Practice Test

Q1) Any income from HUF received by member of HUF shall be : Show Answer

Q2) Subsidy received by the Assessee from Rubber Board for re-plantation or replacement of rubber plant is : Show Answer

Q3) Rk a Chartered Accountant is employed with GK Ltd.., as an Internal Auditor and requests the Employer to call the remuneration as Internal Audit Fee. Rk shall be chargeable to tax for such fee under the head: Show Answer

Q4) Mahendra Ltd. pays a Salary Rs. 2,50,000 to his employee Vasu and undertakes to pay Income Tax amounting to Rs. 10,300 during the previous year 2015-16 on behalf of Vasu. The Gross Salary of Vasu shall be . Show Answer

Q5) KS, 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 2016. The Gross Salary of Ks shall be : Show Answer

Q6) SM, who is entitled to a Salary of Rs. 20,000 p.m. took advance salary from the Employer for the months of April and May 2016 along with Salary of March 2016 on 31-3-2016. The Gross Salary of SM for A. Yr. 2016-17 is : Show Answer

Q7) SR is employed with G Ltd., at a Salary of Rs. 20,000 p.m. As G Ltd.was in financial crisis, it paid the salary of Jan. 2016 to March 2016 to Sr only in July 2016. The Gross Salary of SR for A.Y. 2016-17 shall be : Show Answer

Q8) Salary of D is Rs. 10,000 p.m. D had taken Salary in advance for the month of April 2016 to June 2016 in March 2016 itself. The Gross Salary of R
D For A.Y. 2016-17shall be : Show Answer

Q9) Salary of Z becomes due 1st of next month and it is paid on 7th of that next month. For A.Y. 2016-17 the Salary of Z shall be taken from: Show Answer

Q10) Gratuity shall be fully in the case of: Show Answer

Q11) Salary for the purpose of calculating 15 days salary for each completed year of service shall be : Show Answer

Q12) Salary for the purpose of calculating 15days for each completed year of service shall: Show Answer

Q13) If the Employee has completed service of 16 years 6 months and 5 days, the number of completed year shall be taken as : Show Answer

Q14) If he has completed exactly 16 years and 6 months, the completed year shall be : Show Answer

Q15) For the purpose of computing 15 days' Salary, the number of days in a month shall be taken as : Show Answer

Q16) Salary for purpose of calculating gratuity based on half month salary shall be taken as : Show Answer

Q17) Salary for the above purpose - Show Answer

Q18) If the Employee has completed 16 years and 8 months of service, the number of completed years is : Show Answer

Q19) The maximum exemption of Gratuity shall be : Show Answer

Q20) B worked with a previous Employer for 3 years but was not entitled to any gratuity. He worked with the present Employer for 8 years and 7 months. The completed years of service for calculating exemption of gratuity shall be taken as : Show Answer

Q21) For the purpose of calculating exemption of gratuity, Salary shall include: Show Answer

Q22) Uncommuted Pension received by a Government Employee is : Show Answer

Q23) Commuted Pension received shall be fully exempt in case of : Show Answer

Q24) An Employee, who was also entitled to Gratuity , got 60% of his pension commuted and received a sum of Rs.1,20,000 as commuted pension. The exemption is:Rs. Show Answer

Q25) An Employee who was not entitled to gratuity, got 30% of his total pension commuted in the past. He wished to commute another 25% of his total pension in the previous year. He shall be allowed exemption to the extent of : Show Answer

Q26) Encashment of Leave Salary at the time of retirement is fully exempt in the case of : Show Answer

Q27) Salary for the purpose of exemption of Leave Encashment shall be taken as : Show Answer

Q28) The maximum exemption in case of Leave Encashment shall be : Show Answer

Q29) Compensation received in Voluntary Retirement is exempt u/s 10(10c) to the maximum extent of : Show Answer

Q30) An Employee availed the exemption of VRS of Rs. 1,00,000 in past . He received from the second Employer a sum of Rs.2,50,000 as VRS Compensation. He will be entitled to exemption to the extent of : Show Answer

Q31) If rent is paid for a house situated in Mumbai, the HRA shall be exempt to the maximum extent of : Show Answer

Q32) A is entitled to Children Education Allowance at Rs.80 p.m.per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of : Show Answer

Q33) B is entitled to Hostel expenditure allowance of Rs. 600 p.m.for his 3 children at Rs. 200 per child. The exemption in this case shall be : Show Answer

Q34) C is entitled of Rs.1,000 p.m. for commuting from his residence to office and back. He spends Rs. 600 p.m. The exemption shall be : Show Answer

Q35) D is entitled to Rs. 6,000 as Medical Allowance. He spends Rs. 4,000 on his medical treatment and Rs. 1,000 on the medical treatment of his major son not dependent on him. The exemption in this case shall be : Show Answer

Q36) Entertainment Allowance in case of Govt. Employee is: Show Answer

Q37) During the previous year, the Employee was reimbursed Rs. 24,000 as medical expenses incurred by him which includes Rs. 7,000 spent in Govt. hospital. The taxable perquisite in this case shall be : Show Answer

Q38) Mrs. C, wife of C who is employed in G Ltd. went for by-pass surgery in England along with her husband. Expenses on medical treatment of wife and stay outside India of wife and C amounted to Rs.7,00,000 as against Rs.6,50,000 permitted by RBI. The travel expenses amounted to Rs.1,50,000. All expenses were reimbursed by the Employer. Assume the gross salary and income from other sources of the Employee are Rs.1,40,000 and 40,000 respectively. the taxable perquisite in this case shall be : Show Answer

Q39) Leave Travel Concession is a tax free perquisite for: Show Answer

Q40) Employee is provided with furniture costing Rs. 1,50,000 along with house w .e . f 1-4-2015. The value of the furniture to be included to be included in the valuation of unfurnished house shall be : Show Answer

Q41) Salary of an Employee is Rs.2,00,000. Rent paid by the Employer for the unfurnished provided to Employee at Coimbatore is Rs. 1,500 p.m. The Employer charges Rs. 1,000 p.m. as rent from Employee. The valuation of this perquisite shall be : Show Answer

Q42) K is an Employee of Indian Oil Corporation Ltd. He is provided with free gas for his personal purposes by the Employer. The value of this perquisite shall be : Show Answer

Q43) M owns a house in which he lives. His Employer reimburses to him the electricity. His Employer reimburses to him the electricity bill amounting to Rs. 5,000 . It shall be be a perquisite for: Show Answer

Q44) An Employer free facility of gas, electricity etc. to his Employee which he uses partly for official and party for his personal purposes. The actual amount spent by Employer is Rs. 10,000 and the Salary of the Employee is Rs. 2,00,000. The valuation of his perquisite shall be : Show Answer

Q45) An Employer provides free facility of Watchman, Sweeper and Gardener to his Employees. It will be a perquisite for : Show Answer

Q46) Gardener, Sweeper and Watchman are employed by the employee but their salary of rs. 500 p.m. per person is paid by the Employer. The valuation of this perquisite shall be : Show Answer

