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Taxes In India Quiz 1 (60 MCQs)

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1. Which of the following is a union tax?
2. What is the name of the project that is an ambitious project of the Union Finance Ministry to bring into net black money hoarders and tax evaders by using optimum technology?
3. If good will of a profession which is self generated is transferred, there will
4. New assets acquired for claiming exemption u/s 54, 54B or 54D,if transferred within 3 years, will result in
5. Service tax is not payable on any service provided to
6. The payment for Insurance premium under section 80D should be paid
7. Dividend paid by an Indian company is
8. The maximum deduction u/s 80GG shall be limited to
9. Service tax is a charge on
10. Where the entire block of the depreciable asset is transferred after 36 months, there will be
11. Income which accrue outside India from a business controlled from India is taxable in case of
12. Service tax was introduced in India in the year
13. Exemption under section 54 is available to
14. In case an assessee is engaged in the business of plying hiring or leasing goods carriage, presumption income scheme under section 44AE is applicable if the assessee is the owner of maximum of
15. Service tax is payable on the gross amount
16. The quantum of deduction allowed under section 80D shall be limited to
17. Under the head Business or Profession, the method of accounting which an assessee can follow shall be
18. In the aforesaid case,the income shall be presumed to be
19. Residential status to be determined for
20. Secondary and Higher Education Cess was levied by
21. Service tax was introduced first time on
22. Deduction under section 80D in respect of medical insurance premium is allowed to
23. The most important source of revenue to the states is
24. Tax is levied under VAT at
25. Service tax is governed and administered by
26. Banking services offered to units set up in Special Economic Zones (SEZs) have been exempted for paying tax
27. Which of the following states became the first state in the country to launch RBI's e-payment system for commercial tax payers?
28. In case the assessee follows mercantile system of accounting, bonus or commission to the employee are allowed as deduction on
29. Education cess is leviable in case of
30. R, a foreign national visited India during previous year 2008-09 for 180 days. Earlier to this he never visited India. R in this case shall be
31. Deduction u/s 80C in respect of LIP, Contribution to provident fund, etc. is allowed to
32. Body of individual should consist of
33. Deduction u/s 80GGA in respect of certain donation for scientific research or rural development is allowed to
34. Securities transaction tax paid by the seller of shares and units shall
35. The tax levied by the union government on income of individuals is known as
36. The term 'assessment year' is defined
37. Usually, the validity period of an Income Tax Refund Order is
38. Service tax was introduced in India on the recommendation of
39. Expenditure incurred on purchase of animals to be used by the assessee for the purpose of carrying on his business & profession is subject to
40. The term 'previous year' is defined under
41. There will be no partial integration of agricultural income with non agricultural income, if the non agricultural income does not exceed
42. The power to levy service tax is now provided by the Constitution vide entry No.
43. The provisions relating to valuation of taxable services are contained in
44. Deduction under section 80C is allowed from
45. Family pension received by a widow of a member of the armed forces where the death of the member has occurred in the course of the operational duties, is
46. As per Sec.139(1), a company shall have to file return of income
47. The phenomenon of a continuous decrease in prices of goods and services in the economy is, known as .....?
48. The last date of filing the return of income u/s 139(1) for A. Yr. 2009-10 in case of a company assessee is
49. The power to make rules for service tax is given to Central Government by
50. In the above case the income to be presumed under section 44AF shall be
51. For claiming Deduction u/s 80C, the payment or deposit should be made
52. R Ltd., is an Indian company whose entire control and management of its affairs is situated outside India. R Ltd., shall be
53. Income tax is rounded off to
54. Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.
55. Deduction under section 40(b) shall be allowed on account of salary /remuneration paid to
56. The period of holding of shares acquired in exchange of convertible debentures shall be reckoned from
57. Interest on money borrowed for the purpose of acquiring a capital asset pertaining to the period after the asset is put to use is to be
58. Name the committee to recommend that granting relief to FIIs on Minimum Alternate Tax (MAT) will be a positive thing for the market?
59. A local authority has earned income from the supply of commodities outside its own jurisdictional area. It is
60. The provisions relating to service tax are given in
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