Q. Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.
✅ Correct Answer: (C)
PGBP
Income Tax Law and Practices MCQs and Notes
Q. An assessee has borrowed money for purchase of a house & Interest is payable outside India.
✅ Correct Answer: (C)
Not to be allowed on deduction
Q. 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.
✅ Correct Answer: (D)
None of the above
Q. Which of the following is not included in the term Income under the Income Tax Act, 1961?
✅ Correct Answer: (D)
Profit in lieu of salary
Q. Basic condition will be for a person who leaves India for employment
✅ Correct Answer: (A)
At least 182 days in India
Q. The Resident HUF is ordinarily resident in India, if
✅ Correct Answer: (A)
He has been resident in India at least 2 years out of 10 previous years immediately
Q. An individual is resident and ordinarily resident of India if .
✅ Correct Answer: (C)
All of the above