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It is the duty of the employee to inform the employer (in our case the Bank) of any other income the employee is earning; such as income from renting of his house, or income from FDs etc. SURVEY . Income Tax Objective type Questions. Download Now. Share: Permalink. Taxation I (Taxx 301) Academic year. You are on page 1 of 25. answer choices . 3 0 obj Professor William Kratzke is a Cecil C. Humphreys Professor of Law at the Uni- versity of Memphis. Section 17 C. Section 10 D. Section 45 (2) 2. Income from fixed deposits is fully taxable and has to be mentioned as income from other sources. D) None of these 55. So, checking the Income Tax Question and Answer helps the candidates in scoring marks in Income Tax Department Exam 2020. Problems on Taxable Salary Income-Additional. %PDF-1.7 Download Income Tax Law Notes, PDF, Books, Syllabus for B COM, BBA 2021. 81 Pages Posted: 2 Oct 2017. 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For example, if you have a regular job and enjoy painting pictures as an unrelated hobby in your spare time, any income from the paintings you sell is not regarded as assessable income. Yes, an SMSF can lease an asset of the fund – such as business equipment or machinery – to a related party of the fund. stream You can find more answers from Credit Karma Tax® about a wide array of issues, from how a car lease affects your taxes to forms you may need to use if you suspect a fraudulent tax return has been filed in your name. Go To Download Page Close. c) Ask fellow students. endobj This activity contains 15 questions. There is no negative mark for incorrect answers.] ACCA Advanced Taxation P6 (South Africa)? INCOME TAX MULTIPLE CHOICE QUESTIONS AND ANSWERS (MCQs) DIRBUGARH UNIVERSITY B.COM 6 TH SEM GENERAL COURSE Fill in the blanks: 1) The income tax was introduced in India for the first time in 1860 by British rulers. ¾ÂàïðÁ>¸‡ô"=>Nn±‚œo?Ǻ£É|ÆÕëëP•>àß-{ÓÖý:²ˆî›ÿ¹8ÒÂ×Ê÷Ýð!¨mbÂÂ{³,_øýù Öj‘¢6ö½×wØbûǺØ,isíیˆÎ iå{ iðâ‡ùGS¤".öõHN¥ûœâÏ;¯|~Ù}lÜzû W ™îšq}xü쯻‡Fë/[ÐJÏ~ÇøÜx5uûðü_Ší‘6[åüò.èÔ pN§6º_(ô¸Œs¼¦¬ì¬#­b‰ÒµWJ*X[àN¥Ì. 4 0 obj questions June What are the conditions to be fulfilled for charging of income under the head capital gains: A. A person includes: a) Only Individual See all articles by Ose Binitie Ose Binitie. Federal income tax . The most important thing an application requires before giving any income tax examination is the previous year’s question papers. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> merger acquisition MCQ NTU.pdf. Test your income tax knowledge. Take the AARP Tax Smarts quiz. 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Income Tax Law study material includes income tax law notes, income tax law book, courses, case study, syllabus, question paper, MCQ, questions and answers and available in income tax law pdf … U�$:��W^��x*.��'Z� ϖrl�bj�3����r�4��v�t=�X��V=07 ����X�� Ǻ�*��3����z.����~ �g�XJ���k�[?��H�mSV�CInAiVuޠ�5��~yx\.Q����w׾>�o/��� ����w�G���iɞ��!j\���VP�mӽF��I��u:U�Ԩ>$�NB2'df. amahemma• 1 year ago. %���� CALI eLangdell Press 2016 . INCOME TAX - II 1. Income-tax rates are not prescribed by the Income-tax Act, but by the Finance Act of each year. Please sign in or register to post comments. Social Security tax . Membership My Account. 21 13. Ans-1. MCQ Advanced Financial Management. TAX LAWS AND PRACTICE . Dear Readers, Welcome to Taxation Interview questions with answers and explanation. Each question carries 1 mark. CCIT - Chief Commissioner of Income Tax CBDT - Central Board of Direct Tax 3. <>/Metadata 1781 0 R/ViewerPreferences 1782 0 R>> Report an issue . Q. Comments. About the Author . (a) Sections (b) Sub-sections (c) Clauses (d) Sub-clauses 4. The Income Tax Act, 1961 has 298 _____. There must be a capital asset. Logout Search Money; Taxes Taxes. CCS Conduct Rules MCQs . 2) Under Section Sec. Search inside document . Date Written: September 26, 2017. Question2: What is Gross Total Income? a) i) Define the term ‘tax planning’ (2 marks) ii) Briefly explain two instances in which a business may apply the concept of tax planning (4 marks) (b) The Kenya Revenue Authority (KRA) is geared towards a function-based organization rather than one structured along the types of taxes. Federal income tax. William Kratzke . 10(16), the full amount of scholarship granted to meet the cost of education is exempted. Taxation MCQ. 1.2 T Ltd makes up its accounts for the sixteen months to 30 April 2004. Course. Fill in the Blanks (A)The basic exemption limit in case of a non-resident individual being a senior citizen of Rs. Medicare Tax . 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Multiple choice questions Try the following multiple choice questions to test your knowledge of this chapter. Hi, can you please post questios with answers on priciples of taxation law. The constitution of India empowers_____ to levy tax on income (a) State Government (b) Central Government (c) Parliament (d) Finance Minister 2. 5. Q.1. Now Reading: Join Today, Save 25% JOIN NOW. 3) The value of perquisites is chargeable to tax under the … Income Tax and Wealth Tax : 1. 2014/2015. D 10 November 2003. The net amount of social security benefits that you receive from the Social Security Administration is reported in Box 5 of Form SSA-1099, Social Security Benefit Statement, and you report that amount on line 5a of Form 1040, U.S. Free download in PDF Income Tax General Knowledge Multiple Choice Questions(MCQs) and Answers. Ans-Income which has been earned but not yet received is known as accrued income. ÆIò´ Mention income in tax return but claim exemption for bank interest Correct answer: b. Copy URL. Copy URL. Question4: Can I claim deduction for my personal and household expenditure while calculating my taxable income or profit? Ans. Share. Show answers . He received his B.A. ii . While these answers to top tax questions might help you get started in fulfilling your tax obligations, you may still have questions as you go through the process of filing a return. 250+ Income Tax Interview Questions and Answers, Question1: What is the difference between gross total income and total income? Tax: Solved 25 Tax Questions and answers section with explanation for various online exam preparation, various interviews, Logical Reasoning Category online test. Open PDF in Browser. Test your general knowledge and general awareness with our questions and answers on Jagranjosh.com. 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