Exam 1: Income Tax: Important Concepts and Definitions

A new business was set up on 15-11-2017 and it commences its business from 1-12-2017. The first previous year in this case shall be _______________________

Income which accrue in India from a business controlled from India _________________

Body of individual should consist of ____________

In which year is the income tax liability computed_______________

A company joining with two other Companies in a Joint venture is treated under Income tax laws as __________.

Income received in India ____________

Whose income is chargeable to Income tax _______________

Mr. Joshi runs a chemist's shop, accounting year of which is the financial year. On November -9,2017. He sets up a chemical factory. What is the previous year for the assessment year 2018-19 for the above two businesses___________________

Previous year means the _____________

Assessment year is the period of twelve months commencing on ________________

M,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 ,2018. The gross salary of m for assessment year 2018-19 shall be _________

Out of the following which is a revenue receipt _______________-

M.a chartered accountant is employed with M ltd, as an internal auditor and requests the employer to call the remuneration as internal audit fee.M. shall be chargeable to tax for such fees under the head __________

Income which accrue or arise outside India and also received outside India is taxable in case of __________

Salary of M becomes due on 1st of next month and it is paid on 7th of that month. For the assessment year 2018-19, the salary of M shall be taken from ________

Residential status is to be determined for ____________

Income accruing in Japan and received there is taxable in India in the case of ______________

Income which accrue or arise outside India but are received directly into India are taxable in case of ________

One who is liable to pay the income tax__________________

Income earned during what period is taxed____________