Basic Concepts of Income Tax MCQ | 50 Free MCQs

41. Previous year can be of ………… 12 months.
a) More than
b) Less than
c) Only
d) Any

42. Any sum received or receivable in cash or kind under an agreement for not carrying out an activity in relation to a business is called as ……………….
a) Pin Money
b) Mutual Activity
c) No Competition Deal
d) Non-compete Agreement

43. ………….. is expected to be a periodical monetary return.
a) Salary
b) Profit
c) Income
d) Interest

44. …………… are not taxable.
a) Losses
b) Personal Gifts
c) Illegal Income
d) Awards

45. ………… received by the wife is not taxable.
a) Pin Money
b) Compensation
c) Gift
d) Salary

46. The term ‘Person’ includes …………….
a) HUF
b) AOP
c) BOI
d) All of them

47. Partners are liable to pay tax on …………. received from firm.
a) Salary
b) Profit
c) Income
d) Both (a) & (c)