Basic Concepts – Test 2

Income Tax Notifications are binding on ______

CBDT to issue circulars from time to time, to _____________

As per section 2(3I), person includes ____________

As a general rule, income of minor is taxable in the hands of ________

HUF inclues

In the case of an AOP, two or more person join together for ______

As per section 2(3I), person includes ___________

The provision relating to computation of income are same in the case of which of the following two entities ?

AOP may consist of _________ but BOI has to consist of __________

Which of the following are considered as a “Local Authority”?

Assessment Year is a period of ______________

Assessment year generally starts on _______

Generally, Previous Year is a period of __________

The first previous year of a newly started business ___________

Jagadeesh started a business on 29-9-2018. The first previous year of his business will be _______

Aryan and Ansh are legal heirs  of Shekhar. Shekhar died in 2018 and Aryan and Ansh carried on his business without entering into partnership. What is the status Aryan and Ansh ?

Section 172 deals with the taxation of ________ of non-residents.

Section 172 deals with the taxation of shipping business of non-residents, casts an obligation on ________ to file return of full amount earned from India.

As per section 172, ______ of the amount of fare shall be deemed to be income of non-resident carrying on shipping business on which income-tax will be charged.

Delhi University is considered as __________

In which of the following case/s, income of the previous year is assessed in the same year ?

Sunil, intends to permanently settle in USA, and intends to depart on December 13th, 2018. The AO, having jurisdiction on Sunil, came to know about this fact and proceeded to tax Sunil on the current financial year income. The action of the Assessing Officer is __________

A and B formed an Association of Person, which was proposed to be dissolved from 13-12-2018. In such a case the income for FY 2018-19, can be taxed by the Assessing Officer during AY_________

A had not been paying regular taxes on his income for a long time. A search was conducted in his premises and an amount of Rs. 10,00,000 was found payable by him. In order to prevent recovery of such payment, he was planning to sell his house in cash, on 11-10-2018. In such a case the AO can do the assessment for A, for FY 2018-19 upto 11.10.2018 in AY____________

A is a software professional aged 30 years. The exemption limit for A for AY 2019-20 is ________

B is a medical professional aged 65 years. The exemption limit for B for AY 2019-20 is ____________

C is a retired teacher aged 85 years. The exemption limit for C for AY 2019-20 is _________

Alex is a non-resident individual aged 65 years. The  exemption limit for Alex for AY 2019-20 is _____________

Kalpesh has a taxable income of Rs.85,00,000. The surcharge is applicable at the rate of ______ on his income.

Surcharge at the rate of 15% is applicable, if the taxable income of the individual exceeds _______