Income Tax Law and Practices

Q 141. Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.

(A) Income from salaries
(B) Other sources
(C) PGBP
(D) none
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Q 142. An assessee has borrowed money for purchase of a house & Interest is payable outside India.

(A) Such interest shall:
(B) Be allowed as deduction
(C) Not to be allowed on deduction
(D) Be allowed as deduction if the tax is deducted at source
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Q 143. 14 Income from shares of a public company set up in any special Industrial zone is exempt up to-------- years from the date of commencement of commercial production.

(A) Three
(B) Four
(C) Five
(D) None of the above
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Q 144. Which of the following is not included in the term Income under the Income Tax Act, 1961?

(A) Reimbursement of travelling expenses
(B) Profits and gains of business or profession
(C) Dividend
(D) Profit in lieu of salary
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Q 145. Basic condition will be for a person who leaves India for employment

(A) At least 182 days in India
(B) At least 60 days in previous year and 365 days in preceding 4 years
(C) At least 730 days in preceding 7 years
(D) All of the above
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Q 146. The Resident HUF is ordinarily resident in India, if

(A) He has been resident in India at least 2 years out of 10 previous years immediately
(B) He has been resident in India at least 3 years out of 10 previous years immediately
(C) He has been resident in India at least 2 years out of 5 previous years immediately
(D) None of the above
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Q 147. An individual is resident and ordinarily resident of India if .

(A) Person had been resident in India at least 2 out of 10 previous years immediately preceding the relevant previous year
(B) Person been in India for a period of 730 days or more during 7 years immediately preceding the relevant previous year
(C) All of the above
(D) None of the above
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