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19. The Payment of Gratuity Act came into force in 1973 1980 1991 1972 20. The entertainment allowance is applicable to Private sector employees Public sector employees Government employees All of the above 21. is the rent fixed under Rent control Act. Municipal rental value Fair rental value Standard rent Real rent 22. Expected Rent can be determined in the following way Higher of Municipal Value & Fair Rent Lower of Municipal Value & Fair Rent Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent Any of the above 23. Under the Head Income from House Property, the basis of charge is the of property. Annual value Quarterly value Half-quarterly value None of the above 24. Mr. Ram owns a house property. He lent it to Laxman at 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of 20,000 p.m. Rental income of Ram is taxable under the head Income from Salary Income from Other Sources Income from House Property Income from Business14. The salary, remuneration or compensation received by the partners is taxable under the head Income from Other Sources Income from Business Salary None of the above 15. The death-cum-retirement gratuity received by the Government Employee or employee of local authority is Partially exempted Fully exempted Half taxable None of the above 16. Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is Taxable Not taxable Partially taxable None of the above 17. Provident Fund Act was passed in the year 1932 1956 1925 1922 18. Rent Free Accommodation given to an employee by the employer is a Allowance Perquisite Profit in lieu of salary None of the above8. The Income Tax Act, which is still in force in India, was enforced in 1922 1961 1860 = None of the above 9. Mr. X has started has business from Ist Sept '16 and does not have any other source of income. His first previous year will start from Ist April '16 Ist Sept '16 Any of the above None of the above. 10. According to Section 2(7) of Income Tax Act "Assessee" means a person By whom any tax or other sum of money is payable By whom any proceeding under the Act has been taken Who is deemed to be an assessee in default under any provision of this Act All of the above 1 1. The house rent allowance (HRA) under the salary head of Income Tax Act is given by Section 10 Section 10(13A) Section 1 1(13B) Section1 1 12. Children Education allowance is exempted for child/ children. One Two Three Four 13. Pension is under the salary head. Fully taxable Partially taxable Not taxable None of the above1. Income Tax Act was passed in the year 1947 1950 1961 1991 2. Life Insurance Corporation of India is a AOP Firm Company Individual is an artificial person registered under Indian Companies Act 1956. Individual Company Firm Local Authority 4. Which one of the following taxes is not levied by the State Government? Entertainment tax VAT Professional tax None of the above 5. The first income tax act was introduced in the year 1918 1861 1860 1886 6. The apex body of Income Tax Department. is Finance Ministry of Central Govt. Central Govt. of India. CBDT Dept. of Revenue 7. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of Resident Not Ordinarily Resident Non Resident All of the above
