IGP-CS Basic Concept M.Test 1 CA Vivek Gaba

Transcription

1 IGP-CS Basic Concept M.Test 1 CA Vivek Gaba 1. Power to impose income tax on agriculture income is with a) Central government b) State government c) Partly with central government and partly with state government d) Municipal corporation 2. The Income Tax Act, 1961 came into force on a) 1 st April,1962 b) 1 st March, 1962 c) 1 st April, 1961 d) 15 th August, The Income Tax Act, 1961 has Total Schedules. a) X b) XII c) XIV d) XVII 4. Who has power to make Rules under the Income Tax Act,, 1961? a) Central Government b) CBDT c) CBEC d) Parliament 5. Circular issued by CBDT are binding on a) Income Tax authorities b) Assessee c) Income Tax Tribunal d) Courts 6. Who present the Finance Bill in the parliament a) Prime Minister b) Speaker of Lok Sabha c) Minister of Finance d) Any of the above 7. Amendments made by Finance Act, 2016 generally become applicable from a)

2 IGP-CS Basic Concept M.Test 1 CA Vivek Gaba b) c) d) Which of the following person can be treated as assessee u/s 2(7) of the Income Tax Act, 1961? a) Any Person in respect of whom proceeding has been taken b) Any person who is deemed to be an assessee c) Any person who fails to comply with duties imposed under the Act. d) All of the above 9. Which of the following statement is correct? a) Assessment year can be 12 months or less b) Previous year must be 12 months c) None of the above d) Both (a) & (b) is correct 10. Maximum marginal rate (MMR) in case of Individual for AY is a) % b) % c) 33.60% d) 34.50% 11. Mr. VG set-up a business on 31 st march, Previous year for him as per Income Tax Act, 1961 will be a) to b) to c) to For which of the following heads of Income, the method of accounting employed by the assessee is irrelevant? a) Income from salary b) Income from house property & Other Sources c) Income from PGBP d) Income from capital gains e) Both (a) & (b)

3 IGP-CS Basic Concept M.Test 1 CA Vivek Gaba 13. Rebate from Tax on Total Income is available under a) Section 87A b) Section 87 c) Section 87a d) Section 87(A) 14. Which of the following sections contains exceptions to the previous year rule? a) Sections 152 to 156 b) Section 162 to 166 c) Sections 172 to 176 d) Sections 182 to Which of the following is correct exemption limit in Income Tax for Resident Individual having Age is 45 years? a) 2,50,000 b) 3,00,000 c) 3,50,000 d) 5,00, Which of the following is correct exemption limit in Income Tax for Resident Individual having Age is 80 years? a) 2,50,000 b) 3,00,000 c) 3,50,000 d) 5,00, As per Section 14 heads of income in Income Tax Act, 1961? a) Four b) Five c) Six d) Three 18. LTCG is chargeable to Tax at special rate under a) Section 112AA b) Section 112 c) Section 112A d) Section 111A

4 IGP-CS Basic Concept M.Test 1 CA Vivek Gaba 19. Which of the following section deals with the taxation of income under head Salary a) Section 15 to Section 17 b) Section 22 to Section 27 c) Section 14 to Section 17 d) Section 16 to Section Which of the following section deals with the taxation of income under head Other Sources a) Section 15 to Section 17 b) Section 55 to Section 59 c) Section 56 to Section 59 d) Section 56 to Section Winning from lottery, crossword puzzles races, card games etc. Is chargeable to tax at special rate under a) Section 115BB b) Section 115BBA c) Section 115BBC d) Section 111A 22. Rebate under section 87A of the Income Tax Act, 1961 is available if the Total income - a) 5 lakhs or less b) 5 lakhs or more c) More than 5 lakhs d) Less than 5 lakhs 23. Which of the following section deals with the taxation of income under head Capital Gains a) Section 45 to Section 55A b) Section 45 to Section 55 c) Section 56 to Section 59 d) Section 56 to Section For which of the following assessee no Income tax is chargeable, if the Total Income does not exceed 2,50,000

