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Search and seizure proceeding under Income Tax Act is provided u/s 132 , 132A and 132B . Further assessment of a case of search and seizure case is done u/s 153A and section 153C of the Income Tax Act. The students who are preparing for exams like CA, CS or ICMA , will find this...
Association of Person AOP is defined as a person under Income Tax Act . However , what is an Association of Person itself is not defined. The computation of total income of Association of Person or AOP and the way it is charged to tax is quite different and some time complex . So the following quiz...
The income of non resident persons in India is taxed differently under Income Tax Act. There is also distinction between non resident foreigners and no resident Indians (NRIs) who are given certain reliefs . Readers must be relishing previous quiz set on residential status . This quiz set of 10 objective type questions and true false is regarding taxation of income under I.T.Act and...
House property income taxation provision is given in section 22 to section 27 of the Income Tax Act. There are certain benefits attached to acquiring house for self residence by the government. Apart from this , the law of taxing house property is not necessarily dependent on the ownership , but who actually enjoy income out of a property. So , a set...
The provision of transfer pricing is not very old under Income Tax Act. The provision under section 92 was certainly there ,which was expanded in a separate chapter X by Finance Act 2001. Now more and more refinements are being brought in the Chapter and slowly and also the rigor of the provisions are being expanded. Here is selection of 10...
Charitable trust or religious trust are given exemption u/s 11 and 12 of the Income Tax Act. Section 12A , 12AA and 13 are other provisions related to procedure and conditions for claiming exemption . Following is a set of 10 multiple choice questions which will not only test your knowledge but also enhance your tax knowledge...
Section 10 exempts various kinds of income from being included in total income of an assessee. The present set of 10 questions will surely add to your knowledge as the questions are picked up to raise the curiosity about exempt income under Income Tax Act . ...
Residential status knowledge is one the most fundamental to charging of tax under Income Tax Act , 1961.Section 6 of the Act defines and fix the considerations under which a person’s residential status can be determined. The provision also provides certain beneficial conditions to person of Indian origin or non resident Indians or Indians who are going out for employment purpose....
Accrual of income is one of the basic concept to grasp for determining the tax-ability of an income under Income Tax Act. The basis of charge of tax on any receipt by person is to first clearly see whether the income has been received in India or arisen or accrued in India or deemed to be received or deemed...
Basis of charge of tax under Income Tax Act 1961 is something which is the first thing to decide to know whether a sum shall be taxable . The definition under Income Tax Act starts from section 2 and section 4 provides basis of charge. Therefore, here is an attempt to provide a set of 10 multiple...
Learning through tax quiz is fascinating exercise. So providing brilliant tax questions topic wise for chartered accountancy or cost accountancy or CS students is a novel experiment by this site. In this series, a new ten question set of multiple choice and true false question on the tax question from topic “income from Other sources ” are...
The answer is……………. Senior Citizen from FY 2012-13 . Read the second half of this posting http://taxworry.com/section-54ec-sales-consideration-or-only-gains-should-be-invested/...
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Quiz for CA/ICMA/CS Students
