refund is wrongly claimed, it may attract penalty under?
A
Section 272A
B
Section 271
C
Section 271C
D
Section 270A
Question 140Single Answer
Refund of TDS for NRI sale of property is applied through which form?
A
Form 30
B
Form 15CB
C
Form 15CA
D
Form 26AS
Question 141Single Answer
Advance tax paid by a senior citizen without business income is?
A
Mandatory
B
Optional
C
Partly applicable
D
Not applicable
Question 142Single Answer
TDS on purchase of immovable property is deducted under which section?
A
Section 194C
B
Section 194IA
C
Section 194J
D
Section 194I
Question 143Single Answer
The rate of TDS on sale of immovable property is?
A
0.5%
B
2%
C
1%
D
5%
Question 144Single Answer
TDS on dividend distributed by company is under which section?
A
Section 194A
B
Section 194
C
Section 194C
D
Section 194J
Question 145Single Answer
Interest on late payment of TDS is?
A
1% per month
B
2% per month
C
1.5% per month
D
3% per month
Question 146Single Answer
Penalty for not obtaining TAN is under which section?
A
Section 271F
B
Section 272B
C
Section 271A
D
Section 273
Question 147Single Answer
Notice for scrutiny assessment must be issued within how many months from filing of return?
A
3 months
B
9 months
C
6 months
D
12 months
Question 148Single Answer
Which authority can rectify a mistake apparent from record?
A
CBDT
B
CIT(A)
C
Assessing Officer
D
ITAT
Question 149Single Answer
Rectification of mistake is covered under which section?