Q47) Employer's Contribution to Statutory Provident Fund shall be : Show Answer

Q48) Interest credited to Statutory Provident Fund shall be : Show Answer

Q49) Employer's Contribution to Recognized Provident Fund shall be : Show Answer

Q50) Interest credited to Recognized Provident Fund is : Show Answer

Q51) Employer's Contribution to Unrecognized Provident Fund shall be : Show Answer

Q52) Interest on Employers' Contribution credited to Unrecognized Provident Fund Show Answer

Q53) Z gifted his house property to his wife and / or minor so in 2009. Z has let out the house property at Rs.5,000 p.m. The income from such house property will be taxable in the hands of : Show Answer

Q54) X transferred his house property to his wife under an agreement to live apart. Income from such House Property shall be taxable in the hands of : Show Answer

Q55) W has taken a house property on lease for 15 years from G and let out the same to S. Income from such house to W shall be taxable as : Show Answer

Q56) V gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of ; Show Answer

Q57) U is a member of a house Building Co-operative Society who is the owner of flats constructed by it. One of the flats is allotted to U. The Income from such House Property shall be taxable in the hands of; Show Answer

Q58) T is the owner of a superstructure although the land was taken by him on lease. The Income from such house Property shall be Taxable under the head Show Answer

Q59) S has taken a house on rent and sublets the same to G Income from such House Property shall be Taxable under the head: Show Answer

Q60) Municipal Valuation of a house is Rs. 1,00,000 whereas the Fair Rent of House Property is Rs. 1,20,000 and standard Rent is Rs. 1,10,000. Actual Rent received or receivable is Rs.1,40,000 Municipal Taxes paid 10% The net Annual Value in this case shall be : Show Answer

Q61) Fair Rent Value of a house is Rs.1,50,000 Standard Rent Rs. 1,20,000, Actual Value shall be: Show Answer

Q62) A has two house properties, both are self-occupied. The Annual Value: Show Answer

Q63) If Annual Value of the Let out House Property is negative, then tick the deductions which shall be allowed u/s 24: Show Answer

Q64) Municipal Tax is a deduction from: Show Answer

Q65) If the property is owned by Co-owners and it is let out, income from such property shall be computed: Show Answer

Q66) If the property is owned by Co-owners & it is Self Occupied by all Co-owners, the annual value of : Show Answer

Q67) In the above case, interest on money borrowed shall be allowed: Show Answer

Q68) A House Property whose Fair Rent is Rs. 1,20,000 is neither let out nor self occupied throughout the previous year. Its Annual Value shall be : Show Answer

Q69) Unrealized Rent is a deduction from: Show Answer

Q70) An Assessee was allowed deduction of Unrealized Rent to the extent of Rs.40,000 in the past although the total Unrealized Rent was Rs.60,000. He is able to recover from the tenant Rs.45,000 during the previous year on account of such Unrealized Rent. He shall be liable to tax to the extent of: Show Answer

Q71) An assessee borrowed money for purchase of a house & interest is payable outside India. Such interest shall: Show Answer

Q72) Salary, Bonus, Commission or Remuneration due to or received by a Working Partner from the Firm is taxable under the head : Show Answer

Q73) Perquisite received by the assessee during the courses of carrying on his business or profession is taxable under the head: Show Answer

Q74) Export Incentives received by an assessee are: Show Answer

Q75) Income of a Trade or Professional Association, from specific services performed for its members shall be: Show Answer

Q76) Interest on Capital or Loan Received by a Partner from a Firm is : Show Answer

Q77) Under the head Business & Profession, the method of accounting which an assessee can follow shall be; Show Answer

Q78) For computation of Business Income, the assessee has to follow: Show Answer

Q79) Sums received by an employer from Keyman Insurance Policy taken on the life of the employee shall be : Show Answer

Q80) T, who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation Amount so received shall be : Show Answer

Q81) Where the Machinery, Plant and Furniture is used by the assessee for the purpose of carrying on Business or Profession, he shall be entitled to a deduction under section 31 on account of : Show Answer

Q82) Depreciation is allowed in case of : Show Answer

Q83) Depreciation is allowed to : Show Answer

Q84) Electricity Companies are allowed depreciation on the basis of : Show Answer

Q85) Where part of block of assets is sold for a price more than the opening W.D.V. plus cost of assets acquired during the year, if any, the assessee shall be subject to : Show Answer

Q86) Where a part of the block of asset is sold for a price less than the opening W.D.V. plus cost of assets, if any, acquired during the year, the balance amount shall be treated as: Show Answer

Q87) Where the entire block of the asset is sold for a a price more than the opening W.D.V. and the cost of asset, if any, acquired during the year, the excess amount shall be subject to: Show Answer

Q88) Where an Electricity Company claiming depreciation under straight line method on each asset separately such asset for price more than its. W.D.V., then the excess amount shall be taxable as : Show Answer

Q89) Where the entire block is sold for a price less than the opening W.D.V. and the cost of asset, if any, acquired during the previous year, the balance amount shall be treated as : Show Answer

Q90) Where the Electricity Company charging depreciation on straight line method on each assets separately, sells any asset for a price less than the opening W.D.V. the balance amount shall be treated as : Show Answer

Q91) R acquired an asset for Rs. 5,22,000 which includes Rs 72,000 as excise duty for which assessee has claimed CENVAT Credit. The actual cost of acquisition to be included in the block of asset shall be: Show Answer

Q92) A car is imported after 1-4-2010 by N Ltd. from London to be used by its employee. N Ltd. shall be allowed depreciation on such car at: Show Answer

Q93) Unabsorbed Depreciation which could not be set off in the same assessment year, can be carried forward for: Show Answer

Q94) Unabsorbed Depreciation brought forward from an earlier year of a particular business can be set off from: Show Answer

Q95) An asset which was acquired for Rs. 5,00,000 was earlier used for Scientific Research. After the research was completed,, the Machinery was brought into the business of the assessee. The actual cost of the asset for the purpose of inclusion in the block of asset shall be : Show Answer

Q96) For claiming deduction for Tea Development, Coffee Development or Rubber Development u/s 33AB, the Assessee should deposit the money with NABARD or in the Deposit Account: Show Answer

Q97) Deduction of Tea/Coffee/Rubber Development Account shall be allowed to : Show Answer

Q98) The maximum deduction to be allowed under Tea/Coffee/Rubber Development Account shall be : Show Answer

Q99) For claiming deduction for Site Restoration Fund u/s 33ABA, the assessee should deposit the money with State Bank of India or Site Restoration Account: Show Answer

Q100) Deduction on account of Site Restoration Fund shall be allowed to : Show Answer

Q101) The maximum deduction for Site Restoration Fund under Section 33ABA shall be : Show Answer

Q102) Expenditure on Scientific Research incurred by the assessee shall be allowed if such research: Show Answer

Q103) If an Assessee carries on any Scientific Research related to his business, he shall be allowed deduction u/s 35 on account of : Show Answer

Q104) Certain Revenue and Capital Expenditure on Scientific Research are allowed as deduction in the previous year of commencement of business even if these are incurred : Show Answer

Q105) Where an asset used for Scientific Research is sold without having been used for any other purpose, then the sale price to the extent of the cost of the asset already allowed as deduction in the past shall be treated as : Show Answer

Q106) Where the sale price in the above case exceeds the cost of acquisition of such asset, such excess shall be treated as: Show Answer

