A. central government
B. state government
C. both (a) and (b)
D. none of this above
✅ The correct answer is option A.
Income Tax MCQs
Which of the following is not a capital receipt?
A. ‘salami’ for settlement of tenancy.
B. insurance claim received on machinery lost by fire.
C. lump sum received on sale of shares.
D. goods sold for cash.
✅ The correct answer is option D.
Income Tax Act was passed in the year_____________.
A. 1955
B. 1961
C. 1956
D. 1962
✅ The correct answer is option B.
Receipt of amount on maturity of LIC Policy is………………………..
A. a revenue receipt.
B. a capital receipt.
C. a casual receipt.
D. none of these.
✅ The correct answer is option B.
In which year Income Tax was levied in India for the first time ?
A. 1960
B. 1961
C. 1860
D. 1857
✅ The correct answer is option C.
Income by way of rent of agricultural land is …………..
A. business income
B. income from other sources.
C. agricultural income
D. casual income
✅ The correct answer is option C.
__________ is / are empowered to levy and collect income tax.
A. state governments
B. central government
C. rbi
D. local self government department
✅ The correct answer is option B.
Income Tax Act came into force on……………………….
A. 01-04-1961
B. 01-04-1962
C. 01-04-1956
D. 01-04-1965
✅ The correct answer is option B.
Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for…………………
A. 16
B. 8
C. indefinite
D. 12
✅ The correct answer is option C.
How many heads of income are there to compute Gross total income.
A. six.
B. five.
C. four.
D. three.
✅ The correct answer is option B.