Income Tax And Corporate Tax - Study Mode
[#626] 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
[#627] Which of the following is not a head of Income as prescribed by the Income Tax Act?
Correct Answer
(C) Income from Foreign Earnings
[#628] Which of the following will be considered as tax planning effort? 1. Mr. A purchased a house for self-residence of Rs. 8 lakh by taking a loan of Rs. 60 lakh from SBI at 10% interest, instead of using his own funds. 2. Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lakh. 3. Mr. A purchased 100 gm gold biscuits of Rs. 2.5 lakh from SBI on the occasion of Diwali. 4. Mr. A invested Rs. 1 crore in purchasing 5 acres of agricultural land in his native village in Gaya.
Correct Answer
(C) Both 1 and 4
[#629] Match the items of List-I with the items of List-II and choose the correct answer: List-I (Types of Income) List-II (Heads of Income) a. Salary, bonus, commission, etc., received by a working partner from the firm 1. Income from other Sources b. Pension received by the widow of a government employee 2. Income from (short term) Capital Gains c. Profits on the sale of machinery used in business 3. Income from Capital Gains d. Compensation received from the government on compulsory acquisition of land and profit earned 4. Income from Business and Profession 5. Income from Salaries
Correct Answer
(D) a-4, b-1, c-2, d-3
[#630] Which of the following amount of penalty is imposable under section 272BB?
Correct Answer
(C) Rs. 10,000