DFCCIL Junior Manager Mock Test 2021

DFCCIL Junior Manager Mock Test 2021: Dedicated Freight Corridor Corporation of India Limited (DFCCIL) released official notification for the recruitment to the post of Junior Manager, Executive and Junior Executive etc. Total Number of Vacancies are 1074. Candidates can apply online from 24.04.2021 to 23.05.2021.

There are 77 vacancies for Junior Manager (Operations & BD), 237 vacancies for Junior Manager (Operations & BD) and 225 vacancies for Junior Executive (Operations & BD).

We have also released DFCCIL Book for DFCCIL Executive (Operations & BD) and DFCCIL Junior Executive (Operations & BD) EXAM 2021.

In this book we have covered Customer Relationship Management (CRM), Indian Economy & Marketing, History of Indian Railways, DFCCIL, Important Facts and Stats of Indian Railways & 500+ Most Important MCQs (DFCCIL Previous Year Paper {Solved}  included).Best DFCCIL Book Executive & Jr. Executive (Operations & BD)

DFCCIL Junior Manager Mock Test 2021 (Important Questions on Income Tax)

1. Income tax is collected on all types of income except _______________.
(a) Agricultural Income
(b) Industrial Income
(c) Capital Gain
(d) Household Property

2. The Income Tax Act came into force from _______________.
(a) 1st March 1971
(b) 1st April 1971
(c) 1st March 1961
(d) 1st April 1961

3. The Income Tax Act came into force all over India except _______________.
(a) Andaman & Nicobar
(b) Maldives
(c) Jammu & Kashmir
(d) None of the above
4. As per Income Tax Act, 1961, income tax is charged on the income of _______________ at a rates which are prescribed by the Finance Act of relevant assessment year.
(a) Current year
(b) One year before previous year
(c) Previous year
(d) None of the above

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5. The tax payer liability is determined with reference to his or her _______________.
(a) Financial Status
(b) Residential Status
(c) All of the above
(d) None of the above

6. As per the definition of Income, the income includes the following _______________.
(a) Profits and gains
(b) Dividend declared
(c) Voluntary contribution received by a trust created
(d) All of the above

7. The period of 12 months commencing on the first day of April every year and ending on 31st March is called as _______________.
(a) Previous Year
(b) Assessment year
(c) Accounting Year
(d) Financial Year

8. Previous year means the financial year immediately preceding the _______________.
(a) Accounting Year
(b) Assessment Year
(c) All of the above
(d) None of the above

9. Under Income Tax Act, the income liable for tax is classified on the basis of _______________.
(a) Income from Salaries
(b) Income from House Property
(c) Agricultural Income
(d) Both (a) and (b)

10. Agricultural income is completely exempted for assessment year _______________.
(a) 1974-75
(b) 1985-86
(c) 1975-76
(d) 1978-79

11. The income from foreign companies by providing the services in project connected with security of India is _______________ from tax liability.
(a) 50% exempted
(b) 20% exempted
(c) 100% exempted
(d) 55% exempted

12. An individual is said to be resident in India if _______________.
(a) It is in India in the previous year for a period of 182 days or more
(b) It is in India for period of 60 days or more during the previous and 365 days or more during the four years immediately proceeding previous year
(c) All of the above
(d) None of the above

13. The HUF is said to be resident in India if _______________.
(a) The control and management of its affairs is wholly or partly situated in India
(b) The control and management of its affairs is partially situated out of India
(c) The control and management of its affairs is wholly or partly in out of India
(d) None of the above

14. The awards and rewards are exempted from Income Tax if _______________.
(a) Payment is in cash
(b) Payment is in kind
(c) Payment is in cash or in kind
(d) None of the above

15. Income received in India whether occurred in India or outside India, the tax incidence in case of resident is _______________.
(a) Taxable as per slabs
(b) Exempted from tax
(c) Partly exempted
(d) None of the above

Best DFCCIL Book Executive & Jr. Executive (Operations & BD)16. Income received in India whether occurred in India or outside India, the tax incidence in case of resident but not ordinarily resident is _______________.
(a) Taxable as per slabs
(b) Exempted from tax
(c) Partly exempted
(d) None of the above

17. Income received in India whether occurred in India or outside India, the tax incidence in case of non-resident is _______________.
(a) Taxable as per slabs
(b) Exempted from slab
(c) Partly exempted
(d) None of the above

18. Income deemed to be received in India whether occurred in India or outside India, the tax incidence in case of resident is _______________.
(a) Taxable as per slabs
(b) Exempted from slab
(c) Partly exempted
(d) None of the above

19. The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of resident is _______________.
(a) Taxable
(b) Non-taxable
(c) Partly taxable
(d) None of the above

20. The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is _______________.
(a) Taxable
(b) Non-taxable
(c) Partly taxable
(d) None of the above

21. The tax incidence for company or firm in which income received in India and company is resident is _______________.
(a) Taxable
(b) Non-taxable
(c) Partly taxable
(d) None of the above

