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

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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

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

Answer:Both individual and non individual persons.
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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

Answer:Individual only
4 A person becomes a member of HUF by -
A Contract
B Agreement
C Popularity
D Status

Answer:Status
5 In order to be assessed as HUF there should be -
A Partnership
B Co-Partnership
C Co -Parcenership
D Co-Ownership

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)

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

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

Answer:Corporation
9 Previous year is defined in -
A Section 2(34)
B Section 2(9)
C Section 3
D Section 4

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

Answer:1" day of the April

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