Surcharge of 10 per cent is payable by an individual where the total income exceeds. Direct tax mcq multiple choice question and answer. Income from fixed deposits is fully taxable and has to be mentioned as income from other sources. The taxpayer has to pay tax at the marginal rate applicable to him. Income tax general knowledge multiple choice questions. Tax mcqs income tax chapter 1 introduction past exams mcq. Distinguish between longterm capigal gain and shortterm capital gain.
The excellent download file is in the format of pdf. Applied direct taxation objective questions and answers. Income tax authorities, powers and duties income tax. Cs executive tax mcq income tax chapter 1 introduction past exams mcq. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. If the recipient of income doesnt furnish his pan to deductor then tds is to be deducted at which rate. Where any person has been charged to incometax on any income deemed to be his under the provisions of this section and that income is subsequently received by him, whether as income or in any other form, it shall not again be. The income tax act 1961 has been brought into force with 1 april 1962. Free download in pdf income tax general knowledge multiple choice questionsmcqs and answers. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income tax objective type questions accounts india. Income taxes are a source of revenue for governments. Basic tax calculation mcq for department of local government, exam.
Latest current affairs in april, 2020 about income tax act. Law on claiming deduction for unspecified expenditure us. Tax on income of the year 201112, including arrears of salary. Mock test in income tax basic concepts for preparation of ca inter, ipcc, ca final, cs executive, cs professional, cma inter and cma final exams. The income tax act 1961 came into force on th sept 1961 62. Crisp news summaries and articles on current events about income tax act for ibps, banking, upsc, civil services. The exemption under sec 80tta is for interest earned on savings bank balance, not for interest. Income of a minor will not be clubbed with hisher parents income if. Under section 22 of the income tax act, the annual value of a property, consisting of any buildings or lands appurtenant thereto, of which the assessee is the owner, is chargeable to tax under the head income from house property. Download objective type questions of direct tax pdf visit our pdf store. Hi where can i get full text of income tax act 1961.
Multiple choice questions subject direct taxation 76. The incometax act, 1961 is the changing statute of income tax in india. Income tax act 1961 chapter x citation 23356 bare act. Direct tax mcq multiple choice question and answer direct tax mcq with detailed explanation for interview, entrance and competitive exams. Net effect of transaction is reduction of tax liability of the company by improper means. Deduction of 30% of gross annual value while computing her income from house property in bangalore, india. They are used to fund public services, pay government obligations, and provide goods for citizens.
Download the list of sections of income tax act, 1961 in pdf and excel format. Apportionment of income between spouses governed by portuguese civil code. Y 20192020 and computation of total income of a person. The charging section of the incometax act, 1961, states that the income earned in a year is. Nonresident individualhuf net income range income tax rates health and education cess up to rs. What will be the tax treatment of salary surrendered by him. Income tax act 1961, indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india.
Ashok, an indian citizen, is employed in london since 2001. Salary theory, faq and mcq advance learning on tax treatment of various forms of salary like bonus, overtime pay, salary in lieu of notice period, etc. The incometax authorities specified in section 116 of the incometax act shall be the wealthtax authorities for the purposes of this act and every such authority shall exercise the powers and perform the functions of a wealthtax authority under this act in respect of any individual, hindu undivided family or company, and for this purpose his. These income tax gk quiz or general awareness quiz objective questions answers are very helpful for competitive exams bba, mba, pgdbm etc.
Introduction and basic concepts of income tax act 1961. The amount of rebate is 100 per cent of income tax or rs. Section 194i under income tax act is related to deduction of tax from. The centre government has cut the effective corporate tax rate for existing domestic companies to 25. In which year income tax was levied in india for the first time.
