CA Inter Income-tax Basic Concepts — practice questions
30 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CA Inter Income-tax Basic Concepts in the app →Income-tax in India is levied and collected under the:The 'assessment year' is a period of twelve months commencing on the ___ of every year:Income earned in a 'previous year' is generally taxed in the:The 'previous year' is defined as the financial year immediately ___ the assessment year:A 'person' under Section 2(31) of the Income-tax Act includes how many categories?Which of the following is NOT one of the seven categories of 'person' under Section 2(31)?The person by whom any tax or any other sum of money is payable under the Act is the:The total of income computed under all the five heads, before allowing Chapter VI-A deductions, is the:Total Income is arrived at by subtracting ___ from the Gross Total Income:The number of heads of income under which income is classified is:Health and Education Cess is levied on income-tax (plus surcharge) at the rate of:An additional charge on income-tax levied on assessees with higher incomes is called:Casual income such as winnings from lotteries and crossword puzzles is taxable at a flat rate of:Agricultural income in India is, as a general rule:Under Section 288A, the total income is rounded off to the nearest:A receipt that is of a recurring nature and arises from regular activities is generally a ___ receipt:The concept whereby a part of income is diverted before it reaches the assessee by an overriding title is:Where income reaches the assessee and is then spent, it is a case of ___ of income, which is taxable:The relief given to ensure that the increase in tax (with surcharge) does not exceed the increase in income beThe optional concessional tax regime for individuals with fewer deductions is provided under Section:A rebate to resident individuals whose total income does not exceed the prescribed limit is available under SeIncome-tax is charged for an assessment year at the rates prescribed by the relevant:In certain cases the income of a previous year is assessed in the same year itself; this is an ___ to the geneA one-time receipt arising from the sale of a fixed asset is generally a ___ receipt:The amount on which income-tax is finally computed for an assessee is the:For a newly set-up business, the first previous year may be a period of ___ twelve months:Income-tax is a tax levied on the ___ of a person:Tax computed is rounded off, under Section 288B, to the nearest:Under the Act, a 'firm' and a 'company' are treated as ___ categories of person:The basic exemption limit and slab rates applicable depend on the assessee's category and chosen: