Practice Test

Q1) Income under the head income from other sources is taxable on Show Answer

Q2) Dividends declared by Unit Trust of India is Show Answer

Q3) If no system of accounting is followed, interest on securities is taxable on Show Answer

Q4) For computing lottery income, the assessee shall Show Answer

Q5) The legal heir of the deceased who receive family pension is allowed a standard deduction from such pension to the extent of Show Answer

Q6) Gift received by an individual Rs.70,000 from his relative M shall be Show Answer

Q7) Any gift received by an individual from his relative is fully _______. Show Answer

Q8) An income which does not fall under the first four heads of income is taxable under the head ____. Show Answer

Q9) Amount exceeding Rs.______ received without consideration from non-relative, after 1-4-2006 is taxable under the head income from other sources. Show Answer

Q10) Agricultural income from Bangladesh is taxable under the head _______. Show Answer

Q11) Dividends from a _______company on which dividend distribution tax has been paid will not be chargeable to tax. Show Answer

Q12) Family pension received by member of the family of the government employee who has been awarded 'Param Vir Chakra' is ______income. Show Answer

Q13) Share of income received by a member of HUF is _______ income. Show Answer

Q14) Scholarships to meet Cost of Education are _______. Show Answer

Q15) Amount received under a Life Insurance policy is _______ from tax but amount received under a Keyman Insurance Policy is _______ from tax. Show Answer

Q16) _______received by a Member of Legislative Assembly are exempt from tax. Show Answer

Q17) Salary received by MLA/MP'S is taxable under the head Show Answer

Q18) Interest on NSC is Show Answer

Q19) Awards & Rewards received from employer which is reated to service is taxable under the head Show Answer

Q20) Keyman Insurance Policy received by the family member is taxable under Show Answer

Q21) Income under the head income from other sources is taxable on due basis Show Answer

Q22) Dividend declared by a domestic company is fully exempt in the hands Of shareholders. Show Answer

Q23) Dividend declared by Unit Trust of India is fully taxable in the hands of shareholders. Show Answer

Q24) Winning from lotteries, cross word puzzles, horse races & other races ,Card ,game. etc are casual income & hence fully exempt. Show Answer

Q25) 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

Q26) 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

Q27) Agricultural income from Punjab is taxable under the head IFOS. Show Answer