Income Tax Rate & Basic Concept of Income Tax Questions and Answers | Income Tax Rate MCQs

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Questions
1 A person includes:
A Only Individual
B Only Individual and HUF
C Individuals, HUF, Firm, Company only
D Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every Artificial Juridical Person

Answer:Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every Artificial Juridical Person
2 As per section 2(31), the following is not included in the definition of 'person'
A An individual
B A Hindu undivided family
C A company
D A minor

Answer: A minor
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3 Every assessee is a person, and -
A every person is also an assessee
B every person need not be an assessee
C an individual is always an assessee
D A HUF is always an assessee

Answer:every person need not be an assessee
4 Describe the status of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs of Z. Z died in 2018 and X and Y carry on his business without entering into a partnership.
A Firm
B Limited Liability Partnership
C Company
D Body of Individual

Answer:Body of Individual
5 Assessment year can be a period of :
A only more than 12 months
B 12 months and less than 12 months
C only 12 months
D 12 months and more than 12 months

Answer:only 12 months
6 Year in which income is taxable is known as ___________ and year in which income is earned is known as ----
A Previous year, Assessment year
B Assessment year, Previous year
C Assessment year, Assessment year
D Previous year, Previous year

Answer: Assessment year, Previous year
7 The year in which the income is earned is known as
A Previous year
B Financial year
C Both (A) or (B)
D None of the above.

Answer:Previous year
8 All assesses are required to follow:
A Uniform previous year which must be calendar year only
B Uniform previous year which must be financial year only
C Any period of 12 months
D Period starting from 1st July to 30th June only

Answer:Uniform previous year which must be financial year only
9 XYZ LLP falls under which---------- category of person -
A Individual
B Partnership firm
C Company
D Association of person

Answer: Partnership firm
10 Municipality of Delhi falls under----- category of person-
A Artificial juridical person
B Local authority
C Individual
D Association of Person

Answer:Local authority
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