Income Tax Law & Practice

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| By Manoj Negi
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Manoj Negi
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Quizzes Created: 1 | Total Attempts: 521
| Attempts: 522
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  • 1/10 Questions

    Assessee is always a person but a person may or may not be an assessee.?

    • True
    • False
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About This Quiz

How much do you know about Income Tax? Attempt all the questions!

Income Tax Law & Practice - Quiz

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  • 2. 

    What is the Full Form of ITR?

    • Income Tax Rules

    • Income Tax Return

    • Income Tax Rectification

    • None of the Above

    Correct Answer
    A. Income Tax Return
    Explanation
    The correct answer is Income Tax Return. ITR stands for Income Tax Return, which is the form used by taxpayers to file their income tax information with the tax authorities. It includes details of the taxpayer's income, deductions, and taxes paid or owed. The purpose of filing an ITR is to report one's income accurately and determine the tax liability or refund amount.

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  • 3. 

    In some cases assessment year and previous year can be same financial year.?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    In some cases, the assessment year and the previous year can be the same financial year. This means that the year in which the income is assessed for tax purposes can be the same as the previous year in which the income was earned. This can occur when there are no changes in the tax laws or regulations that would require a different assessment year. It is important to note that this is not always the case, as assessment years can change based on various factors such as changes in tax laws or individual circumstances.

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  • 4. 
    Maximum amount of gratuity exempted for Non- Govt. employee not covered by the payment of Gratuity Act 1972 - ProProfs

    Maximum amount of gratuity exempted for Non- Govt. employee not covered by the payment of Gratuity Act 1972

    • 500000

    • 2000000

    • 1000000

    • 1500000

    Correct Answer
    A. 2000000
    Explanation
    The maximum amount of gratuity exempted for non-government employees who are not covered by the Payment of Gratuity Act 1972 is 2000000. This means that if a non-government employee who is not covered by the act receives gratuity up to this amount, it will be exempted from taxation.

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  • 5. 

    Residential has nothing to do with __________.

    Correct Answer
    Nationality
    Explanation
    Residential refers to the type of property or area where people live. It does not have any connection or relationship with nationality, which refers to a person's citizenship or country of origin. Residential is solely related to the place or type of dwelling, while nationality is about a person's identity and legal status in a particular country.

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  • 6. 

    Residential status of an individual depends on the stay of the assesses in India during the______________: 

    Correct Answer
    Previous year
    Explanation
    The residential status of an individual is determined by their stay in India during the previous year. This means that the duration of their stay in India during the year preceding the assessment year is taken into account to determine their residential status for tax purposes.

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  • 7. 

    A person leaves India permanently on 15-11-2019.The assessment year for income earned till 15-11-2019 in this case shall be:

    • 2017-18

    • 2018-19

    • 2019-20

    • 2020-21

    Correct Answer
    A. 2019-20
    Explanation
    The assessment year for income earned till 15-11-2019 in this case shall be 2019-20 because the assessment year is the year in which the income is assessed and taxed. Since the person left India permanently on 15-11-2019, the income earned until that date would be assessed in the following year, which is 2019-20.

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  • 8. 

    PAN contains ______ Alphabets.?

    • 5

    • 10

    • 4

    • 6

    Correct Answer
    A. 6
    Explanation
    The correct answer is 6 because PAN stands for Permanent Account Number, which is a unique alphanumeric code issued by the Indian Income Tax Department. The code consists of a combination of 10 characters, including 5 letters and 4 numbers, and ends with a single letter. Therefore, the PAN contains 6 alphabets.

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  • 9. 

    Some of Various heads is called_____________

    Correct Answer
    Gross total income
    Explanation
    Gross total income refers to the total income earned by an individual or entity before any deductions or exemptions. It includes income from all sources such as salary, business profits, rental income, capital gains, and any other income. By referring to it as "some of various heads," the question implies that there are multiple sources or categories of income that contribute to the gross total income.

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  • 10. 

    Income tax is levied on_____________________

    Correct Answer
    Yearly Basis
    Explanation
    Income tax is levied on a yearly basis because it is calculated and collected based on an individual's or business's income over the course of a year. The tax authorities require taxpayers to report their annual income and expenses, and then determine the tax liability based on the applicable tax rates. By collecting income tax on a yearly basis, the government ensures a fair and consistent taxation system that takes into account the overall financial situation of the taxpayer throughout the year.

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Quiz Review Timeline (Updated): Mar 17, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 17, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 26, 2020
    Quiz Created by
    Manoj Negi
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