5 IGP-CS Basic Concept M.Test 1 CA Vivek Gaba i. Individual ( Resident or Non-Resident) ii. iii. iv. HUF AOP / BOIs LLP v. Co-operative Society vi. vii. Artificial Juridical Person Company a) i, ii, iii & vi b) i, ii, iii, iv, vii & v c) i & ii Only d) none of the above 25. To which of the following assessee tax rate of 30% is applicable? i. HUF ii. iii. iv. Domestic Company Partnership Firm Foreign Companies v. LLP vi. Local Authority a) i, ii & v b) ii, iii, v & vi c) ii, iii & v d) none of the above 26. Which of the following section deals with the taxation of income under head PGBP a) Section 28 to Section 44 b) Section 28 to Section 44DB c) Section 28 to Section 44A d) Section 28 to Section 44D 27. Which of the following type of receipt is liable to tax? a) Capital receipts b) Revenue receipts c) Both of the above

6 IGP-CS Basic Concept M.Test 1 CA Vivek Gaba 28. Which of the following statement is FALSE? a) Capital receipt are taxable unless expressly exempted b) Revenue receipts are exempt from tax unless expressly taxed c) Both of the above 29. The definition of Income as given in Section 2(24) of the Income Tax Act, 1961 is type of definition. a) Exhaustive b) Inclusive c) Limited 30. The definition of Income as given in Section 2(24) of the Income Tax Act, 1961 is type of definition. a) Exhaustive b) Inclusive c) Limited For Any Doubt you can whatsapp or message at Love CA Vivek Gaba (CS Tax Faculty) Target 90+ in Tax Laws All The Very Best.

7 IGP-CS Basic Concept M.Test 2 CA Vivek Gaba 1. Income from Lottery, Crossword Puzzle, Races, Card games etc. are taxable at: a) normal slab of income tax b) flat rate of 20% plus surcharge, if applicable plus education 2% and 1% c) flat rate of 30% plus surcharge, if applicable plus education 2% and 1% d) Any of the above 2. Which of the following is not an example of capital receipt? a) Money received on issue of shares b) Money received on sale of land c) Money received on sale of goods 3. Income tax in India is charged at the rate(s) prescribed by: a) The Finance Act b) The Income tax Act c) The Central Board of Direct Taxes d) The Ministry of Finance 4. BOI should consist of: a) Individual only b) Persons other than Individual only c) Both of the above d) Any person 5. A new business was set up on and it commenced its business from The first previous year shall be: a) to b) to c) to d) to Education cess and Secondary and higher education cess shall be leviable in case of: a) Individual and HUF b) Firm and Company c) AOP & BOI d) All assessee 7. The Total Income of the assessee has been computed as ` 2,53,495. For rounding off, the total income will be taken a a) ` 2,53,495 b) ` 2,53,490 c) ` 2,53,500 d) ` 2,53, Calculate tax payable by very senior citizen having Total income of ` 4,30,000. a) ` 21,630 b) ` 16,480 c) ` 23,000 d) Nil 9. Domestic Company having Total Income between ` 1 crore to ` 10 crore is liable to pay surcharge at the rate of: a) 2% b) 2.5% c) 7% d) 10% 10. The income tax Act extends to a) Whole of India b) Whole of India except Jammu and Kashmir c) Whole of India except Sikkim d) Whole of India except Jammu & Kashmir and Sikkim 11. The surcharge applicable to a foreign company for A.Y is - a) Nil b) 2%, if the total income exceeds ` 1 crore upto ` 10 crore c) 2.5%, if the total income exceeds ` 1 crore upto ` 10 crore d) 5%, in all cases 12. Describe the status of the following person, X and Y are legal heirs of Z. Z died in 2014 and X and Y carry on his business without entering into a partnership. a) Firm b) Limited Liability Partnership c) Company d) Body of Individual

