This quiz works best with JavaScript enabled. Home > Economy > Banking > Taxes In India – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxes In India Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The term assessee is defined under Section A) Section 2(7) of Income Tax Act, 1961. B) Section 2(10) of Income Tax Act, 1961. C) Section 2(24) of Income Tax Act, 1961. D) Section 2(35) of Income Tax Act, 1961. Show Answer Correct Answer: A) Section 2(7) of Income Tax Act, 1961. 2. Income which accrue or arise outside India and also received outside India taxable in case of A) Resident only. B) Not ordinarily resident. C) Both ordinarily resident and NOR. D) None of the above. Show Answer Correct Answer: A) Resident only. 3. The term principal officer is defined under Section A) Section 2(7) of Income Tax Act, 1961. B) Section 2(10) of Income Tax Act, 1961. C) Section 2(24) of Income Tax Act, 1961. D) Section 2(35) of Income Tax Act, 1961. Show Answer Correct Answer: D) Section 2(35) of Income Tax Act, 1961. 4. The cost inflation index number of the P.Yr.2008-09 is A) 577. B) 580. C) 582. D) 586. Show Answer Correct Answer: C) 582. 5. The loss is allowed to be carried forward only when as assessee has furnished A) Return of loss before the due date mentioned u/s 139(1). B) Return of loss. C) Or not furnished the return of loss. D) None of these. Show Answer Correct Answer: A) Return of loss before the due date mentioned u/s 139(1). 6. The exemption u/s 54B, is allowed to A) HUF only. B) Individual only. C) Any assessee. D) All of the above. Show Answer Correct Answer: B) Individual only. 7. Service tax is payable on the value of taxable service @ A) 10.3 %. B) 12 %. C) 12.24 %. D) 12.36 %. Show Answer Correct Answer: D) 12.36 %. 8. Service tax is not payable if the aggregate value of taxable service does not exceed A) Rs. 4,00,000. B) Rs. 6,00,000. C) Rs.8,00,000. D) Rs.10,00,000. Show Answer Correct Answer: D) Rs.10,00,000. 9. The term person is defined under A) Section 2(11). B) Section 2(21). C) Section 2(31). D) Section 2(41). Show Answer Correct Answer: C) Section 2(31). 10. Conversion of capital asset into stock in trade will result into capital gain of the previous year A) In which such conversion took place. B) In which such converted asset is sold or otherwise transferred. C) All of these. D) None of these. Show Answer Correct Answer: B) In which such converted asset is sold or otherwise transferred. 11. Education cess was levied by A) The Finance Act, 1994. B) The Finance No. (2) Act, 2002. C) The Finance No. (2) Act, 2004. D) The Finance Act, 2006. Show Answer Correct Answer: C) The Finance No. (2) Act, 2004. 12. Interest on capital or loan received by a partner from a firm is A) Taxable U/H business and profession. B) Taxable U/H income from other sources. C) Exempt U/S 10(2A). D) None of these. Show Answer Correct Answer: A) Taxable U/H business and profession. 13. The exemption under section 54,shall be available A) Proportionate to the net consideration price invested. B) To the extent of amount actually invested. C) To the extent of capital gain invested in the HP. D) None of these. Show Answer Correct Answer: C) To the extent of capital gain invested in the HP. 14. Service tax is levied in India by following the A) Selective approach. B) Comprehensive approach. C) All of the above. D) None of these. Show Answer Correct Answer: A) Selective approach. 15. Loss under the head income from house property can be carried forward A) Even if the return is furnished after the due date. B) Even if the return is not furnished. C) Only if the return is furnished before the due date mentioned u/s 139(1). D) None of these. Show Answer Correct Answer: A) Even if the return is furnished after the due date. 16. For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds A) Rs. 10lakhs. B) Rs. 20lakhs. C) Rs. 30lakhs. D) Rs. 40lakhs. Show Answer Correct Answer: A) Rs. 10lakhs. 17. R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd shall be A) Resident in India. B) Not ordinarily resident in India. C) Non-resident. D) None of these. Show Answer Correct Answer: C) Non-resident. 18. Service tax is applicable to A) Whole of India. B) Whole of India except Jammu and Kashmir. C) Whole of India, except Jammu and Kashmir and Union Territories of Dadra, Nagar Haveli, Daman & Diu. D) None of these. Show Answer Correct Answer: B) Whole of India except Jammu and Kashmir. 19. Ambitious anti-offshore tax evasion and black money detection agreement between USA and India is known as A) AML. B) KYC. C) SLBC. D) FATCA. Show Answer Correct Answer: D) FATCA. 20. Incomes which accrue or arise outside India but are received directly into India are taxable in case of A) Resident only. B) Non-resident. C) Both ordinarily resident and NOR. D) All the assesses. Show Answer Correct Answer: D) All the assesses. ← PreviousNext →Related QuizzesEconomy QuizzesTaxes In India Quiz 1Taxes In India Quiz 2Taxes In India Quiz 3Taxes In India Quiz 4Taxes In India Quiz 5Taxes In India Quiz 7Banking Awareness And Sebi QuizInsurance Awareness Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books