Q107) Brought Forward Unabsorbed Capital Expenditure of Scientific Research can be carried forward for: Show Answer

Q108) If any amount is donated for research, such research should be in nature of : Show Answer

Q109) If donation is made for Scientific or Social or Statistical Research, such research: Show Answer

Q110) If donation is made to a National Laboratory or University or I.IT with the specific direction that Scientific Research should be for an approved programme, thee amount of deduction shall be: Show Answer

Q111) Expenditure incurred on acquisition of Patents and Copyrights after 31-3-1999 are subject to : Show Answer

Q112) Lumpsum payment for acquisition of Technical Know how after 31-3- 1999 shall be subject to : Show Answer

Q113) Expenditure incurred for obtaining licence to operate Telecommunication Service shall be allowed in : Show Answer

Q114) O Ltd. paid Rs.1,10,00,000 during the previous year 2009-10 for acquiring the telecommunication rights which were effective for 11 years. It commenced the business of operating the telecommunication service with effect from previous years 2010-11. O Ltd. shall be entitled to a deduction of : Show Answer

Q115) Preliminary Expenses incurred are allowed deduction in: Show Answer

Q116) In case of Non-Company assessee,the total Preliminary Expenses incurred are allowed as deduction to the extent of: Show Answer

Q117) In case of Company Assessee, the total Preliminary Expenses incurred are allowed as seduction to extent of 5%: Show Answer

Q118) In case the assessee follows mercantile system of accounting, bonus or commission to the employees are allowed as deduction on: Show Answer

Q119) Interest incurred before the commencement of the production is to be: Show Answer

Q120) Interest on money borrowed for acquiring an asset by an existing concern for expansion of the existing business, pertaining to a period prior to the date on which the asset is put to use is to be: Show Answer

Q121) Interest on money borrowed for the purpose of acquiring a capital asset pertaining to the period after the asset is put to use is to be: Show Answer

Q122) Expenditure incurred on purchase of animals to be used by the assessee for the purpose of carrying on his business & profession is subject to: Show Answer

Q123) Expenditure incurred on family planning amongst the employees is allowed to : Show Answer

Q124) Capital Expenditure incurred on family planning amongst employees of the Company assessee is allowed as reduction: Show Answer

Q125) Deduction under section 40(b) shall be allowed on account of Salary/Remuneration paid to: Show Answer

Q126) Remuneration paid to Working Partner shall be allowed as deduction to a Firm: Show Answer

Q127) A Firm's business income is nil/negative. It shall be allowed a deduction on account of remuneration to working partner to the maximum extent of: Show Answer

Q128) If a person sets up a specified profession during the current previous year, he is: Show Answer

Q129) A person who has been carrying on non-specified profession is : Show Answer

Q130) A person, who has been carrying on business, is required to maintain books of account of the current previous year if: Show Answer

Q131) For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds: Show Answer

Q132) Tax audit is compulsory in case a person is carrying on business whose gross Turnover/Sales/Receipts, as the case may be exceeds: Show Answer

Q133) In case an assessee is engaged in the business of plying, hiring or leasing goods carriage, presumption income scheme under section 44AE is applicable if the assessee is the owner of maximum of: Show Answer

Q134) As per presumptive income scheme u/s 44AE, the presumed income shall be : Show Answer

Q135) If the assessee opts for presumptive income under section 44AD or 44AE then the assessee shall: Show Answer

Q136) Capital Gain arises from the transfer of : Show Answer

Q137) STCG is gain arising from the transfer of an asset which is held by the assessee for not more than: Show Answer

Q138) Period of holding of Bonus Shares or any other financial assets allotted without any payment shall be reckoned from: Show Answer

Q139) Period of holding of Right Shares or any other security shall be reckoned from: Show Answer

Q140) If the shares are sold through brokers, the date of transfer shall be: Show Answer

Q141) Distribution of assets by a Company at the time of liquidation shall be regarded as a transfer and subject to Capital Gain: Show Answer

Q142) Distribution of assets at the time of partial or complete partition of HUF shall: Show Answer

Q143) Transfer of Capital Asset under a gift or will or under an Irrevocable trust shall : Show Answer

Q144) Transfer of Capital Asset by a Holding Company to its Subsidiary Company or by a Subsidiary Company to its Holding Company owns: Show Answer

Q145) Amalgamation of Company as per scheme of amalgamation shall not be regarded as transfer provided the amalgamated Company is: Show Answer

Q146) The period of holding of shares acquired in exchange of convertible debentures shall be reckoned from: Show Answer

Q147) Securities Transaction Tax paid by the Seller of Shares and units shall: Show Answer

Q148) Securities Transaction Tax paid by the Purchaser of shares / units shall: Show Answer

Q149) The assessee is allowed to opt for Market Value as 1 .4 .1981 in case of : Show Answer

Q150) Where the Capital Asset became the property of the assessee in any manner given u/s 49(1), the cost of acquisition of such assets shall be : Show Answer

Q151) If a Shareholder of an Amalgamating Company gets the Shares of the amalgamated Company in lieu of the shares held by him in an amalgamating Company, cost of acquisition of such shares shall be: Show Answer

Q152) If shares are acquired on conversion of debentures the cost of acquisition of such share shall be: Show Answer

Q153) The cost of acquisition of shares under Employee Stock Option Scheme shall be : Show Answer

Q154) If the Goodwill of a Business, Right to manufacture of a product, Tenancy Right, Route Permit or Loom Hours is acquired before 1 .4 .1981, the cost of acquisition of such asset shall be: Show Answer

Q155) For claiming exemption u/s 54EC, the amount shall be invested in notified securities for: Show Answer

Q156) If any advance money received by the assessee on any earlier occasion of transfer, which could not materialize, is forfeited, such money shall. Show Answer

Q157) Cost of improvement of Goodwill of a Business or Right to manufacture or produce any article or thing shall be : Show Answer

Q158) Cost of improvement of Tenancy Right, Route Permits or Loom Hours shall be : Show Answer

Q159) In case of Long-Term Capital Gain, the amount to be deducted from price consideration shall be : Show Answer

Q160) No indexation of cost of acquisition is done even though there is Long-Term Capital Gain in case of : Show Answer

Q161) Conversion of Capital Asset into stock in Trade will result into Capital Gain of the previous year: Show Answer

Q162) Conversion of Personal effect into Stock in Trade shall Show Answer

Q163) Where Capital Asset is converted into Stock in Trade then for the purpose of computation of Capital Gain, the full value of consideration shall be: Show Answer

Q164) Where the Capital Asset is converted into Stock in Trade, the indexation of cost of acquisition and cost of improvement shall be done: Show Answer

Q165) Where a Partner transfer any Capital Asset into the business of Firm, the sale consideration of such asset to the Partner shall be: Show Answer

Q166) Where any Capital Asset is transferred by a firm to its Partner by way of distribution on the dissolution of Firm, the full value of consideration shall be : Show Answer

Q167) Where the entire block of the depreciable asset is transferred after 36 months, there will be: Show Answer

Q168) In case of compulsory acquisition, the indexation of cost of acquisition or improvement shall be done till the previous year: Show Answer

