LLM Tax Law — practice questions
48 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice LLM Tax Law in the app →Under Section 4 of the Income Tax Act 1961, income tax is CHARGED for any 'PREVIOUS YEAR' on:Under Section 6 ITA 1961, an INDIVIDUAL is a RESIDENT in India for a previous year if he/she:Under Section 5 ITA 1961, the SCOPE OF TOTAL INCOME of a RESIDENT and ORDINARILY RESIDENT (ROR) includes:Section 10 ITA 1961 lists EXEMPTIONS from total income. Which is NOT exempt under Section 10?Section 17 ITA 1961 defines 'SALARY' for purposes of taxation. It includes:Under Section 22 ITA 1961, INCOME FROM HOUSE PROPERTY is computed on:Section 28 ITA 1961 charges INCOME FROM BUSINESS OR PROFESSION. Which is INCLUDED as business income?Under Section 32 ITA 1961, DEPRECIATION is allowed as a deduction on:Section 45 ITA 1961 charges 'CAPITAL GAINS' on the transfer of:Under Section 54 ITA 1961, EXEMPTION from CAPITAL GAINS on transfer of a residential house is available if:Section 80C ITA 1961 allows DEDUCTION from gross total income on specified investments and contributions up toSection 80D ITA 1961 allows DEDUCTION for HEALTH INSURANCE PREMIUMS up to a maximum of:Section 80G ITA 1961 deductions are available for DONATIONS to specified institutions. Donations to PM NationaSection 80E ITA 1961 deducts INTEREST paid on EDUCATION LOAN:Under Section 80TTA / 80TTB ITA 1961, INTEREST income on SAVINGS BANK accounts is deductible:Section 87A ITA 1961 provides REBATE for INDIVIDUAL TAXPAYERS whose TAXABLE INCOME does not exceed:Section 139 ITA 1961 prescribes DUE DATE for filing RETURN OF INCOME:Section 192 ITA 1961 mandates TDS on SALARY income to be deducted by:Section 194A ITA 1961 mandates TDS on INTEREST income other than securities at the rate of:Section 234B ITA 1961 prescribes INTEREST FOR DEFAULT IN PAYMENT OF ADVANCE TAX:Section 271(1)(c) (now Section 270A) ITA 1961 imposes PENALTY for:Under the CGST Act 2017, 'SUPPLY' under Section 7 includes:Under the CGST Act 2017, GST is LEVIED under Section 9 on:Section 10 CGST Act 2017 (COMPOSITION SCHEME) is available to TAXPAYERS with TURNOVER up to:Under Section 16 CGST Act 2017, INPUT TAX CREDIT (ITC) is available subject to conditions including:Under Section 22 CGST Act 2017, GST REGISTRATION is MANDATORY for:Under Section 50 CGST Act 2017, INTEREST is payable on:Section 122 CGST Act 2017 prescribes PENALTIES for specified offences (in addition to tax + interest). For SUPThe PERMANENT ACCOUNT NUMBER (PAN) under Section 139A ITA 1961 is mandatory for:The TAX AUDIT under Section 44AB ITA 1961 is mandatory for:Section 44AD ITA 1961 — PRESUMPTIVE TAXATION for SMALL BUSINESSES — declares profit as a PRESUMED PERCENTAGE oSection 115BAC ITA 1961 (effective AY 2021-22 onwards) is the NEW TAX REGIME with:Section 14 IGST Act 2017 determines PLACE OF SUPPLY of services to consumers (B2C) where supplier is:Section 15 CGST Act 2017 prescribes the VALUE of SUPPLY for tax purposes as:Section 54 CGST Act 2017 governs REFUND of GST. Key categories include:E-WAY BILL system under Rule 138 CGST Rules 2017 is required for MOVEMENT of GOODS valued over:Section 144C ITA 1961 establishes the DISPUTE RESOLUTION PANEL (DRP) for:Section 153 ITA 1961 prescribes the TIME LIMIT for completion of REGULAR ASSESSMENT:Under Section 246A ITA 1961, APPEAL against an ORDER of the ASSESSING OFFICER lies first to the:Under Section 92 ITA 1961 (TRANSFER PRICING), transactions between ASSOCIATED ENTERPRISES must be at:The DIRECT TAX VIVAD SE VISHWAS ACT 2020 was enacted to:Under Section 269ST ITA 1961, CASH RECEIPTS of Rs 2 LAKH or MORE from a single person in respect of:Section 5 IGST Act 2017 levies IGST on:Sections 73-75 CGST Act 2017 prescribe procedures for tax DEMANDS where TAX has been NOT PAID OR SHORT PAID:Section 79 ITA 1961 restricts CARRY FORWARD of LOSSES of a COMPANY in case of CHANGE in BENEFICIAL OWNERSHIP:Section 9 ITA 1961 prescribes when INCOME is DEEMED to ACCRUE OR ARISE in India for non-residents. It includesDOUBLE TAXATION AVOIDANCE AGREEMENT (DTAA) under Section 90 ITA 1961:Section 80GG ITA 1961 provides DEDUCTION for HOUSE RENT PAID by salary earners NOT receiving HRA: