Q. The income from foreign companies by providing the services in project connected with security of India is _________ from tax liability.
✅ Correct Answer: (C)
100% exempted
Income Tax Law and Practices MCQs and Notes
Q. Agricultural income is completely exempted for assessment year .
✅ Correct Answer: (A)
1974-75
Q. Previous year means the financial year immediately preceding the .
✅ Correct Answer: (B)
Assessment Year
Q. The period of 12 months commencing on the first day of April every year and ending on 31st March is called as .
✅ Correct Answer: (B)
Assessment year
Q. As per the definition of Income, the income includes the following .
✅ Correct Answer: (D)
All of the above
Q. The tax payer liability is determined with reference to his or her .
✅ Correct Answer: (B)
Residential Status
Q. 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.
✅ Correct Answer: (C)
Previous year
Q. The Income Tax Act came into force all over India except .
✅ Correct Answer: (D)
None of the above
Q. The Income Tax Act came into force from .
✅ Correct Answer: (D)
1st April 1961
Q. Income tax is collected on all types ofincome except .
✅ Correct Answer: (A)
Agricultural Income