8 IGP-CS Basic Concept M.Test 2 CA Vivek Gaba 13. In which of the following cases, income of previous year is assessable in previous year itself: a) Assessment of persons leaving India b) A person in employment in India c) A person who is into illegal business d) A person who is running a charitable institution 14. Surcharge in case of an individual or HUF for assessment year is payable at rate of: a) 12% of the income-tax payable provided the total income exceed ` 100,00,000. b) 10% of the income-tax payable provided the total income exceeds ` 60,00,000 c) 5% of the income-tax payable if the total income exceeds ` 1,80,50,000 d) 15% of the income-tax payable provided the total income exceeds ` 1,00,00, The total Income Tax of the assessee has been computed as ` 2,53, After rounding off, total Income Tax will be taken as. a) ` 2,53,500 b) ` 2,53,490 c) ` 2,53,495 d) ` 2,54, Part-I of Schedule I of the Finance Act, 2016 has given the rates of IT for the AY: a) b) c) The circulars issued by Central Board of Direct Taxes (CBDT) are binding on: a. assessee b) income-tax authorities c) both the above d) none of the above 18. A person leaves India permanently on The assessment year for income earned till in this case shall be: a b) c) The maximum amount on which Income-tax is not chargeable in case of co-operative society is: a. ` 2,50,000 b) ` 3,00,000 c) NIL 20. Education Cess is leviable on a. Income-tax b) Income-tax + Surcharge if applicable c) Surcharge 21. Normal rates of income-tax are give in & special rates of income-tax are give in. a) Finance Act, Income Tax Act b) Income Tax Act, Finance Act c) Finance Act, Finance Act d) Income Tax Act, Income Tax Act 22. Education cess is (A) 2% (B) 5 % (C) 3% (D) 2.3% 23. For the assessment year , a firm is subject to income-tax at a flat rate of: a. 30 % + 2 b. 30 % + 5 % SC + 2 %+SHEC@1% c. 30 % + 10 % SC + 2 % + 1 % d. 30 % + 12 % SC if its total income exceeds ` 1 crore + 2 % + 1 % 24. Astha Ltd., a domestic company assuming the total income is 10,05,00,000 compute the tax liability of Astha Ltd (A) 3,35,78,000 (B) 3,26,00,000 (C) 3,37,68,000 (D) None of the above 25. A non-resident individual having taxable income in India of ` 3,00,000 shall be allowed rebate of how much under section 87A

9 IGP-CS Basic Concept M.Test 2 CA Vivek Gaba a) 2,000 b) 3,000 c) 5,000 d) Nil 26. ABC Inc, a foreign company has a total income of ` 1 crore. What would be the amount of surcharge applicable? a) 10% b) 2% c) 5% d) Nil 27. Income includes a) only legal income b) Illegal income c) both legal and illegal d) None of them 28. Charging section of income tax is a) Section 4 b) Section 9 c) Section 15 d) Section Rebate under section 87A is allowed to a) Resident individual b) any individual (resident or nonresident) c) Resident individual and HUF d) all assessee 30. Rebate under section 87A shall be allowed to the maximum extent of a) ` 3,000 b) ` 2,000 c) ` 5,000 d) tax payable For Any Doubt you can whatsapp or message at Love CA Vivek Gaba (CS Tax Faculty) Target 90+ in Tax Laws All The Very Best.

10 IGP-CS Basic Concept M.Test 3 CA Vivek Gaba 1. Mr. Vivek having age of 24 Years earns Total income of 12,20,220 during the previous year Tax on total income will be a) 1,91,066 b) 1,91,070 c) 1,96,800 d) 1,96, Mr. Vivek having age of 24 Years earns Total income of 8,10,000 during the previous year Tax on total income will be a) 87,000 b) 89,610 c) 1,62,000 d) 81, Mr. Vivek is a Resident in India having age of 64 Years earns Total income of 4,70,000 during the previous year Tax on total income will be a) 17,000 b) 17,510 c) 15,000 d) 12, Mr. Vivek is Non- Resident having age of 62 Years earns Total income of 12,20,220 during the previous year Tax on total income will be a) 1,86,066 b) 1,91,648 c) 1,96,800 d) 1,96, Mr. Vivek having age of 84 Years earns Total income of 5,20,000 during the previous year Tax on total income will be a) 4,000 b) 4,120 c) 1,04,000 d) 1,07, Mr. Vivek having age of 84 Years earns Total income of 1,02,00,000 during the previous year Tax on total income will be

11 IGP-CS Basic Concept M.Test 3 CA Vivek Gaba a) 30,90,000 b) 30,00,000 c) 31,77,550 d) 1,07, Mr. Vivek is Non-Resident having age of 61 Years earns Total income of 1,03,000,00 during the previous year Tax on total income will be a) 31,25,000 b) 32,18,750 c) 33,52,250 d) 34, Mr. Vivek is Non-Resident having age of 61 Years earns Total income of 1,03,000,00 during the previous year Tax & Marginal Relief on total income will be a) 31,25,000, Nil b) 32,18,750, 2,27,250 c) 32,18,750, Nil d) 32,18,750, 5,27, Mr. Vivek is Resident having age of 82 Years earns Total income of 1,03,000,00 during the previous year Tax & Marginal relief on total income will be a) 31,93,000, 5,23,500 b) 31,93,000, 2,23,500 c) 31,00,000, 2,23,500 d) 31,93,000, Nil 10. Mr. Vivek is Resident having age of 82 Years earns Total income of 1,07,000,00 during the previous year Tax & Marginal relief on total income will be a) 36,05,000, Nil b) 35,65,350, Nil c) 34,61,500, Nil d) Nil, Nil 11. Total Income of IGP Pvt. Ltd. a Domestic Company is 1,02,06,710. After claiming marginal relief of, total tax payable by the company is a) 2,06,710, 30,90,000

