{"id":18,"date":"2015-08-26T15:06:17","date_gmt":"2015-08-26T15:06:17","guid":{"rendered":"https:\/\/patwariexam.wordpress.com\/?p=18"},"modified":"2015-10-10T21:15:32","modified_gmt":"2015-10-10T21:15:32","slug":"50-important-question-about-basic-tax-calculation-for-department-of-local-government-exam","status":"publish","type":"post","link":"https:\/\/www.punjabexamportal.com\/11052024\/2015\/08\/26\/50-important-question-about-basic-tax-calculation-for-department-of-local-government-exam\/","title":{"rendered":"50 Important Question About Basic Tax Calculation (For Department Of Local Government, Exam)"},"content":{"rendered":"

1. Surcharge of 10 per cent is payable by an individual where the total income exceeds:
\na) Rs.7,50,000 b) Rs.8,50,000 c) Rs.10,00,000 d) None of the three
\nAns c<\/strong><\/p>\n

2. Additional surcharge (education cess) of 3% per cent is payable on
\na) Income tax b) Income tax plus surcharge c) Surcharge
\nAns b<\/strong><\/p>\n

3. Family pension received by a widow of a member of the armed forces where the death of the\u00c2\u00a0member has occurred in the course of the operational duties, is
\na) Exempt up to Rs.3,00,000 b) Exempt up to Rs. 3,50,000
\nc) Totally exempt under section 10(19) d) Totally chargeable to tax
\nAns c<\/strong><\/p>\n

4. In respect of shares held as investment, while computing the capital gains, securities transaction\u00c2\u00a0tax paid in respect of sale of listed shares sold in a recognized stock exchange,
\na) Is deductible up to Rs.1,00,000 b) Is deductible up to Rs.2,00,000
\nc) Is deductible if C.G.\u00e2\u20ac\u2122s is < 5,00,000 d) Is not deductible at all
\nAns d<\/strong><\/p>\n

5. Gift of Rs 5,00,000 received on 10 July, 2008 through account payee cheque from a non-relative\u00c2\u00a0regularly assessed to income-tax, is
\na) A capital receipt not chargeable to tax b) Chargeable as other sources
\nc) Chargeable to tax as business income
\nd) Exempt up to Rs.50,000 and balance chargeable to tax as income from other source
\nAns b<\/strong><\/p>\n

6. The rate of tax that is leivable on STCG arising from transfer of Equity shares of a Company or
\nunits of an Equity oriented fund is
\na) 10% b) 15% c) 20%
\nAns b<\/strong><\/p>\n

7. For an employee in receipt of hostel expenditure allowance for his three children, the maximum\u00c2\u00a0annual allowance exempt under section 10(14) is
\na) Rs.10, 800 b) Rs.7,200 c) Rs.9,600 d) Rs.3,600
\nAns b<\/strong><\/p>\n

8. For an industrial undertaking fulfilling the conditions, additional depreciation in respect of a\u00c2\u00a0machinery costing Rs.10 lakh acquired and installed on October 3, 2005 is
\na) Rs.75,000 b) Rs.1,50,000 c) Rs.1,00,000 d) None of the above
\nAns c<\/strong><\/p>\n

9. Assessee is always a person but a person may or may not be an assessee.
\na) True b) False
\nAns a<\/strong><\/p>\n

10. A person may not have assessable income but may still be assessee.
\na) True b) False
\nAns a<\/strong><\/p>\n

11. In some cases assessment year and previous year can be same financial year.
\na) True b) False
\nAns a<\/strong><\/p>\n

12. A.O.P should consist of :
\na) Individual only b) Persons other than individual only c) Both the above
\nAns c<\/strong><\/p>\n

13. Body of individual should consist of :
\na) Individual only b) Persons other than individual only c) Both the above
\nAns a<\/strong><\/p>\n

14. A new business was set up on15-11-2008 and it commenced its business from 1-12-2008.The\u00c2\u00a0first previous year in this case shall be:
\na) 15-11-2008 to 31-3-2009 b) 1-12-2008 to 31-3-2009 c) 2008-2009
\nAns a<\/strong><\/p>\n

15. A person leaves India permanently on 15-11-2008.The assessment year for income earned till\u00c2\u00a015-11-2008 in this case shall be:
\na) 2007-08 b) 2008-09 c) 2009-10
\nAns b<\/strong><\/p>\n

16. Surcharge in case of an individual or HUF for assessment year 2009-10 is payable at the rate of :
\na) 12% of the income-tax payable provided the total income exceed Rs.60,000.
\nb) 10% of the income-tax payable provided the total income exceeds Rs.10,00,000
\nc) 5% of the income-tax payable if the total income exceeds Rs.8,50,000
\nAns b<\/strong><\/p>\n

17. Surcharge in case of a firm for assessment year 2009-10 is payable at the rate:
\na) 2.5% of income-tax payable b) 5% of income-tax payable c) 10% of income-tax payable
\nAns c<\/strong><\/p>\n

18. The maximum amount on which income-tax is not chargeable in case of firm is:
\na) Rs.1,00,000 b) Rs. 90,000 c) Nil
\nAns c<\/strong><\/p>\n

19. The maximum amount on which income-tax is not chargeable in case a co-operative society is:
\na) Rs.50,000 b) Rs.30,000 c) Nil
\nAns c<\/strong><\/p>\n

20. A local authority is taxable at flat rate of income-tax.
\na) True b) False
\nAns a<\/strong><\/p>\n

21. A co-operative society is taxable at flat rate of 30% on TI.
\na) True b) False
\nAns b<\/p>\n

22. Education cess is leviable @:
\na) 3% b) 5% c) 2.5%
\nAns a<\/strong><\/p>\n

23. Education cess is leviable in case of:
\na) An individual and HUF b) A company only c) All assesses
\nAns c<\/strong><\/p>\n

