Income Tax Law and Practices

Q 1. 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) (c) Taxable
(D) (d)Can’t say
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Q 2. 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
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Q 3. 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
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Q 4. 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) (c) Exempted from tax
(D) (d)None of the above
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Q 5. The definition of the person includes .

(A) An individual
(B) A company
(C) A Hindu undivided family
(D) All of the above
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Q 6. The capital gain is chargeable under of Income Tax Act.

(A) Section 45
(B) Section 55
(C) Section 56
(D) Section 40
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Q 7. 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
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Q 8. ____________ comes under agricultural income.

(A) Tea garden
(B) Commodity farming
(C) All of the above
(D) None of the above
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Q 9. 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
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Q 10. The sum of various heads is called as .

(A) Taxable income
(B) Total income
(C) Gross total income
(D) Adjusted income
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