Employee salary details are shown in a attendance sheet b gratuity papers c exact reports d pay roll answer. Income of a minor child earned by manual labour is included in the income of. Also, salary of april, 2014 and may, 2014 is received in advance in march, 2014. The deduction is to be made at the time of the actual. What will be his gross income for assessment year 201415. Employer and employee relationship any income can be taxed under the head salaries only if there is a relationship of an employer and employee between payer and payee.
Articleship assessment test icai level 1 direct tax mcq. The book adopts a fresh and new approach to understand and gain indepth knowledge of the provision of taxation in a summarized and illustrative manner for. Section related to computation of income from salary isa. Income tax is levied on yearly multiple choice questions subject direct taxation 18. Additional surcharge education cess of 3% per cent is payable on a income tax. Notes are very concise notes and will be very helpful for a short or a quick revision of income tax. Today we are providing complete notes on income under head salary. Unlike the provisions of tds, pertaining to payments other than salary where the obligation to deduct tax arises at the. I vidhya academy tax scanner pdf for cs executive 4001. Which of the following is not a requisite for charging incometax on capital gains. These income tax gk quiz or general awareness quiz objective questions answers are very helpful for competitive exams bba, mba, pgdbm etc. Download objective type questions of direct tax pdf visit our pdf store.
May 06, 2011 objective questions in income tax multiple choice questions finance act 2008 1. Icai has launched its fast track quick revision of income tax notes for assessment year 201819 by the name of a capsule for quick recap relevant for may 2018 and november 2018 paper 4. You will be glad to know that right now income tax multiple choice questions and answers pdf is available on our online library. The income tax officer previous question papers are available in easy to download pdf format. Income tax number of the company will appear in which report a cashbank book b profit and loss ac. Their relationship should be of master and servant.
These income tax gk quiz or general awareness quiz objective questions. In previous article we have given what is taxable income and pan card changes w. Sep 27, 2017 mcq multiple choice question on basics of income tax by cma vipul shah. Download as doc, pdf, txt or read online from scribd. Deduction is respect of medical insurance premium is allowed under which section. Background, important definitions, residential status, basis of charge, scope of total income, tax rates in accordance with the applicable finance act for the relevant assessment year.
They do not possess any professional qualification. Mcq multiple choice question on basics of income tax by. Year in which income is taxable is known as and year in which income is. Mcqs analysis on income tax and corporate tax planning.
Income from growing trade or commercial products like jute, cotton, etc. Income tax general knowledge multiple choice questions mcqs. Then the current liabilities recorded in balance sheet will be a 2,00,000 b 1,00,000 c 3,00,000 d 4,00,000. There would be mcq type questions of about 30% in four papers of both ipcc and finals under the old as well as new scheme. The longrun objective of financial management is to. Income tax multiple choice questions and answers pdf income tax multiple choice questions and answers pdf are you looking for ebook income tax multiple choice questions and answers pdf. Icai has recently issued a notification for introduction of objective type questions for students appearing for may 2019 exam and onwards. Jun 05, 2019 income tax officer previous year question papers are quite helpful to test your skills after you have prepared for the exam. Free download in pdf income tax general knowledge multiple choice questions mcqs and answers. Income tax previous year question papers with answers pdf.
The following section consist of economics quiz on national income. Financial statement mcqs is a set of important multi choice questions. Basic tax calculation mcq for department of local government, exam 2015 for all competitive exams. The tds certificate issued by an employer to his employees in case of salary income is form 16 53. Income of indian cricketers for playing test match is taxable under the heada professional income b income from salary c income from other sources d none 74.
From this gross income expenses which are specifically allowed by the income tax act are deducted to arrive at taxable income. Any income would be deemed to be income from salary only if relation of employer and employee exist. Tax free salary received by the employees means a tax will be paid by the employer b employee c both of them d none of these. Also, avinash holds 25% equity shares of the company and anu holds 30% equity shares of the company. Employee salary details are shown in a attendance sheet b gratuity papers c exact reports. Fast track quick revision of income tax notes for assessment. You can use this pdf for a short revision of income tax law and by using this short notes of income tax you can revise income tax in a very short time. Solved examples with detailed answer description, explanation are given and it would be easy to understand. One word substitutes mcqs contains a sentence that has to be replaced with a single word.
Commission will be taxed as salary income, irrespective of the fact that it is received as fixed monthly amount or is received as percentage of turnover. It is an allowance given by an employer to his employee. Mar 30, 2019 ca intermediate ipcc income tax short notes in pdf is colourful pdf which is issued by icai. Taxation which will work for both means old course and new course. The amount of capital that a company can issue at par value is called a authorised capital.
