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Business Taxation (India) Practice Test: Income Tax Act 1961
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Business Taxation (India) Practice Test: Income Tax Act 1961
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25 Questions

1. Agricultural income is completely exempted for assessment year
2. ……………is the casual income.
3. The term income includes the following types of incomes.
4. Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is .
5. As per Income Tax Act, 1961, income tax is charged on the income of at a rates which are prescribed by the Finance Act of relevant assessment year.
6. If the agricultural income is ……….. then the agricultural income is considered for calculating tax.
7. The interest on loan paid by the Government of India to a non-resident outside India is………..in India.
8. Residential Status of an assesses can be .
9. The number of income source for a person are .
10. The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is .
11. Previous year means the financial year immediately preceding the .
12. Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is .
13. Income deemed to be received in India whether occurred in India or outside India, the tax incidence in case of resident is .
14. The way of tax liability by taking full advantage provided by the Act is .
15. The awards and rewards are exempted from Income Tax if .
16. The income from foreign companies by providing the services in project connected with security of India is from tax liability.
17. The period of 12 months commencing on the first day of April every year and ending on 31st March is called as .
18. The tax incidence for company or firm in which income received in India and company is resident is .
19. Basic condition will be for a person who leaves India for employment .
20. …………..comes under agricultural income.
21. The Income Tax Act came into force all over India except .
22. The agricultural income includes .
23. The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of resident is .
24. ……………….of Income Tax Act is related to residential status.
25. The tax payer liability is determined with reference to his or her .

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