Taxes in India mcq questions and answers for competitive exams

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Taxes in India mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online
136.
Agricultural income is :

a
Fully taxable
b
Partially exempt
c
Fully exempt
d
None of these

137.
The provisions relating to service tax are given in:

a
The Service tax Act, 1994
b
Chapter V of the Finance Act, 1994
c
Chapter V and VA of the Finance Act, 1994
d
Chapter VII and VIII of the Finance Act, 2004

138.
Of the gross tax revenue of the Union Government the indirect taxes account for nearly -

a
55 percent
b
65 percent
c
75 percent
d
85 percent

139.
In case an assessee is engaged in the business of civil construction, presumptive income scheme is applicable if the gross receipts paid or payable to him in the previous year does not exceed:

a
Rs. 10lakhs
b
Rs. 40lakhs
c
Rs. 70lakhs
d
1 crore

140.
Which of the following taxes is/are withdrawn or abolished?

a
Gift tax
b
Interest tax
c
Estate duty
d
All of the above

141.
Dividend paid by an Indian company is:

a
Taxable in the hands of the company and exempt in the hands of the recipient
b
Taxable in India in the hands of the recipient
c
Exempt in the hands of recipient
d
None of these

142.
In the aforesaid case,the income shall be presumed to be :

a
1 % of gross receipts
b
5 % of gross receipts
c
8 % of gross receipts
d
10 % of gross receipts

143.
R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd shall be :

a
Resident in India
b
Not ordinarily resident in India
c
Non-resident
d
None of these

144.
The income tax in India is

a
direct and proportional
b
direct and progressive
c
indirect and proportional
d
indirect and progressive

145.
The partial integration of agricultural income, is done to compute tax on:

a
Non agricultural income
b
Agricultural income
c
Both agricultural and non agricultural income
d
None of these

146.
Capital gain of Rs. 75 lakh arising from transfer of long term capital assets will be exempt from tax if such capital gain is invested in the bonds redeemable after three years, issued by NHAI u/s 54E

a
True
b
False
c
Cannot be said with certainty
d
Is decided by the Assessing Officer

147.
The maximum amount of the total Revenue earned by the government of India comes from:

a
Income Tax
b
Excise Duty
c
Customs Duty
d
Value Added Tax

148.
The term 'previous year' is defined under

a
Section 1
b
Section 2
c
Section 3
d
Section 4

149.
The loss is allowed to be carried forward only when as assessee has furnished:

a
Return of loss before the due date mentioned u/s 139(1)
b
Return of loss
c
Or not furnished the return of loss
d
None of these

150.
The exemption u/s 54B, is allowed to :

a
HUF only
b
Individual only
c
Any assessee
d
All of the above

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