Quiz  /  Income tax Gate & PSU MCQ Questions With Answers

  • 1. 
    The provisions relating to the income from house property are contained in sections.

  • 16-21
  • 22-27
  • 28-32
  • 36-42

  • 2. 
    Unrealized rent is deducted from Expected rent

  • True
  • False

  • 3. 
    Sam's chargeable income is RM29,00. Calculate his tax payable.

  • RM300
  • RM440
  • RM540
  • RM840

  • 4. 
    Income from a business in Pakistan is taxable in the case of non resident in India

  • True
  • False

  • 5. 
    Kim chargeable income is RM36,200. Calculate his tax amount.

  • RM132
  • RM900
  • RM1,200
  • RM1,332

  • 6. 
    It is legal

  • Tax avoidance
  • Tax evasion
  • Tax management
  • None

  • 7. 
    Maximum deduction for EPF and LIP contributions is limited to __________.

  • RM4,000
  • RM 5,000
  • RM6,000
  • RM7,000

  • 8. 
    A person can be resident in more than one country.

  • True
  • False

  • 9. 
    To make savings by any family member is not treated as income

  • True
  • False

  • 10. 
    Assessees may fail to give the assessing officer adequate co-operation regarding the assessment procedure. The Assessing officer may resort to

  • Reassessment
  • Best Judgement Assessment
  • Summary Assessment
  • Self Assessment

  • 11. 
    The income tax is a direct tax charged annually by the Central Govt.

  • True
  • False

  • 12. 
    Parliament has the power to levy tax on incomes other than

  • (a) Exempt Incomes
  • (b) Income of poor people
  • (c) Agricultural Income
  • (d) All incomes are taxable

  • 13. 
    Highest Administrative Authority for Income Tax in India is .

  • (a) Finance Minister
  • (b) CBDT
  • (c) President of India
  • (d) Director of Income Tax

  • 14. 
    Income Tax Act came into force on

  • . (a) 1.4.1961
  • (b) 1.4.1962
  • (c) 1.4.1956
  • (d) 1.4.1965

  • 15. 
    Income Tax is imposed by

  • (a) State Government
  • (b) Central Government
  • (c) Both of the above
  • (d) Constitution of India

  • 16. 
    Noah and Suzy both are working. They choose joint assessment for their tax. Their chargeable income are RM32,400. How much their tax rebate?

  • RM400
  • RM600
  • RM800
  • RM1,000

  • 17. 
    Temple property belongs to .............as per recent pronouncement of the Supreme court

  • Supreme court
  • High Court
  • Diety
  • Worshipers

  • 18. 
    Mr. P sets up a new business on 15.7.2018 & he commenced his business from 1.2.2019. First PY shall be:

  • (a) 15.7.2018 to 31.3.2019
  • (b) PY 2018-19
  • (c) 1.2.2018 to 31.3.2019
  • (d) PY 2019-20

  • 19. 
    LPG subsidy received by an Individual in included in his income

  • True
  • False

  • 20. 
    The income tax officer can impose a penalty of .................. on the concerned person if he possesses more than one PAN cards.

  • Rs 50,000
  • Rs 1,00,000
  • Rs 10,000
  • Rs 2,00,000

  • 21. 
    A rebate is allowed to a tax payer whose chargeable income is ________.

  • RM35,000
  • not more that RM35,000
  • more than RM35,000
  • None of the above
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