basic concepts of taxation

The Income Tax Act, 1961 came into force on the ________.

The Income Tax Act, 1961 extends to the ___________.

____________ of the Income Tax Act is a charging section.

The period of 12 months commencing on the 1st day of April every year and ending on 31st March is termed as

Given the previous year 2015-16, the assessment year shall be _____________

If new business is set up on 21-10-17 then the first previous year for that business will be period starting from _________ to_______. And, therefore the first assessment year shall be 2018-19.

The previous yer under Income Tax Act, may or may not be of ___ months, while Assessment year is always of ____ months.

As per section 2(7) of the Act, the term “assessee” means a person –

As per section 2(7) of the Act, the term “assessee” does not mean a person –

The term “Income” is defined under section ____ of the Income Tax Act.

The term “Income” defined under the Income Tax Act is

The term “Income” does not include______.

The term “Income” defined under section 2(24) includes-

(i) The fair market value of inventory in case of conversion of inventory into capital asset

(ii) Any compensation on account of termination or modification of terms and conditions of employment.

Choose the correct option with reference to above statement.

The term “Person” includes ______.

As per section 2(31) of the Act, the term “Person” does not include ______.

Mr. Anil Jain, partner of Jain and Jain, is assessable as

A municipal committee managing and controlling a municipal fund shall be assessed in the status of:

As per section 2(45) of the Income Tax Act, “Total Income” means ______ less deductions u/s. 80 C to 80 U

The Total income of Mr. Suresh is Rs. 9,00,000 and deductions claimed u/s. 80 C to 80 U were Rs. 1,50,000, then Gross total income would be _________.

The territory of India is referred to in Article ____________ of the Constitution.

Rates of Income tax are fixed ________

Under the Income Tax Act, residential status is determined for the _____________

An individual is said to be resident in India if

An individual is said to be an ordinarily Resident when he satisfies ________________.

An individual is said to be a non- resident when he does not _______________.

One of the additional conditions relevant for deciding “ordinary resident” is that an individual has been resident in India at least for _________ years out of _______ years immediately preceding the concerned previous year.

A citizen of India who leaves India for the purpose of employment may become resident only if he stays in India at least for ……………………….. days.

Mr. Anand, an Indian Citizen, first time left India on 15/06/18 as a crew member of Indian ship. What is the residential status of Mr. Anand for P.Y. 2018-19?

Mr. Thomas, a foreign citizen (not being a person of Indian origin) first time visited India on 30/09/2018 and left India on 2/4/09. What shall be his residential status for the previous year 2018-19?

Mr. James, being foreign national, came to India first time on 01-02-2019 for seven months. What will be his residential status for the previous year 2018-19?