History of taxation in india tax structure in india. Today in this article, we are providing different heads of income tax act 1961. For this purpose the government has brought in taxation laws amendment ordinance 2019 to make certain amendments in incometax act 1961 and finance no. Basics and definitions income tax act, 1961 background, concept and mechanism of income tax definitions, concept of income, previous year, assessment year, distinction between capital and revenue receipts and expenditure, residential status basis of charge and scope of total income 2. Text of remaining provisions of allied acts referred to in incometax act 1. Income tax act is used for determination of taxable income, tax liability and also provides procedure for assessment, appeal, penalties and prosecutions. As amended by finance act, 2020 income from house property income chargeable to tax under the head house property rental income from a property being building or land appurtenant thereto of which the taxpayer. Multiple choice questions if an assessee earns rent from a subtenant in respect to tenanted property let out as a residence, the said rent is. C under section 414 of the incometax act, 1961, where a bad debt allowed as a deduction under. C under section 41 4 of the incometax act, 1961, where a bad debt allowed as a deduction under. Download as doc, pdf, txt or read online from scribd. Cit 1959 37 itr 1 sc has observed that the expression profits or gains in section 101 of incometax act, 1922 which corresponds to section 28 of the incometax act, 1961 has to be understood in its commercial sense and there can be no computation of such profits and gains until the. Every year finance act bring amendment to this act.
However, if a house property, or any portion thereof, is occupied by the assessee, for the purpose of any business or profession, carried on by him, the. It is deductible from income tax before calculating education cess. Income of a minor child earned by manual labour is included in the income of. Students taking ca intermediate ca ipcc exams or students preparing for. In the previous articles, we have given income tax rates for the a. In which section of the income tax act exempted incomes have been mentioned. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. It covers multiple choice questions based on the syllabus of 2016. The government of india brought a draft statute called the direct taxes code intended to replace the income tax act,1961 and the wealth tax act, 1957. Treaty provisions will override the gaar except when there is impermissible avoidance arrangements iaas. Indian partnership act, 1932, the incometax act, 1961, the depositories act, 1996, the prevention of moneylaundering act, 2002, the limited liability partnership act, 2008 and the companies act, 20, shall have the same meanings respectively assigned to them in those acts. Latest income tax act sections list has been provided for finance people. Income tax general knowledge multiple choice questions mcqs.
Determination of total income a income tax act b 1st april 1961 c approves finance bill d introduce finance bill e parent law f finance act g levies tax on income h gross tax liability tds column 1 column 2 1. Additional surcharge education cess of 3% per cent is payable on a income tax. In india income tax is governed by the income tax act 1961. As per the provisions of incometax act, 1961, such income shall be taxable in her hands at a 5% b 10% c 20% d normal tax slab rates note the above tax rates are excluding cess and surcharge. It provides for levy, administration, collection and recovery of income tax. Incometax tax collected by the central government for each financial year on the total taxable income of an assessee earned during the previous year is called incometax. Direct tax objective type questions pdf download 2020.
Download updated icai faqs and mcqs on gst september, 2018 indian economy has been witnessing the spurring growth with the paradigm shift from consumer based tax to destination based tax from july 1,2017. Objective questions and answers on direct tax for june 2011 scribd. In income tax act, 1961, deduction under sections 80c to 80u cannot exceed. Mention income in tax return but claim exemption for bank interest correct answer. Section115ac tax on income from bonds or global depository receipts purchased in foreign currency or capital gains arising from their transfer. Income tax act 58 of 1962 south african government. Income tax act, 1961 provides for levy, administration, collection and recovery of income tax. This document is highly rated by b com students and has been viewed 75578 times. Download objective type questions of direct tax pdf. Download income tax objective questions file in pdf format.
Objective questions in income tax multiple choice questions finance act 2008 1. Provisions of gaar are contained in chapter xa of the income tax act, 1961 and application of gaar and conditions under which it shall not apply, are enumerated in incometax rules, 1962. Given income tax act sections list includes revised, omitted and newly added tax rules. Income tax act 1961 complete act citation 530 bare. To understand the basic concepts in income tax act, 1961. Income tax is levied on yearly multiple choice questions subject. List of sections of income tax act 1961 download pdf. Direct tax mcq with detailed explanation for interview, entrance and competitive exams. A such income is earned by that child by applying hisher physical labour,talent or any specialized knowledge. Special provision in respect of newly established undertakings in free trade zone, etc. Free download in pdf income tax general knowledge multiple choice questions mcqs and answers. Ca final direct tax multiple choice questions nov 2019. Section page contents division one 1 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2012 1.
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