Basic Concepts of Income Tax MCQ | 50 Free MCQs

31. A new business was set up on 15-11-2019 and it commended its business from 1-12-2019. The first previous year, in this case, shall be :
a) 15-11-2019 to 31-3-2020
b) 1-12-2019 to 31-3-2020
c) 2017-2020
d) None of these

32. Shivaji University is assessable under the Income Tax Act as:
a) An Individual
b) An Artificial Juridical Person
c) A Local Authority
d) None of these

33. Income Tax Act has …………. schedules.
a) 23
b) 14
c) 298
d) 40

34. 58 (1) (a) (ii) is read as …………….
a) Section 58 schedule (1) clause (a) sub-clause (ii)
b) Section 58 clause (1) sub-section (a) schedule (ii)
c) Section 58 sub-section (1) clause (a) sub-clause (ii)
d) Section 58 sub-section (1) clause (a) schedule (ii)

35. In 59 (3) (b) (iv), (b) is ……………
a) Section
c) Sub-section
c) Clause
d) Sub-clause

36. …………… are definite, specific, complete and full.
a) Exhaustive definition
b) Inclusive definition
c) Sections
d) Clauses

37. A firm is regarded as a unit of assessment as per …………….. .
a) Income Tax Act
b) Partnership Act
c) Companies Act
d) Finance Act

38. ………….. is chargeable u/s 45.
a) Capital Gains
b) Profit and Gains
c) Dividend
d) Voluntary Contribution

39. Income includes …………..
a) Dividend
b) Voluntary Contribution
c) Capital Gains
d) All of the above

40. Any sum of money received in excess of ……….. without consideration is chargeable to tax.
a) 5,000/-
b) 50,000/-
c) 5,00,000/-
d) 55,000/-

Answer: 31)15-11-2019 to 31-3-2020 32)An Artificial Juridical Person 33)14 34)Section 58 sub-section (1) clause (a) sub-clause (ii) 35)Clause 36)Exhaustive definition 37)Income Tax Act 38)Capital Gains 39)All of the above 40)50,000/-