Income Tax Objective Questions 2021 | Tax Law Questions and Answers

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Income Tax Objective Questions 2021 | Tax Law Questions and Answers

Meaning of Income Tax :

Income tax is a tax levied on the annual taxable income of an individual at the rates prescribed by the Central Government. Taxpayers include individuals, firms, companies, Hindu undivided families, associations of persons, trusts, etc. Taxable income means income computed under the provisions of the Income Tax Act. 1961.

विभिन्न सार्वजनिक सेवाओं पर होने वाले खर्च को पूरा करने के लिए वित्त जुटाने के लिए आधुनिक सरकारों के हाथों में कराधान प्रमुख साधन है. यह लोगों पर एक अनिवार्य दायित्व है और जिसका भुगतान नागरिकों का कानूनी कर्तव्य है. यह उनकी संपत्ति पर हो सकता है. आय और किसी वस्तु के निर्माण और बिक्री या खरीद के समय भी भुगतान करने की आवश्यकता हो सकती है. कर सरकार की आय का मुख्य स्रोत है.

Agricultural Income and Tax Liability :

हालांकि कृषि आय छूट प्राप्त है और यह एक निर्धारिती की कुल आय की गणना में शामिल नहीं है लेकिन इसे कर गणना के दृष्टिकोण से कुल आय में जोड़ा जाता है. उन मामलों में जहां निर्धारिती के पास दोनों आय हैं, कृषि आय को गैर-कृषि आय के साथ एकीकृत किया जाता है. ऐसा एकीकरण किया जाता है केवल व्यक्तिगत, एचयूएफ, एओपी/बीओआई और कृत्रिम न्यायिक व्यक्ति के मामले में.

Income Tax Objective Questions 2021 :

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Income Tax Objective Questions 2021

Income Tax Objective Questions 2021, Tax Law Questions and Answers, ssc income tax quiz, One of the primary job positions offered for SSC is of a CGL Income Tax Inspector. In the Central Board of Direct Taxes (CBDT)

1 / 25

Foreign house property’s income is taxable only in the case of ……………………..

2 / 25

Annual value is defined as per section …………..

3 / 25

Which of the following is deductible from the annual value of HP?

4 / 25

The Income from House Property is taxable in the hands of the individual even if property is not registered in his name …………………………….

5 / 25

The following conditions must be satisfied to charge the rental income under the head Income of House Property:

6 / 25

Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rental income of Ram is taxable under the head ………………………………...

7 / 25

Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rental income of Laxman is taxable under the head …………………………………….

8 / 25

For claiming the deduction for unrealised rent, the assessee must satisfy ……………..

9 / 25

Rule 4 includes ………………………….

10 / 25

The tax paid by the tenant is ……………………

11 / 25

If the house remains vacant for the whole year, annual value will be …………..

12 / 25

A sum equal to …………… is allowed as deduction from the annual value.

13 / 25

A sum equal to 30% is allowed as deduction from the annual value as ………………

14 / 25

Interest on loan taken for which all purposes are deductible from annual value?

15 / 25

Deductions from annual value is as per section …………

16 / 25

Which of the following is not deductible from annual value?

17 / 25

Interest for pre-acquisition period is deductible in ………………. instalments

18 / 25

Annual value of self-occupied house is ……………………..

19 / 25

From the amount of arrears of rent received, …………. Is allowed as deduction.

20 / 25

The balance of unabsorbed loss from HP can be carry forward to a maximum of …….. years.

21 / 25

Rent from vacant plot of land is assessable under the head …………………

22 / 25

Subletting is assessable under the head …………………

23 / 25

In case of disputed ownership, income from HP is chargeable in the hands of …………

24 / 25

What is expected rent?

25 / 25

An individual who transfers house property without an adequate consideration to his owner spouse or to minor child is called as ………………….

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Tax Law Questions and Answers : Income Tax Objective Questions

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1. Foreign house property’s income is taxable only in the case of ……………………..

