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Income-tax and Corporate Tax Planning - Income Tax and Corporate Tax Planning Section 1 Online Exam Quiz

Important questions about Income-tax and Corporate Tax Planning - Income Tax and Corporate Tax Planning Section 1. Income-tax and Corporate Tax Planning - Income Tax and Corporate Tax Planning Section 1 MCQ questions with answers. Income-tax and Corporate Tax Planning - Income Tax and Corporate Tax Planning Section 1 exam questions and answers for students and interviews.

1. If a taxpayer, in spite of the requirement of section 44AB, fails to get his accounts audited, then he shall be liable for penalty under section 271B of one-half percent of total sales, turnover or gross receipts, etc., or whichever is less.

Options

A : Rs. 2,00,000

B : Rs. 1,50,000

C : 1,00,000

D : Rs. 50,000

2. Section 269SS provides that no person shall take or accept a loan or deposit or specified sum exceeding Rs. 50,000 by any mode other than account payee cheque or account payee demand draft or by use of electricity clearing system through a bank account. Contravention of the provisions of section 269SS will attract penalty under section 271D of an amount equal to loan or deposit taken or accepted or specified sum.

Options

A : True

B : False

C :

D :

3. The penalty under section 271FA shall be levied for failure to file a statement of financial transaction or reportable account (previously called asAnnual Information Return). The penalty under section 271FA is Rs. for every day during which the failure continues.

Options

A : 500

B : 250

C : 100

D : 50

4. What is the rate of penalty for underreporting of income under Section 270A?

Options

A : 100%

B : 200%

C : 300%

D : 50%

5. As per section 271H, where a person fails to file the statement of tax deducted/collected at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then he shall be liable to pay penalty under section 271H. The minimum penalty can be levied of Rs. 10,000 which can go up to Rs.

Options

A : 1,00,000

B : 2,00,000

C : 3,00,000

D : 3,00,000

46. The sum of various heads is called as______________________.

Options

A : Taxable income

B : Total income

C : Gross total income

D : Adjusted income

47. The agricultural income includes___________________.

Options

A : Income from the sale of crop

B : Income from the preparation of crop

C : Income from nursery

D : All of the above

48. ___________________comes under agricultural income.

Options

A : Tea garden

B : Commodity farming

C : All of the above

D : None of the above

49. If the agricultural income is___________________, then the agricultural income is considered for calculating tax.

Options

A : More than 5,000 and total income is exceeding the exemption limit

B : More than 5,000

C : More than 10,000

D : Any amount

50. The Income Tax Act, 1961 broadly covers_______________.

Options

A : Basic charging income

B : Rebates and reliefs

C : Incomes exempted from income tax

D : All of the above

51. The capital gain is a chargeable under________________of Income Tax Act.

Options

A : Section 45

B : Section 55

C : Section 56

D : Section 40

52. The definition of the person includes_________________.

Options

A : An individual

B : A company

C : A Hindu undivided family

D : All of the above

53. Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is________________.

Options

A : Partially taxable

B : Fully-taxable

C : Exempted from tax

D : None of the above

54. Residential Status of an assesses can be__________________.

Options

A : Different for the different previous year in the same assessment year

B : Different from the different assessment year

C : None of the above

D : All of the above

55. The income of previous year is chargeable to tax in the_______________.

Options

A : Immediately succeeding the assessment year

B : Same previous year

C : Immediately preceding academic year

D : None of the above

56. The interest on loan paid by the Government of India to a non-resident outside India is_______________in India.

Options

A : Not taxable

B : Partially taxable

C : Taxable

D : Can’t say

57. An individual is resident and ordinarily resident of India if______________________.

Options

A : The person had been resident in India at least 2 out of 10 previous years immediately preceding the relevant previous year

B : A person been in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year

C : All of the above

D : None of the above

58. The Resident HUF is ordinarily resident in India, if____________________.

Options

A : He has been resident in India at least 2 years out of 10 previous years immediately

B : He has been resident in India at least 3 years out of 10 previous years immediately

C : He has been resident in India at least 2 years out of 5 previous years immediately

D : None of the above

59. The basic condition will be for a person who leaves India for employment__________________.

Options

A : At least 182 days in India

B : At least 60 days in the previous year and 365 days in the preceding 4 years

C : At least 730 days in the preceding 7 years

D : All of the above

60. Which of the following is not included in the term Income under the Income Tax Act, 1961?

Options

A : Reimbursement of travelling expenses

B : Profits and gains of business or profession

C : Dividend

D : Profit in lieu of salary

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