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

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Questions
1 First previous year in case of a business/profession newly set up on 31-3-2019 would:
A Start from 1st April, 2018 and end on 31st March 2019
B Start from 31" March, 2019 and will end on 31st March, 2019
C Start from 1st January, 2019 and end on 31st December, 2019
D Start from 1st January, 2019 and will end on 31st March,2019

Answer:Start from 31" March, 2019 and will end on 31st March, 2019
2 Dr. Ashok commenced medical practice on 1st September, 2018. The previous year for the profession for the assessment year 2019-20 would be _
A 1st April, 2018 to 31st March, 2019
B 1st September, 2018 to 31st March, 2019
C 1st June, 2018 to 31st March, 2019
D 1st September, 2018 to 31st January, 2019

Answer:1st April, 2018 to 31st March, 2019
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3 Income of business commenced on 1st March, 2019 will be assessed in assessment year-
A 2018-19
B 2019-20
C 2020-21
D 2021-22

Answer:2019-20
4 A person follows calendar year for accounting. For taxation, he has to follow:
A Calendar year only :1stJanuary to 31st December
B Financial year only :1st April to 31st March
C Any of the Calendar or Financial year as per his choice
D He will to follow extended year from 1st January to next 31st March (a period of 15 months)

Answer:Financial year only :1st April to 31st March
5 In which of the following cases, income of previous year is assessable in the previous year itself:
A Assessment of persons leaving India
B A person in employment in India
C A person who is into illegal business
D A person who is running a charitable institution

Answer:Assessment of persons leaving India
6 In which of the following cases, Assessing Officer has the discretion to assess the income of previous year in previous year itself or in the subsequent assessment year:
A Shipping business of non-residents
B Assessment of Association of Persons or Body of Individuals formed for a particular event or purpose
C Assessment of persons likely to transfer property to avoid tax
D Discontinued business

Answer:Discontinued business
7 In case of non-residents engaged in shipping business in India income earned during the financial year is
A Taxable in India the same financial year
B Taxable in India the relevant assessment year
C Not taxable in India in the same financial year
D Not taxable in India.

Answer:Taxable in India the same financial year
8 In case of non-residents engaged in shipping business _____________ freight paid or payable to the owner or charterer shall be deemed to be total income.
A 5%
B 10%
C 7.5 %
D 20 %

Answer:7.5 %
9 Which amongst the following is an exception to the previous year rule?
A Business or Profession newly set up.
B Where a source of income newly set up.
C Non-resident engaged in shipping business
D None of the above.

Answer: Non-resident engaged in shipping business
10 Income Tax is levied on the ___________ of a person.
A Total Income
B Total Income-Debt
C Gross Total Income
D Net Income-Debt Perquisites

Answer:Total Income

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