Audit Taxation MCQs and Notes

A
Add MCQ, ...................................
📊 Audit Taxation
Q. There are certain specified financial transactions in which quoting of PAN is mandatory. If a person intending to enter into such transaction does not hold PAN then, he has to furnish;
  • (A) Form 60
  • (B) Form 49A
  • (C) Form 49C
  • (D) Form 49AA
💬 Discuss
✅ Correct Answer: (A) Form 60
📊 Audit Taxation
Q. The Commissioner of Income-tax (Appeals) is the ________ appellate authority
  • (A) First
  • (B) Second
  • (C) Third
  • (D) Fourth
💬 Discuss
✅ Correct Answer: (A) First
📊 Audit Taxation
Q. Section ________ specifies the orders against which an appeal can be filed before the Commissioner of Income tax (Appeals).
  • (A) 246A
  • (B) 260A
  • (C) 253
  • (D) 261
💬 Discuss
✅ Correct Answer: (A) 246A
📊 Audit Taxation
Q. An appeal to the Commissioner of Income-tax (Appeals) shall be filed in Form No. ________.
  • (A) 35
  • (B) 36
  • (C) 34C
  • (D) 35B
💬 Discuss
✅ Correct Answer: (A) 35
📊 Audit Taxation
Q. Assessment under following section is termed as scrutiny assessment
  • (A) 143(3)
  • (B) 144
  • (C) Both of the above
  • (D) None of the above
💬 Discuss
✅ Correct Answer: (A) 143(3)
📊 Audit Taxation
Q. For ITAT special powers of stay is available and stay will automatically Get vacated if matter is not decided in time of.
  • (A) 6 months
  • (B) 9 months
  • (C) 12 months
  • (D) 18 months
💬 Discuss
✅ Correct Answer: (A) 6 months
📊 Audit Taxation
Q. ITAT all decisions are taken by majority of member’s, if the Members are equally divided then the final vote will have of
  • (A) President
  • (B) Chairman
  • (C) Assessing officer
  • (D) Majority Of member
💬 Discuss
✅ Correct Answer: (A) President
📊 Audit Taxation
Q. 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
💬 Discuss
✅ Correct Answer: (D) Body of Individual
📊 Audit Taxation
Q. Income Tax is levied on the ___________ of a person.
  • (A) Total Income
  • (B) Total Income-Debt
  • (C) Gross Total Income
  • (D) Net Income-Debt Perquisites
💬 Discuss
✅ Correct Answer: (A) Total Income
📊 Audit Taxation
Q. Which of the following is not included in taxable income -
  • (A) Reimbursement of expenses
  • (B) Cash gifts received from non relatives
  • (C) Income from illegal activity
  • (D) Profit on sale of equity shares of unlisted company.
💬 Discuss
✅ Correct Answer: (A) Reimbursement of expenses

More Faculties

Click on sub category to learn more.

📱 Download Our App

Learn MCQs on the go with our easy-to-use Android app

Get it on Google Play