Income Tax And Corporate Tax - Study Mode

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[#761] Which of the following sections of Income Tax Act, 1961 defines the Annual Value?

(A) Section 20

(B) Section 22

(C) Section 23(1)

(D) Section 23

Correct Answer

(C) Section 23(1)

[#762] Salary received by the manager of an agricultural farm is:

(A) An agricultural income

(B) A business income

(C) A salary income

(D) A capital income

Correct Answer

(A) An agricultural income

[#763] Match the items of List-I with the items of List-II and choose the correct answer: List-I List-II a. Compensation received by an employee from his employer on termination of job 1. Exemption up to specified limit b. Pension received by the widow of an employee 2. Profits in lieu of salary c. Foreign allowance for rendering services abroad 3. Income from other sources d. Children hostel allowance 4. Fully exempt from tax

(A) a-2, b-4, c-3, d-1

(B) a-2, b-3, c-4, d-1

(C) a-4, b-3, c-1, d-2

(D) a-3, b-4, c-2, d-1

Correct Answer

(B) a-2, b-3, c-4, d-1

[#764] Which of the following part is not taxable as income under the head 'Salaries'?

(A) Commission received by a full-time clirector

(B) Remuneration received by a partner

(C) Allowances received by an employee

(D) Free accommodation given to an employee

Correct Answer

(B) Remuneration received by a partner

[#765] Match the following items of List-I and List-II and select the correct answer: List I (Sections) List II (Maximum Deduction) a. Section 80C of I. T. Act 1. Rs. 10,000 b. Section 80D of I. T. Act 2. Rs. 40,000 c. Section 80 DDB of I. T. Act 3. Rs. 1,00,000 d. Section 80 TTA of I. T. Act 4. Rs. 15,000

(A) a-3, b-1, c-4, d-2

(B) a-3, b-4, c-2, d-1

(C) a-4, b-3, c-2, d-1

(D) a-2, b-3, c-1, d-4

Correct Answer

(B) a-3, b-4, c-2, d-1