The book adopts a fresh and new approach to understand and gain indepth knowledge of the provision of taxation in a summarized and illustrative manner for the students of cs executive. This pdf format is relevant for may 2019 examination and amended for may 2019 examination. Gross sales or gross fees as the case may be are to be taken as the base if receipt and payment ac or cash book is given. Multiple choice questions subject direct taxation 50. Gross national income gni is specified as gdp gross domestic product. Questions and answers related to the income tax draft law. This fast track quick revision of income tax notes for assessment year 201819 is divided into 2 parts. Rae1 income tax common to all branches question number. His gross total income for the assessment year 201920 was he has incurred expenditure of 30,000 on the medical treatment of a disabled dependent. In assessment year, income of previous year is assessed.
Persons with severe disabilities entitled to a deduction in. Determination and tax incidence of residential status. One word substitution is one of the integral parts of vocabulary. I vidhya academy tax scanner for cs executive vivek gaba. This page consists of complete chaper conceptual overviews. Objective questions in income tax multiple choice questions finance act 2008 1.
So here is the link where you can download this fast track quick revision of income tax notes for assessment year 201819. Income taxes are a source of revenue for governments. Multiple choice questions if an assessee earns rent from a subtenant in respect to tenanted property let out as a residence, the said rent is. Unit iv computation of taxable income from ihouse property head.
An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. The sales, forfeited deposit and finance charges are all ordinary income. Surcharge of 10 per cent is payable by an individual where the total income exceeds. His income and expenditure account for the financial year ended 31032015 is given below. Clubbing of income and set off and carry forward of losses. Q35 fixed assets are double the current assets and half the capital. Fast track quick revision of income tax notes for assessment year 201819. Read more details about this mcq the average monthly salary of 20 employees in an organisation is rs.
Income tax objective type questions accounts india. Income tax general knowledge multiple choice questionsmcqs and answers. Ca ipc intermediate taxation income tax may 2015 question 1. The income arises or accrues to the minor child due to any manual work done by him. Applied direct taxation objective questions and answers. Use the income statement to determine earnings after taxes net income and divide by. Salary theory, faq and mcq advance learning on tax treatment of various forms of salary like bonus, overtime pay, salary in lieu of notice period, etc. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. If the managers salary is added, then the average salary increases by rs.
Questions and answers related to the income tax draft law and. Additional surcharge education cess of 3% per cent is payable on a income tax b income tax plus surcharge c surcharge ans b. Sale of agricultural land on 1st april, 1970 is an example of transfer of capital asset true 52. Nov 23, 2017 multiple choice questions subject direct taxation 50. Home accounting ca commerce knowledge finance icai income tax indian accounting income tax.
Common sources of taxable income include salaries and wages, interest and dividends, capital gains from the sale. An emolument over and above fixed income or salary is. Income from growing flowers and creepers is an agro income. It is first included in income from salary under section 15 and then deduction is allowed to a. Income tax officer previous year question papers are quite helpful to test your skills after you have prepared for the exam.
Important definitionincome, gross total income, total income, previous year and assessment year, agriculture income, exempted income. Mcq b proposed income c earned income d accrued income. Ca final direct tax mcq may 2019 dt may 2019 mcqs studycafe. Clubbing of income meansa addition income of two partners b inclusion of income of other person in assessees income c total of income of various heads d collection. Plants sold in pots are an agro income provided basic operations are performed.
Mcq multiple choice question on basics of income tax by cma vipul shah. If you like this video, dont forget to subscribe our channel to get more new video notification. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income tax systems mcq revision question economics.
A tv set purchased from a retail store is an example of. The assessment year for income earned till 15112008 in this case shall be. First part covers from chapter 1 to 8 and second part covers chapter 9 and 10. Unit iii computation and taxable income from salary head. Articleship assessment test icai level 1 direct tax. Person with disability is allowed a fixed deduction of 50000. Jun 29, 2016 tax free salary received by the employees means a tax will be paid by the employer b employee c both of them d none of these. Direct tax mcq multiple choice question and answer direct tax mcq with detailed explanation for interview, entrance and competitive exams. If aspirants study along with income tax officer exam previous papers, they can know the standard of the question papers and. Further, in a case where the income of another person like spouse, minor child, etc. Ca intermediate ipcc income tax short notes in pdf is colourful pdf which is issued by icai.