MCQs on Income Tax Act - 18

1. For claiming exemption u/s 54, the assessee should construct the residential property within ......................... 

A. One year before or 2 years after the date of transfer 
B. One year before or 3 years after the date of transfer 
C. Within 3 years after the date of transfer 
D. Within 2 years after the date of transfer.


2. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative regularly assessed to income-tax, is

A. A capital receipt not chargeable to tax 

B. Chargeable as other sources
C. Chargeable to tax as business income
D. Exempt up to Rs.50,000 and balance chargeable to tax as income from other source



3. Education cess is leviable in case of:

A. An individual
B. HUF
C. A company assessee only
D. All assesses



4. Income tax is rounded off to:

A. Nearest ten rupees
B. Nearest hundred rupees
C. Nearest one rupee
D. No rounding off of tax is done



5. Residential status to be determined for :

A. Previous year
B. Assessment year
C. Accounting year
D. Last five years


6. Incomes which accrue or arise outside India but are received directly into India are taxable in case of

A. Resident only 

B. Both ordinarily resident and NOR 
C. Non-resident 
D. All the assesses



7. Income deemed to accrue or arise in India is taxable in case of :

A. Resident only 
B. Both ordinarily resident and NOR 
C. Non-resident 
D. All the assesses



8. Income which accrue outside India from a business controlled from India is taxable in case of:

A. Resident only 

B. Not ordinarily resident only
C. Both ordinarily resident and NOR 

D. Non-resident



9. Income which accrue or arise outside India and also received outside India taxable in case of:

A. resident only 

B. not ordinarily resident
C. both ordinarily resident and NOR 

D. None of the above



10. A.O.P should consist of :

A. Individual only 

B. Persons other than individual only 
C. Both the above
D. None of the above



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