Income Tax Law and Practices

Q 31. The income from foreign companies by providing the services in project connected with security of India is _________ from tax liability.

(A) 50% exempted
(B) 20% exempted
(C) 100% exempted
(D) 55% exempted
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Q 32. Agricultural income is completely exempted for assessment year .

(A) 1974-75
(B) 1985-86
(C) 1975-76
(D) 1978-79
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Q 33. Previous year means the financial year immediately preceding the .

(A) Accounting Year
(B) Assessment Year
(C) All of the above
(D) None of the above
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Q 34. The period of 12 months commencing on the first day of April every year and ending on 31st March is called as .

(A) Previous Year
(B) Assessment year
(C) Accounting Year
(D) Financial Year
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Q 35. As per the definition of Income, the income includes the following .

(A) Profits and gains
(B) Dividend declared
(C) Voluntary contribution received by a trust created
(D) All of the above
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Q 36. The tax payer liability is determined with reference to his or her .

(A) Financial Status
(B) Residential Status
(C) All of the above
(D) None of the above
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Q 37. As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year.

(A) Current year
(B) One year before previous year
(C) Previous year
(D) None of the above
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Q 38. The Income Tax Act came into force all over India except .

(A) Andaman & Nicobar
(B) Maldives
(C) Jammu & Kashmir
(D) None of the above
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Q 39. The Income Tax Act came into force from .

(A) 1st March 1971
(B) 1st April 1971
(C) 1st March 1961
(D) 1st April 1961
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Q 40. Income tax is collected on all types ofincome except .

(A) Agricultural Income
(B) Industrial Income
(C) Capital Gain
(D) Household Property
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