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Basic Questions

Basic Questions helps us to increase our knowledge

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1.

Out of the following, which of the capital receipt is not taxable:

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2.

Arun, a non-resident of India celebrated his 80th birthday on 10th October 2022. If his total income for the previous year is ₹ 6,00,000, his income-tax liability for the previous year 2022-23 is - (June 2 016)

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3.

For a individual, the minimum amount of total income liable for surcharge and the rate of surcharge applicable therein are -

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4.

'Income' under section 2(24) includes

 I.   The profits and gains of a banking business carried on by a co-operative society with its members.

II.   Any advance money forfeited in the course of negotiations for transfer, of capital asset.

Choose the correct option with reference to the above statements –

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5.

The income-tax payable by a Resident Individual (aged 30 years) for AY 2023 -24 if his total income is Rs. 16,00,000 will be:

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6.

The amount of marginal relief admissible to Mr Bansal Resident Individual (aged 25 years) for AY 2023-24 if his total income is ₹ 1,01,00,000 will be:

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7.

In case of a female individual, who is of 59 years of age, what is the maximum exemption limit for A.Y. 2023-24:

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8.

The amount of marginal relief admissible to Mr Bandar Resident Individual (aged 25 years) for AY 2023 - 24 if his total income is Rs. 1,01,00,000 will be:

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9.

For the previous year 2022-23, taxable income of Mango Ltd., a domestic company (Turnover if FY 2020-21 was ₹ 451 crores) ₹ 10,86,920. Its tax liability would be-

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10.

Surcharge of 15% is payable by an Hindu Undivided Family where the total income exceeds

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11. A person leaves India permanently on 11.2022. The assessment year for income earned till 15.11.2022 in this case shall be:

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12.

An assessee, being an individual resident in India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for an assessment year, of an amount equal to 100% of such income-tax or a lesser amount. The maximum amount of total income qualifying for such deduction and the maximum amount of deduction so available is —

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

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14.

If a resident Individual's (30 years of age) wherein his total Income is Rs. 5,00,00,000, the marginal relief available to the him is –

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15.

The Apex Court in the case of CIT v. Saurashtra Cements Ltd. [2010] 233 CTR 209 (Gujarat) has held that liquidated damages received from the supplier on account of delay in the supply of plant and machinery shall be treated in the nature of:

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16.

An assesse, being an individual resident in India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for an assessment year, of an amount equal to 100% of such income-tax or a lesser amount. The maximum amount of total income qualifying for such deduction and the maximum amount of deduction so available is –

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17.

Surcharge of 25% is payable by an individual where the total income exceeds:

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18.

For the previous year 2022-23, taxable income of Chadda Ltd., a domestic company (Turnover in 2020-21 was ₹ 399 crores) is ₹ 10,86,920. Its tax liability would be –

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19.

The income-tax payable by a Mrs Swati Non-Resident Individual (aged 65 years) for A.Y. 2023 - 24 if her total income is ₹ 2.75.000 will be:

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20. Year in which income is taxable is known as __________________ and year in which income is earned is known as ___________________.

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21.

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

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22.

The income-tax payable by a Non-Resident Individual (aged 30 years) for Assessment Year 2023-24 if his total income is ₹ 2,70,000 will be:

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23.

The income-tax payable by a Mr Bansal Resident Individual (aged 25 years) for A.Y. 2023 - 24 if his total income is ₹ 4.50.000 will be:

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24.

The MMR of 42.744% for Assessment Year 2023 - 24 is relevant in case of which of the following person-

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25.

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

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26.

In case of non-residents engaged in shipping business in India income earned during the financial year is –

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27. A.O.P. should consist of:

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28.

Year in which income is taxable is known as __________________ and year in which income is earned is known as ___________________.

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29.

What is the highest slab of income, specified in the Finance Act for A.Y. 2023 - 24 for individual or an AOP or Body of Individuals?

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30. A person leaves India permanently on 11.2022. The assessment year for income earned till 15.11.2022 in this case shall be:

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31.

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

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32. First previous year in case of a business/profession newly set up on 31-3-2023 would:

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33.

The income-tax payable by a Resident Individual (aged 30 years) for A.Y. 2023 - 24 if his total income is ₹ 3,00,000 will be:

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34.

If a resident Individual's (40 years of age) wherein his total Income is Rs. 2,00,50,000, the marginal relief available to the him is –

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35.

For a domestic company, the minimum amount of total income liable for surcharge and the rate of surcharge applicable therein are -

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36.

Income includes -

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37.

Income from transfer of carbon credits is chargeable to tax at rate of -

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38.

The income-tax payable by a Resident Individual (aged 30 years) for A.Y. 2023 - 24 if his total income is ₹ 3,01,500 will be :

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39.

A.O.P. should consist of:

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40. Surcharge on income tax for the Y. 2023-24 is payable by a domestic company other than referred to in section 115BAA or 115BAB at the rate of:

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41. A person leaves India permanently on 11.2022. The assessment year for income earned till 15.11.2022 in this case shall be:

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42.

As per Income-tax Act, 1961 surcharge @ 12% is payable by a domestic company if the total income exceeds:

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43. In case of an individual and HUF, health and education cess is leviable only when the total income of such assessee:

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44. Dr. Yeda commenced medical practice on 1st September, 2022. The previous year for the profession for the assessment year 2023 - 24 would be -

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45. Incomes which accrue or arise outside India but are received directly into India are taxable in case of:

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46.

RAJA & PRAJA Ltd. Has earned income of ₹ 150 lakh inclusive of income of ₹ 50 lakh from the transfer of Carbon Credit during year 2022 - 23. The company had incurred an amount of ₹ 5 lakh as transfer expenses on transfer of Carbon Credit. The income received from transfer of Carbon Credit in the A.Y. 2023 - 24 shall be taxed as per section 115BBG of the Act and the amount of tax on such income payable shall be:

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47.

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.

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48.

For the previous year 2022 - 23, taxable income of Apne Ltd., a domestic company (Turnover in 2020 - 21 was Rs. 399 crores) is Rs. 10,86,920. Its tax liability would be —

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49. 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.

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50.

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

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51.

Chirag a resident individual of 67 years of age had total income earned from different sources during the previous year 2022-23 being computed as per provisions of Income-tax Act, 1961 of ₹ 4,75,000. His tax liability on such income for the assessment year 2023-24 will be __________________ but tax payable shall be nil. (Dec. 2020)

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