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

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Questions
1 The period of 12 months commencing on the rt day of April every year is known as ____________ _
A Financial Year
B Assessment Year
C Previous Year
D Accounting Year

Answer:Assessment Year
2 The charging section of the Income-tax Act, 1961, states that the income earned in a year is taxable in the next year. This is known as ______
A Principle of mutuality
B Previous year rule
C Financial year rule
D None of these.

Answer:Previous year rule
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3 Income-tax in India is charged at the rates prescribed by -
A The Finance Act of the assessment year
B The Income-tax Act, 1961
C The Central Board of Direct Taxes
D The Finance Act of the previous year.

Answer:The Finance Act of the assessment year
4 A new business was set-up on 1st July, 2018 and trading activity was commenced from 1st September, 2018, the previous year would be the period commencing from
A 1st April, 2018 to 31st March, 2019
B 1st July, 2018 to 31st March, 2019
C 1st September, 2018 to 31st March, 2019
D 1st October, 2018 to 31st March, 2019.

Answer:1st April, 2018 to 31st March, 2019
5 According to section 2(24) definition of 'income' is -------
A Inclusive
B Exhaustive
C Exclusive
D Descriptive.

Answer:Inclusive
6 'Income' under section 2(24) includes -

(i) The profits and gains of a banking business carried on by a co-operative society with its members.

(ii) Any advance money forfeited in the course of negotiations for transfer of capital asset.

Choose the correct option with reference to the above statements _

A Both (i) and (ii)
B Only (i)
C Only (ii)
D Neither (i) nor (ii).

Answer:Both (i) and (ii)
7 Income includes -
A Profits and gains
B Profit in lieu of Salary
C Income from other sources
D All of the above

Answer:All of the above
8 Income is divided in ___________ heads of Income.
A 4
B 5
C 6
D 3

Answer:5
9 Income includes -
A Profits or Gains
B Capital gains
C Lottery winnings
D All of the above

Answer: All of the above
10 The term' income' includes the following types of incomes -
A Legal
B Illegal
C Legal and illegal both
D None of the above

Answer:Legal and illegal both

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