Income Tax And Corporate Tax - Practice Test

[#691] Agriculture income is exempted from income tax under which of the following section of Income Tax Act, 1961:

(A) 2(1A)

(B) 10(1)

(C) 10(2)

(D) 10(4)

Correct Answer

(B) 10(1)

[#692] If a sum of money is gifted by a husband to his wife, income generated there from is taxable in the hands of husband under the clubbing provisions of Section 64(1). Section 64(1) is not applicable, if gift is made by the same person out of the funds of his Hindu Undivided Family in capacity as karta of the family. In such a case it is

(A) tax evasion

(B) tax planning

(C) tax avoidance

(D) tax management

Correct Answer

(C) tax avoidance

[#693] Long-term capital loss can be set-off from which of the following?

(A) Short-term capital gain only

(B) Long-term capital gain only

(C) Income from business and profession

(D) Capital gain head of income

Correct Answer

(B) Long-term capital gain only

[#694] The maximum amount of exemption of compensation received at the time of voluntary retirement U/S 10(10C) of the Income Tax Act, 1961, is:

(A) Rs. 1,00,000

(B) Rs. 2,50,000

(C) Rs. 5,00,000

(D) Rs. 10,00,000

Correct Answer

(C) Rs. 5,00,000

[#695] Which of the following statements are true about SAHAJ?

(A) SAHAJ is applicable to an ordinarily Resident individual having salary or pension income or income from one house property (not a case of brought forward loss or loss to be carried forward)

(B) Alternatively, SAHAJ is applicable to income from other sources (not being lottery winnings and income from race horses and in come chargeable to tax at special rates)

(C) An individual who is a director in a company or has held equity shares of an unlisted company shall not be eligible to use ITR-1

(D) All of the above

Correct Answer

(D) All of the above

Income Tax And Corporate Tax - Study Mode

[#691] Agriculture income is exempted from income tax under which of the following section of Income Tax Act, 1961:

Correct Answer

Correct Answer

[#693] Long-term capital loss can be set-off from which of the following?

Correct Answer

[#694] The maximum amount of exemption of compensation received at the time of voluntary retirement U/S 10(10C) of the Income Tax Act, 1961, is:

Correct Answer

[#695] Which of the following statements are true about SAHAJ?

Correct Answer