219 FIN SE – IL - FIN - 03 Direct Taxation

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

MBA SEM-II 2021-22 Online Exam

S. P. Mandali's
Prin. N.G.Naralkar Institute of Career Development & Research
536 Shaniwar Peth, Appa Balwant Chowk (ABC Chowk) Pune-411030

Email *

Student Name *

Roll No *

Class / Division *

MBA Specialization *

Subject *

MBA SEM-II 2021-22 Online Exam

Total Questions : 25
Per Questions Mark : 1
Passing Mark : 10

1. The Central Government has been empowered by entry ________________ of the Union list of Schedule VII of the constitution of India to levy tax on income other than agricultural income.

A. 84

B. 82

C. 81

D. 85

Clear selection

2. The Income tax act, 1961 came into force w.e.f........

A. 1st April, 1962

B. 31st March, 1961

C. 1st April, 1961

D. None of above

Clear selection

3. Amongst the following _________________ is empowered to levy tax on agricultural income.

A. Central Government

B. State Government

C. Commissioner

D. President

Clear selection

4. Circulars and Notifications are binding on the…

A. Central Board of Direct Taxes (CBDT)

B. Assessee

C. Income Tax Appellate Tribunal (ITAT)

D. Income Tax Authorities

Clear selection

5. Supreme Courts precedent in binding on

A. Courts

B. Appellate Tribunals

C. Income Tax Authorities

D. All of the above.

Clear selection

6. Income Tax is charged in -

A. Financial Year

B. Assessment Year

C. Previous Year

D. Accounting Year

Clear selection

7. A person includes:

A. Only Individual

B. Only Individual and HUF

C. Individuals, HUF, Firm, Company only

D. Individuals, HUF, Company, Firm, AOP or BOI, Local Authority, Every Artificial Juridical Person

Clear selection

8. Every assesse is a person, and -

A. every person is also an assesse

B. every person need not be an assesse

C. an individual is always an assesse

D. A HUF is always an assesse

Clear selection

9. Describe the status of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs of Z. Z died in 2018 and X and Y carry on his business without entering into a partnership.

A. Firm

B. Limited Liability Partnership

C. Company

D. Body of Individual

Clear selection

10. Assessment year can be a period of:

A. only more than 12 months

B. 12 months and less than 12 months

C. only 12 months

D. 12 months and more than 12 months

Clear selection

11. Income Tax is levied on the ___________ of a person.

A. Total Income

B. Total Income-Debt

C. Gross Total Income

D. Net Income-Debt Perquisites

Clear selection

12. The period of 12 months commencing on the day of April every year is known as____________ _

A. Financial Year

B. Assessment Year

C. Previous Year

D. Accounting Year

Clear selection

13. The charging section of the Income-tax Act, 1961, states that the income earned in a year is taxable in the next year. This is known as ______

A. Principle of mutuality

B. Previous year rule

C. Financial year rule

D. None of these.

Clear selection

14. Income includes -

A. Profits and gains

B. Profit in lieu of Salary

C. Income from other sources

D. All of the above

Clear selection

15. Income is divided in ___________ heads of Income.

A. 4

B. 5

C. 6

D. 3

Clear selection

16. Which of the following income is not included in the term 'income' under the Income-tax Act, 1961 -

A. Profit and gains

B. Dividend

C. Profit in lieu of salary

D. Reimbursement of travelling expenses.

Clear selection

17. Which amongst the following is not a head of Income?

a. Salaries

b. Income from house Property

c. Capital gains

d. Income from exports

Clear selection

18. Amongst the following which activity will be taxable?

A. Profits & gains of any insurance business

B. Income from specific services provided by carried on by a co-operative society. Trade,

Professional or similar association.

C. The profits and gains of any banking business carried on by a co-operative society.

D. All of the above.

Clear selection

19. According to section 2(24) definition of 'income' is -------

A.Inclusive

B. Exhaustive

C. Exclusive

D. Descriptive.

Clear selection

20. Payment of Gratuity Act is …..

A. 1960

B. 1972

C. 1986

D. 1975

Clear selection

21. If Organization is not register under Payment of Gratuity act then exemption limit is

A. 20 lac

B. 10 Lac

C. 5 Lac.

D. 15 Lac

Clear selection

22. NAV expand ….

A. Net Annual Value

B. Net Accepted Value

C. Net Adjusted Value

D. Net Average Value

Clear selection

23. The year in which the income is earned is known as

A.Previous year

B.Financial year

C.Both (A) or (B)

D.None of the above.

Clear selection

24. Who amongst the following confers on the power to issue circulars and clarifications?

A. ITAT

B. Central Government

C. CBDT

D. State Government

Clear selection

25. Section ------------------------------ of the Income-tax Act, 1961 defines the term 'person'

A. 4

B. 2(31)

C. 5

D. 2(32)

Clear selection

Submit

Clear form

Never submit passwords through Google Forms.

This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy

Forms