Practice Test

Q1) In case of a Partner, the share of Profits from the firm is: Show Answer

Q2) Share of Profit of Mr. Abhishek who is Partner in M/s Amar & Co. is Show Answer

Q3) Casual Income received by the Assessee is : Show Answer

Q4) A Cricket match organized by the Cricket Control Board of India for the benefit of Sunil Gavaskar wherein he received Rs.5 lakh is : Show Answer

Q5) S trace a missing person and was awarded a sum of Rs.1,00,000 although there was no stipulation to that effect. Such receipt shall be: Show Answer

Q6) Scholarship received by a student to meet the cost of education is : Show Answer

Q7) Scholarship received student was Rs. 1,000 p.m. He spends Rs. 8,000 for meeting the cost of education. The balance Rs. 4,000 is: Show Answer

Q8) An Author was awarded by CBDT a sum of Rs. 50,000 for writing a book in Hindi as first prize. Such award is fully exempt Show Answer

Q9) A Local Authority has earned income from the supply of commodities outside its own jurisdictional area. It is exempt Show Answer

Q10) A Local Authority has earned income from the supply of water or electricty outside its own jurisdictional area. It is : Show Answer

Q11) Income under the head CG to a Local Authority is : Show Answer

Q12) Income under the CG to a Trade Union is : Show Answer

Q13) A Subsidy received from the Tea Board by an assessee carrying on the business of growing and manufacturing tea for re-plantation or replacement of tea bushes is: Show Answer

Q14) Daily Allowance received by a MP is: Show Answer

Q15) Dividend received by a Co. from a domestic Co. is : Show Answer

Q16) Dividend received by a Foreign Company from Domestic Company is : Show Answer

Q17) Income arising from the transfer of units of the UTI or Mutual Fund covered u/s 10(23d) shall : Show Answer

Q18) Income from unit of UTI or Mutual Fund covered u/s 10(23D) is : Show Answer

Q19) Family Pension received by the legal heir of a army personnel who died during operational duties shall be : Show Answer

Q20) CG arising from compulsory acquisition of urban agricultural land is : Show Answer

Q21) Income from long-term gain from transfer of equity shares shall be exempt. it: Show Answer

Q22) Deduction u/s 80 C in respect of LIP, Contribution to provident fund, etc. is allowed to : Show Answer

Q23) Deduction u/s 80-C is allowed to the maximum of Show Answer

Q24) For claiming deduction u/s 80 ? C in respect of life insurance premium, it can be paid by assessee for Show Answer

Q25) In the case of HUF, deduction u/s 80 C in respect of life insurance premium shall be allowed for : Show Answer

Q26) An assessee has paid life insurance premium of Rs.25,000 during the previous year for a policy of Rs.1,00,000. He shall : Show Answer

Q27) For claiming Deduction u/s 80 C, the payment or deposit should be made : Show Answer

Q28) Annual interest accrued on NSCs VIIIissue shall be Show Answer

Q29) Deduction u/s 80 ? C in respect of tuition fee is allowed to Show Answer

Q30) Deduction u/s 80-C for tuition fee shall be allowed for the purposes of : Show Answer

Q31) Deduction u/s 80 C in respect of tuition fee is allowed to an individual for Show Answer

Q32) Deduction u/s 80 C in respect of term deposit with a scheduled bank is allowed if the term deposit is for a period. Show Answer

Q33) Deduction under section 80 CCC is allowed to the extent of : Show Answer

Q34) Deduction in respect of contribution for annuity plan to certain pension fund under 80 CCC is allowed to Show Answer

Q35) Deduction u/s 80 D in respect of medical insurance premium is allowed to Show Answer

Q36) Deduction u/s 80 D is allowed to an individual for premium paid to insure the health of Show Answer

Q37) The payment for Insurance premium under section 80 D should be : Show Answer

Q38) The quantum of deduction allowed under section 80 D shall be limited to : Show Answer

Q39) Deduction u/s 80 DD in case of dependent with severe disability shall be allowed Show Answer

Q40) Deduction under section 80 DD shall be allowed : Show Answer

Q41) Deduction u/s 80 E shall be allowed in respect of amount paid by way of interest on loan taken from Show Answer

Q42) The deduction u/s 80 E is allowed for repayment of interest to the extent of : Show Answer

Q43) Deduction u/s 80 E shall be allowed for the higher education of Show Answer

Q44) Deduction u/s 80 U in case of person with disability is allowed to Show Answer

Q45) The quantum of deduction allowed u/s 80 U is : Show Answer

Q46) Deduction u/s 80 U in case of severe disability shall be allowed Show Answer

