MCQ on Basic Concepts of Income Tax

Questions

1 Under Income Tax Act partnership firm includes -

A Limited liability partnership

B Limited liability company

C One person company

D Association of person

View Answer

Answer:Limited liability partnership

2 A.O.P should consist of :

A Individual only

B Persons other than individual only

C Both individual and non individual persons.

D None of these

View Answer

Answer:Both individual and non individual persons.

Article and Schedule Quiz	Start Test!

DOWNLOAD CURRENT AFFAIRS PDF FROM APP

3 Body of individual should consist of :

A Individual only

B Persons other than individual only

C Both individual and non individual persons.

D None of these

View Answer

Answer:Individual only

4 A person becomes a member of HUF by -

A Contract

B Agreement

C Popularity

D Status

View Answer

Answer:Status

5 In order to be assessed as HUF there should be -

A Partnership

B Co-Partnership

C Co -Parcenership

D Co-Ownership

View Answer

Answer:Co -Parcenership

6 Section __ of the Income-tax Act, 1961 defines the term 'person' -

A 4

B 2(31)

C 5

D 2(32)

View Answer

Answer:2(31)

7 --------------must be one in which two or more persons join in for a common purpose or common action with the object of earning income or profits or gains.

A Partnership

B Co-ownership

C Body of Individuals

D Association of Persons

View Answer

Answer:Association of Persons

8 Which amongst the following is Artificial Juridical Person?

A Corporation

B Local Fund

C District Board

D None of these

View Answer

Answer:Corporation

9 Previous year is defined in -

A Section 2(34)

B Section 2(9)

C Section 3

D Section 4

View Answer

Answer: Section 3

10 Financial year means a year commencing on –

A 31st March of the period

B 1" day of the April

C Mid of the year

D None of these

View Answer

Answer:1" day of the April

ADRE 2.0 FULL LENGTH MOCK TEST

Take Mock Tests

Missiles Mock Test	Start Test!
SSC MTS Mock Test	Start Test
IBPS CLERK MOCK TEST	Start Test
SSC MTS 2022 JULY 26 Shift 1 (ENGLISH)	Start Test!
SSC GD Previous Year Paper 2021 Nov 17 Shift - I (Hindi)	Start Test!
SSC CGL Tier - 1 PYP 2022 April 21 Shift- 1 (ENGLISH)	Start Test!
MPSC PAPER I MOCK TEST 1 (ENGLISH)	Start Test!
IB Security Assistant Mock test 1 (english)	Start Test!
UP POLICE CONSTABLE MOCK TEST 1	Start Test!
DELHI POLICE CONSTABLE MOCK TEST 1 (HINDI)	Start Test!