A. not fulfilling any one of the basic conditions
B. fulfilling only basic conditions
C. fulfilling only additional conditions
D. fulfilling both basic and additional conditions
✅ The correct answer is option A.
Income Tax MCQs
Loss due to fire of hired machinery is………………………..
A. capital loss.
B. revenue loss.
C. capital expenditure
D. none of the above.
✅ The correct answer is option A.
A person is said to be an ordinarily Resident when the person is satisfying ________________.
A. both basic and additional conditions
B. only basic conditions
C. only additional conditions
D. not basic and additional conditions
✅ The correct answer is option A.
A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for ……………………….. days to become a resident
A. 90 days
B. 162 days
C. 180 days
D. 182 days
✅ The correct answer is option D.
Income tax is a ……………………
A. business tax
B. profession tax
C. direct tax
D. indirect tax
✅ The correct answer is option C.
Salary received by the manager of an agricultural farm is ……………………………
A. an agricultural income.
B. a salary income.
C. a business income.
D. a capital income.
✅ The correct answer is option B.
Who is Tax payer?
A. assessee
B. businessman
C. trust
D. govt. employee
✅ The correct answer is option A.
Compensation received for loss of trading asset is a………………..
A. capital receipt.
B. revenue receipt.
C. a casual receipt.
D. none of these.
✅ The correct answer is option A.
previous year started from ______________.
A. april
B. march
C. january
D. september
✅ The correct answer is option A.
Compensation for cancellation of a licence by the government resulting in cessation of business is……………………………..
A. a casual receipt.
B. a capital receipt.
C. a revenue receipt.
D. none of the above.
✅ The correct answer is option C.