Income Tax Law & Practice-Commerce

Which is a person under Income Tax Act, 1961?

• Hindu Undivided Family

• Firm

• Association of Person/Body of Individuals

• All of the Above

Income Tax Act came into force on:

• April 1, 1961

• April 1, 1962

• April 1, 1869

• None of the above

Write the sources of Income Tax Law?

Residential Status does not mean

Gross Total Income includes

• Income from Salaries

• Income from House Property

• Profit & Gains of Business or Profession

• None of the above

What do you mean by Allowance?

• Perks measured in terms of money

• Dearness Allowance

• HRA

• Monetary Payments in addition to Salary

What is Gross Annual Value?

Income of Minor Child u/s 10(32) is exempt upto?

• Rs. 3000 per child

• Rs. 2500 per Child

• Rs. 1500 per child

• Rs. 10000 per child

Dividend received from company is exempt u/s__________?

Do you think Salaried persons should be exempted from filing Income Tax Return for the AY 2020-21 imposed due to COVID19 pandemic?

• Strongly Agree

• Agree

• Neutral

• Disagree

• Strongly Disagree