  • A) Non Resident
  • B) Not Ordinarily Resident
  • C) Ordinarily Resident
  • D) None of the above

2. Annual value is defined as per section …………..

  • A) 21(1)
  • B) 22(1)
  • C) 23(1)
  • D) 24(1)

3. Which of the following is deductible from the annual value of HP?

  • A) Municipal Taxes paid
  • B) Municipal taxes paid by the owner
  • C) Municipal taxes paid by the owner for the previous year
  • D) Municipal taxes paid by the owner during the previous year

4. The Income from House Property is taxable in the hands of the individual even if property is not registered in his name ………………………

  • A) When the property has been transferred to spouse for inadequate consideration
  • B) Where the property is transferred to a minor child for inadequate consideration
  • C) Where the individual holds on importable estate
  • D) All of the above

5. The following conditions must be satisfied to charge the rental income under the head Income of House Property:

  • A) The property should consist of any buildings or lands
  • B) The assessee should be one of the property
  • C) The property should not be used by the owner for the purpose of business or professional purpose
  • D) All of the above
Business computing mcq :

6. Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Ram is taxable under the head ………………………

  • A) Income from Salary
  • B) Income from Other Sources
  • C) Income from House Property
  • D) Income from Business

7. Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Laxman is taxable under the head ……………………

  • A) Income from Salary
  • B) Income from Other Sources
  • C) Income from House Property
  • D) Income from Business

8. For claiming the deduction for unrealised rent, the assessee must satisfy ……………..

  • A) Rule 4
  • B) Section 4
  • C) Rule 4A
  • D) Section 4 A

9. Rule 4 includes …………………

  • A) Tenancy must be bonafide
  • B) The defaulting tenant has vacated or steps have been taken to vacate the house
  • C) The defaulting tenant is not occupying any other property of the owner
  • D) All of the above

10. The tax paid by the tenant is ……………………

  • A) Added to rent received
  • B) No adjustment
  • C) Deducted from rent received
  • D) Added to Annual value
Multiple choice questions on income tax act 1961 :

11. If the house remains vacant for the whole year, annual value will be …………..

  • A) Equal to Municipal Value
  • B) Equal to Fair rent
  • C) Nil
  • D) None of the above

12. A sum equal to …………… is allowed as deduction from the annual value.

  • A) 15%
  • B) 20%
  • C) 25%
  • D) 30%

13. A sum equal to 30% is allowed as deduction from the annual value as ………………

  • A) Deduction
  • B) Standard Deduction
  • C) Basic Deduction
  • D) None of the above

14. Interest on loan taken for which all purposes are deductible from annual value?

  • A) Purchase
  • B) Repair
  • C) Construction
  • D) All of the above

15. Deductions from annual value is as per section …………

  • A) 22
  • B)24
  • C)26
  • D)24A

16. Which of the following is not deductible from annual value?

  • A) Interest on unpaid interest
  • B) Interest on loan taken for repairs
  • C) Interest on loan taken for reconstruction
  • D) None of the above

17. Interest for pre-acquisition period is deductible in …………. instalments

  • A) 3
  • B)4
  • C)5
  • D)7

18. Annual value of self-occupied house is ………………

  • A) Equal to Municipal Value
  • B) Equal to Fair rent
  • C) Nil
  • D) None of the above

19. From the amount of arrears of rent received, …………. Is allowed as deduction.

  • A) 15%
  • B) 20%
  • C) 25%
  • D) 30%

20. The balance of unabsorbed loss from HP can be carry forward to a maximum of …….. years.

  • A) 6
  • B) 7
  • C) 5
  • D) None of these
mcq on income tax 2016-17

21. Rent from vacant plot of land is assessable under the head …………………

  • A) Income from HP
  • B) Income from Other Source
  • C) Income from Capital Gain
  • D) None of the above

22. Subletting is assessable under the head ………………

  • A) Income from HP
  • B) Income from Other Source
  • C) Income from Capital Gain
  • D) None of the above

23. In case of disputed ownership, income from HP is chargeable in the hands of …………

  • A) Recipient of income
  • B) Not accessible
  • C) All owners
  • D) None of the above

24. What is expected rent?

  • A) Municipal value of Fair value whichever is lower
  • B) Municipal value of Fair value whichever is higher
  • C) Municipal value of Fair value whichever is higher subject to standard rent
  • D) None of these

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