12 IGP-CS Basic Concept M.Test 3 CA Vivek Gaba b) 69,444, 33,02,910 c) 76,350, 32,76,350 d) 69,444, 32,06, Total Income of IGP Pvt. Ltd. a Foreign Company is 1,02,06,710. After claiming marginal relief of, total tax payable by the company is a) 2,06,710, 30,90,000 b) Nil, 42,892,70 c) 76,350, 32,76,350 d) 69,444, 32,06, Total Income of VG Ltd a Domestic Company is 10,04,50,000. After claiming marginal relief of, Total Tax Payable by the company is a) Nil, 3,37,51,200 b) 4,50,000, 3,09,00,000 c) 33,01,200, 3,13,63,500 d) 37,51,200, 3,04,50, Vodafone Ltd a Foreign Company, has total income of 1,00,75,000 for the PY Marginal Relief? a) No marginal Relief is available to foreign company b) 75,000 c) 25,600 d) 35, Amazon Ltd. a foreign company, has total income of 10,04,75,000 for the PY Marginal Relief? a) 4,75,000 b) 17,24,500 c) No marginal Relief d) 17,26, Total Income of VGC Co-operative society is 80,000 for the PY Tax Payable on Total Income? a) Nil b) 21,630 c) 24,720

13 IGP-CS Basic Concept M.Test 3 CA Vivek Gaba d) 22, Total Income of VGC Co-operative society is 10,000 for the PY Tax Payable on Total Income? a) Nil b) 1,030 c) 2, The year in which the income is earned is known as a) Previous year b) Assessment year c) Financial year d) (a) & (c) 19. Total income of Vivek, a Resident individual is 2,95,000. The rebate allowable u/s 87A would be a) 4,500 b) 5,000 c) 4,635 d) Nil 20. Total income of Vivek, a Resident individual is 3,00,000. The Total Tax Payable would be a) 5,150 b) 5,000 c) 4,635 d) Nil 21. Total Income of Mr. X whose age is 84 years is 7,66,660 which includes LTCG in sale of Gold 2,50,400. Tax on total income will be a) 53,332 b) 54,932 c) 53,330 d) 54, Total Income of Mr X whose age is 80 years is 5,67,140. Tax on total income will be

14 IGP-CS Basic Concept M.Test 3 CA Vivek Gaba a) 13,840 b) 13,830 c) 34, Lottery Income of Mr X whose age is 60 years is 2,50,000 Tax on total income will be (NO other income other than lottery) e) 75,000 a) 72,100 b) 77,250 c) None of the above 24. Tax rate in case of domestic company if Turnover in the PY is 4.5 crore a) 30% b) 29% c) 31% d) 40% 25. Tax rate in case of domestic company if Turnover in the PY is 6.5 crore a) 30% b) 29% c) 31% d) 40% 26. Compensation received for loss of earning is a a) Capital receipt b) Revenue receipt c) Revenue expenditure 27. Vivek, A Non Resident individual of 81 years works as a consultant in India. If his total income in india is 5,20,000, the tax payable by him would be a) 4,120 b) 29,870 c) 29,000

15 IGP-CS Basic Concept M.Test 3 CA Vivek Gaba 28. Mr. Ashish age of 35 years earns Total Income of 2,98,888 during the PY Tax on total income will be a) Nil b) 4,890 c) 5, Which of the following Tax Rate in case of limited liability partnership a) 29% b) 30% c) 40% d) 35% 30. In case of individual assessee, the amount of income tax shall be increased by surcharge of if the total income exceeds a) 10%, 1 crores b) 12%, 1 crores c) 15%, 1 crores d) 7%, 1 crores For Any Doubt you can whatsapp or message at Love CA Vivek Gaba (CS Tax Faculty) Target 90+ in Tax Laws All The Very Best.