BCom Third Year (Sem 5 & 6) Income Tax and GST – Daily Revision MCQ (English Medium)
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Under the first basic condition, an individual is resident in India if he stays in India for at least how many days during the relevant financial year?
Chapter 1: Basic Concepts and Residential Status
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Answer: B. 182 days
Staying in India for 182 days or more in the year satisfies the first basic condition and makes the individual resident.Under the Income-tax law, total income is classified under how many heads of income?
Chapter 1: Basic Concepts and Residential Status
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Answer: C. Five
The five heads are Salaries, House Property, Business or Profession, Capital Gains and Other Sources.For an income to be taxed under the head 'Salaries', which relationship must exist between the payer and the receiver?
Chapter 2: Income from Salaries
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Answer: A. Employer and employee
Salary is taxable only when there is an employer–employee relationship; a partner's salary from the firm is business income.Which of the following is NOT charged to tax under 'Income from House Property'?
Chapter 3: Income from House Property
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Answer: D. A building the owner uses for his own business
A property used by the owner for his own business or profession is excluded from this head; its income is part of business profits.Which of the following is NOT a capital asset for income-tax purposes?
Chapter 5: Capital Gains and Income from Other Sources
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Answer: C. Stock-in-trade of a business
Stock-in-trade is specifically excluded from the definition of capital asset; its sale gives business income, not capital gain.Winnings from a lottery are taxed under which head of income?
Chapter 5: Capital Gains and Income from Other Sources
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Answer: D. Income from Other Sources
Lottery winnings are casual income and fall under the residual head 'Income from Other Sources'.Which GST is levied on an inter-State supply of goods, for example from Maharashtra to Gujarat?
Chapter 7: GST: Concepts, Levy and Registration
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Answer: B. IGST
An inter-State supply attracts Integrated GST (IGST), collected by the Centre; CGST + SGST apply to supplies within one State.From which date did GST come into force in India?
Chapter 7: GST: Concepts, Levy and Registration
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Answer: A. 1 July 2017
GST replaced excise duty, service tax, VAT and other indirect taxes from 1 July 2017, after the 101st Constitutional Amendment.Input tax credit of CGST can be used to pay which of the following taxes?
Chapter 8: GST: Input Tax Credit and Returns
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Answer: C. CGST and IGST
CGST credit can be set off against CGST and IGST liability, but never against SGST.Which GST return contains the details of outward supplies made by a registered person?
Chapter 8: GST: Input Tax Credit and Returns
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Answer: A. GSTR-1
GSTR-1 is the statement of outward supplies (sales); GSTR-3B is the summary return and GSTR-9 the annual return.
BCom Third Year (Sem 5 & 6): MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the common syllabus of Maharashtra universities (NEP). Your own university's syllabus may differ a little.