24. In case of an individual and HUF education is leviable only when the total income of such
\na) Exceeds Rs.10,00,000 b) No income limit
\nAns b<\/strong><\/p>\n

25. The TI of the assessee has been computed as Rs.2,53,494.90. For rounding off ,the TI will betaken as:
\na) Rs.2,53,500 b) Rs.2,53,490 c) Rs.2,53,495
\nAns a<\/strong><\/p>\n

26. Income tax is rounded off to:
\na) Nearest ten rupees b) Nearest one rupee c) No rounding off of tax is done
\nAns a<\/strong><\/p>\n

27. A\u00e2\u20ac\u2122s TI for the A.Yr.2009-10 is Rs.2,50,000.His tax liability shall be
\na) 10,000 b) 10,300 c) 11,330
\nAns b<\/strong><\/p>\n

28. Residential status to be determined for :
\na) Previous year b) Assessment year c) Accounting year
\nAns a<\/strong><\/p>\n

29. Incomes which accrue or arise outside India but are received directly into India are taxable in case of
\na) Resident only b) Both ordinarily resident and NOR c) Non-resident d) All the assesses
\nAns d<\/strong><\/p>\n

30. Income deemed to accrue or arise in India is taxable in case of :
\na) Resident only b) Both ordinarily resident and NOR c) Non-resident d) All the assesses
\nAns d<\/strong><\/p>\n

31. Income which accrue outside India from a business controlled from India is taxable in case of:
\na) Resident only b) Not ordinarily resident only
\nc) Both ordinarily resident and NOR d) Non-resident
\nAns c<\/strong><\/p>\n

32. Income which accrue or arise outside India and also received outside India taxable in case of:
\na) resident only b) not ordinarily resident
\nc) both ordinarily resident and NOR d) none of the above
\nAns a<\/strong><\/p>\n

33. TI of a person is determined on the basis of his:
\na) residential status in India b) citizenship in India c) none d) both of the above
\nAns a<\/strong><\/p>\n

34. Once a person is a resident in a P.Yr. he shall be deemed to be resident for subsequent P. Yr.
\na) True b) False
\nAns b<\/strong><\/p>\n

35. Once a person is resident for a source of income in a particular P. Y r. he shall be deemed to be\u00c2\u00a0resident for all other sources of income in the same P. Yr :
\na) True b) False
\nAns b<\/strong><\/p>\n

36. R Ltd., is an Indian company whose entire control and management of its affairs is situated\u00c2\u00a0outside India. R Ltd., shall be :
\na) Resident in India b) Non-resident in India c) Not ordinarily resident in India
\nAns a<\/strong><\/p>\n

37. R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd
\nshall be :
\na) Resident in India b) Non-resident c) Not ordinarily resident in India
\nAns b<\/strong><\/p>\n

38. R, a foreign national visited India during previous year 2008-09 for 180 days. Earlier to this he\u00c2\u00a0never visited India. R in this case shall be:
\na) Resident in India b) Non-resident c) Not ordinarily resident in India
\nAns b<\/strong><\/p>\n

39. An Indian company is always resident in India
\na) True b) False
\nAns a<\/strong><\/p>\n

40. Dividend paid by an Indian company is:
\na) Taxable in India in the hands of the recipient b) Exempt in the hands of recipient
\nc) Taxable in the hands of the company and exempt in the hands of the recipient
\nAns c<\/strong><\/p>\n

41. Agricultural income is exempt provided the:
\na) Land is situated in India b) Land is situated in any rural area India
\nc) Land is situated whether in India or outside India.
\nAns a<\/strong><\/p>\n

42. If the assessee is engaged in the business of growing and manufacturing tea in India ,the\u00c2\u00a0agricultural income in that case shall be:
\na) 40% of the income from such business b) 60% of the income from such business
\nc) Market value of the agricultural produce minus expenses on cultivation of such produce
\nAns b<\/strong><\/p>\n

43. Agricultural income is :
\na) Fully exempt b) Partially exempt c) Fully taxable
\nAns a<\/strong><\/p>\n

44. The partial integration of agricultural income, is done to compute tax on:
\na) Agricultural income b) non agricultural income
\nc) Both agricultural and non agricultural income
\nAns b<\/strong><\/p>\n

45. There will be no partial integration of agricultural income with non agricultural income, if the
\nnon agricultural income does not exceed:
\na) Rs.1,50,000 b) Rs. 1,00,000 c) Rs.1,10,000
\nAns a<\/strong><\/p>\n

46. There will be no partial integration, if the agricultural income does not exceed:
\na) Rs.40,000 b) Rs.50,000 c) Rs.5,000
\nAns c<\/strong><\/p>\n

47. A local authority has earned income from the supply of commodities outside its own
\njurisdictional area. It is :
\na) Exempt b) Taxable
\nAns b<\/strong><\/p>\n

48. R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the\u00c2\u00a0employer to call the remuneration as internal audit fee. R shall be chargeable to tax for such fee\u00c2\u00a0under the head.
\na) Income from salaries b) Profit and gains from Business and Profession
\nc) Income from other sources.
\nAns a<\/strong><\/p>\n

49. R, who is entitled to a salary of Rs.10,000 p.m. took an advance of Rs.20,000 against the salary\u00c2\u00a0in the month of March 2009.The gross salary of R for assessment year 2009-10 shall be:
\na) Rs.1,40,000 b) Rs.1,20,000 c) None of these two
\nAns a<\/strong><\/p>\n

50. A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting
\nRs. 240 p.m. It will be exempt to the extent of :
\na) Rs.200 p.m. b) Rs.160 p.m. c) Rs. 240 p.m.
\nAns a<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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