Q169) Where a Company purchases its own shares there will be CG to the: Show Answer

Q170) In case of compulsory acquisition, if an assessee received enhanced compensation, then enhanced compensation is taxable as : Show Answer

Q171) In case of compulsory acquisition, if enhanced compensation is received, the, for the purpose of computation of Capital Gain, the cost of acquisition and cost of improvement shall be taken as: Show Answer

Q172) In case of Compulsory Acquisition, if initial compensation or enhanced compensation is received by legal heir due to death of assessee, then CG shall: Show Answer

Q173) Conversion of Debentures into shares shall: Show Answer

Q174) If Goodwill of a profession which is self-generated is transferred, there will: Show Answer

Q175) For exemption u/s 54, the assessee should transfer: Show Answer

Q176) For exemption u/s 54, the Residential House Property should be transferred: Show Answer

Q177) Exemption under section 54 is available to : Show Answer

Q178) For claiming exemption u/s 54, the assessee should purchase Residential Property with in: Show Answer

Q179) For claiming exemption u/s 54, the assessee should construct the Residential Property within: Show Answer

Q180) The exemption under Section 54, shall be available: Show Answer

Q181) If the assessee wishes to deposit money under Capital Gain scheme for claiming exemption under Section 54, it should be deposited within: Show Answer

Q182) Amount unutilized in the CG scheme for which exemption was claimed u/s 54 shall be treated as LTCG of previous year: Show Answer

Q183) The new house purchased or constructed for which exemption was claimed u/s 54, should not be transferred within 3 years: Show Answer

Q184) Where a new HP for which exemption was claimed u/s 54 is transferred within 3 years from the date of its acquisition, the: Show Answer

Q185) For claiming exemption u/s 54B, the asset transferred should be : Show Answer

Q186) The exemption u/s 54B is allowed to : Show Answer

Q187) For claiming exemption u/s 54B, the agricultural land must have been use for agriculture purpose by the individual or his parents for atleast: Show Answer

Q188) For claiming exemption under Section 54B, the assessee should acquire: Show Answer

Q189) For claiming exemption under Section 54B the new Agricultural land should be purchased: Show Answer

Q190) Amount unutilised in the CG scheme for which exemption u/s 54B was claimed shall be treated as : Show Answer

Q191) If the new agricultural land purchased (for which exemption was claimed u/s 54B) is transferred, then: Show Answer

Q192) Exemption u/s 54D is available to: Show Answer

Q193) Exemption u/s 54D is available if there is: Show Answer

Q194) Exemption u/s 54D is available if there is a compulsory acquisition of : Show Answer

Q195) For claiming exemption u/s 54D, the assessee should purchase and/or construct another L&B, within: Show Answer

Q196) If the new L & B acquired for claiming exemption u/s 54D is transferred within 3 years, then there will be: Show Answer

Q197) New assets acquired for claiming exemption u/s 54, 54B or 54D, if transferred within 3 years, will result in: Show Answer

Q198) Unutilized amount deposited under Cg scheme for claiming exemption u/s 54D shall be treated as : Show Answer

Q199) Exemption u/s 54EC shall be available to: Show Answer

Q200) Exemption u/s 54EC is available for transfer of : Show Answer

Q201) U/s 54EC, the assessee shall be allowed exemption: Show Answer

Q202) For claiming exemption u/s 54EC, amount to the extent of Capital Gain should be invested: Show Answer

Q203) For claiming exemption u/s 54EC, the amount to the extent of Capital Gain should be invested within six months from the date of transfer in: Show Answer

Q204) Income under the head "Income other Sources" is taxable on: Show Answer

Q205) Dividend declared by a Domestic Company: Show Answer

Q206) Dividends declared by Unit Trust of India is: Show Answer

Q207) Deemed Dividend is: Show Answer

Q208) Where a closely held Company gives a loan/advance to a shareholder who has 10% voting power in the company to concern in which such shareholder has 20% share of profits, in case such concern is a non Company assessee or substantial interest (20% voting power) in case it is a Company then loan/advance so paid shall be deemed dividend the extent of: Show Answer

Q209) Loans & Advances paid by the closely held. Company to its shareholder having 10% voting power in the ordinary course of money lending business shall : Show Answer

Q210) Winning from Lotteries, Crossword Puzzles, Horse Race & other Race, Card Games, etc . are casual income & hence Show Answer

Q211) For computing Income from Lottery, Crossword Puzzles, Races. Card Games Income etc. the assessee shall. Show Answer

Q212) Income from Lottery, Crossword, Races, Card Games etc. are taxable at: Show Answer

Q213) If no system of accounting is followed, interest on securities is taxable on: Show Answer

Q214) The legal heir of the deceased who receives family pension is allowed a standard deduction from such family pension received to the extent of: Show Answer

Q215) 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 fee under the head. Show Answer

Q216) 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 2012. The gross salary of M for assessment year 2012-13 shall be Show Answer

Q217) M, who is entitled to salary of Rs.12,000 p.m. took advance salary from his employer for the months of April and May 2012, along with salary of March, 2012 on 31-3-2012. The gross salary of M for the assessment year 2012-13 shall be Show Answer

Q218) Salary of M becomes due on 1st of next month and it is paid on 7th of that month. For the assessment year 2012-13, the salary of M shall be taken from Show Answer

Q219) M, Ltd. announced increase in D. A. on 21-3-2011 with retrospective effect from 21-3-2006 and the same were paid on 6-04-2011. The arrears of D. A. shall be taxable in the previous year. Show Answer

Q220) Un-commuted pension received by a Government employee is Show Answer

Q221) M claimed the exemption of gratuity in the past to the extent of Rs.2,50,000. He was entitled to the gratuity from the present employer amounting to Rs.2,00,000 in the previous year 2011-12. M can claim exemption to the maximum extent of Show Answer

Q222) Employee M is neither a government employee nor covered under Payment of Gratuity Act, 1972. He has completed 16 years and 8 months of service. The number of completed years considered for gratuity exemption shall be Show Answer

Q223) Compensation received on voluntary retirement is exempt under sec. 10(10 C) to the maximum extent of Show Answer

Q224) M is entitled to children education allowance @ Rs.80 p.m.per child for 3 children amounting Rs.240 p.m. It will be exempt to the extent of : Show Answer

Q225) Entertainment allowance in case of government employee is Show Answer

Q226) Salary received by the partner from the firm in which he is a partner is taxable under the head______. Show Answer

Q227) Income under the head salary is taxable only if there is a relationship of _______and ________ between the payer and the payee. Show Answer

Q228) ?Profit in lieu of Salary? is taxable under the head ______. Show Answer

Q229) Compensation payable to an employee on termination of service is a capital receipt. It is ______. Show Answer

Q230) A Ltd. Paid salary of Rs.2,00,000 to employee M and undertakes to pay the income-tax amounting to Rs.6,120 during the previous year 2011-12 on behalf of M. The gross salary of Management shall be ________. Show Answer

Q231) Medi-claim insurance premium paid by employer on, the behalf of employee is a _______ perquisite. Show Answer

Q232) Employer's contribution to recognised provident fund during the previous year in excess of ___ of salary is taxable as salary. Show Answer