22. The tax incidence for company or firm in which income received in India and company for non-resident is _______________.
(a) Taxable
(b) Non-taxable
(c) Partly taxable
(d) None of the above

23. The tax incidence for company or firm in which income received outside India from a source controlled from India for resident is _______________.
(a) Taxable
(b) Non-taxable
(c) Partly taxable
(d) None of the above

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24. The tax incidence for company or firm in which income received outside India from a source controlled from India for non-resident is _______________.
(a) Non-taxable
(b) Taxable
(c) Partly taxable
(d) None of the above

25. _______________ is exempted from income tax.
(a) Interest from Indian company
(b) Dividend from foreign company
(c) Cooperative dividend
(d) Dividend from Indian company

26. Which section of the Income Tax Act exempted incomes have been mentioned?
(a) Section 80C
(b) Section 80DD
(c) Section 10
(d) Section 2

27. _______________ of Income Tax Act is related to residential status.
(a) Section 2
(b) Section 6
(c) Section 5
(d) Section 4

28. Resident of India includes _______________.
(a) Ordinarily resident
(b) Not ordinarily resident
(c) NRI
(d) Both (a) and (b)

29. The Company may have the residential status as _______________.
(a) Resident or Non-resident
(b) Not ordinarily resident
(c) Non-resident
(d) Resident

Best DFCCIL Book Executive & Jr. Executive (Operations & BD)30. The meaning of exempted income is _______________.
(a) Not included in total income
(b) Agricultural income
(c) Not taxable under income tax
(d) All of the above

31. The number of income source for a person are _______________.
(a) One head
(b) Two heads
(c) Various heads
(d) Any of the above

32. The sum of various heads is called as _______________.
(a) Taxable income
(b) Total income
(c) Gross total income
(d) Adjusted income

33. The agricultural income includes _______________.
(a) Income from sale of crop
(b) Income from preparation of crop
(c) Income from nursery
(d) All of the above

34. _______________ comes under agricultural income.
(a) Tea garden
(b) Commodity farming
(c) All of the above
(d) None of the above

35. If the agricultural income is _______________, then the agricultural income is considered for calculating tax.
(a) More than Rs. 5,000 and total income is exceeding exemption limit
(b) More than Rs. 5,000
(c) More than Rs. 10,000
(d) Any amount

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36. The Income Tax Act, 1961 broadly covers _______________.
(a) Basic charging income
(b) Rebates and reliefs
(c) Incomes exempted from income tax
(d) All of the above

37. The capital gain is chargeable under _______________ of Income Tax Act.
(a) Section 45
(b) Section 55
(c) Section 56
(d) Section 40

38. The definition of the person includes _______________.
(a) An individual
(b) A company
(c) A Hindu undivided family
(d) All of the above

39. Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is _______________.
(a) Partially taxable
(b) Fully taxable
(c) Exempted from tax
(d) None of the above

40. Residential Status of an assesses can be _______________.
(a) Different for different previous year in the same assessment year
(b) Different for different assessment year
(c) None of the above
(d) All of the above

41. The income of previous year is chargeable to tax in the _______________.
(a) Immediately succeeding assessment year
(b) Same previous year
(c) Immediately preceding academic year
(d) None of the above

42. The interest on loan paid by the Government of India to a non-resident outside India is _______________ in India.
(a) Not taxable
(b) Partially taxable
(c) Taxable
(d) Can’t say

43. An individual is resident and ordinarily resident of India if _______________.
(a) Person had been resident in India at least 2 out of 10 previous years immediately preceding the relevant previous year
(b) Person been in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year
(c) All of the above
(d) None of the above

44. The Resident HUF is ordinarily resident in India, if _______________.
(a) He has been resident in India at least 2 years out of 10 previous years immediately
(b) He has been resident in India at least 3 years out of 10 previous years immediately
(c) He has been resident in India at least 2 years out of 5 previous years immediately
(d) None of the above

Best DFCCIL Book Executive & Jr. Executive (Operations & BD)45. Basic condition will be for a person who leaves India for employment _______________.
(a) At least 182 days in India
(b) At least 60 days in previous year and 365 days in preceding 4 years
(c) At least 730 days in preceding 7 years
(d) All of the above

46. Which of the following is not included in the term Income under the Income Tax Act, 1961?
(a) Reimbursement of travelling expenses
(b) Profits and gains of business or profession
(c) Dividend
(d) Profit in lieu of salary

47. The term income includes the following types of incomes.
(a) Illegal
(b) Legal income from India only
(c) Legal
(d) Legal and illegal both

48. _______________ is the casual income.
(a) Interest received
(b) Dividend income
(c) Pension received
(d) Winning from lotteries

49. The way of tax liability by taking full advantage provided by the Act is _______________.
(a) Tax management
(b) Tax avoidance
(c) Tax planning
(d) Tax evasion

50. Mr. A, partner of M/s ABC, is assessable as _______________.
(a) Firm
(b) An individual
(c) Body of individual
(d) HUF

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Prashant Chaturvedi

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