Basic Concepts of Income Tax

Question 1

1. The term 'Person' under section 2(31) of Income Tax Act includes:...

A) Individual, HUF, Company only

B) Individual, HUF, Company, Firm, AOP, BOI, Local Authority, Artificial juridical ... ✓

C) Only natural persons

D) Only legal entities registered under Companies Act

Question 2

2. Previous year for a business set up on 15th October 2025 and assessment year 2026-27 would be:...

A) 1st April 2025 to 31st March 2026

B) 15th October 2025 to 31st March 2026 ✓

C) 1st April 2024 to 31st March 2025

D) 15th October 2025 to 14th October 2026

Question 3

3. Which of the following is NOT included in the definition of 'Income' under section 2(24)?...

A) Profits and gains

B) Dividend

C) Capital receipts which are not taxable ✓

D) Winnings from lotteries

Sample Questions: Income Tax