Q233) Amount notified as exempt gratuity for a non-government employee is _______. Show Answer

Q234) ___ of commuted pension received (along with Gratuity) by a non-government employee is exempt from tax. Show Answer

Q235) Leave encashment received while in service is ______. Show Answer

Q236) M a chartered accountant is employed with M Ltd., as an Manager ? Taxation and requests the employer to call the remuneration as tax consultancy fee. M shall be chargeable to tax for such fee under the head income from Salaries. Show Answer

Q237) Salary of M becomes due on 1st of next month and it is paid on 7th of that month. For assessment year 2012-13, the salary of M shall be taken from April 2011 to March 2012. Show Answer

Q238) The Govt. of India announced increase in the D. A. on 15-3-2011 with retrospective effect from 1-5-2006 and the arrears were paid on 6-4-2011. The arrears of D. A. shall be taxable in the previous year 2011-12. Show Answer

Q239) Gratuity shall be fully exempt in the case of employees of Central Govt., State Govt. and Local Authorities. Show Answer

Q240) An employee is covered under Payment of Gratuity Act, 1972 . Salary for the purpose of calculating exemption u/s 10(10) shall be the average Salary of last 10 months. Show Answer

Q241) An employee is covered under Payment of Gratuity Act, 1972. If the employee has completed service of 16 years 6 months and 5 days, the number of completed years for calculating exemption u/s 10(10) shall be taken as 16 years. Show Answer

Q242) An employee is covered under Payment of Gratuity Act, 1972. For the purpose of computing 15 days salary for exemption u/s 10(10), the number of days in a month shall be taken as 30 days. Show Answer

Q243) An employee is neither a Government employee nor covered under Payment of Gratuity Act, 1972. Salary for the purpose of calculating half month for calculating exemption u/s 10(10) shall be taken as average Salary of 10 months preceding the month of retirement. Show Answer

Q244) An employee is neither a Government employee nor covered under Payment of Gratuity Act, 1972. If the employee has completed 16 years and 8 months of service, the number of completed years for calculating exemption u/s 10(10) are taken as 17 years. Show Answer

Q245) An employee is neither a Government employee nor covered under Payment of Gratuity Act, 1972. The maximum amount of gratuity exempt u/s 10(10) shall be Rs.3,50,000. Show Answer

Q246) M who claimed the exemption of gratuity in the past to the extent of Rs.2,50,000 was entitled to the gratuity from the present / second employer amounting to Rs.2,00,000 in the previous year 2010-11. M shall be entitled to exemption to the maximum extent of Rs.2,00,000. Show Answer

Q247) Uncommutted Pension received by a Govt. employee is exempt. Show Answer

Q248) Commuted pension received shall be fully exempt in case of Government employee or an employee of local authority or an employee of statutory corporation. Show Answer

Q249) An employee was entitled to gratuity. He also got 60% of his pension commuted and received a sum of Rs.1,20,000 as commuted pension. The exemption in his case shall be Rs.80,000. Show Answer

Q250) An employee who was not entitled to gratuity, got 30% of his total pension commuted in the past. He wishes to commute another 25% of his total pension in the previous year. He shall be allowed exemption to the extent of 25%. Show Answer

Q251) The maximum exemption in case of leave encashment for a non-govt. employee shall be Rs.3,00,000. Show Answer

Q252) An employee availed the exemption of leave encashment of Rs.1,00,000 in the past. He received from the second employer a sum of Rs.2,50,000 as encashment of leave on his retirement. He will be entitled to exemption to the extent of Rs.2,50,000. Show Answer

Q253) Compensation received on voluntary retirement is exempt under 10(10C) to the maximum extent of Rs. 3,50,000 Show Answer

Q254) A is entitled to Children education allowance @ Rs.80 p.m. per child for 3 children amounting Rs.240 p.m. It will be exempt to the extent of Rs.200 p.m. Show Answer

Q255) M is entitled to Hostel expenditure allowance of Rs.600 p.m. for his 3 children @ Rs.200 per child p.m. The actual expenditure is Rs.300 per child per month. The exemption in this case shall be Rs.400 p.m. Show Answer

Q256) M is entitled to a transport allowance of Rs.1,000 p.m. for commuting from his residence to office and back. He spends Rs.600 p.m. The exemption shall Rs.600 p.m. Show Answer

Q257) M is entitled to Rs.6,000 as fixed medical allowance p.a. He spends Rs.4,000 on his medical treatment and Rs.1,000 on the medical treatment of his major son not dependent on him. The exemption in this case shall be Rs.4,000. Show Answer

Q258) Entertainment allowance in case of Government employee is first included in full in gross salary and thereafter deduction is allowed from gross salary under section 16(ii). Show Answer

Q259) During the previous year, an employee was reimbursed Rs.21,000 as medical expenses incurred by him which includes Rs.7,000 spent in Govt. hospital. The taxable perquisite in this case shall be Rs.21,000. Show Answer

Q260) Employer's contribution to statutory provident fund shall be exempt upto 12% of salary. Show Answer

Q261) Interest credited to statutory provident fund shall be fully taxable. Show Answer

Q262) Tea and snacks are provided to employees during office hours. The value of this perquisite shall be Nil, only if the cost is upto Rs.50 per head per day. Show Answer

Q263) Professional tax of Rs.2,500 payable by the employee but paid by the employer is an exempt perquisite. Show Answer

Q264) M has taken a house on rent and sublets the same to A. Income from such house property shall be taxable under the head. Show Answer

Q265) Municipal valuation of the house is Rs.1,00,000 fair rent Rs.1,20,000, standard rent Rs.1,10,000 and actual rent received or receivable is Rs.1,40,000. The Gross Annual Value in this case shall be Show Answer

Q266) Municipal valuation of the house is Rs.1,20,000, fair rent 1,40,000, standard rent Rs.1,30,000 and actual rent received or receivable is Rs.1,25,000. The gross annual value in this case shall be Show Answer

Q267) A has two house properties. Both are self-occupied. The annual value of Show Answer

Q268) An assessee has borrowed money for purchase of a house & interest is payable outside India. Such interest shall : Show Answer

Q269) Municipal tax is deducted from Show Answer

Q270) In case the property is owned by co-owners and it is self occupied by all co-owners. The annual value of Show Answer

Q271) A house property with fair rent Rs.1,20,000 is neither let out nor self occupied through out the previous year. Its annual value shall be Show Answer

Q272) Unrealised rent is a deduction from Show Answer

Q273) A property is owned by co-owners and it is self occupied by all co-owners. In this case interest on money borrowed after 1-4-1999 for acquiring the house shall be allowed. Show Answer

Q274) In case of self-occupied property, the deduction on account of interest on the money borrowed for the purpose of construction of such house property cannot exceed Rs. _______. Show Answer

Q275) Fair rent of house is Rs.1,50,000, standard rent Rs.1,20,000 and annual rent Rs.1,30,000.Municipal taxes paid for 6 yrs. in advance is Rs.1,00,000. The net annual value shall be ___ _. Show Answer

Q276) Municipal taxes are deductible from the gross annual value only when they _______. Show Answer

Q277) Income is taxable under the head house property only when the assessee is the_____ of such House Property. Show Answer

