COMMERCE QUIZ SUBJECT: INCOME TAX 2022-23

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B COM IV SEMESTER

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NAME

GROUP AND SECTION

HALL TICKET NUMBER

1. Income Tax Act was passed in the year……….

1 point

1934

1956

1961

1975

Clear selection

2. Income Tax Act came into force on…………

1 point

1st April 1935

1st April 1961

1st April 1962

1st April 1972

Clear selection

3. Income tax is a………………….

1 point

Professional tax

Service tax

Direct tax

Indirect tax

Clear selection

4. There are …………… heads of income

1 point

Clear selection

5. Section 2(9) of Income tax deals with…………..

1 point

Person

Assessment Year

Assessee

Previous Year

Clear selection

6. Assessment year is the period of 12 months commencing from ……………. Every year.

1 point

1st March

30th April

31st March

1st April

Clear selection

7. As per Income tax Act, Person includes ……………

1 point

Individual

HUF

Local Authority

All of the above

Clear selection

8. To be an Ordinarily resident in India, an individual must satisfy ……………………….

1 point

Both Basic Conditions and One Additional Condition

One Basic Condition and Both Additional Conditions

One Basic Condition and One Additional Condition

Both Basic Conditions and Both Additional Conditions

Clear selection

9. A citizen of India who goes abroad for the purpose of employment, he must stay inIndia in the previous year for at least ............................. days to become a resident

1 point

162

182

200

Clear selection

10. Who is assessee in case of a HUF?

1 point

Karta

Coparceners

Deemed Karta

None of these

Clear selection

11. Dividend from an Indian Company is …………………

1 point

Fully Taxable

Fully Exempted

Partly Taxable

None of these

Clear selection

12. Cannons of taxation are originally propounded by

1 point

Alfred Marshall

Adam Smith

Thomson

Freaud

Clear selection

13. Previous year means the financial year immediately preceding the…………………...

1 point

Accounting Year

Assessment Year

All of the above

None of the above

Clear selection

14. Income received in India is taxable in the hands of...........................

1 point

Resident only.

Resident and ordinarily resident only.

Non-resident only.

All assessees.

Clear selection

15. Residential Status of an assesses can be …………………………..

1 point

Same in all years

Different for different assessment years

None of the above

All of the above

Clear selection

16. Profits earned from an illegal business are..........................

1 point

Taxable.

Tax free.

Ignored by Tax Authorities.

treated as other income.

Clear selection

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