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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>
(1)
Under Income Tax Act partnership firm includes -
[A]
Limited liability partnership
[B]
Limited liability company
[C]
One person company
[D]
Association of person
Answer: Limited liability partnership
(2)
A.O.P should consist of :
[A]
Individual only
[B]
Persons other than individual only
[C]
Both individual and non individual persons.
[D]
None of these
Answer: Both individual and non individual persons.
(3)
Body of individual should consist of :
[A]
Individual only
[B]
Persons other than individual only
[C]
Both individual and non individual persons.
[D]
None of these
(4)
A person becomes a member of HUF by -
[A]
Contract
[B]
Agreement
[C]
Popularity
[D]
Status
(5)
In order to be assessed as HUF there should be -
[A]
Partnership
[B]
Co-Partnership
[C]
Co -Parcenership
[D]
Co-Ownership
(6)
Section __ of the Income-tax Act, 1961 defines the term 'person' -
[A]
4
[B]
2(31)
[C]
5
[D]
2(32)
(7)
--------------must be one in which two or more persons join in for a common purpose or common action with the object of earning income or profits or gains.
[A]
Partnership
[B]
Co-ownership
[C]
Body of Individuals
[D]
Association of Persons
Answer: Association of Persons
(8)
Which amongst the following is Artificial Juridical Person?
[A]
Corporation
[B]
Local Fund
[C]
District Board
[D]
None of these
(9)
Previous year is defined in -
[A]
Section 2(34)
[B]
Section 2(9)
[C]
Section 3
[D]
Section 4
(10)
Financial year means a year commencing on –
[A]
31st March of the period
[B]
1" day of the April
[C]
Mid of the year
[D]
None of these
Answer: 1" day of the April
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