Q278) Arrears of rent shall be deemed to be income of the previous year in which such rent ______ after deducting ____ of such amount. Show Answer

Q279) For a self-occupied house property occupied on July 1,2011 for which housing loan was availed, if the interest up to March 31, 2011 is Rs.90,000 and thereafter the interest payable is Rs.3,000 per month, the deduction available under section 24 in respect of interest for the year ended March 31,2012 is Rs. _______ Show Answer

Q280) An Assessee, after sale of house property, receiving arrears of rent, is chargeable to tax; the same computed in the stipulated manner, shall be chargeable to tax as ______. Show Answer

Q281) Income of the property can be taxed under the head house property only when the owner does not occupy the property for his ________. Show Answer

Q282) Fair letable Value cannot exceed. Show Answer

Q283) Net annual value of SOP is ____. Show Answer

Q284) M gifted his house property to his wife in 2006. Mrs.M has let out the house property @ Rs.20,000 p.m. The income from such house property will be taxable in the hands of Mrs.M. Show Answer

Q285) C transferred his house property to his wife with an agreement to live apart . Income from such house property shall be taxable in the hands of Mrs.C. Show Answer

Q286) M has taken a house property on lease for 20 years from G and let out the same to S . Income from such house arising to M shall be taxable as income under the head other sources. Show Answer

Q287) M is a member of Shilpa Co-operative Society which is the owner of flats constructed by it.One of the flats is allotted to M . The income from such house property shall be taxable in the hands of Shilpa co-operative society. Show Answer

Q288) M is owner of building although the land was taken by him on lease. The income from such house property shall be taxable under the head income from other sources. Show Answer

Q289) M has taken a house on rent and sublets the same to G. Income from such house property shall be taxable in the hands of M under the head income from other sources. Show Answer

Q290) A has two house properties .Both are self occupied. The annual value of both the house shall be nill. Show Answer

Q291) Municipal tax is a deduction from net annual value. Show Answer

Q292) In case the property is owned by co-owners and it is let, income from such property shall be computed separately for each co-owner . Show Answer

Q293) In case the property is owned by co-owners and it is self occupied by all co-owners :the annual value for each co-owner shall be Nil Show Answer

Q294) In the above case, total deduction to all co-owners for interest on money borrowed shall be allowed upto the maximum of Rs.30,000 / Rs. 1,50,000 as the case may be. Show Answer

Q295) Unrealised rent is a deduction from net annual value. Show Answer

Q296) An assessee has borrowed money for purchase of a house and interest is payable outside India. Such interest shall be allowed as deduction, without any further conditions. Show Answer

Q297) Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head. Show Answer

Q298) Perquisite received by the assessee during the course of carrying on his business or profession is taxable under the head. Show Answer

Q299) Under the head Business or Profession, the method of accounting which an assessee can follow shall be : Show Answer

Q300) M, who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be Show Answer

Q301) If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the assessee shall be entitled to depreciation. Show Answer

Q302) Which of the following tax is allowed as a deduction while computing the business income ? Show Answer

Q303) Where the amount of an expenditure claimed as deduction exceeds Rs.20,000, it should be paid by Show Answer

Q304) Where the amount of an expenditure claimed as deduction exceeds Rs.20,000and it is not made by account payee Cheque / draft. Show Answer

Q305) Profit on sale of import license is taxed under the head______ . Show Answer

Q306) Income of a business from trading business is Rs.5,00,000 and his loss from speculative business is Rs. 1,00,000, during the same previous year. Net business income taxed during the previous year will be Rs. ______. Show Answer

Q307) Depreciation under Income-tax is charged at the prescribed rate on the written down value of the. Show Answer

Q308) If any asset is used for less than ___ days in the year of acquisition, the depreciation rate will be only 50% of the normal rate. Show Answer

Q309) Discount on zero coupon bond is deductible from business income on _____ basis. Show Answer

Q310) Family planning expenditure of capital nature can be claimed by a company in ___ equal installments. Show Answer

Q311) Advertisement in ______ souvenir is expressly disallowed while computing business income. Show Answer

Q312) Remuneration paid by a firm to a ____ partner is disallowe while computing the income of the firm Show Answer

Q313) Expenses exceeding ______ paid in cash are disallowed Show Answer

Q314) Deduction for bonus or commission to employees is allowed only on _______ basis even if books of account are maintained on the mercantile basis. Show Answer

Q315) Salary,bonus,commission or remuneration due to or received by a working partner from the firm is taxable under the head Business & profession. Show Answer

Q316) Perquisite received by the assessee during the course of carrying on his business or profession is taxable under the head Salary. Show Answer

Q317) Export incentives received by an assessee are exempt Show Answer

Q318) Interest on capital received by a partner from firm shall be exempt u/s 10(2A) Show Answer

Q319) Under the head business & Profession ,the method of accounting which an assessee can follow shall be cash system only. Show Answer

Q320) Any sum received by an employer from keyman insurance policy taken on the life of the employee shall be exempt. :- Show Answer

Q321) M, who was carrying on agency business ,received a sum of Rs.10,00,000 from his principal for termination of agency. Compensation amount so received shall be exempt as it is capital receipt. Show Answer

Q322) Depreciation is allowed in case of tangible asset only. Show Answer

Q323) If the asset of a particular block is acquired and put to use as on 1-11-2011, the assessee shall be entitled to depreciation for the proportionate period of 5 months upto 31-3-2012. Show Answer

Q324) Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward indefinitely Show Answer

Q325) Expenditure incurred on acquisition of patents and copyrights after 31-3-1998 is subject to depreciation under section 32. Show Answer

Q326) Lumpsum payment for acquisition of technical know after 31-3-1999 shall be subject to deduction in 3 equal instalments. Show Answer

Q327) Interest incurred before the commencement of the production is to be treated as revenue expenditure. Show Answer

Q328) Expenditure incurred on purchase of chickens to be used by the assessee for the purpose of carrying on his poultry business can be deducted in the previous year 2011-12, when all chickens were killed, due to bird-flu. Show Answer

Q329) Expenditure incurred on family planning amongst the employees is allowed to any assessee. Show Answer

Q330) Capital expenditure incurred on family planning amongst employees of the company assessee is allowed as deduction in 10 equal instalments. Show Answer

Q331) Deductions under section 37(1) shall be allowed even of those expenditure which are of capital nature if used for the purpose of business Show Answer

Q332) Interest on capital of or loan from partner of a firm is allowed as deduction to the firm @ 12%. Show Answer

Q333) Deduction under section 40(b) shall be allowed on account of salary / remuneration paid to any partner. Show Answer

Q334) Wealth Tax is subject to provisions of section 43B. Show Answer

Q335) Which asset is not treated as capital asset for capital gain purposes. Show Answer

Q336) Short-term capital gain arise on transfer of shares and units held by the assessee for not more than Show Answer

Q337) Tick from the following, the capital assets, where there will be long-term capital gain, if such asset is transferred after it is held for 14 months. Show Answer

Q338) The assessee is allowed to opt for market value as on 1-4-81 in case of Show Answer

Q339) Cost of improvement of goodwill of a business shall be Show Answer

Q340) In case of long term capital gain, the amount to be deducted from sale consideration shall be Show Answer

