Period of assessment year is ________.

(a)

1^st April to 31st March

(b)

1^st March to 28th February

(c)

1^st July to 30th June

(d)

1^st Jan to 31st Dec.

The aggregate income under five heads is termed as _______.

(a)

Gross Total Income

(b)

Total Income

(c)

Salary Income

(d)

Business Income

Income Tax was passed in the year ______.

(a)

1959

(b)

1960

(c)

1962

(d)

1961

The person who has to pay tax or other sum of money payable under Income Tax Act is called as ______.

(a)

An Assessee

(b)

A Client

(c)

A Debtor

(d)

A Creditor

Income from rent of agricultural land is ______.

(a)

Agricultural income

(b)

Business income

(c)

House property income

(d)

Casual income

How many heads of income are there to compute Gross total income?

(a)

Six

(b)

Five

(c)

Four

(d)

Three

Compensation received for loss of trading asset is a _______________

(a)

Capital receipt

(b)

Revenue receipt

(c)

a casual receipt

(d)

None of the above

Tax charged on Long Term Capital Gain is _______.

(a)

20%

(b)

15%

(c)

25%

(d)

30%

________________exercises overall control over Administration of Taxes.

(a)

Income Tax Officer

(b)

Tribunal

(c)

CBDT

(d)

Finance Minister

Double Taxation is calculated ____________from company.

(a)

Dividend

(b)

Interest

(c)

Certificate

(d)

Bonus shares