Sana-The Commerce House

1. If there is a transfer of income by a person to another person without the transfer of the  asset from which the income arises, such income shall be included in the income of -  (a) Transferor  (b) Transferee  (c) Transferor, if transfer is revocable  2. If there is revocable transfer of an asset by any person to another person, any income  arising from such asset shall be included in the income of -  (a) Transferor  (b) Transferee  (c) Both Transferor & Transferee  3. If there is a transfer of asset to the transferee which is not revocable during his life time  to the transferee, income arising from such asset shall be included in the income of -  (a) Transferor  (b) Transferee  (c) Transferee till his death and thereafter in the hands of the Transferor  4. Where an individual has substantial interest in a concern, there shall be included in his  Total Income any remuneration paid by such concern to ...

1. RS, a Chartered Accountant is employed with GK Ltd, as an Internal Auditor and  requests the Employer to call the remuneration as Internal Audit Fee. RS shall be  chargeable to tax for such fee under the head -  (a) Income from Salares  (b) Profits and Gains from Business and Profession  (c) Income from Other Sources  2. Mahendra Ltd pays a Salary of Rs. 2,50,000 to his Employee Vasu and undertakes to  pay the Income Tax amounting to Rs. 10,300 during the previous year 2020-2021 on  behalf of Vasu. The Gross Salary of Vasu shall be -  (a) Rs. 2,50,000  (b) Rs. 2,60,300  (c) Rs. 2,39,700  3. KS, who is entitled to a Salary of Rs. 20,000 p.m, took an advance of Rs. 50,000  against the salary in the month of March 2020. The Gross Salary of KS for A.Y. 2021- 2022 shall be -  (a) Rs. 2,90,000  (b) Rs. 2,40,000  (c) None of the above  4. SM, who is entitled to a Salary of Rs. 20,000 p.m. took advance salar...

Latest Income Tax MCQ Objective Questions Income Tax Question 1: Which of the following Act is replaced with the Direct Tax Code (DTC)? (a) The Income Tax Act, 1961 (b) The Central Sales Tax Act, 1956 (c) The Central Excise Act, 1944 (d) The Central Goods and Services Act, 2017 Only (d)  Only (a) Only (a) and (d) Only (b) and (c) None of the above/More than one of the above. Answer  (Detailed Solution Below) Option 2 : Only (a) Income Tax Question 1 Detailed Solution The correct answer is  Only (a) Key Points  Person under section 2(31) of Income Tax Act 1961:  In terms of Section 2 (31) of the Income Tax Act, 1961, a person has been defined to include   (i) an individual,   (ii) a Hindu undivided family,   (iii) a company,   (iv) a firm,   (v) an association of person or a body of individuals, whether incorporated or not,   (vi) a local authority, and   (vii) every artificial juridical person, not...