Q341) Conversion of capital asset into stock in trade will result into capital gain of the previous year : Show Answer

Q342) Exemption under section 54, shall be available : Show Answer

Q343) The exemption under section 54, shall be available : Show Answer

Q344) For claiming exemption under Sec. 54, the assessee should purchase residential property Show Answer

Q345) If the assessee wishes to deposit money under capital gain scheme for claiming exemption under sec. 54 it should be deposited within Show Answer

Q346) ______ mean any profits or gains arising from the transfer of a capital asset. Show Answer

Q347) _____ of a Zero Coupon Bond is regarded as a transfer of capital asset. Show Answer

Q348) An asset other than a _______ capital asset is regarded as a long-term capital asset. Show Answer

Q349) Units of Unit Trust of India held for 14 months is treated as ______ capital asset. Show Answer

Q350) Capital gains are taxed on________, irrespective of the assessee?s method of accounting. Show Answer

Q351) Transfer of depreciable assets gives rise to _____ capital gains. Show Answer

Q352) Cost of improvement in relation to goodwill of a business is taken to be______. Show Answer

Q353) Option of substituting fair market value as on 1-4-81 as cost of acquisition is not available on _____ and ______ assets. Show Answer

Q354) Indexed cost of Acquisition = Cost of Acquisition x CII for year of _____ / CII for year of ______ Show Answer

Q355) The capital gain arising from transfer by way of conversion of a capital asset into stock-in-trade will be chargeable to tax in the year when the stock is____. Show Answer

Q356) Capital gain arises from the transfer of any asset. Show Answer

Q357) Land is treated as capital assets for capital gain purposes Show Answer

Q358) Depreciable assets are treated as capital assets for capital gain purposes. Show Answer

Q359) Jewellery held as stock in trade is treated as capital assets for capital gain purposes. Show Answer

Q360) Goodwill of a business is treated as capital assets for capital gain purposes. Show Answer

Q361) Trade mark or brand name is treated as capital assets for capital gain purposes. Show Answer

Q362) Short-term capital gain is gain arising from the transfer of any asset which is held by the assessee for not more than 12 months from the date of its acquisition. . Show Answer

Q363) There will be long-term capital gain, if Plant and Machinery is transferred after it is held for more than 12 months. Show Answer

Q364) There will be long-term capital gain, if Preference Shares of an Indian Company are transferred after being held for more than 12 months. Show Answer

Q365) Securities transaction tax paid by the seller of shares shall be allowed as deduction as expenses of transfer. Show Answer

Q366) Securities transaction tax paid by the purchaser of shares shall form part of the cost of such shares. Show Answer

Q367) Where the capital asset become the property of the assessee in any manner given under section 49(1), the cost of acquisition of such assets shall be the market value of the asset as on the date of acquisition by the assessee. Show Answer

Q368) If the shares are acquired on conversion of debentures the cost of acquisition of such shares shall be cost of acquisition of the debentures. Show Answer

Q369) The cost of acquisition of the employees stock option shall be market value of the shares on the date of offer. Show Answer

Q370) The cost inflation index number of the previous year 2011-12 is 751. Show Answer

Q371) Where the entire block of the depreciable asset is transferred after 36 months, there will be short-term capital gain or loss. Show Answer

Q372) In the case of compulsory acquisition, the indexation of cost of acquisition shall be done based on the Cost Inflation Index for the previous year in which compensation is received. Show Answer

Q373) Income under the head income from other sources is taxable on Show Answer

Q374) For computing lottery income, the assessee shall Show Answer

Q375) The legal heir of the deceased who receive family pension is allowed a standard deduction from such pension to the extent of Show Answer

Q376) Gift received by an individual Rs.70,000 from his relative M shall be Show Answer

Q377) Any gift received by an individual from his relative is fully _______. Show Answer

Q378) An income which does not fall under the first four heads of income is taxable under the head ____. Show Answer

Q379) Amount exceeding Rs.______ received without consideration from non-relative, after 1-4-2006 is taxable under the head income from other sources. Show Answer

Q380) Agricultural income from Bangladesh is taxable under the head _______. Show Answer

Q381) Dividends from a _______company on which dividend distribution tax has been paid will not be chargeable to tax. Show Answer

Q382) Family pension received by member of the family of the government employee who has been awarded ?Param Vir Chakra is ______income. Show Answer

Q383) Share of income received by a member of HUF is _______ income. Show Answer

Q384) Scholarships to meet Cost of Education are _______. Show Answer

Q385) Amount received under a Life Insurance policy is _______ from tax but amount received under a Keyman Insurance Policy is _______ from tax. Show Answer

Q386) ________received by a Member of Legislative Assembly are exempt from tax. Show Answer

Q387) Salary received by member of legislative asssembly is taxable under the head Show Answer

Q388) Interest on NSC is Show Answer

Q389) Awards & Rewards received from employer which is reated to service is taxable under the head Show Answer

Q390) Keyman Insurance Policy received by the family member is taxable under Show Answer

Q391) Income under the head income from other sources is taxable on due basis. Show Answer

Q392) Dividend declared by a domestic company is fully exempt in the hands o shareholders. Show Answer

Q393) Dividend declared by Unit Trust of India is fully taxable in the hands of shareholders. Show Answer

Q394) Winning from lotteries, cross word puzzles, horse races & other races ,Card ,game. etc are casual income & hence fully exempt. Show Answer

Q395) For computing lottery, cross word puzzles races, card games income etc., the assessee shall be entitled to deduction for purchase of ticket/any expenditure incurred for earning such income. Show Answer

Q396) The legal heir of the deceased who receives family pension is allowed a standard deduction from such family pension received to the extent of 1/3 of such pension or Rs.12,000 whichever is less. Show Answer

Q397) Agricultural income from Punjab is taxable under the head IFOS. Show Answer

Q398) Dividend declared by foreign co. is fully exempt. Show Answer

Q399) Agricultural income is exempt provided the Show Answer

Q400) Rahul is engaged in the business of growing and manufacturing tea in India, the agricultural income in that case shall be.

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Q401) Karan is engaged in the business of growing and manufacturing or rubber agriculture income in that case shall be Show Answer

Q402) Agricultural income is _________. Show Answer

Q403) The partial integration of agricultural income is done to compute tax on Show Answer

Q404) If a company declares dividend out of Agricultural income, such dividend declared by the company shall be

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Q405) There will be no partial integration of agricultural income with non-Agricultural income if the non-Agricultural income does not exceed Show Answer

Q406) There will be no partial integration, if the Agricultural income does not exceed Show Answer

Q407) The total income of Dipesh, a resident individual, is Rs 2,70,000. The rebate allowable under section 87A would be ________.

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Q408) The total income of Harsh, a resident individual, is Rs 4,32,000. The rebate allowable under section 87A would be ________. Show Answer

Q409) The total income of Harsh, a resident individual, is Rs 4,32,000. Tax payable by hime after allowing rebate under section 87A will be ________.

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Q410) Kailash has a salary income of Rs 3,60,000 (after deducting TDS @ 10%). He also received an interest income of Rs 20,000. Calculate his net tax liability for the assessment year 2017-18. Show Answer

Q411) Mukesh has a salary income of 4,20,000. He also received interest income of Rs 18,000 (after deducting TDS @ 10%). Calculate his net tax liability for the assessment year 2017-18.

