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Free download in PDF Income Tax General Knowledge Multiple Choice Questions(MCQs) and Answers. These Income Tax GK Quiz or General Awareness quiz objective questions answers are very helpful for competitive exams BBA, MBA, PGDBM etc.
(1)
Under the income- tax act, the incidence of taxation depends on........
[A] The citizenship of the tax-payer
[B] The age of the taxpayer
[C] The residential status of the tax-payer
[D] The gender of the taxpayer
Comment
(2)
Unabsorbed depreciation can be carried forward for set off..............
[A] for a period of four years only.
[B] for an unlimited number of years.
[C] for a period of eight years only.
[D] for a period of eighteen years only.
Comment
(3)
Residential status is determined for................
[A] Previous year
[B] Assessment year
[C] Accounting year
[D] Financial year.
Comment
(4)
How many heads of income are there to compute Gross total income.
[A] Six
[B] Five
[C] Four
[D] Three
Comment
(5)
Income Tax Act came into force on...........
[A] 01-04-1961
[B] 01-04-1962
[C] 01-04-1956
[D] 01-04-1965
Comment
(6)
Income by way of rent of agricultural land is ..........
[A] Business income
[B] Agricultural income
[C] Income from other sources
[D] Casual income
Comment
(7)
Income by way of rent of agricultural land is ..........
[A] A revenue receipt.
[B] A casual receipt.
[C] A capital receipt.
[D]None of these.
Comment
(8)
Which of the following is not a capital receipt?
[A] 'Salami' for settlement of Tenancy.
[B] Insurance claim received on machinery lost by fire.
[C] Lump sum received on sale of shares.
[D]Goods sold for cash.
Comment
(9)
Compensation for cancellation of a licence by the government resulting in cessation of business is........................
[A] a casual receipt
[B] a capital receipt
[C] a revenue receipt
[D] None of the above
Comment
(10)
Compensation received for loss of trading asset is a..........
[A] Capital receipt
[B] Revenue receipt
[C] a casual receipt.
[D] None of the above
Comment
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