Q47) Deductions under sec. 80 of the chapter VI A of the Income tax act are allowed form ____. Show Answer

Q48) Gross total income, for the purpose of computing maximum limit of chapter VI A (Sec. 80)deductions does not include _____. Show Answer

Q49) Deduction u/s 80 C in respect of tuition fee is allowed to the maximum extent of ___ for two children Show Answer

Q50) Payment of life Insurance premium in excess of___ of the sum assured shall not be included in the amount deductible under section 80 C. Show Answer

Q51) Deduction u/s 80 C in respect of time deposit in post office is allowed if the deposit is for a period of ____ years Show Answer

Q52) Deduction claimed in the past u/s 80 C in case of ULIP Dhanaraksha is withdrawn if a ULIP plan is terminated before contributions were made for __years. Show Answer

Q53) Total deduction u/s 80C and u/s 80CCC cannot exceed Rs.______ Show Answer

Q54) Maximum amount of deduction u/s 80 D for mediclaim insurance premium of a resident senior citizen is Rs. ______. Show Answer

Q55) Deduction u/s 80 DD in respect of maintenance of a handicapped dependent is allowed to ___ or _____ only. Show Answer

Q56) Amount deductible u/s 80 DD for maintenance of a handicapped dependent is Rs. ______. Show Answer

Q57) Deduction u/s 80 E is available for interest on loan for higher education to _____ only Show Answer

Q58) The deduction u/s 80 E for payment of interest on loan for higher education is allowed for a maximum period of __ years. Show Answer

Q59) Deduction u/s 80 U for handicapped individual is not available if the individual is suffering from less than ___ disability. Show Answer

Q60) Amount deductible u/s 80 U in respect of a person with server disability is ____. Show Answer

Q61) As per S. 14 of the Income-tax Act, there are ____ heads of Income. Show Answer

Q62) Income computed under each head, when added together is called_____. Show Answer

Q63) Expenses incurred by an assessee in relation to exempt income are ____ as per Sec 14A of Income Tax Act. Show Answer

Q64) Rent received from tenant of a house property is classified as _______. Show Answer

Q65) Lottery prize won is charged to tax under the head ___. Show Answer

Q66) Perquisites received by employees are taxed as Income from other sources. Show Answer

Q67) Profit made on sale of old house is taxed either as business income or capital gains. Show Answer

Q68) Deduction u/s 80C in respect of LIP, contribution to provident fund, etc., is allowed to any assessee. Show Answer

Q69) Deduction u/s 80C is allowed from gross total income. Show Answer

Q70) For claiming Deduction u/s 80C in respect of L.I. P., premium can be paid by assessee for himself spouse and any child. Show Answer

Q71) For claiming Deduction u/s 80C, for life insurance premium if the payment is made by the assessee for his child, then the child must be dependent and unmarried Show Answer

Q72) An assessee has paid life insurance premium of Rs.25,000 during the previous year for a policy of Rs.1,00,000. He shall be allowed Deduction for the entire premium as per the provisions of section 80C. Show Answer

Q73) For claiming Deduction u/s 80C in respect of P.P.F., the contribution must be paid by the individual in the P.P.F. account of himself only. Show Answer

Q74) The annual interest accrued on NSCs VIII issue shall be taxable as ?Income from other sources?, but also eligible for Deduction u/s 80C. Show Answer

Q75) Deduction u/s 80C in respect of tuition fee is allowed to an individual or HUF. Show Answer

Q76) Deduction u/s 80C in respect of tuition fees allowed to an individual for any number of children. Show Answer

Q77) Deduction u/s 80C in respect of tuition fee is allowed to the maximum extent of RS.12,000 per child for maximum of 2 children. Show Answer

Q78) Deduction under section 80D in respect of medical insurance premium is allowed to any person who is resident in India. Show Answer

Q79) Deduction u/s 80D is allowed only if the premium is paid to Life Insurance Corporation. Show Answer

Q80) The premium under section 80D can be paid by an individual, for his dependent brother. Show Answer

Q81) The payment for insurance premium under section 80D can be made in cash. Show Answer

Q82) The quantum of deduction allowed under section 80D shall be limited to Rs.1,00,000 Show Answer

Q83) Where the medical insurance premium is paid to effect an insurance in relation to asenior citizen, the deduction allowed shall be Rs.1,15,000. Show Answer

Q84) Deduction u/s 80U in case of permanent physical disability is allowed to an individual who is citizen of India. Show Answer

Q85) The quantum of maximum deduction allowed u/s 80U is Rs.50,000. Show Answer

Q86) Deduction u/s 80U shall be allowed only when the assessee is suffering from a permanent disability at the beginning of the previous year. Show Answer