Basic Concepts – Test 3

Sunil wants to claim rebate u/s 87A of R.2,500. It shall be available, if he is having total income upto________

The surcharge applicable in case of a Play Peon Private Limited, an Indian company, whose total income is Rs. 12 crores is ___________

The applicable rate of Income-tax in case of a Jhilmil Private Limited, an Indian company, whose place of management is outside India is __________

The applicable rate of Income-tax in case of Alpha Inc., a foreign company is _______

The applicable rate of income-tax in case of Branch office of Alpha Inc., a Foreign company is ___________

Every assessee is a person, every person__________ be an assessee

The gross total income must be rounded off to the multiple of __________

The applicable rate of Income-tax in case of a firm is __________

The applicable rate of Income-tax in case of a XYZ Private Limited, whose revenue for FY 2017-18 is Rs. 100 crores, for FY 2018-19 is ____________

The applicable rate of Income-tax in case of ABC Private Limited, whose revenue for FY 2017-18 is Rs.400 crores, for FY 2018-19 is __________

Power to impose tax on all income except agriculture income is with

Which of the following entry of Schedule VII of the Constitution of India gives the power to Central Government to impose tax on all income except agriculture income ?

Power to impose tax on agriculture income is with ______

The Income Tax Act, 1961 came into force on ________

The Income Tax Act, 1961 extends to ______

The Income Tax Act, 1961 has total ______ schedules.

Who has power to make the Rules under the Income Tax Act, 1961 ?

(1) Central Government

(2) CBDT

(3) CBEC

Select the correct answer from the options given below-

Circulars issued by the CBDT are binding on ______

(i) Income tax authorities

(ii) Assessee

(iii) Income Tax Tribunal

(iv) Courts

Select the correct answer from the options given below-

Supreme Court’s decisions are binding on-

(i) Income tax authorities

(ii) Assessee

(iii) Income Tax Tribunal

(iv) High Courts

Select the correct answer from the options given below-

Who present the Finance Bill in the Parliament ?

Amendments made by Finance Act, 2018 generally become applicable from _____

PART I of the Finance Act, 2018 will deal with _______

Which of the following cannot be treated as person u/s 2(3 I) of the Income Tax Act, 1961 ?

(I) HUF

(II) AOP

(III) BOI

(IV) Artificial Juridical Person

Select the correct answer from the options given below –

PART II of the Finance Act, 2018 will deal with _______

Which of the following is/are include in definition of “Local Authority’ as defined in Section 10(20) of the Income Tax Act, 1961?

(a) Panchayat

(b) LLP

(c) Cantonment Board

(d) District Boards

(e) Municipal Committee

Select the correct answer from the options given below-

Sum received on maturity under the Keyman Insurance Policy ___________ if the policy is taken in the name of an employee.

PART III of the Finance Act, 2018 will deal with _____

Which of the following person can be treated as ‘assessee’ u/s 2(7) of the Income Tax Act, 1961 ?

(1) Any person in respect of whom proceeding has been taken

(2) Any person who is deemed to be an assessee

(3) Any person who fails to comply with duties imposed under the act

(4) Any person against whom Assessing Officer has issued letter of enquiry

As per section 2(29C) of the Income Tax Act, 1961, Maximum Marginal Rate (MMR) is the rate of income including surcharge, if any, applicable in relation to highest slab of income, specified in the Finance Act for the relevant year, in case of following persons,-

(i) An inidividual

(ii) An AOPCo-operative Society

(iii) An AOP

(iv) LLP

(v) BOI

(vi) Company

Select the correct answer from the options given below-

PART IV of the Finance Act, 2018 will deal with ______