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Department of Commerce and Management

We are happy to invite you to participate in the E-quiz on National Income Tax Day 2023

The Income Tax department observes July 24 every year as Income Tax Day or ‘Aaykar Diwas’, to commemorate the introduction of provision of income tax in the country.

About the Quiz

• This Online Quiz Starts from 24th July to 26th July 2023
• Free Registration
• After you enter into the link, You have to complete your answers within 15 minutes, otherwise it will automatically submit your response.
• Participants who will get above 80% in the quiz, you will get your e-certificate in your registered mail.

Apply Link

Dr.S.Shalini Packiam Kamala
Principal

Dr.K.Gokila
HoD- Commerce & Management

For More Information:

Contact: Dr.K.Gokila 9894123708

1. Salary paid by an Indian company to its employees working in one of its branches outside India is:*

2 points

a. Salary deemed to accrue in India

b. Salary accruing outside India

c. Salary accruing in India

d. None of the above

2.  Income from subletting of house property is taxable under the head :*

2 points

a. Capital Gain

b. Income from Other Sources

c. Income from House Property

d. Profits & Gains of Business or Profession

3.  Mohan Received a gift of Rs.35,000/- each from his 3 friends on 30th March 2019:*

2 points

a. 105,000 is taxable

b. 50000 is taxable

c. Not taxable

d. Rs. 55000 is taxable

4. Income of minor is clubbed however the clubbing provision is not applicable if:
*

2 points

a. Parents are separated

b. Minor is a married daughter

c. Minor is handicapped as specified u/s 80U

d. None of the above

5.  The benefit of exemption under Section 54 F is available when following capital asset transferred:*

2 points

a. Short term capital asset other than residential house property

b. Short term residential house property

c. Long term residential house property:

d. Any long term capital asset other than residential house property

6.  When parent’s income is clubbed with minor child income, parent is eligible for exemption:*

2 points

a. Actual income of minor or Rs. 10,000 whichever

b. Actual income of minor or Rs. 1,500 whichever is less

c. Actual income of minor or Rs. 20,000 whichever is less

d. Actual income of minor or Rs. 5,000 is less whichever is less

7. In case of revocable transfer of asset, all income arising from such asset to transferred shall be included:*

2 points

a. income of transferee

b. income of transferor

c. Both transferor and transferee

d. Either transferor or transferee

8. Double taxation relief for incomes taxed in the countries with which no agreement exists is governed by:
*

2 points

a. Section 93

b. Section 91

c. Section 89

c. None of the above.

9. Any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-taxes:
*

2 points

a. No capital gain but the same will be taxable as business profits.

b. Long term capital gain only

c. Short term capital gains or Long term capital gains depending upon the period of holding of the undertaking.

d. Short term capital gain only

10. In case the letting out of property is incidental to the main business, then income from such property shall be taxable as:
*

2 points

a. Income from Other Sources

b.Capital Gain

c. Profits & Gains of Business or Profession

d. Income from House Property

11. Which of the following income is agricultural income:
*

2 points

a. Income from poultry farm

b. Rent received from agricultural land

c. Dividend from a company engaged in agriculture.

d. Income from dairy farm

12. Advance tax is not payable if tax payable after considering TDS and tax relief is:
*

2 points

a. Less than Rs. 25000

b. Less than Rs. 20000

c. Less than Rs. 15000

d. Less than Rs. 10000

13. An individual, being foreign national, came to India first time during the previous year on 01-01-2021 for 200 days, his residential status for the previous year 2021-22 is:
*

2 points

a. Resident but not ordinarily resident in India

b. Resident in India

c. Non-resident

d. Resident and ordinarily resident in India

14. As per section 2(31), the following is included in the definition of ‘person’
*

2 points

a. A minor

b. A company

c. A Hindu undivided family

d. An individual

15. Salary under section 17(1) of the Income Tax Act, 1961 does not include:
*

2 points

a. Gratuity

b. Interest

c. Wages

d. Pension

16. If control and management of its affairs was fully in India a foreign company becomes:
*

2 points

a. Ordinarily resident in India

b. Non resident

c. Resident in India

d. None of the above

17. Income Tax Act came into force on:
*

2 points

a. 01.04.1956

b. 01.04.1965

c. 01.04.1961

d. 01.04.1962

18. Dividends declared by Indian company are assessable under the head:
*

2 points

a. Fully taxable under the head other source

b. Casual income

c. Income from other source

d. Capital gain

19. GAAR stands for:
*

2 points

a. General agreement-avoidance rules

b. Government anti-avoidance rules

c. Government anti-agreement rules.

d. General anti-avoidance rules

20. Which of the following loss can’t be carry forward if assessed has not filed his return of income within time under section 139(1) of the Income-tax Act:*

2 points

a. Losses under Head Capital gain

b. Losses of owning & maintaining race horses

c. Losses under Head Business/Profession

d. All of the above