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

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

View Answer

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

View Answer

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

View Answer

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

View Answer

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

View Answer

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

View Answer

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.

View Answer

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

View Answer

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

View Answer

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

View Answer

Answer:Local authority

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