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Income Tax Rate & Basic Concept of Income Tax Questions and Answers | Income Tax Rate MCQs

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Free download in PDF Tax Rate & Basic Concept of Income Tax Multiple Choice Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams like UPSC, NDA, SSC etc. These short solved questions or quizzes are provided by Gkseries./p>

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(1) A person includes:
[A] Only Individual
[B] Only Individual and HUF
[C] Individuals, HUF, Firm, Company only
[D] Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every Artificial Juridical Person
Answer: Individuals, HUF, Company, Firm, AOP or BOI,Local Authority, Every Artificial Juridical Person
(2) As per section 2(31), the following is not included in the definition of 'person'
[A] An individual
[B] A Hindu undivided family
[C] A company
[D] A minor
Answer: A minor

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(3) Every assessee is a person, and -
[A] every person is also an assessee
[B] every person need not be an assessee
[C] an individual is always an assessee
[D] A HUF is always an assessee
Answer: every person need not be an assessee
(4) Describe the status of the following person (i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs of Z. Z died in 2018 and X and Y carry on his business without entering into a partnership.
[A] Firm
[B] Limited Liability Partnership
[C] Company
[D] Body of Individual
Answer: Body of Individual
(5) Assessment year can be a period of :
[A] only more than 12 months
[B] 12 months and less than 12 months
[C] only 12 months
[D] 12 months and more than 12 months
Answer: only 12 months
(6) Year in which income is taxable is known as ___________ and year in which income is earned is known as ----
[A] Previous year, Assessment year
[B] Assessment year, Previous year
[C] Assessment year, Assessment year
[D] Previous year, Previous year
Answer: Assessment year, Previous year
(7) The year in which the income is earned is known as
[A] Previous year
[B] Financial year
[C] Both (A) or (B)
[D] None of the above.
Answer: Previous year
(8) All assesses are required to follow:
[A] Uniform previous year which must be calendar year only
[B] Uniform previous year which must be financial year only
[C] Any period of 12 months
[D] Period starting from 1st July to 30th June only
Answer: Uniform previous year which must be financial year only
(9) XYZ LLP falls under which---------- category of person -
[A] Individual
[B] Partnership firm
[C] Company
[D] Association of person
Answer: Partnership firm
(10) Municipality of Delhi falls under----- category of person-
[A] Artificial juridical person
[B] Local authority
[C] Individual
[D] Association of Person
Answer: Local authority

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