Income Tax Law and Practices

Q 11. The number of income source for a person are .

(A) One head
(B) Two heads
(C) Various heads
(D) Any of the above
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Q 12. The meaning of exempted income is .

(A) Not included in total income
(B) Agricultural income
(C) Not taxable under income tax
(D) All of the above
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Q 13. The Company may have the residential status as .

(A) Resident or Non-resident
(B) Not ordinarily resident
(C) Non-resident
(D) Resident
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Q 14. Resident of India includes .

(A) Ordinarily resident
(B) Not ordinarily resident
(C) NRI
(D) Both (a) and (b)
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Q 15. _________ of Income Tax Act is related to residential status.

(A) Section 2
(B) Section
(C) Section 5
(D) Section 4
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Q 16. Which section of the Income Tax Act exempted incomes have been mentioned?

(A) Section 80C
(B) Section 80DD
(C) Section 10
(D) Section 2
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Q 17. __________ is exempted from income tax.

(A) Interest from Indian company
(B) Dividend from foreign company
(C) (a) Cooperative dividend
(D) (d) Dividend from Indian company
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Q 18. The tax incidence for company or firm in which income received outside India from a source controlled from India for non-resident is .

(A) Non-taxable
(B) Taxable
(C) Partly taxable
(D) None of the above
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Q 19. The tax incidence for company or firm in which income received outside India from a source controlled from India for resident is .

(A) Taxable
(B) Non-taxable
(C) Partly taxable
(D) None of the above
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Q 20. The tax incidence for company or firm in which income received in India and company for non-resident is .

(A) Taxable
(B) Non-taxable
(C) Partly taxable
(D) None of the above
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