Income Tax Law and Practices

Q 41. Sales tax collected from the buyer of the goods is

(A) Capital receipt
(B) Revenue receipt
(C) Deferred revenue receipt
(D) Profits in lieu of salary
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Q 42. If total income is up to 5,00,000 then the late fees of filing ROI is

(A) 1,000
(B) 5,000
(C) 3,000
(D) NONE OF THESE
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Q 43. if total income is up to 50,000 then the late fees of filing ROI IS

(A) 1,000
(B) 2,000
(C) 3,000
(D) NONE OF THESE
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Q 44. .The due date of filing return of income in case of company is

(A) 30th September
(B) 31st march
(C) 1stapril
(D) none of these
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Q 45. Every assesse has to file return of income if their taxable income exceeds

(A) gross total income
(B) total income
(C) net income
(D) basic exemption limit
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Q 46. Deduction under 80 QQB is available in respect of

(A) royalty income
(B) health
(C) education
(D) none of these
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Q 47. Deduction under section 80E is available on

(A) education
(B) health
(C) life
(D) none of these
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Q 48. Deduction under section 80DDB is available to the extent of

(A) 40,000
(B) 20,000
(C) 30,000
(D) None of these
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Q 49. Deduction under sec 80DD is available to the extent of

(A) Rs 75,000
(B) Rs 50,000
(C) Rs 25,000
(D) None of these
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Q 50. Deduction under section 80DD is available to

(A) dependent
(B) disabled dependent
(C) Less dependent
(D) None of these
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