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Q412) Mr. Ramakant, 76 years old, received Rs 25,000 every month under reverse mortgage scheme. Calculate his total taxable income for the assessment year 2017-18. Show Answer

Q413) Income derived from rubber plantation in Singapore but received in India shall be treated as _________. Show Answer

Q414) Mr. Kulkarni has agriculture income of Rs 3000 and Non-agriculture income of Rs 2,30,000. Comment whether there will be partial integration of agricultural income with non-Agricultural income?

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Q415) Mr. Rakesh aged 82 years has agriculture income of Rs 34,000 and Non-agriculture income of Rs 3,20,000. Comment whether there will be partial integration of agricultural income with non-Agricultural income? Show Answer

Q416) During the year 2016-17, Sujal aged 86 years a resident earned a income of Rs 4,40,000 by way of salary. Calculate the tax payable by him for assessment year 2017-18.

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Q417) Pinky earned Rs 2,60,000 by way of income from house property during the year 2016-17, assuming her age 26 years calculate the tax payable by him for assessment year 2017-18. Show Answer

Q418) If an assessee uses the agricultural produce grown by him for his own consumption then Show Answer

Q419) Relief under section 89 is provided in which of the following cases? Show Answer

Q420) Mr. Ramesh an individual resident India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for a assessment year of an amount equal to 100% of such income -tax or a lesser amount maximum amount of total deduction so available is __________. Show Answer

Q421) Suresh, a resident individual of 28 years work as a consultant. If his taxable income is Rs 5,20,000, the tax payable by him would be __________.

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Q422) Mrunali is engaged in the business of growing and curing of coffee the agricultural income will be

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Q423) Krutika is employed in the business of growing curing, roasting and grounding of coffee, the agriculture income in that case shall be. Show Answer

Q424) Twinkle earned Rs 3,60,000 by way of salary during the year 2016-17, assuming her age 32 years calculate the tax payable by him for assessment year 2017-18.

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Q425) Shital earned Rs 13,60,000 by way of salary and 2,20,000 by way of interest income during the year 2016-17, assuming her age 59 years calculate the tax payable by him for assessment year 2017-18. Show Answer

Q426) Mrs. Sushila received Rs 50,000 per month under reverse mortgage scheme. She also received interest income of Rs 2,00,000 during the year. Calculate her net tax liability for the assessment year 2017-18. Show Answer

Q427) Mrs. Rekha received family pension of Rs 15,000 per month and she also received interest income of Rs 3,80,000. Calculate her total income for the assessment year 2017-18.

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Q428) Kartik, a non-resident of India celebrated his 80th birthday on 1st December 2016. If his total income for the previous year is Rs 7,00,000. Calculate his net tax liability for the assessment year 2017-18. Show Answer

Q429) Manthan, a resident individual of India celebrated his 60th birthday on 1st January 2017. If his total income for the previous year is Rs 7,00,000. Calculate his net tax liability for the assessment year 2017-18.

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Q430) Raj purchased standing crop (paddy) for Rs 1,20,000. He harvested the produce by incurring expense of Rs 60,000. He sold the said produce for Rs. 2,80,000. His other income during the year 2016-17 was Rs 3,60,000. The total income of Raj is _________ Show Answer

Q431) Arjun has a salary income of Rs 4,20,000. he also received interest on his saving bank account Rs 1,200. Calculate his total income for the assessment year 2017-18.

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Q432) Mitesh has a salary income of Rs 6,10,000. He also received interest income of 27,000 (after deducting TDS @ 10%). He deposited Rs 40,000 in PPF account. Calculate his total income for the assessment year 2017-18. Show Answer

Q433) Prince has a salary income of Rs 6,10,000. He also received interest income of 27,000 (after deducting TDS @ 10%). He deposited Rs 40,000 in PPF account. Calculate his net tax liability for the assessment year 2017-18.

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Q434) Gattu has a salary income of Rs 6,10,000. He also received interest income of 27,000 (after deducting TDS @ 10%). He deposited Rs 40,000 in PPF account. What is the rebate allowable under section 87A? Show Answer

Q435) Suresh has income from house property of Rs 3,60,000. He also received interest from saving bank account of Rs 1500. Calculate his net tax liability for the assessment year 2017-18. (Assuming his age 62 years)

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Q436) Mrs Kavita aged 84 years received family pension of Rs 30,000 during the year and she also received interest from saving bank account of Rs 2,000. She don’t have any other income during the year Calculate his net tax liability for the assessment year 2017-18. Show Answer

Q437) Mr. Ramesh lives with his wife Kinjal. He received Rs 6,40,000 during the year under reverse mortgage scheme by mortgaging his residential house property. He deposited Rs 50,000 in his PPF account. He also received professional fees of Rs 2,40,000. Assuming his age 63 years Calculate his net tax liability for the assessment year 2017-18.

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Q438) Dinesh earned Rs 2,74,000 by way of income from house property during the year 2016-17, assuming her age 26 years calculate the rebate allowable to him under section 87A for assessment year 2017-18. Show Answer

Q439) The partial integration of agricultural income with non agricultural income is done in case of Show Answer

Q440) During the year 2016-17, Keval earned Rs 3,50,000 by way of salary out of which he deposited Rs 1,50,000 in his PPF account. Calculate net tax payable by Keval for assessment year 2017-18.

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Q441) During the year 2016-17, Roshni aged 63 years earned Rs 4,44,000 from income from house property out of which she deposited Rs 1,48,000 in his PPF account. Calculate net tax payable by Roshni for assessment year 2017-18.

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Q442) During the year 2016-17, Prathamesh aged 83 years earned Rs 5,44,000 by way of rent and paid municipal tax of Rs 62,000 and deposited Rs 18,000 in his PPF account. Calculate net tax payable by Prathamesh for assessment year 2017-18. Show Answer

Q443) During the year 2016-17, Mahesh aged 86 years a non-resident earned a income of Rs 4,40,000 by way of salary. Calculate the tax payable by him for assessment year 2017-18.

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Q444) Sahil earned income of Rs 3,20,000 by way of salary during the year 2016-17 calculate the rebate allowed to him under section 87A for assessment year 2017-18. Show Answer

Q445) A resident individual below the age of 60 years is having following income:
Non-agricultural income Rs 2,52,000. Net agricultural income Rs 40,000. Calculate the tax payable by him for the assessment year 2017-18.

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Q446) A resident individual is having following income:
Non-agricultural income Rs 2,50,000. Net agricultural income Rs 40,000. Calculate the tax payable by him for the assessment year 2017-18.
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Q447) Mr. Kirtan a resident individual aged 46 years is having following income:
Non-agricultural income Rs 3,10,000. Net agricultural income Rs 60,000. Calculate the tax payable by him for the assessment year 2017-18.
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Q448) Kalpesh received Rs 3,24,000 by way of interest income during the year 2016-17, out of which Rs 2000 was received from saving bank account interest. He deposited Rs 40,000 in PPF account. assuming her age 56 years calculate the rebate allowable to him under section 87A for assessment year 2017-18. Show Answer