INTRODUCTION TO INCOME TAX

Question 1

The Central Government has been empowered by entry ______ of the Union list of schedule VII of the constitution of India to levy tax on income other than agricultural income

Answer 1

82

Question 2

The Income tax act, 1961 came into force w.e.f. .. _________

Answer 2

1st April, 1962

Question 3

A person includes___________

Answer 3

Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every Artificial Juridical Person

Question 4

Describe the status of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs of Z. Z died in 2018 and X and Y carry on his business without entering into a partnership

Answer 4

Body of Individual

Question 5

Assessment year can be a period of :

Answer 5

only 12 months

Question 6

Year of income earned is called _______year, year of income taxed is called ________ year

Answer 6

income earned - previous year , income taxed - assessment year

Question 7

Municipality of Delhi falls under _________ category of person -

Answer 7

local authority

Question 8

Under Income Tax Act partnership firm includes -

Answer 8

Limited liability partnership

Question 9

Section _________of the Income-tax Act, 1961 defines the term ‘person’ -

Answer 9

2(31)

Question 10

Financial year means a year commencing on

Answer 10

1” day of the April

Question 11

Dr. Ashok commenced medical practice on 1st September, 2018. The previous year for the profession for the assessment year 2019-20 would be _________

Answer 11

1st September, 2018 to 31st March, 2019

Question 12

A person follows calendar year for accounting. For taxation, he has to follow:

Answer 12

Financial year only :1st April to 31st March

Question 13

Previous year is defined in -

Answer 13

section 3

Question 14

DCM Ltd

Answer 14

A company

Question 15

ABC Group Housing Co-operative Society is : -

Answer 15

An association of person